LAS VEGAS — Durango Courtyard, a 10,900-square-foot retail property in Las Vegas, has received $2 million in acquisition financing. The courtyard is located at 4705 S. Durango Drive. The borrower is High Valley VII LLC. The long-term, fixed-interest rate loan was closed by CBRE’s Bob Ybarra.
Retail
SAN ANTONIO — Tryperion Partners has acquired Gateway Plaza, a 97 percent occupied, 138,510-square-foot shopping center anchored by Burlington Coat Factory. The center is located at the intersection of I-35 and Loop 1604 in San Antonio’s Northeast submarket. The acquisition also includes land for future development.
TUSCALOOSA, ALA. — Coldwell Banker Commercial Moore Co. has arranged six anchor leases for The Shoppes at Legacy Park, a $40 million power retail center in Tuscaloosa. The 175,000-square-foot development’s tenant roster includes Dick’s Sporting Goods, Fresh Market, Bed Bath & Beyond, Cost Plus, World Market, DSW Shoe Warehouse and PetSmart. The Shoppes at Legacy Park is set to break ground in September for an anticipated opening in October 2015. Coldwell Banker Commercial Moore Co. will continue to lease and manage the shopping center upon completion.
CANTON, OHIO — Marcus & Millichap has brokered the $2.7 million sale of a newly constructed Mattress Firm in Canton. The 5,000-square-foot, net-leased property was sold at a 6.5 percent capitalization rate. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a private investor.
CHICAGO — Mid-America Real Estate Corp. has arranged two leases for Yoga Six, and will also represent the yoga studio during its multiple store rollout in the Chicago area. The retailer signed on for 6,626 square feet at 1150 N. State in Gold Coast and 6,028 square feet at Roosevelt Collection in South Loop. The yoga studio currently has one location in Lincoln Park and plans to open five stores in the Chicago area by 2015. Paul Bryant and Michael Wexler of Mid-America will represent the yoga studio in the transactions. Justin Collins of Jameson Commercial represented the landlord in the Gold Coast transaction. McCaffery Interests represented the landlord in the South Loop transaction. Yoga Six has eight locations throughout California, Illinois and Missouri.
COMMERCE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $1.2 million refinance loan for Bogie Commerce, a 9,848-square-foot retail center in Commerce Township, approximately seven miles north of Novi. Dave Dismondy of Bernard Financial Group originated the loan for the borrower, Bogie Commerce Associates LLC. Stancorp Mortgage Investors LLC, a correspondent of Bernard Financial Group, was the lender in the transaction.
LOS ANGELES – The Swig Company has purchased a 72,500-square-foot building in Los Angeles that serves as the Disney Store’s western regional headquarters for $26.1 million. The building is located at 443 S. Raymond Ave. The historic building was originally constructed in 1922. The campus underwent extensive renovations that were completed in 2005. The seller, Karlin Real Estate, was represented by Bob Safai and Matt Case of Madison Partners.
HOUSTON — Marcus & Millichap has arranged the sale of Christian Brothers Automotive, a 4,921-square-foot, net-leased property in Houston. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Vitorino also represented the buyer, a local private investor. Farhan Kabani, of Mark One Capital’s Dallas office, arranged financing. The loan was structured with a 10-year term amortizing over 25 years with a fixed rate of 4.25 percent. Christian Brothers Automotive is located at 7937 Westheimer Road in Houston.
FARMVILLE, N.C. — Crayton Commercial has completed the redevelopment of Brightleaf Shopping Center, a 98,150-square-foot shopping center in Farmville, about 14 miles west of Greenville. The property is located at the intersection of East Marlboro Road and Main Street. Brightleaf’s tenant roster includes a 43,200-square-foot Roses Discount Store and an 8,470-square-foot Dollar Tree. Crayton Commercial is also launching Phase II of the project on an adjacent 7.8-acre tract of land that calls for an anchor structure and two outparcels. Mike Morton of Morton Commercial Inc. served as the general contractor on the redevelopment project, and Bank of North Carolina and BB&T provided construction financing for the project.
VIRGINIA BEACH, VA. — Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has purchased three development sites in Virginia and North Carolina for $4.2 million. Wheeler REIT purchased the sites from Development Fund I LLC, an affiliate of Wheeler REIT, and plans to develop the sites into future retail assets. The sites include a 52.9-acre tract in Edenton, N.C., suitable for a 300,000-square-foot development; a 1.3-acre tract in Moyock, N.C., suitable for a 9,000-square-foot property; and a 1-acre parcel in Courtland, Va., suitable for a 8,400-square-foot property.