SAN JOSE, CALIF. — PCCP LLC has provided a $48.5 million senior loan to Dollinger Properties for the development of Sprouts @ Brokaw, a 143,000-square-foot shopping center to be anchored by Sprouts Farmers Market in San Jose. Construction has begun on the project, which is set to open in summer 2016.
PLANO, TEXAS — The Boulder Group has arranged the sale of a single-tenant, net leased CVS/pharmacy located at 5920 W. Park Blvd. in Plano for $10.2 million. The trophy property was sold at a 4.8 percent cap rate, which is the lowest cap rate for a drug store property sold in 2015 outside of California, according to Real Capital Analytics. The 13,146-square-foot CVS is located at the intersection of West Park Boulevard and Parkwood Boulevard. The signalized intersection sees approximately 50,000 vehicles per day. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private partnership based in the Midwest, in the transaction. The purchaser was an individual utilizing a 1031 exchange. There are 21 years remaining on the CVS net lease, which features a 5 percent rental escalation in each of six five-year renewal option periods.
HOUSTON — HFF has secured a senior loan for the refinancing of Northline Commons, a 472,443-square-foot retail power center in northern Houston. HFF worked on behalf of the borrower, an affiliate of North American Development Group, to place the 10-year, fixed-rate CMBS loan with Wells Fargo Bank. Constructed between 2007 and 2009, Northline Commons is 91 percent leased and consists of one main building, five smaller buildings and four outparcel pads situated on 47.7 acres. Tenants include Burlington Coat Factory, Ross Dress for Less, Five Below, Palais Royal, Conn’s, Marshalls, GNC, Foot Locker, Image Shots, Baskin Robbins, The Children’s Place and Nails Club. The center’s outparcel pads are leased to Pappas Bar-B-Q, IHOP, Ojos Locos Sports and Chick-fil-A. Located at 4400 N. Freeway, Northline Commons is located on Houston’s North Line Light Rail, which is an extension of the Red Line that connects downtown Houston and the Medical Center area. Travis Anderson, Cory Fowler and Tyler Ford led the HFF debt placement team representing the borrower.
SHREVEPORT, LA. — Dallas-based Venture Commercial Real Estate has brokered the sale of Shoppes at Bellemead, an upscale, 79,328-square-foot shopping center located at the northeast quadrant of Youree Drive and East 70th Street in Shreveport. The property’s tenant roster includes Talbots, Chico’s, Ann Taylor Loft, White House Black Market, J. Jill, Soma and Charming Charlie. Jonathan Cooper, Christopher Gibbons, Don Miller, John Zikos and Cheryl Hill of Venture Commercial, along with Shreveport-based Vintage Realty Co., brokered the transaction. An undisclosed buyer purchased Shoppes at Bellemead from WFB/Shoppes at Bellemead LLC, a partnership involving Vintage Realty Co., for an undisclosed price.
NORCROSS, GA. — Sterling Organization has purchased Peachtree Parkway Plaza, a 95,509-square-foot shopping center located in Norcross, a northeast suburb of Atlanta in Gwinnett County. Sterling purchased the asset from DLC Management Corp. via the firm’s institutional fund Sterling Value Add Partners II LP for $12.3 million. Located at the intersection of Peachtree Parkway and Spalding Drive, the shopping center was 83 percent leased at the time of sale to tenants such as Goodwill, Dollar General and Youfit Health Clubs. Peachtree Parkway Plaza was originally developed in 1986. A new Taco Bell restaurant was recently built at the property, and other national businesses at the property include Blimpie Subs & Salads, Wendy’s and Arby’s.
MEMPHIS, TENN. — Baceline Investments LLC has purchased Polo Shops, two neighborhood retail centers spanning 28,860 square feet, for $3.8 million. The property is located along a major retail corridor at 7444 Winchester Road in Memphis. An entity known as TOP11 – 7444 Winchester RD LLC purchased the property at foreclosure in February 2014 for $3.1 million, according to the Memphis Daily News.
DALLAS —Shake Shack will open its first location in Dallas at the 11-acre office and retail complex The Crescent in 2016. Shake Shack at The Crescent will be located near a corner park. The Dallas location will also be situated near downtown Dallas, Klyde Warren Park and the Dallas Arts District. The Crescent has earned LEED Silver certification from the U.S. Green Building Council. The Dallas Shake Shack menu will include a selection of local beer and wine, along with and three localized frozen custard flavors starring local bakeries and food purveyors.
JACKSONVILLE, TEXAS — Deason Financial Group has arranged the refinancing of an unanchored retail shopping center in Jacksonville for an out-of-state borrower. The $1.8 million financing was obtained at a 70 percent loan-to-value ratio with a 5-year term and 25-year amortization schedule. Built in 2001, the center spans 40,000 square feet with a total of 15 tenant spaces and occupancy at closing of 85 percent. Todd Kelsey of Deason Financial Group arranged the loan.
KATY, TEXAS — R. S. Hart Commercial Brokerage’s Rachel S. Grant has arranged an $8.9 million refinancing loan for 26440 FM 1093 Ltd.-Westheimer Lakes Plaza II located in Katy. The multi-tenant retail property totals 52,567 square feet and was 100 percent occupied at the time of financing. Raintree Commercial’s Corey Ferguson developed the shopping center. Brock Tautenhahn of BBVA Compass Bank provided financing.
HOUSTON — The Boardwalk at Towne Lake, a mixed-use development in Houston, has added MOD Pizza, Nails of America and Orangetheory Fitness to its tenant roster. Other retailers at the center include Texas Children’s Pediatrics, Copper Creek Orthodontics, Massage Heights, Jaxton’s, Taisho, World of Beer and Land of a Thousand Hills Coffee Co. MOD Pizza opened its first location in Seattle in 2008. Its Towne Lake franchise location will be its sixth in Houston. Orangetheory Fitness utilizes a blend of personal training and group settings to help its members reach their fitness goals. This will be its seventh Houston location. Nails of America is a Houston-based company operating more than 14 salons in the greater Houston area. Caldwell Cos. is the developer of the lakeside development.
