LITTLE ROCK, ARK. — Disney Investment Group, a boutique brokerage firm based in Dallas, has closed on the sale of Park Avenue shopping center, a 69,000-square-foot property in Little Rock. Inland Real Estate Income Trust purchased the property for approximately $28.1 million from SPC Park Avenue LP and SPC Condo LP, affiliates of Dallas-based Strode Property Co., Park Avenue’s developer. David Disney of Disney Investment Group represented the sellers in the transaction and procured the buyer. Park Avenue’s tenant roster includes Staples, Cheddar’s, Jared Jewelers, Panera Bread, Mattress Firm, Sport Clips, Verizon Wireless, Carter’s, Radio Shack and AT&T.
Retail
CITRUS PARK, FLA. — ECHO Realty LP has acquired Westgate Plaza, a 100,000-square-foot shopping center in Citrus Park, approximately 16 miles northwest of Tampa, Fla. Publix anchors the shopping center with a 55,000-square-foot store. The property also features two outparcels leased to SunTrust Bank and Fifth Third Bank. ECHO Realty purchased the shopping center from a joint venture between Kimco and GE Capital, owners of the center since 2007. ECHO has appointed Orlando, Fla.-based Crossman & Co. to manage and lease the property.
CHELSEA, MICH. — Sperry Van Ness / Property Investment Advisors LLC has arranged the $6.4 million sale of a 50,000-square-foot Polly’s Country Market in Chelsea, a city located about 15 miles west of Ann Arbor. The sale price equates to $128 per square foot, an 8 percent cap rate. Marsolin Holdings LLC, a local investor, purchased the net-leased property. Robert Pliska of Sperry Van Ness represented the seller, a Pontiac, Mich.-based trust, in the transaction. The grocery store is on a long-term lease with the new owner.
AUSTIN, TEXAS — Regency Centers Corp. has acquired the Shops at Mira Vista, a 68,340-square-foot retail property in Austin. Located at 2785 Bee Cave Road, the shopping center is in proximity to the affluent Rollingwood and Westlake Hills neighborhoods, as well as the Austin Central Business District. The facility was 98 percent leased at the time of the sale to Trader Joe’s, Panera Bread Co., Nothing Bundt Cakes and Champions Cheer and Dance. Erik Tompkins of Regency Centers Corp. will manage leasing at the property going forward.
MAGNOLIA, TEXAS — Marcus & Millichap has brokered the sale of Tuscan Village Plaza, a 15,318-square-foot retail property in the Houston suburb of Magnolia, for $3.4 million. Located at 7214 FM 1488, the recently constructed strip shopping center was fully occupied at the time of the sale. Derek Hargrove and Nate Newman of Marcus & Millichap marketed the property on behalf of the seller, a group of prominent local developers. An undisclosed buyer purchased the asset in an all-cash transaction within eight days of the initial listing.
LOS ANGELES — Gabe Kadosh has joined Colliers International’s Downtown Los Angeles office as a vice president. He will specialize in the leasing of retail properties, landlord and tenant representation, and in investment sales in the Greater Los Angeles area. Kadosh will focus on building a mixed-use retail leasing division that will target residential environments. He previously opened the Los Angeles for Stream Realty, where he led the company’s retail division.
MOUNT PLEASANT, S.C. — Grandbridge Real Estate Capital has arranged $33.3 million in first mortgage financing for the acquisition of The Boulevard Apartments in Mount Pleasant. The 325-unit apartment community features 10,000 square feet of retail space that will include a restaurant and spa. The property also includes a pool and fitness center. Mike Ortlip of Grandbridge originated the loan through a life insurance company. Josh Davis of Grandbridge also assisted in the transaction.
CLARKSVILLE, IND. — Jeff Hudson and his team at George Elkins Mortgage Banking Co. has arranged $18 million in first-mortgage debt to refinance a portion of the 872,000-square-foot River Falls Mall in Clarksville. Developed in 1990 as an indoor regional mall, the property was later redeveloped as an open-air shopping center in 2005. Major tenants of River Falls Mall include Dick’s Sporting Goods, HH Gregg, JoAnn’s Fabrics, Louisville Athletic Club, Old Time Pottery, Value City and Gordman’s. Columbus Pacific acquired the property in December 2011. The financing, which was provided through a CMBS lender as a 10-year, fixed-rate loan with a 30-year amortization schedule, was used to retire the existing debt on the property.
HICKSVILLE, N.Y. — Cushman & Wakefield has completed the $94 million sale of Broadway Mall, a 1.3 million-square-foot retail center in Hicksville, an unincorporated town on Long Island. Andrew Merin, Gary Gabriel, David Bernhaut, Brian Whitmer, Nick Karali, Tom Salanty, Mark Gilbert and John Alascio of Cushman & Wakefield represented the seller, Vornado Realty Trust, in the transaction. The buyer was KKR and Broadway Mall Pacific, a partnership between Pacific Retail Capital Partners, Clifton Realty and Peter Fair of Continuum Partners. More than 90 percent occupied, the mall is anchored by IKEA, Macy's, Multiplex 12 Cinema and Target, which owns its location. Other national retailers include Forever 21, H&M, Old Navy, Victoria's Secret, Foot Locker, Hollister and Buffalo Wild Wings.
POTTSTOWN, PA. — Marcus & Millichap Capital Corp. has arranged a $1.3 million loan for the Montgomery County Health building in Pottstown, about 32 miles northwest of Philadelphia. The 10-year loan includes an interest rate of 3.75 percent and a 25-year amortization schedule. The retail and office building is located at 364 King St.