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.
Retail
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.
FORT WORTH, TEXAS — Trademark Property Co. has leased a total of 45,568 square feet of retail space to seven new tenants at Alliance Town Center in north Fort Worth. Carter’s (4,030 square feet), OshKosh (2,506 square feet), Five Below (8,000 square feet), Men’s Wearhouse (5,500 square feet), Shepler’s Western Wear (18,000 square feet) and Sleep Experts (4,500 square feet) each signed 10-year leases and will open by September of this year. America’s Best Contacts and Eyeglasses (3,122 square feet) signed a five-year lease and plans to open in early 2015. A joint venture of Trademark Property Co. and Hillwood Development, Alliance Town Center already houses tenants such as Belk, JC Penney, Dick’s Sporting Goods, Best Buy, Cinemark Theaters and Kroger Marketplace. The development is located on I-35 at Heritage Trace Parkway and is part of the 17,000-acre AllianceTexas master-planned community.
LONGMONT, COLO. — NewMark Merrill Mountain States has taken possession of the Dillard’s building at the former Twin Peaks Mall in Longmont. The firm plans to demolish the mall in early summer to make way for the new Village at the Peaks, an open-air retail destination that is set to open next year. Dillard’s exit represents a major step forward in the new project’s construction.
HOUSTON — Vista Equities Group has leased 3,886 square feet of restaurant space at the LaCenterra at Cinco Ranch development in Houston to Torchy’s Tacos, a Texas-based chain. The new eatery, set to open this summer, will be the fourth Torchy’s location in Houston and will serve breakfast, lunch and dinner. Vista Equities Group was represented internally by Donna Keith. Jamie Weaver of Baker Katz represented Torchy’s Tacos in the negotiations.
CHARLESTON, S.C. — Newmark Grubb Knight Frank (NGKF) has arranged the $16.1 million sale of North Charleston Center, a 236,025-square-foot shopping center located at 5900 Rivers Ave. in Charleston. The property was 87 percent leased at the time of sale to Northern Tool + Equipment, Petco, Dollar Tree, dd’s Discount and Citi Trends. Popeye’s Chicken and McDonald’s are outparcel tenants. Mark Hillis and Whitney Knoll of NGKF represented the seller, DDR Corp., in the transaction. Atlanta-based Monarch Investments Group purchased the property. Cantor Commercial Real Estate, a sister company of NGKF, provided acquisition financing.