NEW BRAUNFELS, TEXAS — Metropolitan Capital Advisors has arranged a loan totaling $12.8 million for a retail property located in New Braunfels. Walnut Square Shopping Center is a 95,952-square-foot retail shopping center shadow anchored by At Home (formerly known as Garden Ridge). Situated on 11.9 acres, the property’s tenant roster includes Chase Bank, AutoZone and Dollar Tree. The sponsor, a Dallas-based property company, plans to fill the largest vacant space — 31,442 square feet — with a big-box credit tenant. Metropolitan Capital placed the acquisition loan, which equated to 75 percent loan-to-cost, with a fixed interest rate of 4.5 percent. The loan structure also featured one year of interest-only payments and a 25-year amortization schedule.
MYRTLE BEACH, S.C. AND NEW BERN, N.C. — Crosland Southeast has closed on the land purchases of 12 acres in Myrtle Beach from L Star Management and eight acres in New Bern for two future Publix-anchored shopping centers. Village Shops at Grande Dunes in Myrtle Beach and River Place Shopping Center in New Bern represent a planned $38 million worth of development. River Place will be the first Publix location ever to break ground in coastal North Carolina. Crosland Southeast is the landlord on both lease transactions with Publix and is responsible for leasing future shop space and outparcels. Austin Williams and Brad McGinnis of Crosland Southeast’s Raleigh office jointly worked on the transactions, and Chris Taft of Crosland Southeast oversees all commercial leasing. Crosland plans to open the Village Shops at Grande Dunes in mid-2016 and River Place Shopping Center in late 2016.
MANASSAS, VA. — HFF has secured $33.8 million in refinancing for Davis Ford Crossing, a 152,391-square-foot neighborhood shopping center in Manassas. The center was 97.5 percent leased at the time of sale to tenants such as LA Fitness, Staples, Petco, CVS, Sleepy’s and GNC. Outparcel tenants include McDonald’s, United Bank, Arby’s and Exxon. Mark Remington and Robert Carey of HFF arranged the 10-year loan through Principal Real Estate Investors on behalf of the borrower, Rappaport. The loan features a fixed interest rate of 4.34 percent.
CLARKSVILLE, IND. — DTZ has brokered the sale of a retail land lease in Clarksville, approximately five miles north of Louisville, Ky. Columbus Pacific Properties sold the property, which is located at the intersection of Green Tree Boulevard and State Road 131, for $6.5 million. The property is occupied by a 12-screen, 38,000-square-foot Great Escape Movie Theater, which was recently acquired by Regal Cinemas. Rob Taylor of DTZ represented the seller in the transaction. The name of the buyer was not disclosed.
CHICAGO — Marcus & Millichap has arranged the sale of a mixed-use property located at 1606 N. Harding Ave. in Chicago. The 9,050-square-foot property sold for $830,000. The property consists of six two-bedroom and three one-bedroom apartment units, and two commercial spaces. Joseph Bergman and Kyle Stengle of Marcus & Millichap’s Chicago represented the seller, a private investor, in the transaction.
NEW YORK CITY — Eastern Consolidated has secured $65 million in debt and equity for a planned mixed-use rental project at 1 Flatbush Ave. in downtown Brooklyn. Developed by Slate Property Group, the 19-story, 172,000-square-foot property will feature 156 one- and two-bedroom rental units, of which 124 will be free market and the remainder will be affordable, and 30,000 square feet of basement, ground- and second-level retail space, as well as a fitness center for residents. Adam Hakim and Sam Zabala of Eastern Consolidated’s Capital Advisory Division arranged the financing for the acquisition and pre-development phases of the project.
CLIFTON, N.J. — A private investor has acquired Harbor Freight Center, a retail property located in Clifton, for $5.8 million. The 35,000-square-foot property is located at 1016 Main Ave. Kevin Taub and Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, while Lombardi also represented the buyer in the transaction.
SUGAR LAND, TEXAS — Marcus & Millichap has arranged the sale of Creekside at Town Center, a 13,925-square-foot retail property located at the southeast corner of Highway 6 and Southwest Freeway in Sugar Land. Tenants in the property include TDECU, Verizon Wireless, Mattress Firm and an orthodontist office. The immediate area is the focal point for Fort Bend County’s retail and office developments. The asset had a list price of $7.4 million. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Goldstein also secured and represented the buyer, a partnership. Creekside at Town Center is located at 2109 Highway 6 S.
EL PASO, TEXAS — Johnny Rockets has arranged a development agreement with Cruzar Group LLC to open Johnny Rockets restaurants in El Paso, including the brand’s new Route 66 expression. Johnny Rockets’ Route 66 drive-thru prototype will offer its all-American menu to travelers and consumers. In addition to the upcoming El Paso location, current Johnny Rockets franchise partners are under construction to open additional restaurants in San Antonio and Laredo. Franchisees are seeking new real estate to meet consumer demand, especially within the Hispanic market.
FRISCO, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the representation of investors, developers and property owners, has secured a $3.8 million construction loan for Teel Crossing, a planned retail shopping center situated on 5.8 acres on the northeast quadrant of Teel Parkway and Main Street in Frisco. Teel Crossing will consist of 20,020 square feet of in-line retail and a one-acre pad site fronting Main Street. Scott Lynn and Brandon Wilhite of MCA placed the loan with the Dallas office of BB&T.