COVINA, CALIF. — Argent Retail Advisors has arranged a 42,000-square-foot retail lease at Grand Covina Plaza in the Los Angeles suburb of Covina for Stater Bros. Supermarket. Constructed in 1956 and remodeled in 1992, the 112,000-square-foot Grand Covina Plaza houses tenants including Dollar Tree, KFC, 7-Eleven, H&R Block and RadioShack. Stater Bros. Supermarket will occupy space previously leased by Albertsons and is set to move in during the fourth quarter. Terry Bortnick of Argent Retail Advisors represented the property owner, locally based Grand Covina Plaza LLC, in the 15-year lease agreement.
Retail
BOCA RATON, FLA. — Meridian Capital Group LLC has arranged $31 million to refinance seven unanchored shopping centers in Orlando, Tampa, Kissimmee, Sanford and Sarasota. The properties total 200,000 square feet and house 80 tenants. The retail centers include Westchase Town Center in Tampa; The Gateway and Osceola Gateway in Kissimmee; The Shoppes of East Colonial and Hunter Creek Shoppes in Orlando; Sanford Town Center in Sanford; and Sarasota Palms Plaza in Sarasota. Michael Brown and Adam LeBlanc of Meridian’s Boca Raton office arranged the 10-year, non-recourse loan through a CMBS lender. The loan has a fixed interest rate of 4.88 percent and features five years of interest-only payments.
HOLLYWOOD, CALIF. — Catalina Bar & Grill has signed a 15-year lease for its 9,000-square-foot space in Hollywood. The lease renewal is valued at $5.5 million. The space is located at 6725 Sunset Blvd. It is situated on the ground floor of a 73,000-square-foot creative office building that houses several music industry tenants, including Native Instruments and A.M. Only. The dining and entertainment venue was represented by Bruce Stratton of Entertainment Real Estate Services. The landlord, Crown Sunset Associates LLC, was represented by John Tronson and Christopher Bonbright of Avison Young.
HARRODSBURG, KY. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has assumed a contract to acquire Harrodsburg Marketplace, a 60,048-square-foot shopping center in Harrodsburg, for $5 million. Kroger anchors the shopping center, which is located about 30 miles southwest of Lexington. The REIT will use a combination of cash and debt to pay for the property and will assume the contract from an affiliate, Wheeler Interests LLC.
NEW YORK CITY — New York-based New Street Realty Advisors has brokered three retail leases in New York City. In the first transaction, Gregorys Coffee has signed a 15-year lease for 1,100 square feet of ground-floor retail space at 350 Hudson Street in New York’s Hudson Square district. Joshua Gettler, Matthew Gorman and Joshua Kaufman of New Street Realty Advisors represented the tenant, while Sinvin Real Estate represented the landlord, Trinity Realty Estate. In the second transaction, Hale and Hearty leased 1,800 square feet of space at 369 Lexington Avenue, a 120,000-square-foot office building in New York, from Atlas Ventures. Gettler and Gorman of New Street Realty Advisors represented the tenants and worked directly with the landlord representatives. Lastly, Bank Street College of Education has leased 3,195 square feet at 2791 Frederick Douglass Blvd. from Ellington 18 LLC. The tenant will take occupancy immediately. Gorman, Kaufman and Gettler represented both parties in the transaction.
DENTON, TEXAS — Cadence McShane Construction Co. has completed the renovation and expansion of Golden Triangle Mall in the Dallas/Fort Worth suburb of Denton. The project included upgrades to the 765,000-square-foot property’s flooring, skylights, seating areas, main entryway, parking areas and landscaping, as well as the addition of an outdoor courtyard and 8,009-square-foot food court. Located at the interchange of I-35 and Loop 288, Golden Triangle Mall houses anchors Dillard’s, Macy’s, JC Penney and Sears, as well as more than 70 specialty stores. GTM Development Ltd., a joint venture between Cencor Realty Services and The MGHerring Group, acquired the property in 2011 and hired Cadence McShane for the project. C.M. Architecture P.A. provided architecture services for the renovation, and Brockette/Davis/Drake Inc. served as civil engineer.
RICHARDSON, TEXAS — Wasa Properties has acquired Arapaho Village Shopping Center, a 103,033-square-foot shopping center in the Dallas/Fort Worth suburb of Richardson. Located at 819 W. Arapaho Road, the property is home to anchor Tom Thumb, as well as Tuesday Morning, Hallmark, Papa John’s, The UPS Store, State Farm and H&R Block. CW Capital sold the asset. New York-based Wasa Properties purchased the center through Auction.com.
SPOKANE, WASH. — A 51,758-square-foot retail property in Spokane has sold to AB Management LLC for $7.5 million. The center is located at 7630 N. Division. Notable tenants include Michaels Arts and Crafts and Cash and Carry. John Hillier and Cory Barbieri represented both the buyer and sellers, TCRC Properties One LLC and Triple C Properties Two LLC, in this transaction. The duo will continue to manage the property.
CHARLOTTE, N.C. — Charlotte-based Ferncroft Capital has acquired Morrison, a 131,000-square-foot, Class A retail property in Charlotte’s SouthPark neighborhood, for $44.9 million. Morrison, located at the intersection of Sharon and Colony roads, is fully leased to tenants such as Earth Fare, Barnes & Noble, Capitol, TrySports and Firebirds. The asset is part of the larger Morrison mixed-use community that features 314 luxury apartments and 119 condominiums. Berkeley Capital Advisors represented the seller in the transaction, and Bryan Brooks of Medalist Capital arranged acquisition financing. Ferncroft will retain Madison Marquette as the property manager.
BELOIT, WIS. — Marcus & Millichap has brokered the $623,000 sale of an Advance Auto Parts ground lease in Beloit, located approximately 55 miles southeast of Madison. The address of the 8,500-square-foot, net-leased property is 2224 Prairie Ave. Matthew Hazelton, Adam Prins and Terry Jacobs of Marcus & Millichap’s Minneapolis office represented the seller and the buyer, both limited liability companies. Matthew Fitzgerald of Marcus & Millichap’s Milwaukee office assisted in closing this transaction.