CYPRESS, TEXAS — Marcus & Millichap has arranged the sale of Northlake Forest Shopping Center, a 20,340-square-foot retail property in Cypress. Watt Harrison and James H. Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Bell and Harrison also secured the buyer, a private investor. Northlake Forest Shopping Center is located at 15210 Spring Cypress Road.
KALAMAZOO AND GRAND RAPIDS, MICH. — Devonshire REIT Inc. has acquired three shopping centers at a total cost of $69.7M. The properties include Maple Hill Mall in Kalamazoo and Alpine Summit Shopping Center in Grand Rapids; and Northwest Crossings Shopping Center in Knoxville, Tenn. Maple Hill Mall is a 283,551-square-foot, open air power center. Target shadow anchors the shopping center. The property is fully occupied by several national tenants. Marshalls, HomeGoods and ABC Warehouse anchor the 136,942-square-foot Alpine Summit Shopping Center in Grand Rapids, which is 95 percent occupied. A separately owned Wal-Mart Supercenter anchors the 124,453-square-foot Northwest Crossings Shopping Center in Knoxville, which is fully occupied. The acquisition pushes Devonshire’s total assets under management to more than $370 million.
PASADENA, CALIF. – A 59,268-square-foot retail property in Pasadena has received a $7.8-million loan. The center is located at 855–875 S. Arroyo Parkway. Notable tenants include Petco, BevMo and Staples. The owner is a large, nationally known owner and developer of commercial and multifamily real estate. Financing was arranged by Amos Smith and Sean Skelton of Johnson Capital’s Irvine office. The permanent, fixed-rate, non-recourse loan was provided by a national life insurance company. It features a 10-year term.
NORTHRIDGE, CALIF. – An 8,660-square-foot restaurant in Northridge that is triple-net leased to Black Angus Steakhouse has sold to Jonker 2012 Trust for $3.9 million. The restaurant is located at 9145 Corbin Ave. Black Angus has been the building’s sole tenant since it was built in 1981. The restaurant is situated near Lowe’s, the Northridge Fashion center and the Walnut Grove Shopping Center. The seller, Lot Associates 30 LTD, was represented by Bob Safai and Matt Case of Madison Partners.
ROWLETT, TEXAS — Marcus & Millichap has arranged the sale of a 4,965-square-foot McDonald’s in Rowlett. Blake Burnett of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Jason Vitorino and Jared Aubrey of the firm’s Dallas office procured the buyer, also a limited liability company. The McDonald’s is located at 8503 Lakeview Pkwy. near the Lakeview Square shopping center. Nearby tenants include Albertsons, Tom Thumb, Starbucks and Chase Bank.
ARLINGTON, TEXAS — UCR Investment Sales has arranged the sale of Arlington Park Square, a 94,125-square-foot retail center located in Arlington. The property is located at the northeast corner of South Cooper Street and West Arbrook Boulevard. The Parks at Arlington Mall anchors the property. Fitness Connection is the shadow anchor. The property was 47 percent occupied at the time. Five retail pad sites, including ground leases for Jack in the Box, Rockfish Seafood Grill and Raising Cane’s, were also part of the transaction. Adam Howells, Jace Hinderland and Jessica Donnelli of UCR marketed the property on behalf of the Dallas-based seller. Bo Avery, president of TriMarsh Properties, purchased the center for an undisclosed sales price.
MASSAPEQUA, N.Y. — NorthMarq Capital has arranged $21.5 million in refinancing for Southgate Shopping Center in Massapequa. Located at 4900-4914 Merrick Road, the 117,960-square-foot center is occupied by King Kullen Supermarket and U.S. Post Office, among others. Charles Cotsalas and Ernest DesRochers of NorthMarq secured the loan, which features a 15-year term with 10 years interest-only payments and a 30-year amortization schedule. NorthMarq arranged the financing through its correspondent relationship with a life insurance company.
STATEN ISLAND, N.Y. — Sovereign Realty Group has completed the sale of a freestanding bank building on Staten Island. Train City Ltd. sold the asset sold for $3.5 million or $1,105 per square foot to a private investor from New York City. Located at 386 Forest Ave., the 3,165-square-foot building is occupied by Capital One. Frank Caporrino and Clem Cote of Sovereign Realty Group brokered the transaction.
SUGAR LAND, TEXAS — Dollar Tree and Five Below have signed new leases at Colony Square, a retail center in Sugar Land. Colony Square is anchored by a Lowe’s and is located across from First Colony Mall. The center includes retailers such as Academy Sports + Outdoors, PetSmart, Toys ”R” Us, Ashley Furniture HomeStore and Jo-Ann Fabric and Craft Stores. Dollar Tree and Five Below will each occupy 9,900 square feet and will be located between PetSmart and Jo-Ann Fabric and Crafts. Each will open in early 2015.
SEA GIRT, N.J. — Cronheim Mortgage has secured $11.5 million in financing for Brook 35 Plaza in Sea Girt. The 15-year interest-only loan was placed with American General Life Insurance Company and National Union Fire Insurance Company of Pittsburgh. The borrower is Sea Girt Limited Partnership, an affiliate of Federal Realty Investment Trust. Built in 1986, Brook 35 Plaza is an open-air lifestyle center comprising three retail buildings totaling 80,877 square feet. Current tenants include Chico’s, Coach, The Gap, Starbucks Coffee, Victoria’s Secret and Williams-Sonoma. Additionally, the retail center’s second floor contains 13,240 square feet that is 100 percent leased to Morgan Stanley and Premier Executive Suites. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the transaction.
