COMMERCE, CALIF. – A 105,000-square-foot building in Commerce that is leased to Home Depot has received a $7.9-million refinance. The property is located at 7015 Telegraph Road. The seven-year loan features a 3.6 percent interest rate and a 25-year amortization schedule. Financing was arranged by Blake Melstrom of Pacific Southwest Realty Services through an undisclosed life insurance correspondent.
GLEN BURNIE, MD. — Marcus & Millichap has brokered the $6.5 million sale of a 13,650-square-foot Walgreens, located at 7901 Ritchie Highway in Glen Burnie, which is 11 miles south of Baltimore. Craig Fuller, Erin Patton, Scott Wiles and Dustin Javitch of Marcus & Millichap's Cleveland office represented the seller, a private investor, in the transaction. The group, along with Jason Cropper of Marcus & Millichap, secured and represented the buyer, a limited liability company. Bryn Merrey of Marcus & Millichap assisted in closing the transaction.
SAYREVILLE, N.J. — The Azarian Group has begun the renovation of the Raritan International Center, a 75,000-square-foot shopping center in Sayreville, located about eight miles east of New Brunswick. Walgreens and Family Dollar anchor the one-story retail property. Work on the center includes new landscaping, light poles, parking lot and storefront façade throughout the shopping center. Additionally, the renovation includes the construction of a 15,000-square-foot pad site and playground for The Learning Experience. Construction is slated for completion by spring 2014. The shopping center runs along Raritan Street, directly off of Exit 124 of the Garden State Parkway. Available retail space for lease ranges from 2,500 square feet to 13,650 square feet.
STATE COLLEGE, PA. — The remodeling of Hills Plaza South, an 111,000-square-foot shopping center in State College, is under way. Construction started with the project’s anchor tenant, Weis Markets, which underwent interior renovations in December and exterior renovations with an expansion in June. The shopping center owner, South Canadian Pacific Realty Co., hired architect Albert A. Drobka to design a remodeling for the remainder of the retail center. Veronesi Construction was awarded the construction contract. Vita & Vita Realty Corp. recently signed several tenants at the property including Huntington Learning Center, Pella Windows, Cosmo Prof and H2O To Go, totaling 6,725 square feet. A grand re-opening is planned for November.
LUBBOCK, TEXAS — Real estate investment and development company NetCo Investments Inc. has acquired the 259,000-square-foot Caprock Shopping Center in Lubbock. The property, located on 19 acres at 50th Street and Boston Avenue, currently houses tenants Ross Dress for Less, Beall’s and Dollar Tree, among others. NetCo plans to renovate the center, which was built in 1959.
COMMERCE, CALIF. – A 105,000-square-foot building in Commerce that is leased to Home Depot has received a $7.9-million refinance. The property is located at 7015 Telegraph Road. The seven-year loan features a 3.6 percent interest rate and a 25-year amortization schedule. Financing was arranged by Blake Melstrom of Pacific Southwest Realty Services through an undisclosed life insurance correspondent.
TEMECULA, CALIF. – A 13,630-square-foot retail building in Temecula has sold to Aro Partners for $3.5 million. The free-standing building is located at 40810 Winchester Road. It is 75 percent leased to Hallmark and Beauty One Cosmetics Supply store. The property fronts the Promenade Temecula. The 1031 exchange buyer was represented by Nick Frasco of Voit. The seller, Temecula Pad H LLC, was represented by Jeff Conover of Faris Lee Investments.
SAN ANTONIO — United Commercial Realty (UCR) has brokered the sale of Camelot Plaza in San Antonio. The retail property, located on the southwest corner of Walzem Road and FM 1976, totals 79,161 square feet and includes two spaces with potential drive-thru capability. UCR’s Craig Garansuay represented the seller in the transaction.
TEMECULA, CALIF. – A 13,630-square-foot retail building in Temecula has sold to Aro Partners for $3.5 million. The free-standing building is located at 40810 Winchester Road. It is 75 percent leased to Hallmark and Beauty One Cosmetics Supply store. The property fronts the Promenade Temecula. The 1031 exchange buyer was represented by Nick Frasco of Voit. The seller, Temecula Pad H LLC, was represented by Jeff Conover of Faris Lee Investments.
HICKORY, N.C. — Q10 | New York Realty Advisors (Q10NY) has closed a $1.8 million first mortgage loan on a free-standing Rite Aid drug store in Hickory. Q10NY worked with Q10 | Professional Mortgage of North Carolina, which represented the lender, an insurance company. Jeanne Cronin of Q10NY arranged the 15-year, self-liquidating loan on behalf of the borrower, a Midwest-based real estate family with a portfolio of single-tenant properties. Rite Aid's lease expires during the loan term. The lease has four five-year renewal options. Q10NY is a member of Q10 Capital LLC, a commercial mortgage banking company.