CHICAGO — Cohen Financial has secured a $6.5 million acquisition loan for a single-tenant, 13,600 square-foot property currently leased to Walgreens. The in-fill development is located at 3222 N. Milwaukee Ave. in Chicago. Don Trossman of Cohen Financial secured the loan for the borrower, Focused Sanford Property II LLC, with Illinois-based First Bank & Trust Co.
Retail
MOLINE, ILL. — Sam’s Club will open a new store this week in Moline in western Illinois. According to the Quad-City Business Journal, the 136,000-square-foot club is located at 6600 44th Ave. A grand opening ceremony will take place Thursday, Aug. 21. The store will feature a Sam’s Club pharmacy and optical center and offer its members discounts on produce, meats and other goods. The new membership warehouse club will bring 170 new jobs to the community. Sam’s Club, a division of Wal-Mart Stores Inc., is the nation’s eighth largest retailer. The store offers products and services in more than 630 clubs across the U.S., as well as in Brazil, China and Mexico.
BARSTOW, CALIF. – A 68,362-square-foot retail center in Barstow has sold to Barstow Town Square LLC for $3.6 million. The center is located at 1303-1313 E. Main Street. It is anchored by Family Dollar, Aaron’s and Wienershcnitzel. The LLC was represented by Vic Gausepohl and Kirk Allisonof Colliers International. The seller, The Steele Family Trust, was represented by Brad Umansky, Kenia Drugan, Greg Bedell of Progressive Real Estate Partners.
STOCKTON, CALIF. – The Hammer & West Pad building, a 7,294-square-foot retail property in Stockton, has sold to a local private investorfor $3.7 million. The building is located at 7860 West Lane. It was built in 2008. Notable tenants at Hammer & Westinclude Western Dental, AT&T and Pizza Hut. The property is part of a larger retail center that is anchored by Walgreens. Jeff Conover of Faris Lee Investments represented both the buyer and seller, West Hammer Properties, in this transaction. The buyer was also represented by Mirna Gonzales of Green Banker.
PORTLAND, ORE. — Umpqua Bank has leased 24,000 square feet inside the 72nd Corporate Center office building in Portland. The building is located at 13535 SW 72nd Ave. Umpqua was represented by Chris Elsenbach of Cresa. The landlord was represented by John Medak and Jennifer Medak of NAI Norris Beggs and Simpson, and by Evan Bernstein of Pacific NW Properties.
MEMPHIS, TENN. — The Shopping Center Group has brokered the sale of Countryside Center, a 35,500-square-foot shopping center in Memphis. The property is 75 percent leased to tenants such as Dollar General, Subway, Auto Radio, Math Made Simple and Continental Tire. Gary Shanks of The Shopping Center Group represented the seller, a Midwest-based life insurance company, in the transaction. John Reed of The Shopping Center Group represented the buyer, a private investor based in California.
EDEN PRAIRIE, MINN. — NorthMarq Capital has arranged an $11 million loan for an undisclosed borrower to refinance Prairieview Shopping Center, a 114,646-square-foot retail property in Eden Prairie, approximately 17 miles southwest of Minneapolis. Patrick Minea of NorthMarq Capital’s Minneapolis office structured the loan with a 25-year term and 25-year amortization schedule. NorthMarq arranged financing through its correspondent relationship with Thrivent Financial.
JACKSON, TENN. — Phillips Edison & Co. has purchased Lynnwood Place, a 96,666-square-foot, Kroger-anchored shopping center located at 941 N. Parkway in Jackson, for an undisclosed price. The asset is 89 percent leased to Kroger, Charter Communications Inc., Cato Fashions and Youfit Health Clubs. Greg Hausfeld represented Phillips Edison & Co. internally in the transaction, and Fred Victor of Transwestern represented the Columbia, S.C.-based seller, EDENS.
APEX, N.C. — The Boulder Group has brokered the $2.3 million sale of a two-tenant strip center located at 720 W. Williams St. in Apex, part of the Raleigh MSA. The property is fully leased to Verizon Wireless and Yong-In Martial Arts. Both tenants have roughly five years remaining on their lease terms. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller, a North Carolina-based partnership, and the buyer, an East Coast-based private investment firm, in the transaction.
EAGAN, MINN. — A joint venture between Simon and Paragon Outlet Partners has opened Twin Cities Premium Outlets in Eagan, a suburb of Minneapolis-St. Paul. The center offers 409,000 square feet of retail and is located at the intersection of U.S. Highway 13 and U.S. Highway 77. The center includes more than 100 outlet stores featuring high-quality designer and name brands. Some stores include Armani Outlets, Asics Outlet, Express Factory Store, J Crew Factory Store, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Michael Kors and more. A grand opening celebration event for the new outlet center took place Aug. 14-17.