PHILADELPHIA — Old Navy, a division of Gap Inc., has signed a lease for 23,464 square feet of retail space at 1618-22 Chestnut St. in Philadelphia’s Center City. The retailer plans to open a multi-floor flagship store at the location. Steven Gartner of CBRE represented Old Navy in the long-term lease with an affiliate of Pearl Properties, which recently purchased the property.
FORT WORTH, TEXAS — GK Development Inc.’s Ridgmar Mall is set to open five new stores and complete renovations on existing retail space. Renovations to the 1.27 million-square-foot mall include the expansion of Journeys, a specialty footwear store, to 1,890 square feet with a fresh design and new color palette; the expansion of Zale’s to 2,500 square feet with renovations including new flooring and merchandise displays; remodeling at the mall’s Buckle location, including a new store front and color scheme; and a renovation of Rave Ridgmar 13 + Xtreme by Cinemark Theaters Inc. to include plush oversized recliners, enhanced concessions and reserved seating. J.C. Penney has also remodeled and rebranded its hair salon as The Salon by InStyle. New retailers set to open at Ridgmar include Sweetness Sweets, Luna’s Candy Land Imports, Texas Canyon, Kokitos and Michelle’s Furniture.
MIAMI — Rockpoint Group LLC has partnered with Ivanhoé Cambridge to recapitalize Mary Brickell Village, a retail and lifestyle center located at 901 S. Miami Ave. near Miami’s financial district. Ivanhoé Cambridge will continue to hold a minority interest, and Rockpoint will become the majority owner. Terms of the transaction were not disclosed. Originally developed in 2008, the 195,988-square-foot property is occupied by more than 50 stores and restaurants, including Publix, LA Fitness, P.F. Changs China Bistro, Fado Irish Pub, Oceanaire Seafood Room, Rosa Mexicana, Blue Martini and Brother Jimmys. Mary Brickell Village has immediate access to the Miami Metrorail at Brickell Station and the Metromover.
YORKTOWN, VA. — KeyBank Real Estate Capital has secured a $20.4 million CMBS first mortgage for Village Square at Kiln Creek, a 267,021-square-foot shopping center located in Yorktown. The shopping center is anchored by Kroger. Scott Bois of KeyBank secured the non-recourse loan on behalf of the unnamed borrower.
WESTLAKE VILLAGE, CALIF. — County Commerce Bank has acquired a freestanding bank building located at 2663 Townsgate Road in Westlake Village. The 4,183-square-foot property sold for $3 million, or $621 per square foot. County Commerce Bank plans to open a new branch at the location once the existing lease to Rabobank ends in October. Michael Schiff of NAI Capital represented the seller, Westlake Gateway Properties, in the transaction.
ATASCOCITA, TEXAS — Marcus & Millichap has arranged the $3.4 million all-cash sale of a 10,000-square-foot property net leased by The Learning Experience in Atascocita. Nate Newman of Marcus & Millichap represented the seller, a developer, and secured the buyer, a California investor, in the transaction.
HOUSTON — Houston-based NewQuest Properties has arranged five retail leases at separate properties in North, Central and South Texas. Transactions include a 7,454-square-foot lease for Gen Korean BBQ House at Carrollton Town Center in Carrollton; a 43,940-square-foot ground lease for Panda Express at New Braunfels Town Center at Creekside in New Braunfels; a 21,164-square-foot lease for Halloween City at Market in Hunting Bayou in Houston; a 6,300-square-foot lease for Halloween City in Tomball Parkway Plaza in Tomball; and a 4,004-square-foot lease for Wholesale Lubricant Services at 2101 Shepherd Drive in Houston. Heather Nguyen, John Nguyen and Meredith McLeod-Cobb of NewQuest Properties represented the landlord for Carrollton Town Center, and Tey Tiner of CBRE represented Gen Korean BBQ House; David K. Meyers and Glenn Dickerson of NewQuest Properties represented the landlord of New Braunfels Town Center at Creekside, and Michael Jersin of Reata Real Estate represented Panda Express; Brad Elmore of NewQuest Properties represented the landlord of Market at Hunting Bayou and Tomball Parkway Plaza, and Traci Holman of Baker Katz represented Halloween City; and Chris Dray of NewQuest Properties represented the landlord of 2101 Shepherd Drive, 2101 Shepherd LLC, and Todd Moseley of Moseley Commercial represented Wholesale Lubricant Services in …
NEW YORK CITY — Madison Realty Capital has provided $107.2 million in first mortgage financing for the first phase of Fortis Property Group’s acquisition of the Long Island College Hospital (LICH) real estate portfolio in Brooklyn. Collateral for the loan is a mix of former LICH properties comprising 357,000 square feet of retail, medical office and residential space, as well development sites. The properties are located at 91-95 Pacific St., 350-352 Hicks St., 349 Henry St., 112 Pacific St., 82 Amity St., 84 Amity St., 124-134 Atlantic Ave., 113 Congress St., 336 Flatbush Ave. and 184 Sterling Place. Madison Realty provided Fortis with a flexible financing solution to facilitate the acquisition, which is the culmination of a complex, multi-party deal related to the LICH portfolio. David Harte of Ackman-Ziff represented Fortis in the transaction.
NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $1 million loan for a retail property located at 3600-3614 White Plains Road in the Bronx’s Gun Hill section. The 6,500-square-foot property features a 5,335-square-foot building consisting of five retail spaces. The loan was placed with a savings bank at a five-year interest rate of 3.2 percent on a 30-year amortization schedule. Jeremiah Houlihan of Houlihan-Parnes Realtors arranged the loan for the undisclosed borrower.
NEW YORK CITY — Colliers International has arranged a long-term retail lease for 3,295 square feet at 223 E. 59th St. in New York City’s Upper East Side. London-based Savoir Beds will open its first company-owned store in New York at the location this fall. First created for The Savory Hotel in London in 1905, the company’s tailor-made beds are recognized as one of the world’s most luxurious sleeping systems. Peter Simel, James Emden and Timothy Pond of Colliers represented the tenant in the transaction. The name of the landlord was not released. Savior’s U.S. flagship store opened in SoHo earlier this year.