EAST PEORIA, ILL. — Marcus & Millichap has brokered the sale of a 5,829-square-foot property net leased to Applebee’s for $2.5 million in East Peoria. The building is located at 900 Riverside Drive and was renovated in 2015. The property sits on an outparcel to a Walmart and Lowes. Matthew Wenger and Dominic Sulo of Marcus & Millichap represented both undisclosed parties in the transaction.
PHILADELPHIA — Metro Commercial Real Estate Inc. has brokered two deals for Target in the Center City area of Philadelphia. Pearl Properties is developing an approximately 23,000-square foot site at 1900 Chestnut St., and The Brickstone Companies is developing an approximately 22,000-square-foot site at 1112 Chestnut St. Both stores, which will be configured as smaller versions of the traditional Target store format, are currently under construction with planned openings in 2016. Tom Londres and Steve Niggeman of Metro Commercial represented Target in the transactions.
OLD BRIDGE, N.J. — Franchisees David Ezekiel and Abraham Ezekiel are breaking ground on the new $5 million Primrose School of Old Bridge, located on Route 9 near the intersection of Route 9 and Spring Valley Road in Old Bridge, in early November. The 12,300-square-foot school, which will create approximately 50 new jobs, will provide early education and care schools for children ages six weeks to six years old and offer after-school care for children up to age 12. Primrose School of Old Bridge will be the fifth Primrose school in New Jersey.
LOS ANGELES — ASB Real Estate Investments and Blatteis & Schnur have broken ground on At Mateo, an $80 million mixed-use project in downtown Los Angeles. The project will be located at the corner of Palmetto and Mateo streets in the Arts District. At Mateo will include nearly 125,000 square feet of open-air retail and 50,000 square feet of creative office space that will be situated in four buildings on a former 3.5-acre industrial site. It will be designed with re-purposed materials, including bricks, cobblestones and laminated beams, as a homage to the Arts District. The project will eventually include 30 to 35 chef-driven restaurants, eateries, boutiques and retail stores. At Mateo is scheduled for completion in the fourth quarter of 2016. Architect Keith Ray master planned the development.
SAN MARCOS, CALIF. — NorthMarq Capital has arranged the $42 million refinancing of Nordahl Marketplace, a 304,801-square-foot retail property located in San Marcos. Ory Schwartz of NorthMarq arranged the fully amortizing, 25-year term loan for the borrower through a life insurance company. The center is home to 25 tenants including Walmart, Kohl’s, Guitar Center and Starbucks Coffee.
HONOLULU, HAWAII — Walker & Dunlop Inc. (NYSE: WD) has arranged a $39.7 million loan for Plaza at Pearl City, a 158-bed independent living, assisted living, memory care and respite stay community in Honolulu. MW Group owns the property, which overlooks Pearl Harbor. Keith Melton and David Strange, managing directors, and Russell Dey, vice president, led the Walker & Dunlop team. The mortgage was structured as a 40-year, non-recourse, fixed-rate, permanent HUD loan. Walker & Dunlop also closed a $37 million HUD loan earlier in the year with MW Group for Plaza at Monalua, a 122-unit assisted living facility also in Honolulu.
LOS ANGELES — Avison Young has completed three retail leases within Level DTLA, a 303-unit corporate housing tower in the Financial District of downtown Los Angeles. Leases include a 4,177-square-foot SoulCycle, a 2,601-square-foot Sakana Sushi and a 1,416-square-foot Cognoscenti Coffee. Derrick Moore and Amit Parekh of Avison Young represented the landlord, Canada-based Onni Group, as well as Cognoscenti Coffee and Sakana Sushi in the transactions. CBRE represented SoulCycle.
AUBURN, CALIF. — Envoy Net Lease Partners LLC has financed a first mortgage bridge loan for a 5,500-square-foot, single-tenant net lease Denny’s restaurant in Auburn, approximately 30 miles northeast of Sacramento. The property, which is currently vacant, is located on an outparcel in front of the highest-grossing grocery store in Auburn, and is one of the last remaining outparcels in the market.
INDIANAPOLIS — Gershman Partners has unveiled plans for a 700,000-square-foot retail project in Indianapolis. Greenwood Town Center is a $90 million project that will include retail, dining and entertainment spaces once complete. Construction is expected to begin in late 2016 with completion slated for fall of 2017. Gershman will own and manage the property. Dorsky + Yue International will serve as the primary architect, and the general contractor and developer have not yet been determined.
RICHFIELD, MINN. — Marcus & Millichap has brokered the sale of a 28,208-square-foot retail property in Richfield, a southern Minneapolis suburb. Kensington Park was sold to an undisclosed buyer for $7 million. The asset is located at 7610 Lyndale Ave. S. Brian Klancke, Sean Doyle, Cory Villaume, Matthew Hazelton and Adam Prins of Marcus & Millichap had the rights to market the property on behalf of the seller. Marcus & Millichap also secured and represented the buyer.
