JOHNSON CITY, TENN. — Chase Properties, an Ohio-based owner and operator of shopping centers, has announced the acquisition of Johnson City Crossing, a 240,000-square-foot shopping center in Johnson City, from Ronus Properties. The shopping center, located on State of Franklin Road, is anchored by Ross Dress for Less, Bed Bath & Beyond, Michaels, PetSmart, HH Gregg, Stein Mart and Old Navy. Other tenants at the center include Shoe Carnival, Dress Barn, Lifeway Christian and Rugged Warehouse. David Webb with Berkeley Capital Advisors brokered the sale. Johnson City Crossing is Chase Properties’ first acquisition in Tennessee.
Retail
ALPHARETTA, GA. — Phillips Edison-ARC Grocery Center REIT II has announced the acquisition of its first grocery-anchored shopping center, Bethany Village, an 81,674-square-foot shopping center in Alpharetta, an affluent suburb of Atlanta. Bethany Village is anchored by a 51,674-square-foot Publix grocery store. Other tenants include Marco’s Pizza, Subway and Workout Anytime. Bentall Kennedy, a Canadian-based real estate advisory and services organization, sold the property to the public, non-traded REIT. The sales price has not been disclosed.
PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $27 million loan for the refinancing of a seven-property retail portfolio in Philadelphia. The 10-year loan includes a 3.6 percent fixed interest rate for the first five years and a 30-year amortization schedule. After five years, the rate will reset at 180 basis points over the five-year Federal Home Loan Bank rate. John Banas and Kris Wood in MMCC’s Philadelphia office arranged the loan.
COPPELL, TEXAS — CBRE has brokered the sale of Coppell Market, a 90,225-square-foot shopping center in the Dallas suburb of Coppell. Located at the corner of North Denton Tap Road and State Highway 121, the property is fully occupied by tenants including anchor Market Street Grocery. Chris Gerard, Chris Cozby and Kevin Holland of CBRE represented the seller, United Commercial Development, in the transaction. Philips Edison & Co. purchased the asset.
AMARILLO, TEXAS — Plains Builders has begun the $6 million remodeling of Wolfin Square Shopping Center, a 200,000-square-foot retail property in Amarillo. Originally constructed in 1960, the strip center is located at the intersection of I-40 and Georgia Street. The remodeling will include the installation of new building facades, extensive landscaping upgrades, the creation of outdoor dining space and the construction of a new pad site for Texas Tea. The project is slated for completion in late 2015. General contractor Plains Builders is locally based.
DENVER – Quiznos has filed for pre-packaged Chapter 11 bankruptcy to restructure its finances, increase the company’s flexibility, enhance its operations and reduce the company’s debt by more than $400 million. The Denver- based sandwich maker voluntarily filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code in order to implement its pre-packaged plan. All but seven of Quiznos' nearly 2,100 restaurants are independently owned and operated by franchisees in the U.S. and 30 other countries. These restaurants are not a part of the Chapter 11 proceedings. They are open and operating as usual. The company plans to work with its franchisees both here and abroad to strengthen the brand, build momentum, and improve growth and profitability. Quiznos has received a commitment for $15 million in debtor-in-possession financing from its senior lenders, which, subject to Court approval, will be available to support its ongoing operations during the Chapter 11 proceedings. The company's distribution centers are still open and fulfilling orders. Akin Gump Strauss Hauer & Felds LLP is serving as Quiznos’ legal advisor; Lazard Freres & Co. LLC is serving as the company’s financial advisor; and Alvarez & Marsal is serving as the restructuring advisor.
PHOENIX — Greenway Plaza, a 66,678-square-foot retail property in Phoenix, has received $3 million in acquisition financing. The plaza is located at 1849-1855 W. Greenway Plaza. It contains three retail buildings that were constructed in 2000. Financing was based on a three-year term and 20-year amortization schedule. It was arranged by John M. Stewart of NorthMarq Capital’s Denver office through the firm’s relationship with a regional bank. The borrower was not named.
FORT OGLETHORPE, GA. — CBL & Associates Properties, a Chattanooga-based owner and developer of malls and shopping centers, plans to develop Parkway Plaza, a 134,100-square-foot retail property in Fort Oglethorpe. Construction on the property is set for June. Parkway Plaza, which is currently 90 percent pre-leased with committed retailers such as Hobby Lobby, Marshalls, Petco, Rack Room Shoes and Ross Dress for Less, is located at Battlefield Parkway next to the Walmart shopping center. A spring 2015 grand opening is set for the new development.
WASHINGTON, D.C. — Calkain Urban Investment Advisors has arranged the sale of a net-lease investment property in Washington, D.C.’s DuPont Circle neighborhood. A private equity group acquired the 9,718-square-foot DuPont Circle Starbucks building for approximately $16.3 million. Rick Fernandez and David Sobelman of Calkain represented the seller, LaKritz/Alder Development, in the transaction. The property is fully leased.
BATAVIA, ILL. — @properties Commercial has brokered the $2.4 million sale of a 10,500-square-foot retail center at 805-820 Randall Rd. in Batavia, a western suburb of Chicago. Dan Stratis and Lee Ffrench of @properties Commercial represented the buyer, Bally Doyle, a private investment firm. Jameson Commercial represented the seller, a private investor. The property was approximately 90 percent leased at the time of the sale. Current tenants include Accelerated Physical Therapy, Delnor Medical, Cartridge World and USA Cleaners.