PEORIA, ARIZ. — Armstrong Development Properties is developing a 10,000-square-foot retail strip center in Peoria. The center will be located at 7473 W. Bell Road. A fuel station was recently demolished on the 1.3-acre site to make way for the five-tenant strip center. Café Rio, Smashburger and Mad Greens have already signed onto the project. Construction commenced in mid-September, with an expected completion date of June 2017.
KANSAS CITY, MO. — Metropolitan Capital Advisors Ltd. has arranged $14.4 million in acquisition financing for Barry Towne Shopping Center, a 274,223-square-foot retail center in Kansas City. The property was 47 percent occupied at the time of acquisition to tenants such as Target, Kohl’s and Famous Footwear. The center was built in two phases starting from 1996 to 2001. United Development Company purchased the property and will implement a capital improvement plan to attract new tenants. Sunny Sajnani and Brandon Wilhite of Metropolitan Capital Advisors arranged the bridge acquisition loan with Arkansas-based Centennial Bank.
SECAUCUS, N.J. — Ripco Real Estate has brokered three new leases at the newly renovated 101 Plaza Center in Secaucus. Habanero Halal Grill, USA Wine Trader’s Club and Dollar Plus have joined the 53,000-square-foot neighborhood shopping center. Additional tenants include CVS/pharmacy, KFC, T-Mobile, Bagel Buffet, Plaza Pizza and Jon Giacomo Hair Salon. Daniel Zappala and Michael Rawlins of Ripco represented the undisclosed landlord in the deals.
OTTUMWA, IOWA — Mid-America Real Estate Corp. has arranged the sale of Quincy Plaza, a 137,389-square-foot retail center in Ottumwa, southeast of Des Moines, for $5.5 million. The center is located at the southwest corner of U.S. Route 34 and North Quincy Avenue and is anchored by Hobby Lobby, Famous Footwear and Rent-A-Center. Ben Wineman and Carly Gallagher of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of a fund managed by Cincinnati-based Phillips Edison. Eric Wohl of Hanley Investment Group represented the buyer, Albanese Cormier Holdings.
NORTH OLMSTED, OHIO — Friedman Integrated Real Estate Solutions has arranged the sale of a single-tenant retail property occupied by a 46,000-square-foot Levin Furniture store in North Olmsted, a western suburb of Cleveland. The sales price was not disclosed. The property is located at 23300 Lorain Road. The property has been 100 percent occupied by Levin Furniture since 1996. The seller, LNR Partners LLC, sold the building at auction to Basem Haddad for investment purposes. Rich Deptula of Friedman represented the seller and buyer in the transaction.
ORLANDO, FLA. — Hold-Thyssen Inc. has brokered the $3.7 million sale of Mid Point Plaza, a 21,816-square-foot retail strip center located at 6203 W. Sand Lake Road in Orlando. Built in 1999 at the northwest corner of West Sand Lake Road and Universal Boulevard, Mid Point Plaza’s tenant roster includes Wildside Clothing, Giordano’s Italian Restaurant and Light Bulbs Unlimited. The buyer, a private investor based in Orlando, purchased the property from the estate of the developer of the asset. Martin Forster and N. Joelle Forster of Hold-Thyssen represented both the buyer and seller in the transaction.
PITTSBURGH — ALTO Fund II, in a joint venture with M&J Wilkow Ltd., has acquired Plaza at the Pointe, a 149,943-square-foot community shopping center located in Pittsburgh’s Parkway West Corridor. The 94-percent occupied center includes tenants Bed Bath & Beyond, Party City and Old Navy. The name of the seller and sales price were not released.
ALLENTOWN, HAWLEY, DURYEA AND HAMLIN, PA. — Eastern Union Funding has arranged a $12.2 million loan for America’s Realty LLC’s acquisition of a five-property shopping center portfolio in northeastern Pennsylvania. Totaling approximately 332,000 square feet, the portfolio includes Eastside Plaza and Boulevard Plaza in Allentown, Lords Valley Plaza in Hawley, Duryea Plaza in Duryea and Hamlin Plaza in Hamlin. Marc Tropp and Barry Dollman of Eastern Union arranged the financing through Peapack Gladstone Bank for the Pikesville, Md.-based owner/operator. Paul Rumley of Metro Commercial Real Estate represented the seller, a California-based family trust, in the sales transaction.
HOUSTON — Thor Equities has topped off the 13-story office tower at Kirby Collection, a 1 million-square-foot mixed-use development located in Houston’s Upper Kirby district. The project’s 210,000-square-foot, Class A office building will feature two levels of retail space totaling 65,000 square feet. The development will also feature a 25-story, 385,000-square-foot residential tower with 199 apartments, including seven two-story townhomes and seven two-story loft spaces featuring private yards. E.E. Reed Construction is the general contractor for Kirby Collection, which is slated for completion in 2017. Richard Keating Architecture is the design architect, Dianna Wong Architecture + Design is the interior designer and Houston-based Kirksey is the architect of record. Walter P Moore is the structural engineer, and Houston-based WYLIE is the MEP engineer.
HILTON HEAD, S.C. — Grandbridge Real Estate Capital has closed a $38 million loan for the refinancing of Shelter Cove Towne Centre, a 271,721-square-foot lifestyle and grocery-anchored shopping center in Hilton Head. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office originated the 10-year loan through New York Life on behalf of the borrower, Augusta, Ga.-based Southeastern Development Associates. The loan features two years of interest-only payments and a 30-year amortization schedule.