Retail

Friedman Brokers Sale of 91,264 SF Retail Center in Three Rivers, Michigan

by Christina Cannon July 12, 2016

THREE RIVERS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 91,264-square-foot shopping center in Three Rivers, approximately 30 miles south of Kalamazoo. Carson Equities LLC sold the building to Stockbridge Northridge LLC for an undisclosed price. The Three Rivers Shopping Center, located at 1320 W. Broadway St., is situated on 11.7 acres and is 81 percent occupied. Tenants at the center include Peebles, Dunham’s Sports and Family Farm & Home. The property is shadow anchored by Home Depot and Meijer. Rich Deptula of Friedman represented both parties in the transaction.

July 12, 2016

California Loans Retail Western

Meridian Capital Secures $19.6M Acquisition Loan for Pear Tree Center in Ukiah

by Nellie Day July 11, 2016

UKIAH, CALIF. — Meridian Capital Group has secured $19.6 million in acquisition financing for the purchase and repositioning of Pear Tree Center in Ukiah. The three-year loan, provided by a debt fund, features full-term, interest-only payments and two one-year extension options. Seth Grossman and Sarah Kuebler of Meridian Capital arranged the financing for the undisclosed borrower. Located at 504 E. Perkins St., the 199,565-square-foot Pear Tree Center is occupied by JCPenney, Ross Dress For Less, Big 5 Sporting Goods and Lucky Supermarket.

July 11, 2016

California Loans Retail Western

IPA Capital Markets Arranges $12M Loan for Auto Shopping Center in San Jose

by Nellie Day July 11, 2016

SAN JOSE, CALIF. — Institutional Property Advisors Capital Markets has arranged $12 million in financing for a 13-acre auto shopping center located at 740-750 Capital Expressway in San Jose. Anita Paryani and Jake Roberts of IPA Capital Markets arranged the debt placement. The loan features a 50 percent loan-to-value ratio and three years with no prepayment penalty.

July 11, 2016

California Retail Western

Vestar Retained to Manage 487,807 SF Shopping Center in San Diego

by Nellie Day July 11, 2016

SAN DIEGO — Stockbridge Capital Group has selected Vestar as the property management firm for Mira Mesa Marketplace, a regional shopping center in San Diego. The Home Depot, Barnes & Noble, Old Navy, Ross Dress For Less and CVS/pharmacy occupy the 487,807-square-foot retail center. Vestar is currently managing nearly 2 million square feet of retail space in the San Diego area, including Clairemont Town Center, Marketplace at Windingwalk, Penasquitos Village and Rancho San Diego Towne Center.

July 11, 2016

Retail Texas

M&M Arranges Sale of 15,535 SF Retail Property in McKinney

by Haisten Willis July 11, 2016

MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of McKinney Square, a 15,535-square-foot retail property located in McKinney. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Levy and Gainey also secured the buyer, a private investor. McKinney Square is a multi-tenant retail strip with tenants including Swanky Boutique, Patina Green Home, Lanio’s Candies, SIP Ventures, InterimLender.com and Release 2 Systems. The two-story building was originally constructed in 1900 and was renovated in 2005.

July 11, 2016

Massachusetts Northeast Retail

Kimco Realty Sells 230,590 SF Retail Center in Massachusetts for $43.5M

by Amy Works July 11, 2016

STURBRIDGE, MASS. — Kimco Realty has completed the disposition of The Center at Hobbs Brook, a 230,590-square-foot retail center in Sturbridge. Cole Credit Property Trust IV Inc. acquired the property for $43.5 million. At the time of sale, the property was 98.7 percent occupied by a variety of tenants, including Stop & Shop, Marshalls, Michaels and Staples. Geoffrey Millerd, Justin Smith, Matt Waisnor and Paul Penman of NGKF Capital Markets represented the seller in the deal.

July 11, 2016

Hospitality Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $5.7M Refinancing for Hospitality and Retail Center in Massachusetts

by Amy Works July 11, 2016

PLYMOUTH, MASS. — Fantini & Gorga has arranged $5.7 million in first mortgage financing for a hospitality and retail center located at 4, 6-20 Home Depot Drive in Plymouth. The borrower was FREJA LLC. The 18,250-square-foot property is 100 percent occupied. Tenants include a 130-room Hilton Garden Inn, New Tokyo Japanese restaurant, Sleepy’s Mattress, Hot Locks Spa and Salon and Massage Envy. Casimir Groblewski and Jason Cunnane of Fantini & Gorga arranged the financing for the Franklin, Mass.-based borrower.

July 11, 2016

Georgia Restaurant Southeast

Newk’s Eatery Signs Atlanta Area Development Agreement for Six New Locations

by John Nelson July 11, 2016

ATLANTA — Newk’s Eatery, a Jackson, Miss.-based fast casual restaurant chain, has signed a new development agreement with franchisee C^2 Investment Partners LLC for six new locations in the Atlanta area. The multi-unit operator will open the new restaurants within the next four years. The agreement is part of Newk’s growth plan to double in size in the next three years. The chain currently has more than 100 units in 13 states, predominantly in the Southeast. Owned by Brent Cann and Doug Cullinan, C^2 Investment Partners has purchased an existing Newk’s Eatery at 2566 Briarcliff Road N.E. in Atlanta. C^2’s operating partner, Lynn Townsend, a longtime resident of the Atlanta area, brings more than 20 years of hospitality and restaurant experience to the investment group.

July 11, 2016

Loans Midwest Ohio Retail

New York Life Provides $48M Loan for Crocker Park Near Cleveland

by Christina Cannon July 11, 2016

WESTLAKE, OHIO — New York Life Real Estate Investors has provided a $48 million refinancing loan for The Promenade at Crocker Park in Westlake, approximately 15 miles southwest of Cleveland. The Promenade at Crocker Park is a 276,000-square-foot, Class A retail property. The shopping center features over 95 tenants including Apple, Trader Joe’s, DSW Shoe Warehouse and Dick’s Sporting Goods. The borrower, Stark Enterprises, is the original developer and has owned and managed the property since 1993. The fixed-rate loan features a 15-year term.

July 11, 2016

California Loans Retail Western

Cohen Financial Secures $5M Acquisition Loan for Retail Property in Redding

by Nellie Day July 8, 2016

REDDING, CALIF. — Cohen Financial has secured $5 million for the acquisition of a retail property in Redding. Paul Schroeder of Cohen Financial secured the fixed-rate, non-recourse loan with Wells Fargo for the undisclosed borrower. The 94,000-square-foot property is leased to Green Bay, Wis.-based Shopko Stores. Shopko operates 363 stores in 24 states.

July 8, 2016

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