BELLEVILLE, N.J. — Cronheim Mortgage has arranged $8 million in financing for a ShopRite-anchored retail center located in Belleville. The loan, placed with Athene Asset Management, was structured with a 10-year term and 25-year amortization, with five years of interest-only payments and a 4 percent interest rate. Belleville Center LLC was the borrower. Belleville Center is a 70,450-square-foot shopping center, anchored by a newly built, 60,000-square-foot ShopRite. The remaining space is fully occupied by Pizza Hut, Kelly's Liquors and a local jeweler. Allison Moravec and Andrew Stewart of Cronheim arranged the loan.
Retail
MORENO VALLEY, CALIF. – An all-cash buyer has acquired TownGate Center, a 285,775-square-foot community shopping center in Moreno Valley, for $41.9 million. The center is located at 12625 Frederick Street, just east of Riverside. It is situated next to the Moreno Valley Mall. TownGate is anchored by TJ Maxx/Home Goods and Ross Dress for Less. Other notable tenants include Regency Theatres, BevMo!, ULTA, Dollar Tree, Planet Fitness and Chipotle. CBRE’s Philip D. Voorhees and the National Retail Investment Group – West (NRIG-West) team represented the buyer. Voorhees also represented the seller, a partnership between Walton Street and Fritz Duda Company, along with NRIG-West and CBRE’s Megan Read, Jimmy Slusher, John Read and Brad Rable.
MINNEAPOLIS — Ackerberg has entered into an agreement to purchase Calhoun Square, a 170,521-square-foot shopping center located at 3001 Hennepin Ave. in Minneapolis. The center was built in 1984 and renovated in 2008. Major tenants include LA Fitness, Kitchen Window, H & M, Famous Dave’s, BayStreet Shoes, Timberland and CB2. Ackerberg plans to overhaul the interiors of Calhoun Square and has engaged the services of David Shea of Shea Architects. The expected closing date is early April.
WEST MILFORD, N.J. — Marcus & Millichap has arranged the $4 million sale of Bearfort Shopping Village, a 34,438-square-foot retail shopping village located in West Milford. Michael Lombardi in Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor.
SAN ANTONIO — Robert Faust Mortgage Co. has arranged a $6.6 million refinancing loan for Rigsby Shopping Center, a 64,200-square-foot retail property in San Antonio. Constructed in 2002, the center is located on more than five acres at 2000 Loop 410, in close proximity to Super Walmart. Tenants of the property include IHOP, Dollar Tree, Sally Beauty and Rue 21. Robert Faust of Robert Faust Mortgage Co. arranged the loan within two weeks on behalf of the property owner, Rigsby Road Shopping Center LP, through a private money lender.
JACKSONVILLE, FLA. — Bi-Lo Holdings LLC, the parent company of the BI-LO and Winn-Dixie supermarket chains, plans to convert seven existing Harveys stores in Georgia to Winn-Dixie stores and three existing Winn-Dixie stores in Georgia to Harveys stores. Last month, Bi-Lo Holdings received approval from the Federal Trade Commission to proceed with the transaction to acquire the Sweetbay, Harveys and Reid’s supermarket chains from Delhaize Group pending the divestiture of 12 stores by Bi-Lo Holdings, and Delhaize Group retaining two stores and converting them to the Food Lion banner. The following Harveys stores will convert to Winn-Dixie: · 341 Venture Drive in Brunswick · 5711 Altama Ave. in Brunswick · 284 Hyde Park Commons in Brunswick · 2714 Osborne Road in Saint Marys · 2111 Bemiss Road in Valdosta · 4036 Bemiss Road in Valdosta · 1715 Norman Drive in Valdosta The following Winn-Dixie stores will convert to Harveys: · 1208 Crawford St. in Americus · 2800 Old Dawson Road in Albany · 1553 US 19 South in Leesburg
MORTON GROVE, ILL. — The Bon-Ton Stores Inc. has signed a 20,000-square-foot lease in Village Plaza, located at 7250 Dempster St. in Morton Grove, a northwest suburb of Chicago. The Bon-Ton Stores plans to open a Carson’s Clearance Center in early April 2014 in the space, which was previously occupied by Loehmann’s. With the new store in place, the center will be 98 percent leased. The retailers in this center include T.J. Maxx, Home Goods, Planet Fitness, Produce World and Pet Supplies Plus. Village Plaza is a 136,000-square-foot community center at the intersection of Dempster Street and Harlem Avenue. Joe Parrott and Matt Ramsey of CBRE arranged the lease.
MELVILLE, N.Y. — A&G Realty Partners has been engaged by RadioShack to lead the disposition of up to 1,100 underperforming stores. Radio Shack announced in early March it would close the stores after revenues and sales continued to slip for the electronics retailer, which has been struggling with an outdated image in the marketplace. RadioShack reported a loss of $191.4 million during the fourth quarter of 2013, compared to the previous year. The company is continuing to work toward rebuilding its brand, following a slow holiday season, some operational issues and some restaffing at higher levels of the company. The stores that will close were chosen based on location, area demographics, lease life and financial performance. “We will publish the store closing list when it becomes available,” says Andrew Graiser, co-president of A&G.
CHICAGO — Acadia Realty Trust has acquired 865 W. North Avenue, a 16,000-square-foot retail property located in the Lincoln Park neighborhood of Chicago for $14.8 million. Elk Grove Village, Ill.-based Tri-equities LLC sold the two-story property, which is fully leased to Forever 21. Stephen Lieberman of Marcus & Millichap represented Acadia Realty Trust in the transaction. Brad Teitelbaum and Peter Block of Colliers International represented the seller.
ARNOLD AND WENTZVILLE, MO. — Ross Dress For Less has signed two leases totaling 50,000 square feet in suburban St. Louis. Ross signed a lease for 25,000 square feet at 818 Arnold Commons Drive in Arnold, located about 16 miles south of St. Louis. Arnold Triangle Development LLC owns the property. Ross also signed a lease for 25,000 square feet from THF Wentzville Two Development LLC at 1275 West Pearce Blvd. in Wentzville, located about 40 miles west of St. Louis. L3 Corp. represented Ross in both transactions.