WESTMONT AND HIGHLAND PARK, ILL. — Berkadia’s Chicago office has secured two loans, totaling $9.1 million, for two properties in Westmont and Highland Park. In Westmont, Bob Toland and Michael Slovitt of Berkadia arranged a $6.5 million loan for the acquisition of a two-tenant retail center, which is occupied by Hobby Lobby and Micro Center. Berkadia provided the 10-year loan through a life insurance company correspondent on behalf of the borrower, SCP Realty Fund II – Westmont LLC. In the second transaction, Aaron Abelson and Slovitt of Berkadia secured a $2.6 million loan to facilitate the acquisition of Fresenius Medical Care Highland Park, a dialysis treatment center in Highland Park. Berkadia arranged the 20-year loan through a life insurance company correspondent for the borrowers, Shepard-Warrenville I LLC and Shepard Warrenville II LCC.
DES PLAINES, ILL. — Brennan Investment Group has signed a new lease with Pet Food Experts at its newly construction warehouse facility in Des Plaines. Pet Food Experts will lease 98,785 square feet at the property, which is located at 1780 Birchwood Ave. The 140,000-square-foot industrial facility features 32-foot clear heights, ample loading, trailer parking and auto parking. The lease is slated to commence in third quarter 2015. Jonathan Kohn and Thomas Rodeno of Colliers International represented the landlord, while Daniel Smolensky of Modal Group represented the tenant in the transaction.
NEW YORK CITY — Silvershore Properties has acquired a mixed-use property, located at 149 Rivington St. in New York City’s Lower East Side, for $2.8 million. The buyer plans to redevelop the four-story, walk-up building into a larger property with additional residential and retail units by adding two floors to create two duplex apartments and build out the two retail floors on the lower level. No brokers were involved in the transaction. The name of the seller was not disclosed.
ENFIELD, CONN. — O,R&L Commercial has brokered the lease of 26,035 square feet of retail space in Enfield to Crown Furniture. The furniture store will join Dollar General, Whirly Ball and a local comic book store at the fully occupied 57,322-square-foot retail center at 481 Enfield St. Crown Furniture is relocating from its current space in West Springfield, Mass. Robert Gaucher of O,R&L Commercial brokered the transaction.
FRISCO, TEXAS — VCM Development has sold a 119,868-square-foot site in Frisco to Primrose Schools. The site is located at the northeast corner of Main Street and Teel Parkway in west Frisco. Primrose will anchor VCM Development’s Teel Crossing I shopping center. Vaughn Miller of VCM Development Group represented the seller, and David Shelton of CBRE / UCR represented Primrose. VCM is developing a 20,020-square-foot retail center adjacent to Primrose on the tract, which the VCM Commercial Real Fund acquired in 2014. BB&T provided $3.8 million of construction financing for the development. VCM Development Group LLC is a Dallas-based diversified real estate investment and development company, founded in 2013 by Vaughn Miller, oldest surviving son of Dallas real estate legend Vance C. Miller and grandson of Henry S. Miller Jr.
PEMBROKE PINES, FLA. — Continental Properties Acquisition Corp. (CPAC) has sold Palm Johnson Plaza, a 90,000-square-foot shopping center located in Pembroke Pines, for $8.5 million. Bar Invest, a Miami-based private investment group, purchased the center. Prior to the sale, CPAC completed a repositioning program, including parking lot upgrades, landscaping and new tenant build outs. Tenants of the center include anchor Winn-Dixie and junior anchor Planet Fitness. CPAC purchased the center in 2012 for roughly $3.2 million and has since brought the center’s occupancy from 54 percent to 86 percent.
TEMPE, ARIZ. — Arizona State University (ASU) and Catellus Development Corp. will develop an urban community adjacent to ASU’s Tempe Campus. Catellus, in collaboration with ASU, has developed a preliminary master development plan to transform the 330-acre Athletic Facilities District at the northeast end of the Tempe campus. The plan includes new and renovated NCAA athletic facilities, and more than seven million square feet of office, multifamily residential, hospitality and retail space, interconnected with sidewalks, bicycle paths and urban open spaces. The facilities district will generate revenue to help fund the renovation and reinvention of Sun Devil Stadium and other University athletic facilities, without the use of tax dollars, through payments made by new private real estate development projects on University-owned land. ASU will oversee the development, marketing, leasing and management of the district. The district’s preliminary land use plan reflects a phased approach to private development over the next 20 years. An initial phase that may include office, multifamily and retail development is expected to be underway as soon as 2016. The district encompasses most university-owned property generally bounded by Sun Devil Stadium, Veterans’ Way, University Drive, McClintock Road and Tempe Town Lake. Until a permanent name is selected …
MCKINNEY, TEXAS —Sewell Automotive Cos. has purchased 10.5 acres to build an Audi dealership at Craig Ranch at the northwest quadrant of SH 121 and Stacy Road in McKinney. The new dealership will span 65,000 square feet, which includes a separate certified pre-owned vehicle building, and will employ 100 people. Brian Murphy with Edge Real Estate represented Sewell Automotive Cos., and Tey Tiner and W. Thurston Witt, Jr. of CBRE | UCR represented Craig Ranch.
SPRING, TEXAS — Marcus & Millichap has arranged the sale of The Learning Experience, a 10,000-square-foot net leased property located in Spring. The asset had a list price of $3.4 million. Nate Newman and Aaron Morris of Marcus & Millichap’s office in The Woodlands represented the buyer, a limited liability company, in the transaction. The Learning Experience is located at 9554 Louetta Drive.
HOUSTON — San Diego-based developer OliverMcMillan has arranged the lease of additional boutiques and restaurants joining River Oaks District. Stella McCartney, Van Cleef & Arpels, Vince, Vilebrequin, Planet Blue, St. Nicola, Davidoff and Steak 44 have signed agreements to operate locations at the open-air shopping dining and entertainment destination. Previously announced River Oaks District tenants include Akris, American Food and Beverage (AF+B), Anne Fontaine, BONOBOS, Brunello Cucinelli, Canali, Cartier, Chopard, Patek Philippe at deBoulle, Dior, Diptyque, Dolce & Gabbana, Equinox, Etro, Giuseppe Zanotti, Hermès, INTERMIX, iPic Theaters, John Lobb, Kiton, Le Colonial, L’Occitane, Moncler, Roberto Cavalli, Taverna, Thirteen Pies, Tom Ford, and Toulouse Café and Bar. River Oaks District is expected to open this fall.