Retail

SHERMAN OAKS, CALIF. — Meridian Capital Group, on behalf of The Festival Companies, has arranged $18.5 million in financing to recapitalize a retail property located at 4550 Van Nuys Blvd. in Sherman Oaks. The two-year loan features two years of interest-only payments and a one-year extension option. A regional bank provided the capital. Ulta Beauty, Sprint, Luna Grill and Starbucks Coffee occupy the 33,273-square-foot retail property. Seth Grossman and Andy Strauss of Meridian Capital Group arranged the loan for the borrower.

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FRESNO, CALIF. — Retail California has arranged three retail leases totaling 21,258 square feet in Fresno. In the first deal, Rita’s Italian Ice leased 1,133 square feet of retail space within Piazza del Fiore Shopping Center at 1102 E. Champlain Drive from NMSBPCLDHB LP for an undisclosed price. Lewis Smith, Michael Kennedy and Rachael Orlando of Retail California arranged the transaction. In the second deal, Nahal Investments leased 2,125 square feet of retail space at 585 W. Nees Ave. from Hydroelectric Penetrations LP. The lessee plans to open a Smallcakes Cupcakery and Creamery at the location. Michael Arfsten of Retail California represented the tenant in deal. In the third transaction, Total Wine & More leased 18,000 square feet of retail space within Villagio Shopping Center at 7925 N. Blackstone Ave. from Villagio Shopping Center LLC. Lewis Smith of Retail California, along with Scott Riddles of CBRE-Los Angeles, brokered the transaction.

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WHEELING, ILL. — Lynmark Group is scheduled to break ground on Wheeling Town Center, a mixed-use development in Wheeling, this fall. The development will feature a 300-unit luxury apartment building with a modern amenity package and facilities and 100,000 square feet of retail, restaurants and entertainment venues. The apartment building will offer studio, one-, two- and three-bedroom layouts, a parking garage, courtyard, pool, bocce court, a fire pit, barbecue grills, a covered gazebo bar, putting green, pergola covered dining, lounge areas, and fitness and yoga rooms. The retail portion will be anchored a 40,000-square-foot, 10-screen CMX theater, which is a high-end, dine-in movie theater. Callison/RTKL is serving as lead designer and William A. Randolph is serving as general contractor for the project.

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LEE’S SUMMIT, MO. — Parrot Properties and Block & Company have received approval by the Lee’s Summit City Council for the previously announced Village at View High, a mixed-use development in Lee’s Summit. The city council approved a conceptual development plan and a change in zoning classification for the site to change it from district single-family residential to district planned mixed use. Situated on 71 acres, the $225 million development will feature 310 apartments, a 13-acre seniors housing facility, a 250,000 square feet of retail space, more than 100,000 square feet of office/medical space and entertainment and dining options. The project team includes Realtors, Engineering & Solutions, Sullivan Law, TranSystems, Hirst & Associates Architects, Bushyhead LLC, Boothe Architects and Humphrey, Farrington & McClain PC.

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ROYAL OAK, MICH. — Bernard Financial has arranged a $10 million Fannie Mae DUS loan for a mixed-use building in Royal Oak. Kevin Kovachevich of Bernard Financial Group secured the financing for the borrower, Eight55 South Main Apartments LLC. The five-story building features 48 apartments and 5,509 square feet of ground-floor retail space.

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MIAMI BEACH, FLA. — Madison Capital has acquired a retail and parking development located at 2000 Collins Ave. in Miami Beach’s South Beach district for $57.3 million. The property features a six-story parking deck and about 40,000 square feet of retail space leased to luxury retailers and upscale restaurants. The property is part of a mixed-use development built in 2010 that houses the Boulan South Beach hotel and occupies an entire city block between 20th and 21st streets and Collins and Liberty avenues. Newmark Grubb Knight Frank was the sole broker of the deal. Dockerty Romer arranged a five-year, $30.3 million acquisition loan through Wells Fargo on behalf of Madison Capital.

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SACRAMENTO, CALIF. — Marcus & Millichap has brokered the sale of a recently redeveloped multi-tenant retail property located 2654 Marconi Ave. in Sacramento. A partnership sold the 18,510-square-foot retail center for $5.4 million, or $292 per square foot. At the time of sale, the property was 83 percent occupied by Domino’s Pizza, Pacific Dental, Sacramento Auto Insurance, Fabric Garden and CheVeux Salon. The center is part of a larger redeveloped retail center known at Mueller Corner Shopping Center. Edward Nelson of Marcus & Millichap represented the seller in the deal. The name of the buyer was not disclosed.

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SACRAMENTO, CALIF. — Mathnasium, a national math learning center, has leased 1,400 square feet at 3333 Arden Way in Sacramento’s Arden Arcade district. Franchisee owner/operator Jeff Pudewell/Y Corp. plans to open a new franchise at the location in early 2017. Tom Conwell of Newmark Cornish & Carey represented the tenant, while Gretchen Tobin and Keith Mellor of ProEquity Real Estate Services, a division of ProEquity Asset Management Corp., represented the landlord, United Growth Capital Management Corp.

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OXNARD, CALIF. — Shea Properties and CenterCal Properties have signed the first eight tenants for The Annex, a 16,000-square-foot public market-style space located within The Collection at RiverPark in Oxnard. The new tenants include the first brick-and-mortar location of Scratch, Ragamuffin Coffee Roasters, Cherry Hills Market, Sueño Jewelry Studio, Love Pho Café, Wok to Walk, Bottle & Pint and After Ice Cream. Construction of the center is slated to begin this month with the first tenants scheduled to open in spring 2017.

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BRIGHTON, MICH. — Marcus & Millichap has brokered the sale of The Shoppes at Green Oak, a regional power center located at 6650 Whitmore Lake Road in Brighton. A private investor acquired the property for $13.1 million, or $127 per square foot. Built in 2005 on nearly 11 acres, the 103,231-square-foot center is occupied by Kohl’s, TGI Fridays, Fifth Third Bank, Wendy’s, Olive Garden and Discount Tire. Simon Jonna and Mike James of Marcus & Millichap represented the undisclosed seller, while Ashish Vakhariya, also of Marcus & Millichap, represented the buyer. Steven Chaben is Marcus & Millichap’s broker of record in Michigan for the deal.

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