LAGUNA NIGUEL, CALIF. — The Grove Shopping Center, a 45,038-square-foot retail center in Laguna Niguel, has received $5.1 million in financing. The center is located at 28971-28991 Street of the Golden Lantern. Notable tenants include Pet’s Plus and Fresh & Easy. The loan features a 10-year term and 15-year amortization schedule. It was arranged by David Blum of NorthMarq Capital’s Los Angeles office through a CMBS platform.
Retail
BRUNSWICK, GA. — Blanchard & Calhoun Commercial has brokered the $4.7 million sale of Cypress Mill Square, a 260,516-square-foot shopping center in Brunswick. The retail property is located at the intersection of Cypress Mill Road and Altama Avenue. Cypress Mill Square was 92 percent leased at the time of sale to tenants such as Winn Dixie and Big Lots. Ryan McArdle, Steve Collins and David Rivers of Blanchard & Calhoun brokered the transaction. The team worked with the buyer, RCG Ventures, and the seller, Halpern Enterprises. Scott Tarbet of RCG Ventures and Bill Brown of Halpern Enterprises assisted in the transaction.
SAN LEANDRO, CALIF. — DSW Designer Shoe Warehouse has leased a 14,818-square-foot space in the Bayfair Center in San Leandro. The space is located at 15555 E. 14th Street. Other notable tenants at the center include Target, Macy’s, Old Navy, Bed Bath & Beyond and Kohl’s. DSW was represented by Tom Power of SRS Real Estate Partners. The landlord, Bayfair Center, was represented by Richard Wolf of Madison Marquette.
SOUTHLAKE, TEXAS — Marcus & Millichap has arranged the sale of Kirby’s Steakhouse, a 7,900-square-foot net-leased property in Southlake. The property is located at 3305 E. State Highway 114 in Southlake, just south of East Southlake Boulevard. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino also procured the buyer, a local private investor. The transaction resulted in the investor leasing the property back to the seller and a new 20-year net lease was executed at the close of escrow.
BEE CAVE, TEXAS — UCR has been awarded project leasing and management of retail for Hill Country Galleria, a 1.3 million-square-foot mixed-use development in Bee Cave. Peloton Commercial Real Estate handles the office leasing assignments. The property is located at the intersection of Highway 71 and Bee Cave Road just west of Austin with tenants including Dillard’s, Whole Foods Market and Dick’s Sporting Goods. Hill Country Galleria also includes a 14-screen Cinemark Theatre and an open amphitheater. The 257,000 square feet of Class A office space is home to the corporate headquarters of American Campus Communities, Summit Hotel Corp., Wilson Art International and True Car. The Avanti Hills apartment complex is also located on the property. Jack Breard and J. Michael Nagy of UCR Urban will lease the center’s retail space. Scott Weaver and Lori Weisenborn of UCR Asset Services will lead management of the retail assets.
CHICAGO — Marcus & Millichap has arranged the $16.5 million sale of a 16,047-square-foot Walgreens drugstore in Chicago’s Andersonville neighborhood. The sales price equates to $1,033 per square foot. The drugstore is located across the street from grocer Jewel-Osco at 5440 N. Clark St. The property underwent an extensive rebuild and retrofit to maintain its historic look. Walgreens signed an absolute-net, 75-year lease on the property in 2011. Sean Sharko and Austin Weisenbeck of Marcus & Millichap’s Chicago Oak Brook office represented the seller, an overseas partnership. Jamie Medress and Mark Ruble of the firm’s Phoenix office represented the undisclosed buyer.
DURHAM, N.C. AND FLORENCE, S.C. — Grandbridge Real Estate Capital has closed $17.1 million in first mortgage loans for The Shops at Erwin Mill in Durham and Crossroads Shopping Center in Florence. Taylor Williams of Grandbridge’s Jacksonville, Fla., office originated both loans. The 10-year loan for the refinancing of the 86,901-square-foot Shops at Erwin Mill was arranged through an unnamed life insurance company. The 10-year loan for the refinancing of the 110,675-square-foot Crossroads was arranged with a 30-year amortization schedule and two years interest-only payments through an unnamed CMBS lender.
PENSACOLA, FLA. — Marcus & Millichap has brokered the $4.1 million sale of a net-leased retail property located in Pensacola. Walmart Neighborhood Market has a 20-year ground lease on the asset. Don McMinn and Zachary Taylor of Marcus & Millichap’s Atlanta office represented the seller, a Tennessee-based developer, in the transaction. Patrick Furlong of Marcus & Millichap’s Seattle office secured and represented the buyer, a private investor based in California that purchased the asset in a 1031 tax-deferred exchange. Kirk Felici of Marcus & Millichap assisted in the transaction.
NORTH HANOVER TOWNSHIP, N.J. — CBRE Group Inc. has arranged the sale of a 9,333-square-foot property in North Hanover Township for $1.4 million. Located at 189 Jacobson New Egypt Road, the newly constructed freestanding property is fully net-leased to Dollar General for a 10-year term with two five-year option periods. Charles Berger and Elli Klapper of CBRE’s Investment Properties Group represented the seller in the transaction. The buyer, an out-of-state investor, offered an aggressive capitalization rate for the asset and plans to hold the corporately guaranteed property for investment purposes.
MANSFIELD, TEXAS — SHOP Cos. Investment Sales has arranged the sale of Matlock Center, a 40,027-square-foot shopping center shadow-anchored by a Walmart Neighborhood Market in Mansfield. The property is 40 miles southwest of downtown Dallas at the intersection of Matlock Road and Debbie Lane. At the time of closing, Matlock Center was 90 percent leased to tenants including Subway, Pizza Hut, Great Clips, Liberty Tax Service, Advance America and No Frills Grill. Tommy Tucker of SHOP Cos. Investment Sales represented the seller, a Dallas-based limited liability company. The buyer was an Arlington-based limited liability company.