MORROW, GA. — Los Angeles-based Vintage Real Estate has acquired the 1 million-square-foot Southlake Mall, located at 1000 Southlake Circle in Morrow, about 14 miles south from downtown Atlanta. Macy’s and Sears anchor the mall, which is currently 90 percent leased to tenants including Victoria’s Secret, American Eagle Outfitters, Footlocker, Helzberg Diamonds, Aeropostale, Bath & Body Works, Finish Line, New York & Co., Children’s Place, City Gear, DTLR, Kay Jewelers, rue21 and Express. The former owner, General Growth Properties, placed $100 million of debt on the property in 2007. In February 2013, the undisclosed lender foreclosed on the property. Vintage plans to bring in new tenants and upgrade the common areas of the mall. Additionally, Vintage will redevelop an adjacent 160,000-square-foot building that JC Penney vacated in 2011. That property is currently under contract for purchase.
Retail
SAN DIEGO – A 42,973-square-foot Albertsons supermarket in Downtown San Diego has received $12.7 million in financing. The supermarket is located within the East Village neighborhood. It occupies the ground floor of a seven-story, mixed-use development that includes a 229-unit luxury apartment complex. Financing was arranged by Jamie Dick and Jay Dick of Newmark Realty Capital’s San Diego office. The borrower was a Southern California-based investment management company. The lender is an East Coast based bank.
SAN LUIS OBISPO, CALIF. — The Village at Nipomo, a 37,939-square-foot retail center in the San Luis Obispo suburb of Nipomo, has received $8.4 million in acquisition financing. The center is located on West Tefft Street, one block west of Highway 101. It was fully leased to 15 tenants, including Starbucks, Wells Fargo, a day spa, an antique store, a real estate office, a pizza parlor, a pet supply store and a dry cleaner. The 10-year, fixed-rate loan has a 30-year amortization schedule. The loan was originated by Don Burnes of Johnson Capital. The principals of the newly formed borrowing entity operate a real estate investment firm based in the San Francisco Bay Area.
DENVER – A two-building retail property in Denver has sold to an Aspen, Colo.-based 1031 exchange buyer for about $4.2 million. The property is located at 3545-3559 West 38th Ave. Panera Bread occupies one of the buildings. The additional three-tenant retail strip center recently received a ground-up renovation. Rob Edwards and Tom Ethington of Pinnacle Real Estate Advisors represented both the buyer and the seller, Littleton Capital Partners, in this transaction.
DAVIE, FLA. — City National Bank of Florida has provided a $22 million loan to The Ireland Cos. for the renovation of a shopping center in Davie. The property is located at the southwest corner of University Drive and Interstate 595. The shopping center is undergoing construction to welcome two new anchor tenants: Hobby Lobby and Whole Foods.
DARIEN, CONN. — Washington Trust’s commercial real estate group has provided a $1.5 million loan to Darien Hospitality Group LLC for the refinancing of a Whole Foods property. The five-acre parcel is located at 150-152 Ledge Road in Darien. Whole Foods Market leases 50,000 square feet at the property. Darien Hospitality Group LLC acquired the property in 1994. Howard Johnson hotel occupy the building until Whole Foods Market executed its lease in 2008.
NEW YORK CITY — Eastern Consolidated has arranged a 12-year lease for Pita Grill in New York City's Greenwich Village. The 2,700-square-foot space comprises 1,350 square feet on the ground floor and 1,350 square feet on the lower level, and has 25 feet of frontage on LaGuardia Place. The location will replace a Five Guys Burgers & Fries, and will be Pita Grill's ninth location since the first one opened on West Fourth Street in 1994.
THE WOODLANDS, TEXAS — The Howard Hughes Corporation and its subsidiary, The Woodlands Development Company, will develop a new 153,000-square-foot Costco in The Woodlands. The Woodlands Development Company sold a 17.5-acre site near the interchange of I-45 and State Highway 242 to the retailer for the new store. Phil Frugé of The Howard Hughes Corporation represented the seller.
WAIKIKI, HAWAII — H & M, Hennes & Mauritz AB (H&M) has opened its first store in Hawaii. The 31,000-square-foot flagship store is located at Waikiki Business Plaza. The new store celebrates the islands’ roots, with unique artwork from local surf photographers Mike Coots, Sarah Lee and Zak Noyle. H&M operates 311 stores in the U.S., and about 3,100 stores nationwide.
DETROIT — HopCat, a Michigan-based beer pub, has purchased the former Agave restaurant building in Midtown Detroit for an undisclosed price. Adam Goodman and Tony Schmitt of Mid-America Real Estate-Michigan Inc. and Chris Muller of M Retail Solutions represented HopCat in the transaction. Midtown Detroit Inc. was the seller of the property. This will be HopCat’s third location in Michigan. The bar has locations in Grand Rapids and East Lansing. The new Midtown location at 4265 Woodward Ave. will feature 130 taps, which is set to be the largest craft beer bar in the state. The new bar is scheduled to open in August.