BUFFALO, N.Y. — Buffalo-based M&T Bank has provided $13 million in financing for the acquisition of eight CVS/pharmacy properties in Long Island, N.Y.; Upstate New York, Connecticut and Massachusetts. A Case Real Estate Capital-sponsored venture acquired the high-credit, triple-net leased retail properties, which total approximately 85,000 square feet. Case originally purchased the properties without financing in 2015 through a deed-in-lieu of foreclosure agreement.
NEW YORK CITY — Alpha Realty has arranged the sales of four apartment and mixed-use properties in Brooklyn neighborhoods. The transactions include a 16-unit apartment building at 354 E. 54th St. in East Flatbush selling for $2.2 million, or $222 per square foot; a 16-unit apartment building at 845 Schenectady Ave. in Flatbush trading for $2.2 million; a six-unit multifamily property at 540 Bainbridge St. in Bedford-Stuyvesant selling for $2.8 million, or $514 per square foot; and a four-story mixed-use building located at 278 Albany Ave. in Crown Heights for $2.4 million. Lev Mavashev and Jacob Aronov of Alpha Realty handled the off-market transactions. The names of the buyers and sellers were not released.
FRANKLIN, TENN. — CBL & Associates Properties Inc. is set to begin the multi-million dollar renovation of CoolSprings Galleria, a more than 1 million-square-foot super-regional mall located in the Nashville suburb of Franklin. The mall’s department store anchors include Belk Men’s and Kids, Belk Women’s and Home, Dillard’s, JC Penney and Macy’s. Other retailers at the mall include Apple, Build-A-Bear Workshop, Chick-fil-A, Taco Bell/Pizza Hut, Pottery Barn, Williams-Sonoma, J. Crew and Starbucks. The renovation will include enhancements to the interior and exterior of the property, including a fresh color palette of grays, whites and hints of blue; new stone work and lighting around four entrances; the addition of seating areas; updated restrooms; and interior lighting and flooring upgrades. Work at CoolSprings Galleria is set to begin in early March with an anticipated completion in mid-October.
HENDERSONVILLE, TENN. — U.S. Properties Group (USPG) has acquired The Streets of Indian Lake, a 249,121 square-foot lifestyle shopping center in Hendersonville, roughly 18 miles northeast of Nashville. The retail center is located at Indian Lake and Vietnam Veterans boulevards. The center’s tenant roster includes Regal Cinema, Victoria’s Secret, LOFT, Rack Room Shoes, Yankee Candle, New York & Co., Sunglass Hut, Gymboree, Glowgolf, Charming Charlie, Bath & Body Works, Barnes & Noble and Buffalo Wild Wings. Chris Decoufle of CBRE’s Atlanta office brokered the transaction. USPG has acquired and improved value-add shopping center assets since 2002. The company owns approximately 4 million square feet and redevelops shopping centers in 11 states covering the Midwest and Southeast, including Alabama, Georgia, Illinois, Michigan, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, Tennessee and Virginia.
ROYAL PALM BEACH, FLA. — Baltimore-based Continental Realty Corp. has sold a 30,500-square-foot retail center located at 101 S. State Road 7 in Royal Palm Beach for $7.5 million. The property was fully leased at the time of sale to Office Depot and Mattress Firm. Uriel Investments LLC purchased the property from the seller’s investment fund, CRC Fund III. David Donnellan and Mark Drazek of CBRE represented Continental Realty in the transaction. Alexandra Escudero of Fortune International Realty represented the buyer.
FALLBROOK, CALIF. — Gerrity Group has acquired Fallbrook Mercantile Center, a 70,410-square-foot grocery-anchored shopping center located in the San Diego-area community of Fallbrook, for $23.6 million. Major Market Grocery Store anchors the center, which is 97 percent occupied by tenants including Anytime Fitness, Sherwin Williams, Burger King, Jersey Mike’s Subs, Fantastic Sam’s and Denny’s. Gleb Lvovich and CJ Osbrink of HFF represented the seller, Tourmaline Capital, in the transaction.
LAS VEGAS — Wahlburgers, a better burger restaurant founded by Chef Paul Wahlberg with celebrity brothers Mark and Donnie, has signed deals with five new franchise groups. The new deals will allow the chain to open more than 30 stores in several major metro markets, including in California and Las Vegas. Since its 2011 debut in Hingham, Mass., Wahlburgers has expanded steadily. To date, 12 area development deals, including in two airports, are in place, committing franchise groups to a total of 118 Wahlburgers locations over the next several years. Eight locations are planned for the Bay Area of California, and a 15-store agreement was signed for the Los Angeles area.
DOWNEY, CALIF. — Colliers Retail Foresight has arranged the lease of 2,400 square feet of retail space at The Marketplace at Gallatin Road in Downey. Lindora, a weight loss and wellness clinic, will occupy the space at the 66,000-square-foot neighborhood shopping center. James Rodriguez and Michael Bohorquez of Colliers Retail Foresight represented the undisclosed landlord in the transaction.
DELAFIELD, WIS. — Associated Bank has provided an $11.4 million acquisition loan for a retail property in Delafield, approximately 30 miles west of Milwaukee. Schermerhorn & Co./Heritage-Hillside LLC was the borrower. The 102,700-square-foot shopping center is located at 2720-2850 Heritage Drive and 2725 Hillside Drive. The retail center is situated on an outparcel to a Walmart. Tenants at the 90 percent occupied center include Office Max, Petco, Dollar Tree, Great Clips, Sears Appliance, Subway and Dairy Queen. Schermerhorn & Co. has managed the property for over 18 years.
ST. PAUL, MINN. — Cushman & Wakefield/NorthMarq has arranged a 1,450-square-foot retail lease in St. Paul. Ehinger Schwarz 1876, an interchangeable jewelry maker, has opened its third location in the Oxford Square shopping center on Grand Avenue last week. Minneapolis-based RMF Group is the landlord. Tom Martin and Kim Meyer of Cushman & Wakefield/NorthMarq represented the tenant in the transaction.
