IRVINE, CALIF. — Faris Lee Investments has brokered the $36 million sale of a four-property retail portfolio totaling 186,052 square feet. The four assets — three in Kentucky and one in Tennessee — are fully leased to LA Fitness. The properties include 3001 Blake James Drive in Lexington, Ky.; 1028 Wellington Way in Lexington, Ky.; 6013 Preston Highway in Louisville, Ky.; and 2401 Edge O Lake Drive in Antioch, Tenn. Richard Chichester, Matt Mousavi, Patrick Luther and Tom Chichester of Faris Lee Investments represented both the buyer, Arizona-based STORE Capital, and the seller, a Kentucky-based private entity, in the transaction.
Retail
CHICAGO — Summit Design + Build has broken ground WhirlyBall’s new 50,000-square-foot facility located on a 1.5 acre site at 1823 W. Webster in Chicago. The new entertainment venue is adding bowling and meeting/event space for 250-plus attendees. The two-story facility will feature three WhirlyBall courts, 12 bowling lanes, a multi-level laser-tag arena, five party rooms and 5,000 square feet of office space. The full venue will have the capability to host private and corporate functions for 700-plus guests and will offer a full-service kitchen and bar. WhirlyBall will relocate from its current location at 1880 W. Fullerton Ave., which will be razed to make room for the city’s planned reconfiguration of the intersection of Damen, Elston and Fullerton avenues.
MILFORD, CONN. — CBRE Group Inc. has completed a $10.5 million loan for the refinancing of Turnpike Square, a 95 percent-occupied retail shopping center in Milford. The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe secured the 10-year loan, which includes a 30-year amortization schedule, through Deutsche Bank on behalf of the borrower, Milford Associates. The 105,461-square-foot retail center is located at 70 Turnpike Square. Its tenant roster includes Michaels, Big Lots and Pier 1 Imports, as well as multiple retailers that have occupied the space for 10 or more years.
NEEDHAM, MASS. — NorthMarq Capital’s Boston regional office has arranged a $10 million loan for the refinancing for a Staples/Petco building in Needham, a southwest suburb of Boston. The property contains spans 40,500 square feet and is located at 163 Highland Ave. A life insurance company provided the 10-year loan with a 25-year amortization schedule. Joseph Hegenbart of NorthMarq arranged the loan on behalf of the borrower, 163 Highland LLC.
LOS ANGELES — An undisclosed private investor has purchased Sylmar Square Shopping Center, a 139,661-square-foot, grocery-anchored shopping center in the Los Angeles submarket of Sylmar, for $16.8 million. The center is located at 13700-13790 Foothill Blvd. Sylmar Square is anchored by Vons Supermarket. Other notable tenants include Chase Bank, Verizon and Payless ShoeSource. It was originally constructed in 1957 and renovated in 2003. Additional renovations are in progress. Fariba Kavian of NAI Capital’s West LA office represented the seller, C-III Asset Management, in this transaction.
PHOENIX — Ross Plaza, a 64,744-square-foot neighborhood retail center in North Phoenix, has sold to BH Properties for $3 million. The plaza is located at 10606-10653 N. 43rd Ave. near the Arizona State University west campus. It is anchored by Ross Dress For Less, which occupies more than half of the plaza. The buyer plans to refurbish the property.
LOUISVILLE, KY. — GBT Realty Corp. has closed on the purchase of more than 28 acres in Louisville for the $40 million development of Jefferson Commons, a 210,000-square-foot retail center. The property is more than 82 percent preleased a sports retailer anchor, as well as Shoe Carnival, H.H. Gregg, Liquor Barn, Michael’s Arts & Crafts and Men’s Wearhouse. GBT Realty will provide development, leasing, construction management and property management services for Jefferson Commons. The project team also includes architect MJM Architects, project engineer Gresham Smith and Partners and site-work contractor Louisville Paving & Construction.
GLEN ELLYN, ILL. — The Opus Group has completed the construction of a new grocery-anchored development, The Fresh Market Center, in Glen Ellyn, a western suburb of Chicago. The Fresh Market, a 23,790-square-foot grocery store, anchors the development. Firehouse Subs will occupy 2,230 square feet of space and other tenants include Great Clips and Tide Dry Cleaners, occupying 1,050 and 2,800 square feet, respectively. Located on East Roosevelt Road between South Lorraine and South Lambert roads, the new retail center includes patio seating and 186 customer parking spaces. Mid-America represented Opus in the lease transaction with Firehouse Subs. Firehouse Subs represented itself in the deal. Opus Development Co. LLC was the developer, Opus Design Build LLC served as the general contractor for the project, Opus AE Group LLC was the architect of record, and OKW Architects was the design architect.
KENT, OHIO — Marcus & Millichap has arranged the $2.9 million sale of Discount Drug Mart Center, a 31,762-square-foot retail property located in Kent, about 15 miles northeast of Akron, Ohio. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller and represented the buyer, both limited liability companies, in the transaction. Discount Drug Mart Center is located at 1763 East Main St. and was fully occupied at the time of sale.
EXCELSIOR SPRINGS, MO. — The Cooper Commercial Investment Group has arranged the $1.8 million sale of a Burger King property located in Excelsior Springs, located approximately 30 miles northeast of Kansas City. Bob Havasi of the Cooper Commercial Investment Group represented the owner, a private investor from Tennessee, in the transaction. The buyer was a private investor based in Missouri. The sales price equates to a 6.2 percent capitalization rate.