NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.
SHOREWOOD, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Shorewood Crossings in Shorewood, about 40 miles southwest of Chicago. Phillips Edison & Co. purchased the 173,981-square-foot retail center. Located at the northeast corner of Route 59 and Black Road, the center is anchored by Mariano’s. Joe Girardi of Mid-America represented the seller, Regency Centers Corp. and its co-investment partner.
PALO ALTO, CALIF. — Marcus & Millichap has arranged the sale of a 18,555-square-foot neighborhood shopping center located at 2615-2699 Middlefield Road in Palo Alto’s Midtown district. A private family ownership group sold the property to a local investor for $15.3 million, or $822 per square foot. Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller in the transaction.
UPLAND, CALIF. — Planet Fitness has leased retail space at 1028 N. Mountain Ave. in Upland from Smart & Final. The tenant plans to open a 21,178-square-foot gym at the location, which is adjacent to Smart & Final Extra! Pablo Velsaco of Progressive Real Estate Partners represented the landlord, while Lauren Dressler of Oak Place Partners represented the tenant in the deal.
CHAMPAIGN, ILL. — Maverick Commercial Mortage Inc. has arranged a $1.7 million first mortgage loan for a to-be built Portillo’s restaurant in Champaign in central Illinois. The restaurant will be constructed on a 1.4-acre site. The restaurant is expected to open shortly after demolition of the current Home Town Buffet. The six-month loan has two three-month extension options. The fixed-rate, recourse loan is interest only and was funded by a national bridge lender. Jeffrey B. Gurian of BeckerGurian represented the borrower, Berkshire Partners. Bryan Segal of Barack, Ferrazzano, Kirschbaum and Nagelberg LLP represented the lender.
WEST HOLLYWOOD, CALIF. — Fred Segal has signed a long-term lease with CIM Group for 22,000 square feet of ground-level retail space at 8500 Sunset, a residential building on Sunset Boulevard in West Hollywood. Fred Segal Sunset will feature a variety of retail offerings, a café, fitness studio, salon, wine shop, florist and indoor/outdoor restaurant.
SAN FRANCISCO — Buckhorn Grill has signed a 10-year lease for a restaurant space located at 619 Market St. in San Francisco. The tenant plans to open a 6,571-square-foot restaurant at the space, which was formerly occupied by Boudin Bakery, in May 2017. Andrew Lindsey of SRS Real Estate Partners represented the tenant, while Mary Kate Banchero and Courtney Griffin of Cushman & Wakefield represented the landlord, CPF 33 New LLC, in the transaction. Buckhorn Grill currently operates 10 restaurants in Northern California.
BETHESDA, MD. — Natixis has provided a $26.5 million, floating-rate loan for Shops of Wisconsin, a 71,748-square-foot neighborhood shopping center in Bethesda. The borrower, Douglas Development, will use the proceeds to refinance the property and provide funds for the tenant improvements of the new Target Express. In addition to the new Target Express, the center also contains nine other national and local tenants, including Trader Joe’s, Gymboree, Jenny Craig and H&R Block.
HAMMOND, LA. — The Home Depot has closed on its purchase of 9.7 acres of land for a new 106,000-square-foot store and 28,000-square-foot garden center as part of the redevelopment of Hammond Square, a 850,000-square-foot shopping center in Hammond developed and managed by Stirling Properties. Hammond Square is situated on nearly 100 acres at the corner of I-12 and US Highway 51 Business. Existing tenants include Target, AMC Theatres, Dillard’s, JC Penney, Academy Sports + Outdoors and Sears. The Home Depot is set to begin construction on the new store before the end of the year and open in 2017.
GREENVILLE, S.C. — Big V Capital LLC has acquired Haywood Plaza, a 93,357-square-foot shopping center located in Greenville, for an undisclosed price. The property is located across from Haywood Mall, one of the three largest malls in South Carolina. The Local Cue, Bargain Hunt and Portofino’s restaurant anchor the center, which is also home to tenants including Asian Supermarket, Alpine Ski Center, Clothes Mentor, Sally Beauty, Tony’s Pizza and Reed’s Uniforms. The seller in the transaction was undisclosed.