BLOOMFIELD HILLS, MICH. — Bernard Financial Group has arranged an $8.6 million loan for the refinancing of New Bloomfield Plaza in Bloomfield Hills. Located on Telegraph Road, the property offers 167,150 square feet of retail space. Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, New Blooomfield Plaza LLC. The lender was One America.
CHICAGO — The Boulder Group has completed the sale of a single-tenant Starbucks Coffee property, located at 7101 South Stony Island Ave. in Chicago. A Chicago-based private investor acquired the net-leased property for $1.4 million from a Midwest-based real estate development and investment firm. There are approximately 10 years remaining on the Starbucks lease, which expires in July 2024. The lease features an 8.3 percent rental escalation in the primary term and 7.5 percent in each renewal option period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.
EAST HAVEN, CONN. — TS East Haven LLC, an entity controlled by Ceruzzi Properties, has sold Trolley Square, a retail center in East Haven, to a Manhattan-based private investor for $22 million, as part of a 1031 exchange. Located at the intersection of Hemingway Avenue and Main Street, the 107,921-square-foot shopping center is anchored by a Stop & Shop and fully leased to a variety of national and local tenants. Jeffrey Dunne, David Gavin, Chris Angelone and Nat Heald of CBRE represented the seller and procured the buyer in the transaction. Robert Von Ancken of Newmark Grubb Knight Frank advised the buyer and secured a second mortgage to complete the purchase on behalf of the buyer.
DALLAS — Vestar has been retained by a large institutional owner to handle the property management, leasing and marketing of Village on the Parkway, a 357,731-square-foot retail center situated on 31 acres in Dallas. The company plans to refresh the property’s merchandising strategy while enhancing the shopping experience. Village on the Parkway is 91 percent leased to tenants including Whole Foods Market, AMC Theatres, Neighborhood Services, Ra Sushi, Gloria’s Latin Cuisine, Yard House, AT&T, Beauty Brands and 24 Hour Fitness. Village on the Parkway is located along the Dallas North Tollway at Belt Line Road and Montfort Drive in the far north Dallas area. Vestar manages more than 23 million square feet in Texas, California, Arizona, Colorado and Nevada.
FORT LAUDERDALE, FLA. — Continuing its buying spree of Publix grocery stores in Florida, Publix Super Markets Inc. has purchased the Publix at Sunrise, a 44,840-square-foot, single-tenant Publix grocery store located at 1415 E. Sunrise Blvd. in Fort Lauderdale. Publix Super Markets purchased the net-leased asset from Stiles Corp. for $22.5 million free and clear of existing debt. Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF represented Stiles in the transaction.
BOSTON AND LOS ANGELES — Boston-based Sperry Van Ness International Corp. (SVNIC) has partnered with Los Angeles-based DealPoint Merrill to form a private equity firm. Operating under the name of SVN DealPoint Merrill Realty Partners, the new firm will capitalize on SVNIC’s access to investment opportunities, which will be then matched by DealPoint Merrill’s development experience. Kevin Maggiacomo, president and CEO of SVNIC, explains that the “goal of the new partnership is to build preeminent investor value by acquiring co-investment assets, which are fundamentally sound but undervalued.” “On a risk-adjusted basis, we prefer apartments, multi-tenant retail, self-storage and medical properties,” notes David Frank, CEO of DealPoint Merrill. “The new partnership will secure multiple rounds of real estate equity investment with the first tranche of approximately $100 million in the first year to acquire property in the name of the partnership.” SVNIC has approximately $9.1 billion in annual sales volumes and 190 national sales offices. DealPoint Merrill has acquired more than $2 billion in assets and attracted more than $1 billion in equity for commercial real estate investments.
NEW YORK CITY — Pembrook Capital Management LLC has secured a $20 million first mortgage loan for the acquisition of a retail property located at 468 Columbus Ave. in Manhattan’s Upper West Side. The property is currently a three-story, 15,000-square-foot vacant retail asset with the potential for residential development. The undisclosed borrower plans to lease the current three floors to a retail tenant and redevelop the property for residential use by adding five additional floors of apartments. Upon completion, the new property is expected to be eight stores with 31,000 square feet of rentable space. Terence Baydala of Pembrook arranged the financing.
HOLMDEL, N.J. — Cronheim Mortgage has arranged $13.4 million in refinancing for Kohl’s Plaza, a retail plaza located at the intersection of Route 35 and Union Ave. in Holmdel. The 10-year loan, which was placed with Voya Insurance and Annuity Co., features a 25-year amortization schedule. Purchase, N.Y.-based National Realty & Development Corp. manage the property, of which Tarrytown, N.J.-based Gibraltar Management also owns an interest. An 87,932-square-foot Kohl’s and a 37,020-square-foot Stein Mart anchor the property. Other tenants include Jersey Mike’s, 7-Eleven, Harmon Stores and Beach Bum Tanning. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage secured the financing for the borrower.
HOUSTON — Newk’s Eatery, a fast-casual restaurant, has reached a development agreement with New Orleans-based Southeast Restaurant Group (SRG), founded by Elie Khoury, to open 10 new Newk’s locations in metro Houston. With the agreement, SRG becomes Newk’s largest franchisee. SRG is currently a franchisee of TGI Fridays and Chevys Fresh Mex, operating restaurants in Texas, Arkansas, Mississippi, Louisiana, Alabama, Tennessee and Florida. It also operates its own concepts, including a Mediterranean-style restaurant in the Miami area, a Creole-inspired restaurant in New Orleans and The Round House Bar & Grill, located in the Holiday Inn hotels owned by its affiliate, KFK Group. Newk’s will open nearly 30 new company-owned and franchised locations during 2015, with plans to reach 200 total units by 2018.
PALM BEACH GARDENS, FLA. — CIT Group Inc.’s subsidiary CIT Real Estate Finance has provided a $41 million secured credit facility to refinance PGA Plaza Shopping Center in Palm Beach Gardens. The shopping center is anchored by Trader Joe’s and Ulta Beauty. CIT provided the loan through CIT Bank on behalf of the borrower, Menin Development. In November 2013, CIT provided $26 million in financing to a joint venture headed by Menin Development to support PGA Plaza’s renovation, which included adding 5,646 square feet of retail space, a redesigned façade, upgraded parking lot, landscaping, site lighting and updated signage.
