FORT LAUDERDALE, FLA. — Continuing its buying spree of Publix grocery stores in Florida, Publix Super Markets Inc. has purchased the Publix at Sunrise, a 44,840-square-foot, single-tenant Publix grocery store located at 1415 E. Sunrise Blvd. in Fort Lauderdale. Publix Super Markets purchased the net-leased asset from Stiles Corp. for $22.5 million free and clear of existing debt. Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF represented Stiles in the transaction.
BOSTON AND LOS ANGELES — Boston-based Sperry Van Ness International Corp. (SVNIC) has partnered with Los Angeles-based DealPoint Merrill to form a private equity firm. Operating under the name of SVN DealPoint Merrill Realty Partners, the new firm will capitalize on SVNIC’s access to investment opportunities, which will be then matched by DealPoint Merrill’s development experience. Kevin Maggiacomo, president and CEO of SVNIC, explains that the “goal of the new partnership is to build preeminent investor value by acquiring co-investment assets, which are fundamentally sound but undervalued.” “On a risk-adjusted basis, we prefer apartments, multi-tenant retail, self-storage and medical properties,” notes David Frank, CEO of DealPoint Merrill. “The new partnership will secure multiple rounds of real estate equity investment with the first tranche of approximately $100 million in the first year to acquire property in the name of the partnership.” SVNIC has approximately $9.1 billion in annual sales volumes and 190 national sales offices. DealPoint Merrill has acquired more than $2 billion in assets and attracted more than $1 billion in equity for commercial real estate investments.
NEW YORK CITY — Pembrook Capital Management LLC has secured a $20 million first mortgage loan for the acquisition of a retail property located at 468 Columbus Ave. in Manhattan’s Upper West Side. The property is currently a three-story, 15,000-square-foot vacant retail asset with the potential for residential development. The undisclosed borrower plans to lease the current three floors to a retail tenant and redevelop the property for residential use by adding five additional floors of apartments. Upon completion, the new property is expected to be eight stores with 31,000 square feet of rentable space. Terence Baydala of Pembrook arranged the financing.
HOLMDEL, N.J. — Cronheim Mortgage has arranged $13.4 million in refinancing for Kohl’s Plaza, a retail plaza located at the intersection of Route 35 and Union Ave. in Holmdel. The 10-year loan, which was placed with Voya Insurance and Annuity Co., features a 25-year amortization schedule. Purchase, N.Y.-based National Realty & Development Corp. manage the property, of which Tarrytown, N.J.-based Gibraltar Management also owns an interest. An 87,932-square-foot Kohl’s and a 37,020-square-foot Stein Mart anchor the property. Other tenants include Jersey Mike’s, 7-Eleven, Harmon Stores and Beach Bum Tanning. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage secured the financing for the borrower.
HOUSTON — Newk’s Eatery, a fast-casual restaurant, has reached a development agreement with New Orleans-based Southeast Restaurant Group (SRG), founded by Elie Khoury, to open 10 new Newk’s locations in metro Houston. With the agreement, SRG becomes Newk’s largest franchisee. SRG is currently a franchisee of TGI Fridays and Chevys Fresh Mex, operating restaurants in Texas, Arkansas, Mississippi, Louisiana, Alabama, Tennessee and Florida. It also operates its own concepts, including a Mediterranean-style restaurant in the Miami area, a Creole-inspired restaurant in New Orleans and The Round House Bar & Grill, located in the Holiday Inn hotels owned by its affiliate, KFK Group. Newk’s will open nearly 30 new company-owned and franchised locations during 2015, with plans to reach 200 total units by 2018.
PALM BEACH GARDENS, FLA. — CIT Group Inc.’s subsidiary CIT Real Estate Finance has provided a $41 million secured credit facility to refinance PGA Plaza Shopping Center in Palm Beach Gardens. The shopping center is anchored by Trader Joe’s and Ulta Beauty. CIT provided the loan through CIT Bank on behalf of the borrower, Menin Development. In November 2013, CIT provided $26 million in financing to a joint venture headed by Menin Development to support PGA Plaza’s renovation, which included adding 5,646 square feet of retail space, a redesigned façade, upgraded parking lot, landscaping, site lighting and updated signage.
SUNRISE, FLA. — The Canadian Imperial Bank of Commerce (CIBC) has provided a $20.9 million CMBS loan to refinance Sawgrass Landings, a 64,500-square-foot shopping center in the Broward County city of Sunrise. The retail center’s tenant roster includes LA Fitness, Starbucks Coffee and FedEx Office. The mall is shadow anchored by Sawgrass Mills Mall. Steven Weiss, Romano Tio and Marc Sznajderman of RM Capital arranged the 10-year, fixed-rate loan on behalf of the borrower, Trikon Sunrise LLC, which is managed by Jon Samuel. The loan features four years of interest-only payments.
PLANTATION AND PEMBROKE PINES, FLA. — May Realty Advisors has brokered the sale of two net leased Petco stores in Plantation and Pembroke Pines to investors based in Venezuela and Portugal. Matthew May and Richard Huelsman of May Realty represented a U.S.- and Columbian-based family office in the sale of the two stores, which both had roughly four years remaining on their initial lease. The store at 12251 Pines Blvd. in Pembroke Pines sold for $5.9 million and the store at 8111 W. Broward Blvd. in Plantation sold for $7 million. The buyers purchased the assets in all cash. Alexandria Escudero of Miami-based Fortune Realty represented both buyers in the two transactions.
LOS ANGELES – A local private investor has purchased a 31,242-square-foot building in Los Angeles that is net leased to Stock Building Supply Holdings for $15.7 million. The building is located at 3860 Grand View Blvd. Stock Building Supply had occupied the building for more than 20 years before deciding to sell the property in late 2014. The lease was restructured into a 15-year term after the building was purchased. This space is the builder’s West Coast flagship property. Stock Building Supply was represented by Chris Sands of Sands Investment Group.
BUENA PARK, CALIF. – Tesla Motors has signed a seven-year lease for 23,000 square feet of space in Buena Park. The dealership is located at 6692 Auto Center Drive, within the Buena Park Auto Center. The space was previously occupied by Premier Chevrolet and General Motors. It served as a temporary location while the company’s five-acre dealership was being developed within the auto center. Jodi V. Meade of Avison Young represented both Tesla and the landlord, RST Associates, in this transaction.
