NEW YORK CITY — Equicap has secured a $7.5 million permanent loan for a six-story commercial property located in the Union Square section of New York City. Daniel Hilpert arranged the five-year refinancing loan for the undisclosed borrower. The property is occupied by a restaurant chain and various office tenants.
CHICAGO — Klaff Realty LP, a privately owned real estate investment company, has acquired a 26,380-square-foot shopping center in Chicago’s South Loop neighborhood for $6.1 million. The fully leased property is located at 542-566 W. Roosevelt Road. Nicholas Kanich, Evan Halkias and Michael Marks of Cushman & Wakefield represented the buyer. The seller in the transaction was undisclosed.
LOS ANGELES — NAI Capital has arranged the sale of a retail property located at 2128-2152 W. Washington Blvd. in Los Angeles’ West Adams Heights neighborhood. Washington-Western LLC sold the 22,400-square-foot property for $6.6 million, or $268 per square foot. Built in 1924, the property was delivered vacant to the undisclosed buyer as a condition of the sale. Parham Khoshbakhtian of NAI Capital represented the seller in the deal.
SAN FRANCISCO — An undisclosed buyer has acquired a three-tenant retail property located at 1720-1790 Fulton St. in San Francisco for $4.6 million. Constructed in 2004, Chase Bank, Glow Spa and Great Clips occupy the property. Erich Reichenbach of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
ELK GROVE, FRESNO AND KINGSBURG, CALIF. — Retail California has arranged three leases for retail space in Elk Grove, Fresno and Kingsburg totaling 6,858 square feet. In the first deal, Ritas Italian Ice leased 1,200 square feet of space at 8519 Bond Road in Elk Grove from JJD-HOV Elk Grove LLC. Rachael Orlando and Peter Orlando of Retail California, along with Scott Caruth of CBRE, brokered the transaction. In the second deal, Gurpreet and Pawandeep Singh leased 3,000 square feet of retail space at 8020 N. Cedar Ave. in Fresno from J&V Fresno. Nick Frechou and John Lee of Retail California, along with Mike Mele of Commercial West Associates, arranged the transaction. In the third deal, Jose Robles leased 2,658 square feet of retail space at 1881 Sixth Ave. in Kingsburg from Barletta Hansen for an undisclosed price. Frechou and Lee represented the landlord, while Mark Henry of Colliers International represented the tenant in the deal.
METUCHEN, N.J. — Woodmont Properties has opened the first phase of Woodmont Metro at Metuchen Station, a transit-oriented apartment community located in downtown Metuchen at the New Jersey Transit Metuchen Train Station. The recently opened phase includes Pearl Street parking garage, a six-level, 796-space parking garage for residents, commuters and shoppers. Managed by Nexus Parking Systems, the parking deck will feature 24-hour on-site service representatives, covered parking, self-service kiosks, daily and monthly rates, vehicle charging stations and portable battery jumper service, as well as handicapped parking and elevators on every level. Slated for completion by the end of 2017, the development will feature 273 residential apartments, an open-space piazza and 11,500 square feet of shops and restaurants.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a single-story retail building located at 630 Forest Ave. in the West New Brighton section of Staten Island. 12 Franklin Realty Corp. purchased the 7,836-square-foot building from 630 Forest Avenue LLC for $4.9 million. Built in 1930, the building is currently leased to Duane Reade. Michael Guttman of Rosewood Realty represented the buyer and the seller in the deal.
DAYTONA BEACH, FLA. — International Speedway Corp., the developer of the 300,000-square-foot ONE DAYTONA mixed-use project in Daytona Beach, has announced the beginning of vertical construction for Bass Pro Shops’ 67,000-square-foot Outpost store at the development. Chattanooga, Tenn.-based EMJ Construction recently raised 30 panels that represent the walls of the store using a 200-ton track crane. International Speedway plans to deliver the Bass Pro Shops Outpost in early 2017. The property will front International Speedway Boulevard near Daytona International Speedway, home of the Daytona 500 NASCAR race. In addition to the usual outdoor recreation merchandise, the Bass Pro Shops Outpost will feature a 12,000-gallon freshwater aquarium situated in a “Florida sinkhole” setting, as well as hand-painted murals and a boat preview center. ONE DAYTONA’s development costs are estimated to total between $120 million and $150 million. Other components of the mixed-use development include a 12-screen Cobb Theatres, two hotels, a luxury apartment community and several retail and dining tenants.
ATLANTA — AloStar has provided three loans totaling $20.5 million for the acquisition of industrial and retail assets in North Carolina and Georgia. AloStar funded a $9 million loan to ColumbusNova for the purchase of a 159,810-square-foot manufacturing facility in Mooresville, N.C. The property will be leased to a specialty beverage producer. AloStar also funded a $7.3 million loan to a joint venture for the purchase and renovation of a 272,396-square-foot industrial asset in Durham. The joint venture was between Trinity Capital Advisors and SilverCap Partners. AloStar also provided a $4.2 million loan to SunCap Opportunity Fund for the purchase of Uptown Square, a 72,277-square-foot shopping center in Fayetteville, Ga. The asset is anchored by Goodwill and Harbor Freights Tools. AloStar is headquartered in Birmingham, Ala., and its commercial office is located in Atlanta.
MYRTLE BEACH, S.C. — Marcus & Millichap has brokered the $5.6 million sale of a 45,778-square-foot store in Myrtle Beach leased to Walmart Neighborhood Market. The newly built store is triple-net leased to Walmart for 20 years. The store anchors Village Square, a 157,941-square-foot shopping center situated on the Atlantic Coast on U.S. Highway 17. Don McMinn and Zach Taylor of Marcus & Millichap’s Atlanta office and principals of the firm’s Taylor McMinn Retail Group represented the seller in the transaction. The buyer is based in California and purchased the store all-cash in a 1031 exchange at a cap rate in the upper fours. Raj Ravi is Marcus & Millichap’s broker of record in South Carolina.
