ELIZABETH, N.J. — Glimcher Realty Trust (NYSE: GRT) has closed on a $350 million mortgage loan secured by The Outlet Collection | Jersey Gardens, a 1.3 million-square-foot outlet mall in Elizabeth. The loan includes a fixed interest rate of 3.83 percent with a maturity date in November 2020. Loan proceeds were used to retire the existing $137.1 million secured mortgage on the property, which had an interest rate of 4.83 percent. Additionally, approximately $148 million of the loan was used to reduce all outstanding borrowings on the company’s secured and unsecured credit facilities. Glimcher began development of Jersey Gardens in 1997, and the mall opened in 1999. Close to Newark and New York City, the center is the largest outlet mall in New Jersey and a major tourist attraction, seeing approximately 18 million visitors a year from more than 160 countries, according to Gilmcher.
BRADENTON, FLA. — CBRE has arranged the sale of a single-tenant, triple-net leased retail property located at 6521 State Road 64 in Bradenton. The buyer, Charlotte, N.C.-based Bayrock Investment Co., purchased the 1,816-square-foot property, which is leased to Starbucks Coffee, for approximately $1.9 million. CBRE's net lease property group represented the seller, HB Retail SR64, in the transaction.
COPPELL, TEXAS — Marcus & Millichap has arranged the sale of a net-leased Chase Bank location in Coppell, a suburb located approximately 20 miles northwest of downtown Dallas. At the time of sale, 15 years remained on the tenant’s 20-year ground lease, which includes 5 percent rent increases every five years. The property totals 30,778 square feet at 134 N. MacArthur Blvd., adjacent to CVS and Kroger. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor, and also secured the buyer, a New York City-based limited liability company.
LEWISVILLE, TEXAS — Starplex Cinemas will open a new location at the Castle Hills Marketplace development of Cencor Realty Services in Lewisville, a northern suburb of the Dallas/Fort Worth Metroplex. The new theater, due for completion in the fall of 2014, will co-anchor the community center with a 123,000-square-foot Kroger Marketplace. Features will include 100 percent digital projection, 3D technology, reclining seats and a café and bar. Castle Hills Marketplace is planned for the southwest corner of SH-121 and Josey Lane.
FULLERTON, CALIF., LACEY, WASH. — The Hudson Team of George Elkins Mortgage Banking Company has arranged $71 million in refinancing for the Orangefair Marketplace in Fullerton and The Landing at Hawks Prairie in Lacey. The 324,806-square-foot California retail center is located at East Orangethorpe and South Harbor Boulevard in the Orange County submarket. It is currently 98 percent occupied. Notable tenants include Marshalls, Best Buy, Michaels, Skechers and Burlington Coat Factory. Orangefair was acquired by Orangefair, LLC in 2002. The company then executed a multi-million renovation that was completed in 2004. The $44.8-million, permanent, fixed-rate loan will allow the borrower to refinance. The 117,000-square-foot Washington retail center is located near the corporate headquarters of Intel and State Farm Corporation in the Olympia suburb. It is 93 percent leased. Notable tenants include LA Fitness, Red Robin, Navy Credit Union, Mattress Depot, Popeyes, Hand & Stone and Kiddie Academy. The center is shadow anchored by Costco, Home Depot and Wal-Mart Super Center.The $26.9-million loan will allow the borrower, a limited liability company operating as The Landing at Hawks Prairie, LLC, to refinance as well.
VIRGINIA BEACH, VA. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired Courthouse Marketplace, a 106,863-square-foot shopping center located in Virginia Beach, for $16.1 million. Harris Teeter anchors the property, which includes other tenants such as The UPS Store, Great Clips and Wendy’s. The property is located across the street from the Municipal Center and Courthouse Complex. Additionally, Phillips Edison-ARC has recently purchased two other grocery-anchored shopping centers: The Fresh Market Shopping Center in Normal, Ill., and Pioneer Plaza in Springfield, Ore.
CHICAGO — Grosvenor Americas has sold a 126,000-square-foot retail building at 830 North Michigan Ave. in Chicago’s Magnificent Mile shopping district to General Growth Properties Inc. The property sold for $166 million, according to Crain’s Chicago. The building’s tenants include Topshop, a London-based apparel retailer, which occupies 50,000 square feet on four levels. Other tenants in the building, located at the corner of North Michigan Avenue and Pearson Street, are Columbia Sportswear and Ghirardelli Chocolates. Built in 1947 and renovated in 1994, the property was acquired by Grosvenor Americas in 1993. The company owns two other properties in the Chicago metropolitan area — Rice Lake Square in Wheaton and Church Street Plaza in Evanston.
CHICAGO — The Tile Shop, a specialty retailer of manufactured and natural stone tiles, will open a new 13,000-square-foot retail store along the Clybourn Corridor in downtown Chicago. The new location, the ninth retail store for The Tile Shop in the Chicago area, will feature up to 2,000 products and be located in Blackhawk on Halsted, a mixed-use property located at 1460 N. Halsted St. Blackhawk on Halsted is a 225,000-square-foot property featuring healthcare businesses such as Town and Country Pediatrics and Northwestern Memorial Hospital. The property is home to The British School of Chicago, a private school with 750 students, and the only REI retail store in the city of Chicago. The Tile Shop has partnered with Structured Development, the developer of Blackhawk on Halsted, to develop the new store on the ground floor of the mixed-use development. The new Lincoln Park Tile Shop location is expected to open in mid-February 2014. Construction on the space will begin in December. The project will be led by general contractor Power Construction and architecture firm Valerio Dewalt Train Associates.
PORTLAND, MAINE — Marcus & Millichap Capital Corp. has arranged $2.6 million in construction financing for a retail development in Portland, the largest city in Maine. Financing was based on a 10-year term and a 20-year amortization schedule. The construction loan converts to permanent financing after two years. Starbucks Coffee and Mattress Firm will occupy the retail property. The loan will convert to non-recourse financing once the tenants take occupancy.
FULLERTON, CALIF., LACEY, WASH. — The Hudson Team of George Elkins Mortgage Banking Company has arranged $71 million in refinancing for the Orangefair Marketplace in Fullerton and The Landing at Hawks Prairie in Lacey. The 324,806-square-foot California retail center is located at East Orangethorpe and South Harbor Boulevard in the Orange County submarket. It is currently 98 percent occupied. Notable tenants include Marshalls, Best Buy, Michaels, Skechers and Burlington Coat Factory. Orangefair was acquired by Orangefair, LLC in 2002. The company then executed a multi-million renovation that was completed in 2004. The $44.8-million, permanent, fixed-rate loan will allow the borrower to refinance. The 117,000-square-foot Washington retail center is located near the corporate headquarters of Intel and State Farm Corporation in the Olympia suburb. It is 93 percent leased. Notable tenants include LA Fitness, Red Robin, Navy Credit Union, Mattress Depot, Popeyes, Hand & Stone and Kiddie Academy. The center is shadow anchored by Costco, Home Depot and Wal-Mart Super Center. The $26.9-million loan will allow the borrower, a limited liability company operating as The Landing at Hawks Prairie, LLC, to refinance as well.