PEARLAND, TEXAS — John Burke of NorthMarq Capital’s Houston office has arranged an $8 million fixed-rate loan for a mixed-use office and retail property located on Broadway in Pearland. The interest-only loan was structured with a fixed term featuring flexible pre-payment options. NorthMarq arranged financing for the borrower through its relationship with a correspondent life insurance company lender.
MUNDELEIN, ILL. – Lee & Associates has brokered the sale of a 16,803-square-foot neighborhood retail center for an undisclosed price. Inland Real Estate Corp. sold the property located at 1460-1492 Townline Road in Mundelein, approximately 40 miles northwest of Chicago to an undisclosed private investor. Mundelein Plaza, built in 1989, is a 100 percent occupied center, which includes tenants such as Stone Habitat, Mundelein Polish Deli and Posterworks Gallery & Frame. The plaza is an outparcel to The Great Escape, a retailer of home leisure products. Rick Scardino and Edward Winslow of Lee & Associates represented the seller in the transaction.
SAN ANTONIO — InvenTrust Properties Corp. has acquired Sonterra Village Shopping Center, a 42,492-square-foot shopping center located in San Antonio, for $21.5 million. Newly constructed, Sonterra Village is anchored by Trader Joe’s with a mixture of restaurants, fitness, lifestyle and soft goods retailers.
HOUSTON — Marcus & Millichap has arranged the sale of Hawthorne Square, a 14,800-square-foot retail property in Houston. Justin Miller and Derek Hargrove of Marcus & Millichap’s Houston office secured and represented the buyer, a limited liability company. Anchored by Starbucks Coffee, Hawthorne Square is located at 3407 Montrose Blvd.
HAMILTON TOWNSHIP, N.J. — NAI Mertz has arranged the sale of the multi-building, 1 million-square-foot former Congoleum Corp. complex, located at 861 Sloan Ave. in Hamilton Township. Commercial Development Corp. (CDC) acquired the property from Congoleum Corp. for an undisclosed price. CDC plans to develop a mixed-use development on the 65-acre site. The developer plans to raze the majority of the buildings on site with the exception of Building 55, an existing 150,000-square-foot warehouse building. Jeffrey Licht and Fred Meyer of NAI Mertz represented the seller in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged a $27 million bridge loan on behalf of XIN Development International for the acquisition of a development site in Manhattan’s Midtown West. XIN Development plans to build a mixed-use project on the 105,000-square-foot development site, which is located at 615 Tenth Ave. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the financing, which was provided by Bank of the Ozarks, for the borrower.
SAN DIEGO — San Diego-based Capital Real Estate Ventures Inc., along with its joint venture partner, Orion Investment and Management Ltd. Corp., has received $29.6 million in acquisition financing for four Del Taco portfolios, totaling 22 properties, in Southern California. HFF placed the non-recourse, two-year, floating-rate loan with Wells Fargo Restaurant Finance Group for the borrower. All properties in the four portfolios feature new long-term leases with Del Taco, a fast food restaurant specializing in Mexican cuisine. The properties are located in Colton, Highland, Lake Elsinore, La Verne, Moreno Valley, Palmdale, Placentia, Perris, Rancho Cucamonga, Rialto, Riverside, Sacramento, Temecula, Thousand Palms, Torrance, Upland, Walnut, Victorville and Vista. Kevin Mackenzie and Greg Brown of HFF secured the financing for the borrower.
SAN DIEGO — Shea Properties has signed three new tenants to Mercado del Barrio, a mixed-use center located under the Coronado Bridge in San Diego’s Barrio Logan. Marciscos el Pulpo, a seafood restaurant, celebrated its grand opening on January 10; MishMash, a gourmet street-food truck and catering company, is opening its first brick-and-mortar location in the first quarter of this year; and The Gear Group, a tactical equipment retailer, is also opening this quarter. In addition to the new tenants, Fathom Crossfit is expanding its current location at the center to 6,111 square feet in mid-January. Other tenants at the property include Northgate Market, Little Caesars, T-Mobile, Asia Wok, Fade Factory, Iron Fist Brewing Co., National Laundry & Dry Cleaning, Sally Beauty and Tocumbo Ice Cream & Tortas.
SANTA MONICA, CALIF. — Santa Monica-based brokerage firm Main + Main has named Mike Clark as its executive director. Prior to joining Main + Main, Clark spent 20 years with Cushman & Wakefield. Clark will be based in the company’s San Diego office, and will specialize in shopping centers, retail strip centers and freestanding retail buildings in the San Diego area.
NORTH BERGEN, N.J. — HFF has arranged the sale of Tonnelle Plaza, a retail center with a warehouse component in North Bergen. 8101 Tonnelle Avenue LLC sold the 350,000-square-foot property to an affiliate of Northeast Capital Group and BHN Associates for an undisclosed price. Developed in 1990 and renovated in 2008, the property is situated on 12.6 acres at 8101 Tonnelle Ave. The center is occupied by ALDI, Burlington Coat Factory, Planet Fitness, Chuck E. Cheese, JP Morgan Chase Bank, Sally Beauty Supply, Subway, McDonald’s, All Pet Distribution and Good Chinese Kitchen. In addition to the 155,000-square-foot retail space, the two-level center has 196,000 square feet of warehouse space fully leased to three tenants. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Andrew Scandalios of HFF represented the seller in the transaction.
