NEW YORK CITY — Meridian Capital Group has arranged $4 million in financing for a mixed-use property in the Hell’s Kitchen neighborhood of Manhattan. Provided by JPMorgan Chase, the seven-year loan features a fixed-rate of 3.8 percent. Located at 755 Ninth Ave., the five-story property features 20 apartments and 2,000 square feet of retail space. Brian Flax and Blake Orman of Meridian’s New York City headquarters office negotiated the financing for the undisclosed borrower.
ATLANTA — North American Properties (NAP) and CBRE Global Investors have sold Town Center at Atlantic Station in Midtown Atlanta to an institutional investor advised by Hines. The Houston-based real estate firm will serve as asset and property manager of the 586,000-square-foot retail center that anchors Atlantic Station, a mixed-use development comprising retail space, restaurants, entertainment venues, three office towers, a hotel and a freestanding Ikea, Target and Dillard’s. The development also houses events such as Cirque du Soleil and Bodies: The Exhibition. The sales price was undisclosed but media outlets value the sale at roughly $200 million. NAP and CBRE Global Investors purchased the retail center, some office space and land for future development in 2010 for $173 million. According to media outlets, the buyer advised by Hines is an investment fund with ties to Morgan Stanley.
PILOT POINT, TEXAS — Alex Payne of Denton, Texas-based Axis Realty Group has arranged the sale of Northstar Center, a 42,040-square-foot, grocery-anchored retail center in Pilot Point. Payne represented the unnamed seller in the transaction. PD Capital, a Dallas-based retail investment group, was the buyer. Tenants at the property include Brookshire Brothers, Anytime Fitness, Pizza Hut and Golden Chick. Located at 750 US-377, Northstar Center was built in 2006 and the Brookshire Brothers space was completely renovated earlier this year.
AUSTIN, TEXAS — The U.S. Green Building Council (USGBC) has awarded LEED Gold certification to East Austin’s Corazon apartment and retail development. Developed by Austin-based Argyle Residential, the project utilizes high-efficiency heating and cooling systems, and each unit features energy-efficient lighting, appliances and hot water heaters. The project also used recycled materials during the construction process, and took steps to minimize construction waste. The LEED scoring system also recognized the walkability and public transit access provided by Corazon’s central location, the project’s drought-tolerant landscaping and its use of materials and finishes that promote a healthy indoor environment.
MIAMI — Federal Realty Investment Trust, alongside partners Grass River Property and The Comras Co., has acquired an 85 percent interest in The Shops at Sunset Place, a 515,000-square-foot mixed-use center located in Miami. The $110 million transaction includes the assumption of an existing $70.8 million mortgage with an interest rate of 5.6 percent and maturity date of September 2020. The center comprises 408,000 square feet of retail and 107,000 square feet of office space with a 1,700-square-foot parking garage. Tenants at the center include AMC Theatres, LA Fitness, Barnes & Noble, Forever 21, Splitsville and Z-Gallerie.
BENTON, ARK. — GBT Realty Corp. has signed a contract to acquire a 28.8-acre parcel along I-30 West in Benton for the development of The Shoppes of Benton. The 170,000-square-foot regional shopping center will be GBT Realty’s first development in Arkansas. The Brentwood, Tenn.-based developer plans to close on the land purchase by the end of the year and break ground in the first quarter of 2016. The city of Benton passed a resolution in September that established a partnership with Benton Public Utilities Commission for $1.4 million in infrastructure improvements at the site, including water, sewer and electrical services. Valued at $36 million upon completion, The Shoppes of Benton will feature two anchor tenants, space for three junior anchors, 32,000 square feet of small shop space and four outparcels. GBT is currently finalizing negotiations with several national retailers, some first-to-market. The company expects to announce the initial tenant line-up early next year and complete construction by spring 2017.
DAVENPORT, FLA. — Phillips Edison Grocery Center REIT II Inc. has acquired Berry Town Center, a 99,441-square-foot, Publix-anchored shopping center located 15 miles southwest of Orlando in Davenport. The REIT purchased the shopping center from Sabal Financial Group for $13.1 million. Berry Town Center’s tenant roster includes Leslie’s Pool Supplies, Regis and Linksters Tap Room. CBRE represented the seller in the transaction.
SOUTH ELGIN, ILL. — CBRE and Greywolf Partners Inc. have brokered the sale of a tenant-in-common owned 78,213-square-foot retail center. The Shops at Randall Road is located at 352 – 346 Randall Road in South Elgin, approximately 40 miles northwest of Chicago. Richard Frolik and Derrick Almassy of CBRE represented the ownership group in the transaction. Tenants of the Shops at Randall Road include T.J. Maxx, Petco, Pier 1 Imports and Lumber Liquidators. The development is shadow-anchored by Kohl’s and is 100 percent occupied.
YOUNGSTOWN, OHIO — The Opus Group has broken ground on a Gander Mountain retail store in Youngstown, approximately 70 miles southeast of Cleveland. Completion of the property is slated for February 2016. The 61,000-square-foot store is being built at the site of Gander Mountain’s former retail store that has been demolished. Opus Design Build LLC is the general contractor for both projects.
CHINO HILLS, CALIF. — Dunhill Partners Inc. has acquired The Shoppes at Chino Hills, a 377,966-square-foot lifestyle center located in the Los Angeles suburb of Chino Hills, for $147 million. Ryan Gallagher and CJ Osbrink, with assistance from John Crump and Bryan Ley, of HFF represented the seller, MX3 Ventures, in the transaction. The open-air center was 96 percent occupied at the time of sale by tenants including anchors Forever 21, H&M, Trader Joe’s, Banana Republic, Victoria’s Secret and Barnes & Noble.