NAGS HEAD, N.C. — CBRE | Hampton Roads has arranged the $2.7 million sale of South Beach Plaza, a two-building retail property located at 2424 S. Croatan Highway in Nags Head, part of North Carolina’s Outer Banks barrier islands. The 20,872-square-foot property’s tenants include Dunkin’ Donuts, Viva Mexican Restaurant, Sweet Frog Premium Yogurt and Jersey Mike’s. Patrick Gill and Joanna Hastings of CBRE | Hampton Roads represented the seller in the transaction.
CONROE, TEXAS — Jones Lang LaSalle (JLL) has brokered the sale of Montgomery Plaza, a shopping center totaling 304,867 square feet in Conroe, approximately 40 miles north of Houston. Academy Sports & Outdoors, Big Lots, Conn’s Appliances and Petco are among the tenants of the property, which was 95 percent leased at the time of the transaction. George Cushing and Wendy Vandeventer of JLL represented the seller, Weingarten Realty. American National Insurance Co. purchased the asset.
SUGAR LAND, TEXAS — Q10 | New York Realty Advisors (Q10NY) has secured a $4.1 million first mortgage loan for a freestanding location of Best Buy in Sugar Land, approximately 23 miles southwest of downtown Houston. The property, owned and managed by a Midwest real estate family, is located at 16980 Southwest Freeway. The terms of the loan include 10 years at a fixed interest rate of 4.75 percent with a borrower option for a five-year extension. Jeanne Cronin of Q10NY originated and placed the loan through a Texas bank.
SAN DIEGO — Liberty Station Marketplace, a 152,495-square-foot, dual grocery-anchored retail center in the San Diego submarket of Point Loma, has received $47 million in permanent financing. The center is located at 2640 Historic Decatur Road. It is 93 percent leased. Vons and Trader Joe’s anchor the center, which is also occupied by Starbucks, Sammy’s Woodfired Pizza, Five Guys, Verizon Wireless, Panera Bread, Cold Stone Creamery, Tender Greens and Luna Grill. The loan was secured by HFF’s Tim Wright, Nick Psyllos and Zack Holderman on behalf of The Corky McMillin Companies. The loan was placed with a major fund advisor.
WEST PALM BEACH, FLA. — Miller Construction Co. has completed an environmentally friendly, 35,000-square-foot Ashley Furniture HomeStore showroom, located at 2101 Palm Beach Lakes Blvd. in West Palm Beach. The $5 million project is Miller Construction's 14th property for owner City Furniture, which operates 25 showrooms throughout southeast and southwest Florida, including 10 Ashley Furniture HomeStore locations. The store is designed to achieve LEED certification with high-efficiency climate control, lighting, plumbing and irrigation systems.
WATERFORD AND INDEPENDENCE, MICH. — The Detroit office of Berkadia Commercial Mortgage LLC has originated $20.5 million in financing for two retail properties in the Detroit metropolitan area totaling 185,184 square feet. Ernie Katai, senior vice president, and William Brenner, vice president at Berkadia, worked with borrower DS Partners LP to secure the loan through Nationwide Life Insurance Co. The borrower will use the 27-year loan to refinance existing debt on the properties. The loan features a 4.55 percent fixed interest rate and a 75 percent loan-to-value ratio. Both properties are located 40 miles northwest of downtown Detroit at 5111 Highland Road in Waterford, and 5990 Sashabaw Road in Independence. The properties are 92 percent occupied collectively. Kroger anchors each property and additional tenants include Starbucks and Panera Bread.
TYLER, TEXAS — Contractor Hill & Wilkinson has broken ground on The Village at Cumberland Park, a new 750,000-square-foot retail project of developer The Retail Connection. The property is located at the corner of Loop 49 and South Broadway in Tyler, slightly less than 100 miles east of Dallas. National brands such as Bed Bath & Beyond, TJ Maxx, Petco, Studio Movie Grill and Osh Kosh have already signed leases at the development. Hodges & Associates is serving as architect on the project, which is expected to open in summer 2014.
SAN DIEGO — Liberty Station Marketplace, a 152,495-square-foot, dual grocery-anchored retail center in the San Diego submarket of Point Loma, has received $47 million in permanent financing. The center is located at 2640 Historic Decatur Road. It is 93 percent leased. Vons and Trader Joe’s anchor the center, which is also occupied by Starbucks, Sammy’s Woodfired Pizza, Five Guys, Verizon Wireless, Panera Bread, Cold Stone Creamery, Tender Greens and Luna Grill. The loan was secured by HFF’s Tim Wright, Nick Psyllos and Zack Holderman on behalf of The Corky McMillin Companies. The loan was placed with a major fund advisor.
KANSAS CITY, MO. — American Realty Capital – Retail Centers of America Inc. has purchased the Tiffany Springs Market Center, a retail power center in Kansas City, for $53.5 million. The 240,000-square-foot retail property was 88 percent leased to 28 tenants at the time of the sale. Three tenants, Best Buy, The Sports Authority and PetSmart, represent 48 percent of the annualized rental income of the property. Best Buy occupies 46,000 square feet and The Sports Authority leases 42,000 square feet, both have 10-year lease terms, which expire in January 2019. PetSmart occupies 25,000 square feet and has a 10-year lease term, which expires in July 2018. The purchase of the Tiffany Springs Market Center represents ARC Retail's third acquisition of a retail power center with multiple credit tenants. ARC Retail's portfolio now exceeds $107 million in purchased assets.
STATEN ISLAND, N.Y. — Hollister Construction Services has begun a renovation and new construction project for RiverCrest Realty’s Tottenville Shopping Center in Staten Island. Hollister will add a 20,000-square-foot building to an existing 45,000-square-foot facility, which is located at 7001 Amboy Road. Hollister is completing the exterior and interior renovation, as well as the new construction, within a 10-month deadline, while the shopping center remains open. Site work includes new paving, curbs, access points and drainage and 206 parking spaces.