MANSFIELD, TEXAS — Silver Arch Capital Partners has provided a $12.6 million loan secured by an 81-acre development site in Mansfield. The borrower, Dallas-based development group Geyer Morris Co., was under contract to acquire the site and the two-year interest-only funding was utilized to complete the acquisition. The vacant site is situated along US 287 and Broad Street and is entitled for the development of a 500,000-square-foot retail center, slated for completion in the spring of 2018.
ENID, OKLA. — GBT Realty Corp. has acquired an 11.3-acre retail site in Enid for the development of a 100,000-square-foot retail center. Situated across from Oakwood Mall, the site was formerly home to Walmart and a distribution center for the regional home and garden retailer Atwoods Ranch and Home. GBT acquired the site from Atwood’s Distribution LLC for $3.9 million. Construction is underway with the demolition of the existing distribution center.
BOURBONNAIS, ILL. — The Silver Group has arranged the sale of a retail building net leased to Jiffy Lube in Bourbonnais, approximately 60 miles southwest of Chicago, for an undisclosed price. McRanCo LLC sold the property to a private limited liability company completing a 1033 tax-deferred exchange. Heartland Automotive Services, the largest Jiffy Lube operator in the nation, manages the 2,000-square-foot property located at 598 William Latham Drive. The tenant has occupied the building for over 15 years and recently signed an additional 15-year, triple net lease. The Silver Group was the sole broker in the exchange.
LAKE CHARLES, LA. — Fast-casual Newk’s Eatery opened its 100th restaurant in Lake Charles on April 4. The restaurant is the first Newk’s franchise location for Southeast Restaurant Group, a New Orleans-based veteran operator of franchise and independent restaurants, and the third restaurant nationwide to feature Newk’s “Generation 2” restaurant design. The Jackson, Miss.-based brand’s newest restaurant marks the halfway point in its aggressive growth plan to open 200 units by 2019. The restaurant is one of 15 units planned by Southeast Restaurant Group for the southwest Louisiana and southeast Texas region over the next seven years. The group’s development agreement complements the brand’s ongoing expansion efforts along the Gulf Coast and is Newk’s largest build-out commitment to date.
BEE CAVE, TEXAS — Disney Investment Group (DIG) has arranged the sale of Shops at the Galleria, a 537,685-square-foot retail center located in the Austin suburb of Bee Cave. The center was 99 percent leased at the time of sale to tenants including Lowe’s Home Improvement, Best Buy, Marshall’s, HomeGoods, Cost Plus World Market, Michaels, PetSmart, Office Max, Old Navy and Ulta Beauty. DIG procured the buyer, Chicago-based InvenTrust Properties Corp., and CBRE represented the seller, Christopher Commercial Inc., in the transaction.
KATY, TEXAS — Dallas-based Front Burner Restaurants will break ground on a Whiskey Cake Kitchen & Bar location in Katy at the 120-acre Verde Parc. The 8,500-square-foot restaurant will open this fall and will be situated on a 2.5-acre tract fronting I-10. Whiskey Cake Kitchen & Bar offers entrées like mesquite grilled steak and fish and smoked duck, as well as appetizers like green tomatoes and deviled eggs. The bar is stocked with 24 craft beers, 100 small batch bourbons, whiskeys and scotch and 30 varieties of wine. Whiskey Cake currently operates locations in northwest San Antonio, Plano and northwest Oklahoma City. Parkside NEC Grand Parkway/I-10 Ltd. was the seller. Hugh Ruggles of NewQuest Properties was the deal’s sole broker. Parkside Capital bought the Verde Parc land in January 2014 from Indianapolis-based Simon Property Group.
LOS ANGELES — Bonnis Properties has purchased the 147,346-square-foot Foreman & Clark Building in downtown Los Angeles for $52 million. The 13-story building is located at 404 W. 7th St. The space was originally built in 1929 as a Foreman & Clark department store. It most recently served as a jewelry mart, but was vacated in mid-2015 when the space was slated to transform into a boutique hotel. Bonnis plans to rehabilitate and restore the historic core property. Redevelopment details are in the early planning stages. Derrick Moore of Avison Young represented the buyer. CBRE’s Phillip Sample and Chris Caras represented the seller, Dr. Kyung Ku Cho, in this transaction.
RICE LAKE, WIS. — Marcus & Millichap has brokered the sale of an 18,500-square-foot retail property in Rice Lake, approximately 60 miles north of Eau Claire, for $2.4 million. A limited liability company sold Rose Stone Plaza to an undisclosed buyer. The shopping center, located at 2300 S. Main St., is 100 percent occupied. Adam Prins, Cory Villaume, Matthew Hazelton, Todd Lindblom and Sean Doyle of Marcus & Millichap listed the property on behalf of the seller.
DESOTO, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Townsend Square, a 147,235-square-foot retail center in DeSoto. PRA represented the seller, Global Fund Investments LLC. An investor from Dallas, Ron Avneri, purchased the asset. Townsend Square is 67 percent leased to tenants such as Bealls, Fresenius Medical Care, Chase Bank, Boston Market, Leslie’s Pool Supplies, GNC and H&R Block. The entire team at Pierson Retail Advisors in Dallas handled the sale.
GREENWOOD, MISS. — Bank of Commerce and the Federal Home Loan Bank of Dallas (FHLB Dallas) have provided a grant to fund an adaptive reuse project in Greenwood. A historic building in downtown Greenwood has been transformed into a contemporary retail space that now houses Howard & Marsh Exchange, a boutique retailer selling home décor, accessories, antiques, art, bedding and gifts. Chris McQueen, owner of Howard & Marsh Exchange, funded the start-up costs of running the business using a loan from Bank of Commerce that was funded by an Economic Development Program (EDP) advance from FHLB Dallas, as well as an accompanying $25,000 EDP plus grant.