HONOLULU — Hawaii is set to receive two new Long’s Drugs stores this year. The first Long’s will be a 20,114-square-foot store situated on 1.57 acres at King and Young streets in Honolulu. Construction should be complete in May. The store is scheduled to open in June. The second will be a 23,008-square-foot Long’s Drugs situated on 3.61 acres at Kuhio Highway and Aleka Loop in Kapa’a, Kaui. This store is projected to open in the fourth quarter of this year. Though CVS/pharmacy acquired Long’s Drugs in 2008, the two stores will retain the Long’s name due to its high brand awareness on the islands. The two stores are being developed by KZ DevCo, L.P.
Retail
CORAL SPRINGS, FLA. — CBRE has brokered the sale of North Hills Square, a 63,829-square-foot shopping center at 4650 University Drive in Coral Springs. A 52,024-square-foot Walmart Neighborhood Market anchors the asset, which sold for approximately $11.1 million. The property was 98 percent leased at the time of sale to tenants including Manhattan Bagel, Little Caesars and Wendy’s. Inland Income Real Estate Trust purchased the property from an affiliate of the Dizengoff Group. Casey Rosen and Dennis Carson of CBRE co-represented the seller with Avison Young.
BOSSIER CITY, LA. — UCR Investment Sales has arranged the sale of a 15,000-square-foot Nike Factory Story in the Louisiana Boardwalk, a mixed-use development in Bossier City, part of the Shreveport MSA. A 26,881-square-foot land parcel adjacent to Regal Cinemas was also included in the transaction. Adam Howells, Kevin Catalani and Jessica Donnelli represented the seller, O&S Holdings, in the transaction. The buyer, Garrison Investment Group, purchased the Nike Factory Store for an undisclosed amount.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (Q10 | KDH) has arranged $7.5 million in refinancing for a portfolio of four retail properties in Houston. The assets include two multi-tenant strip shopping centers and two CVS/pharmacy ground leases. Matt Franke and Ray Driver III of Q10 | KDH negotiated the terms of the fixed-rate, 20-year refinancing on behalf of the property owner. Advantus Capital Management, a life insurance company affiliate lender, provided the refinancing.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of II Creeks Plaza, a 63,592-square-foot retail property in the Dallas suburb of Richardson. Constructed in 1975 and recently renovated, the development is located on more than seven acres at 2700 Custer Parkway. The property was 90 percent occupied at the time of the sale by tenants including Slate Venues, Crull Fitness, Sting Soccer, Sway Dance Center, Tannery & Co. and The Spa at II Creeks. Philip Levy of Marcus & Millichap marketed the asset on behalf of the seller, a partnership, and also secured the buyer, a limited liability company.
LONG BEACH, CALIF. — KZ DevCo, L.P., has completed construction on two CVS/pharmacies in Long Beach. The first is a 17,043-square-foot store situated on 1.2 acres at Pacific Coast Highway and 2nd Street. The second is a 14,576-square-foot outpost situated on 1.5 acres at Pacific Coast Highway and Los Coyotes Diagonal.
DALLAS — HFF has arranged a $65 million refinance loan for a portfolio of 99 Burger King properties in six states. Dallas-based HFF, which represented affiliates of Jaylor Services, secured a 10-year, fixed-rate, non-recourse loan through Ladder Capital. Burger King locations in the portfolio include four in Missouri, three in Kansas, 57 in Louisiana, 22 in Alabama, four in Florida and nine in Mississippi. All properties are leased on a long-term, absolute triple-net-lease basis to an affiliate of Strategic Restaurants, a subsidiary of Ceberus Capital Management. The HFF team included Mark West and Brandon Chavoya.
CHICAGO — Johnson Capital has arranged $60 million in fixed-rate senior debt for the refinancing of a retail condo in the One North State Street office building in Chicago. The retail condo includes 150,000 square feet of space on the ground floor and three additional lower floors of the 16-story, 673,400-square-foot building. The remaining 523,000 square feet of the building is office space. One North State is located at the intersection of State and Madison streets. The retail space is 98 percent occupied with a stable mix of anchors, including TJ Maxx and Burlington Coat Factory. Other retailers include Claire’s, Chipotle, Dunkin Donuts, The Body Shop, GNC and Payless Shoe Source. A large foreign bank provided the 10-year loan. Neil Bane and Roger Brandt of Johnson Capital arranged the financing.
ROCHESTER HILLS, MICH. — Bernard Financial Group has arranged a $9.2 million loan for a 49,031-square-foot retail property in Rochester Hills, located about 27 miles north of Detroit. Kevin Kovachevich of Bernard arranged the loan for the borrower, CW Owner LLC. A CMBS lender provided the loan.
BERKELEY, CALIF. – A 9,325-square-foot retail property in Berkeley has sold to a private investor for $4.7 million. The property is located at 2000 San Pablo Ave. near the University Avenue exit of Interstate 80. It was built in 1969 and renovated in 2013. The center was anchored by 7-Eleven and T-Mobile at the time of sale. The buyer was represented by Kevin Turner of Marcus & Millichap’s Oakland office. The seller was not named.