INDIANAPOLIS — The Silver Group has arranged the $22.6 million sale of a single-tenant property leased to CarMax Inc. in northern Indianapolis. CarMax, a publicly traded, Fortune 500 company, is under a 21-year lease for the 16-acre site, located at 9750 N. Gray Road. A partnership purchased the property. Barry Silver and Greg Cunha of The Silver Group arranged the sale.
CARPENTERSVILLE, ILL. — Quantum Real Estate Advisors Inc. has arranged the $1.3 million sale of a 7,500-square-foot AutoZone property in Carpentersville. The property sold to a cash buyer based in California. AutoZone has operated at the location for more than four years and recently signed an 11-year lease. Jordan Kaufman and Daniel Waszak at Quantum Real Estate Advisors Inc. represented the seller, a Chicago-based investor. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer.
LITTLE ELM, TEXAS — Churchill Capital Co. has arranged a $7.5 million permanent first mortgage for Lake Shore Crossing, a 42,530-square-foot retail property in the Dallas suburb of Little Elm. Constructed in two phases in 2002 and 2011, the strip center is located along Eldorado Parkway. The fixed-rate, 10-year CMBS loan, which includes one year of interest-only payments and an amortization schedule of 30 years, allowed the undisclosed Dallas-based borrower to exit existing SBA and USDA loans. Brad Donnell arranged the financing through Jamie Ruggiero of MC Five Mile.
GRESHAM, ORE. — Furniture Connexion has signed a 22,108-square-foot lease at Burnside Commons in Gresham. The family operated furniture retailer will open a new showroom at the center, which is located at1776 NW Fairview Drive. Furniture Connexion was represented by the Stalick Company. The landlord, FMK Properties – Burnside, LLC, was represented by Jack Gallagher and Chris Schneider of NAI Norris, Beggs & Simpson.
NORTH RALEIGH, N.C. — A joint venture between Forge Real Estate Partners III (FREP) and East Coast Acquisitions has purchased Tarrymore Square for an undisclosed purchase price. FREP is an investment fund between The Sembler Co. and Forge Capital. Tarrymore Square is a 256,805-square-foot shopping center that was 65 percent occupied at the time of sale. Tenants at the center include Walgreens, Rugged Warehouse, Rent-A-Center and Miller-Motte Technical College. The joint venture plans to renovate the shopping center and is working with a regional grocer, as well as a fashion retailer. These leases will boost occupancy to about 85 percent by year-end. The Sembler Co. will serve as the property's manager and leasing agent. This is FREP's second acquisition and its first in North Carolina. The joint venture is seeking additional grocery-anchored shopping centers throughout the Southeast.
JOLIET, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged $10.6 million in debt for the acquisition of North Ridge Plaza, a 238,000-square-foot retail center in Joliet, located about 45 miles southwest of Chicago. Richard Lynn, a director in MMCC’s Oak Brook, Ill., office, arranged the four-year loan, which includes a fixed interest rate of 4.5 percent and a 25-year amortization schedule. Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office represented the buyer, North Windham Properties LLC. Scott Wiles, Craig Fuller, Sean Sharko, Erin Patton and Austin Weisenbeck, also of Marcus & Millichap, represented the seller in the transaction. Current tenants at the retail center include Ultra Foods, OfficeMax, Hobby Lobby, Burlington Coat Factory, GameStop, Fashion Bug, Home Choice and Sally Beauty and Supply.
NEW YORK CITY — ProHealth has signed a lease to occupy 10,913 square feet at the Glen Oaks Shopping Center, located at 259-27 Union Turnpike in Queens. The agreement brings the center to 99 percent occupancy. The medical services provider will lease space at the east endcap of the 187,650-square-foot center and is expected to open in March. ProHealth is renovating the façade and expanding the existing space to increase its frontage on Union Turnpike. Nicholas Forelli, director of leasing, represented the Feil Organization, the center’s owner and manager, in-house. Todd Cooper of Ripco Real Estate represented ProHealth.
HOUSTON — CBRE has brokered the sale of Atascocita Commons, a 316,395-square-foot power center in northeast Houston. Located at 7061 FM 1960 East, the Class A retail property was 99.2 percent leased at the time of the sale to tenants including Ross, Kohl’s, TJ Maxx, HomeGoods, Party City, Office Depot and Petco. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the buyer, New York-based Kimco Realty. Cole Real Estate Investments, based in Phoenix, sold the asset.
RANCHO CUCAMONGA, CALIF. — Tivoli Square Apartments, LP, has purchased Foothill Crossing, a 312,307-square-foot regional power center in Rancho Cucamonga, for $54 million. The center is located at 12181-12357 Foothill Blvd., across from Victoria Gardens lifestyle mall. It is 90 percent occupied by tenants like Sears Grand, Total Wine & More and Office Depot. The 1031 Exchange buyer was represented by Dennis Vaccaro of Faris Lee Investments. The seller (and developer), Foothill Crossing, LLC, was represented by Jeff Conover of the same firm.
KISSIMMEE, FLA. — HFF has brokered the sale of LOOP West, a 295,100-square-foot retail center located at 2001 W. Osceola Parkway in Kissimmee, near Walt Disney World and Sea World. An affiliate of North American Development Group purchased the property from O’Connor Capital Partners. The retail center is fully leased to Babies “R” Us, Bealls, T.J. Maxx, Books-A-Million, DSW Shoe Warehouse, Party City and Ulta Beauty. Danny Finkle, Brad Peterson, Luis Castillo and Kim Flores of HFF represented the seller in the transaction.