WHITE PLAINS, N.Y. — NorthMarq Capital has arranged a $2.6 million construction loan for a retail property located at 316-332 Tarrytown Road in White Plains. Harbor Freight Tools will be the sole tenant at the 15,000-square-foot property. Robert Ranieri of NorthMarq secured the one-year interest-only loan for the undisclosed borrower.
LOS ANGELES — California Realty Group has arranged the $23 million sale of an eight-acre shopping center located in the Los Angeles neighborhood of Granada Hills. Gelb Enterprises sold the property, located at 16225 San Fernando Mission Blvd. The buyer, Harridge Development Group, plans to redevelop the property into a mixed-use project consisting of 440 residential units and 60,000 square feet of retail. Mark Esses of California Realty Group represented the buyer and seller in the off-market transaction.
BURBANK, CALIF. — IKEA’s relocated Los Angeles-area store within Burbank will open on Feb. 8, replacing the existing IKEA Burbank that will close permanently on Feb. 4. The 456,000-square-foot new store will include 1,700 parking spaces on 22 acres west of San Fernando Boulevard and south of Providencia Avenue. The closing store was 242,000 square feet and opened on 6.4 acres in 1990, the first IKEA store in California. IKEA will install a solar array atop the new store, as well as six electric vehicle charging stations. IKEA was founded in Sweden in 1943. There are currently more than 390 IKEA stores in 48 countries, including 43 in the U.S.
HOUSTON — Gupta Partners has acquired Beltway 8 Industrial Park, a nine-building flex property located at 5829 W. Sam Houston Parkway North in Houston, for an undisclosed price. The 276,000-square-foot property offers flex space ranging from 2,400 to 12,000 square feet for small businesses. Jace Auto Wheel and Tire Specialists and Lumber Liquidators, as well as retailers, professional offices, healthcare providers, technology/communications firms and wholesale service companies, occupy the property. Bradley Kovach of Moody Rambin represented the buyer, while Jim Authenreith, also of Moody Rambin, represented the seller, a California-based investment group, in the deal.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Courtside Plaza, a retail property located at 5920 W. Interstate 20 in Arlington. Tuesday Morning anchors the 32,012-square-foot center. At the time of sale, the property was fully leased to a mix of national, regional and local tenants. Vincent Knipp and Bill Jordan of Marcus & Millichap represented the seller, a limited liability company. The name of the buyer and the acquisition price were not released.
HOUSTON — EDGE Capital Markets has arranged the sale of a restaurant property located at 13740 East Freeway in Houston. Montgomery Land Co. acquired the property for an undisclosed price. Whataburger occupies the site on a long-term, triple-net corporate ground lease. Burdette Huffman and Kevin Holland of EDGE represented the undisclosed seller.
CHICAGO — Children’s Learning Place has leased 8,000 square feet in the base of Luxe on Chicago, a 59-unit apartment building developed by Fifield Cos. The property is located at 1850 W. Chicago Ave. Chris Irwin and Katie Whelan of Jameson Commercial LLC represented the developer in the transaction. Noah O’Neill represented the tenant, Children’s Learning Place. The early learning academy operates four other locations in Chicago.
SAN MARCOS, CALIF. — Lee & Associates has arranged the $73.4 million sale of Campus Marketplace, a 144,148-square-foot shopping center located roughly 35 miles outside San Diego in San Marcos. Tenants at the center include Ralph’s Grocery, CVS/pharmacy, Starbucks Coffee, Subway, Bank of America, UPS Store and Unleashed by Petco. Jan Fincham and Patrick Dempsey of Lee & Associates brokered the deal on behalf of the buyer, IVT San Marcos Campus LLC, and the sellers, Campus CMH LLC, 36 CMH and Campus BRB LLC. IVT San Marcos Campus LLC is an entity controlled by InvenTrust.
GLENDALE, CALIF. — DineEquity Inc., a full-service restaurant group that includes the IHOP and Applebee’s brands, has signed four new multi-unit development agreements in the Middle East, Asia Pacific and Latin America. The agreements are part of the company’s plan to double its number of international locations over the next five years. Since the beginning of 2014, 80 new international restaurants have opened. In addition, during that same time frame, DineEquity nearly tripled the international development pipeline to more than 200 restaurants. DineEquity plans to spread the IHOP to Thailand and India and extend the Applebee’s brand in the Middle East to six locations in Bahrain and Oman by 2023. The company has also planned five new Applebee’s locations in Panama by 2021. Based in Glendale, Calif., DineEquity owns, operates and/or franchises more than 3,700 restaurants in all 50 U.S. states and 17 countries.
WATERTOWN, MASS. — The Watertown Planning Board unanimously approved the development of Arsenal Yards, a mixed-use project at the former Arsenal Mall in Watertown. Developers Boylston Properties and The Wilder Cos. plan to add a mixed-use project featuring 350,000 square feet of retail and entertainment space and 500 residences to the existing 100,000 square feet of office space. Construction is slated to begin in six to eight months. The project will feature chef-driven restaurants, a specialty grocery, a wine superstore, a cinema, market-rate and affordable apartments, and a combination of boutiques and national retailers.