ELK GROVE, CALIF. — NorthMarq Capital has arranged a $4.2 million refinancing for Laguna Palms, a retail property located at 9105 Bruceville Road in Elk Grove. The 15-year loan features a 25-year amortization schedule. Tenants at the 23,869-square-foot property include U.S. Post Office and Goodwill. Blake Melstrom of NorthMarq Capital’s Los Angeles office secured the financing for the undisclosed borrower.
GLENDALE, CALIF. — Stevenson Real Estate Services has arranged the sale of a retail building located at 601 S. Glendale Ave. in Glendale. Emad and Caroline Salama acquired the property from Robert Morris for $1.4 million. Built in 1961, the 1,568-square-foot building is situated on 11,500 square feet of land. Michael Maniscalchi and Tony Maniscalchi of Stevenson Real Estate Services represented the seller, while Sameh Nicola of California Prime Realty represented the buyer in the transaction.
MIDDLETOWN, N.Y. — Kimco Realty Corp. has sold Galleria at Crystal Run, an 80,000-square-foot retail power center located at 1100-1300 N. Galleria Drive in Middletown, for $12 million. An undisclosed buyer acquired the property for $12 million free and clear of existing debt in an all-cash 1031 exchange transaction. As an outparcel to the 1.2 million-square-foot Galleria at Crystal Run Mall, the property is fully leased to Best Buy and Christmas Tree Shops. Jose Cruz, Kevin O’Hearn, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.
HILTON HEAD, S.C. — HFF has secured $13.4 million in acquisition financing for Fresh Market Shoppes, an 86,694-square-foot, grocery-anchored shopping center in Hilton Head. Redeveloped in 2004, the shopping center was 91.2 percent leased at the time of financing to 16 tenants, including anchor The Fresh Market, Bonefish Grill, Dollar Tree, Massage Envy and West Marine. Situated on 9.7 acres at 890 William Hilton Parkway, the shopping center is bounded by two golf courses: Long Cove Golf Club and Shipyard Plantation Golf Course. Travis Anderson and Cory Fowler led HFF’s debt placement team to arrange the loan through Synovus Bank on behalf of the borrower, Ferncroft Capital.
Greater Waco’s economy is on a roll. Positioned halfway between Dallas and Austin, Waco is a prime destination for companies and individuals wanting access to large metro areas without the hassles of traffic, expensive real estate and labor shortages. With newly completed facilities such as Baylor University’s McLane Stadium and major downtown redevelopment projects, Waco is hitting the radar for new development opportunities. October 2015 marked 43 months of positive economic growth for the area, with 4.8 percent growth in the third quarter of 2015 alone. Major organizations, including Baylor, continue to aid in elevating the status of Waco as a dominant player in the Central Texas region. Just as Texas has seen significant growth since 2008, so too has Waco. One major contributor to Waco’s economic success has been employment growth. Employers are creating new jobs in the area, with 1,600 more positions now in place, 113,700 compared to 112,100 in October 2014. Construction, manufacturing, healthcare, hospitality and logistics remain strong drivers for the economy. The result is a community with a 4.8 percent unemployment rate and residents with more disposable income. In fact, real median household income for the Waco MSA grew 5.8 percent, to $43,184, between the …
NEW YORK CITY — Savanna has closed on the acquisition of a 135,000-square-foot office and retail building located at 1825 Park Ave. in Harlem’s 125th Street corridor. Giscombe Realty Corp. sold the property for an undisclosed price. The 12-story building is adjacent to the Harlem 125th Street station on the Metro North train line and one block from the 4, 5 and 6 subway lines. Savanna has a comprehensive capital improvement program slated for the property that will reposition the building as an institutional-quality property in Harlem’s supply-constrained office market. Jack Bick and Erik Otema of S. Charatan Realty represented the seller in the transaction. Laurie Grasso and Anthony Bonan of Hunton & Williams provided legal counsel for Savanna.
DENVER — HFF has arranged $23.7 million in financing for Market Center, a mixed-use office and retail property totaling 120,736 square feet in downtown Denver. Leon McBroom and Eric Tupler of HFF worked on behalf of the borrower, a joint venture between Urban Renaissance Group, Stars Investments and City Street Investors, to secure the floating-rate financing through First National Denver. The 36-month loan has two 12-month extension options and was used to acquire the asset.
LOS ANGELES — Newmark Grubb Knight Frank (NGKF) has added eight professionals to the firm’s retail brokerage team specializing in the sale and leasing of suburban retail product in Southern California and the western region. Additions include Pete Bethea, executive managing director; Rob Ippolito, senior managing director; and Glenn Rudy, managing director, who will continue their capital markets focus on selling shopping centers for institutional clients and public and private investment companies in key western markets; John Jennings and Chris Walton, senior managing directors; Aaron Hill, managing director; and Justin Wessel and Kevin Hanson; associates. The combined leasing portfolio consists of over 9.3 million square feet covering a large portion of the region and throughout Southern California including San Diego, Orange County, Los Angeles and Inland Empire.
KNOX, IND. — Marcus & Millichap has brokered the sale of a 14,187-square-foot retail property net leased to Walgreens for $4.5 million. Walgreens has 15 years remaining on an original 25-year lease term. The building is located at 1207 S. Heaton St. in Knox, approximately 45 miles southwest of South Bend. John Bailey, Bill Bailey and George Ghattas of Marcus & Millichap listed the property on behalf of the seller, an undisclosed limited liability company. Dave Lincoln and Walter Brauer of Marcus & Millichap secured and represented the buyer, a private investor.
OAKBROOK TERRACE, ILL. — Mid-America Asset Management Inc. has arranged three new retail leases at Orland Park Crossing in Orland Park, approximately 30 miles southwest of Chicago. Orland Park Crossing is a 107,371-square-foot lifestyle center that is located at the intersection of 143rd Street and LaGrange Road. In the first deal, Soft Surroundings signed a 5,445-square-foot lease and was represented by John Vance of Stone Real Estate. In the second deal, Xfinity inked a 5,303-square-foot lease and was represented by Carole Borg of CBRE. In the last deal, Eric Unatin of Armada Real Estate Services represented Massage Green who signed a lease for 2,509 square feet. All three tenants are expected to open this spring. Other tenants at Orland Park Crossing include White House Black Market, Talbots, Charles Schwab, Ann Taylor and Charming Charlie. Paige Schiesser and Samantha Spinell Schnell of Mid-America represented Orland Park Crossing in all three transactions.
