CAPE MAY COURT HOUSE, N.J. — Polimeni International LLC has completed the disposition of The Plaza at Cape May Court House, a retail center located at 11 Court House South Dennis Road in Cape May Court House. An affiliate of RW Capital Partners acquired the 163,629-square-foot property for $32.1 million. At the time of sale, the property was 97.6 percent leased to a variety of national and regional tenants, including ACME Markets, Marshalls, Staples, CVS/pharmacy, Pier 1 Imports, Alfredo’s Pizza, Chopsticks Restaurants, Melini Hair Care, GNC and Payless ShoeSource. Chris Munley, Jose Cruz and Kevin O’Hearn of HFF represented the seller in the transaction.
Retail
VERNON, N.J. — Marcus & Millichap has arranged the acquisition of a net-leased retail property in Vernon. The 13,225-square-foot property sold for $9.7 million. The property is occupied by CVS/pharmacy. Michael Lombardi of Marcus & Millichap represented the buyer, a private investor, in the transaction.
NORTH KINGSTOWN, R.I. — Kennedy Funding Financial has completed a $1.8 million loan secured by a development site in North Kingstown. The borrower was property owner CIOE A34 LLC. Located on Ten Rod Road, the 5.3-acre parcel is currently zoned for approximately 200,000 square feet of mixed-use development. Kevin Wolfer of Kennedy Funding Financing arranged the financing for the borrower.
GURNEE, ILL. — Associated Bank has provided a $4.6 million loan to Gurnee Investment Partners LLC to acquire land and construct a 14,800-square-foot retail center in the Chicago suburb of Gurnee. The new center — located across the street from the Gurnee Mills Mall — is already 91 percent pre-leased to Mattress Firm, Vitamin Shoppe, Navy Federal Credit Union and MOD Pizza. Developer Shai Wolkowicki, who specializes in ownership and development of retail and mixed-use properties, owns Gurnee Investment Partners LLC.
LIVONIA, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 34,965-square-foot retail center in Livonia, approximately 20 miles northwest of Detroit, for an undisclosed price. CRE REO LLC – Gearing Capital Partners sold L.A. Plaza, to Cantor Real Estate Income and Opportunity Fund II LLC through Auction.com. The single-story, L-shaped building is located at 36083-36175 Plymouth Road. The shopping center includes tenants such as Lily Nails, The Hair Doctor, Cozy Corner Café, Quizno’s Subs, The Jewelry Factory, KDI and The Bike Tri Shop. The center is 60 percent occupied and is situated on 4.4 acres. Rich Deptula and Josh Miller Friedman Integrated Real Estate Solutions represented both parties in the transaction.
SAN LUIS OBISPO, CALIF. — JLL has secured a $55 million loan for Jamestown LP to refinance The San Luis Obispo Collection, a 213,655-square-foot retail asset located in San Luis Obispo. The collection totals eight buildings: two multi-tenanted retail properties and six standalone historical buildings. Additionally, the asset is nearly fully leased to a credit tenant roster. John Manning, Alex Witt, Pavan Malhotra and Sarah Bernhisel of JLL arranged the financing for the borrower.
NEWPORT BEACH, CALIF. — Meridian Capital Group has negotiated $17.8 million in bridge financing for the purchase of a marina and mixed-use portfolio located at 2751 and 2801 Coast Highway and 2620 Avon St. in Newport Beach. The three-year, non-recourse loan features floating-rate, interest-only payments for the full term and two one-year extension options. A bridge lender provided the capital. The portfolio consists of three retail-oriented properties, a 24-slip marina and an off-site parking lot. The properties total 29,350 square feet and house Billy’s at the Beach and The Ritz restaurant. Brandon Harris of Meridian Capital Group negotiated the financing for the undisclosed borrower.
MONROVIA, CALIF. — NAI Capital has arranged the sale of mostly vacant retail supermarket site located at 723-727 E. Huntington Drive in Monrovia. 723 EHD LLC acquired the 97,497-square-foot site, known as Shamrock Center, for an undisclosed price. The property was 90 percent vacant at the time of sale, with O’Reilly Auto Parts as the remaining tenant. The property was originally built in 1972 for Kmart. Scott Martin and James Houghton of NAI Capital represented the buyer in the transaction.
NEW YORK CITY — SKW Funding has closed a $12 million first lien mortgage loan for the refinance and cross-collateralization of two Manhattan properties. Located between Houston and East First streets in East Village, the first site is a predominantly vacant land site that contains the foundation from a prior structure that was demolished in 2000. The second asset is located between Third and Second avenues in East Harlem. Daniel Wrublin and Menelik Tefera of SKW Funding arranged the financing for the undisclosed borrower.
NEW YORK CITY — Certes Partners has acquired a retail condominium, located at 127 Madison Ave. in Manhattan’s NoMad district. The 1,272-square-foot condominium, which features a 500-square-foot basement, sold for $2.8 million. Situated between 30th and 31st streets, the retail condo is on the ground floor of M127, a 13-story luxury condominium. The building was designed by Shop Architects and originally built in 1920. Anand Melwani of ARM Real Estate Group represented the buyer and the seller, Huang Long LLC, in the transaction.