COSTA MESA, CALIF. — Bristol Village Plaza, a 125,000-square-foot shopping center in Costa Mesa, has received $7.7 million in CMBS financing. The plaza is located at 270 Bristol Street. Notable tenants include McDonalds and Del Taco. Starbucks is in the process of building out its store and obtaining final city approvals as well. The 10-year CMBS loan features a fixed rate of 4.74 percent and full-term, interest-only payments. It will be used to refinance the property. The loan was negotiated by Seth K. Grossman and Andy Strauss of Meridian Capital Group on behalf of The Festival Companies.
Retail
POMPANO BEACH, FLA. — Developer Rosemurgy Properties has broken ground on The 23Hundred, a two-building, 13,485-square-foot retail center in Pompano Beach. The property will be located at 2350 and 2390 N. Federal Highway. The project team includes architect RLC Architects and general contractor Rosemurgy Properties General Contracting. Schmier & Feurring Realty Inc. is providing leasing services for The 23Hundred, which is set for a early 2015 completion. Chipotle Mexican Grill has pre-leased 2,440 square feet at the development, and Jersey Mike’s Subs has pre-leased 1,703 square feet.
ALLENTOWN, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed the disposition of South Mall for $23.6 million. Located in Allentown, the 406,000-square-foot mall is anchored by Stein Mart and Bon-Ton. Sales at the shopping center were $227 per square foot and the non-anchor occupancy was 90.6 percent as of March 31, 2014. Additionally, PREIT has entered into a sales agreement for the disposition of Nittany Mall in State College, Pa., and North Hanover Mall in Hanover, Pa. The 534,000-square-foot Nittany Mall is anchored by JC Penney, Sears, Bon-Ton and Macy’s and has sales of $230 per square foot and non-anchor occupancy of 74.8 percent as of end of March. The 452,000-square-foot North Hanover Mall is anchored by JC Penney, Sears, Dick’s Sporting Goods and Burlington Coat Factory. Sales at the North Hanover Mall were $275 per square foot and non-anchor occupancy was 79.3 percent as of March 31, 2014. The sales and occupancies at these properties are below PREIT’s portfolio average of $377 per square foot of sales and 90.3 percent non-anchor occupancy, making the properties ideal candidates for the company’s disposition program. The buyers have not been disclosed.
SAN FRANCISCO — The owners of the DRAKE Gastro Lounge have acquired its current building in San Francisco for $4.3 million. The two-story restaurant, bar, and lounge property is located at 508 Fourth Street in the South of Market area (SOMA). The owners were able to purchase the 9,900-square-foot building through a 20-year, fixed-rate, SBA 504 loan. Financing was provided by Bruce Whitaker of TMC Financing. The third-party lender was Stanford Federal Credit Union.
CHICAGO — Prudential Mortgage Capital Co. has provided a $131.7 million loan to refinance 18 self-storage properties for Chicago-based Lock Up/Evergreen Storage LLC. The properties, which include 13,422 units totaling 1.15 million net rentable square feet, are located in Chicago, Minneapolis, Florida, New Jersey, Hawaii and Massachusetts. Several of the properties are Class A buildings, featuring modern construction and are located in predominantly dense, high-income urban locations. The properties are collectively 86.5 percent occupied. The $131.7 million loan is structured in two parts, a $20 million, seven-year, floating-rate tranche, and a $111.7 million, 10-year, fixed-rate tranche.
CHICAGO — McShane Construction Co. will provide construction services for a new Walmart Neighborhood Market in Chicago. The retail store will be located at the corner of E. 47th St. and S. Cottage Grove Ave. The 41,000-square-foot store will feature a full grocery component, which will include organic and natural selections, prepared food options, a self-serve deli, a bakery and frozen food section and a full-service pharmacy. The 18-foot clear height retail space will also incorporate two truck docks and a back storage area. Walmart Neighborhood Market will serve as the ground-floor anchor tenant for The Shops and Lofts at 47, a new mixed-use development being built by McShane Construction on behalf of developers The Community Builders Inc., Skilken and Troy Enterprises. As part of the original assignment for The Shops and Lofts at 47, McShane Construction will also complete the property’s sitework and an 85-car parking lot for retail customers. BRR Architecture Inc. is providing architectural services for the Walmart Neighborhood Market. Pappageorge Haymes Partners has served as architect for the mixed-use development, which is nearing completion.
RAVENSWOOD, ILL. — NGKF Capital Markets has arranged $40 million in construction take-out financing for Ravenswood Station, a 123,650-square-foot retail building located in Chicago's Ravenswood neighborhood. A correspondent insurance company lender provided the 20-year, permanent fixed-rate loan. Ravenswood Station, located at 1800 W. Lawrence Ave., is anchored by Mariano's Fresh Market and LA Fitness. The recently built property opened fully pre-leased. Marino’s Fresh Market opened in April. The property includes 364 spaces of surface and structured parking. NGKF represented the borrower, a joint venture between The Taxman Corp. and Barrett & Porto Real Estate. Executive managing director Joel Simmons led the NGKF team in the transaction.
MILWAUKEE — The Boulder Group has arranged the $1.8 million sale of a single-tenant, net-leased Chipotle restaurant property in Milwaukee. The property is located at 3232 S. 27th St. Chipotle is the sole occupant of the 2,295-square-foot retail building. Chipotle has approximately 10 years remaining on its lease, which was recently extended. The lease includes a 12.5 percent rental escalation in the primary term and a renewal option period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private investor. A California-based investor purchased the property in a 1031 tax-deferred exchange.
CORPUS CHRISTI, TEXAS — Marcus & Millichap has arranged the sale of First Cash Pawn, a 10,611-square foot net-leased property located in Corpus Christi. Vincent Knipp and Chance Hales of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. Knipp and Hales also secured the buyer, a private investor. First Cash Pawn is located at 2104 Morgan Ave., near Highway 286 also known as Crosstown Expressway. The building was constructed in 1942 and sits on two parcels totaling .8156 acres.
TEMECULA, CALIF. — Jones Lang LaSalle Income Property Trust has acquired Rancho Temecula Town Center, a 165,000-square-foot, grocery-anchored neighborhood shopping center in Temecula, for about $60 million. The center is located at 39540 Winchester Road. The property is 93 percent leased to 26 tenants. Its four anchor tenants include Sprouts Farmers Market, LA Fitness, Rite Aid and BevMo!. These tenants generate 54 percent of the center’s revenue. They have a weighted average lease term of nearly nine years. The acquisition was financed at about 50 percent loan to value with a fixed interest rate loan of 4 percent for 12 years. Jones Lang LaSalle Income Property Trust is an institutionally managed, non-listed, daily valued perpetual life REIT. This is the REIT’s third grocery-anchored shopping center acquisition in the past nine months. It recently acquired Oak Grove Plaza near Dallas and Grand Lakes Market Place near Houston, Tex.