FORT WORTH, TEXAS — Construction has begun on EECU Credit Union’s 14th location in metro Dallas, which will be known as the Heritage Trace branch. Plans call for the 2,800-square-foot building, which will be smaller than other EECU branches, to use new technologies to make the most of the space. The facility will include video conferencing stations for members to chat with specialists as well as a self-service bar where members can complete simple transactions on tablets. The Hillwood development will be located in Alliance Town Center. The credit union expects to complete construction on the branch in August, and will follow with a grand opening. The branch will feature drive-thru banking, an ATM and night depository.
NORTON SHORES, MICH. — The Horizon Group Properties Inc. has refinanced the loan secured by outlet shopping centers located in Burlington, Wash.; Fremont, Ind. and Oshkosh, Wis., all of which are owned by an affiliated entity. Starwood Mortgage Capital LLC provided the $56.7 million loan. The Starwood loan includes a 10-year term and is non-recourse, subject to standard non-recourse carve-outs. The proceeds from the Starwood loan were used to defease the prior loan, which matures in February 2016. HGPI received $3 million of loan proceeds after transaction costs and the defeasance of the prior loan. Norton Shores, Mich.-based The Horizon Group Properties is an owner and developer of factory outlet shopping centers in the United States and Asia.
AUSTIN, TEXAS —Marcus & Millichap has arranged the sale of Star Center, a 20,000-square-foot retail property located in Austin. Michael Buckner and Richard Mireles, investment specialists in Marcus & Millichap’s Austin office, marketed the property on behalf of the seller, a partnership. Buckner and Mireles also secured the buyer, The Blood & Tissue Center of Central Texas. Star Center is located at 3110 W. Slaughter Lane.
SAN DIEGO – A 9,157-square-foot retail portfolio in the San Diego submarket of Pacific Beach has sold to Dayani Partners for $4.6 million. The property is located at 1036-1038, 1757-1765 and 1775 Garnet. It includes five bungalows adjacent to the PB Fish Shop and an additional parcel several blocks to the west. Kipp Gstettenbauer and Ryan King represented both the buyer and seller in this transaction.
CRANFORD, N.J. — Marcus & Millichap has brokered the sale of Cranford Square, a retail property located on South Avenue in Cranford. Situated on 2.2 acres, the two-building asset features 34,573 square feet of retail space. Michael Lombardi, Robert Angus and Julienne Pape of Marcus & Millichap represented the seller, a private investor, while Lombardi and Angus represented the undisclosed buyer in the transaction.
BUFFALO AND SOUTH WALES, N.Y. — Hanley Investment Group has brokered the sale of four triple-net-leased 7-Eleven stores in Buffalo and South Wales for a combined total of $3 million. In Buffalo, a Tacoma, Wash.-based private investor purchased two 7-Eleven stores from a Buffalo-based investor. The 2,835-square-foot property at 741 Kenmore Ave. sold for $800,000, and the 2,842-square-foot property at 975 Abbott Road sold for $800,000. Jeremy McChesney of Hanley Investment Group represented both the seller and buyer in the transaction. Also in Buffalo, a private investor from San Francisco purchased a 7-Eleven property at 959 Niagara St. for $851,000. Michael Chow of Jones Pacific Land Co. represented the buyer, while McChesney represented the seller, a local private investor, in the deal. In South Wales, a Hermosa Beach, Calif.-based private investor sold a 2,080-square-foot 7-Eleven store at 6444 Olean Road to a San Francisco-based private investor for $525,000. McChesney represented the seller, while Chow represented the buyer in the transaction.
BURLINGTON AND ST. ALBANS, VT. — Nedde Real Estate has brokered the sales of four properties in Vermont. In the first deal, Grant Butterfield of Nedde Real Estate represented Mike DuPont in the acquisition of a three-unit multifamily property located at 54-56 Intervale Ave. in Burlington. Bessery Real Estate Partners, represented by Cannizzaro Real Estate, sold the property for an undisclosed price. In the second transaction, Butterfield arranged the sale of 137-139 Elmwood Avenue, a four-unit multifamily property located in Burlington. Mark Johnson sold the asset for an undisclosed price to Housing Strategies. In the third deal, Butterfield represented Eleven Eleven Enterprises LLC in the disposition of 30 South Main Street in St. Albans to Dominico Spano. The buyer plans to reopen the retail property, which was formerly Cosmic Bagel Bakery, as Round Table Bakery & Café. In the final transaction, Butterfield represented the undisclosed seller in the disposition of 222-224 South Winooki Avenue in Burlington. Karen LaPoint purchased the three-unit multifamily property for an undisclosed price.
SOUTH EUCLID, OHIO — Inland Real Estate Corp., in a joint venture with Dutch pension fund administrator PGGM, has acquired Cedar Center North, a 61,400-square-foot shopping center located in the east Cleveland suburb of South Euclid. The joint venture purchased the property for $15.4 million. Built in 2012, the center is 90 percent leased and features retailers such as Panera, Starbucks, Five Guys, Chipotle, Jimmy Johns, Wing Stop, Sport Clips, Sprint and Huntington Learning Center. PetSmart anchors the shopping center. Cedar Center North is within walking distance of John Carroll University. The center is shadow anchored by Whole Foods, located across the street in the Cedar Center South shopping center that was acquired by the IRC-PGGM venture in 2013.
OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has arranged the $2 million sale of a 2.6-acre pad site at the Corbin Park Shopping Center in Overland Park. The property is located on the southeast corner of 135th and Metcalf Avenue. The land will consist of a new 16,500-square-foot, multitenant building that will include a 6,916-square-foot 810 Zone restaurant, a proposed mattress store and 6,000 square feet of space for lease. Block & Co. Construction Management will begin work on the building next month. David Block and Max Kosoglad of Block & Co. arranged the sale and will handle the leasing of the pad building, which has 6,000 square feet remaining to lease.
CROWN POINT, IND. — Mid-America Real Estate Corp. has brokered the sale of Summit Crossing, an 11,859-square-foot shopping center Crown Point. A California-based private investor purchased the shopping center for $3.2 million. Summit Crossing is located at the southeast corner of Route 55 and East Summit Street. Tenants at the fully leased center include ATI Physical Therapy, Advance Auto Parts, Supercuts and Starbucks. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp. brokered the transaction on behalf of the seller, Chicago-based Origin Capital Partners.