GREENVILLE, S.C. — The Greenville Renewable Energy Education (GREEN) Charter School has acquired the former Pelham Oaks Shopping Center, located at 1440 Pelham Road in Greenville. The school will occupy 30,500 square feet of the 40,000-square-foot facility. The charter, approved in 2012, aims to provide environmental and sustainability literacy, improved science instruction and renewable energy learning opportunities. In its first year, the school will serve 260 students in kindergarten through sixth grade. The school expects to begin registering students within the next month for the 2013-2014 school year. CBRE | The Furman Co. represented the buyer in the transaction.
LOS ANGELES – NorthMarq Capital has arranged a $42.1-million bridge loan for Point Dume Shopping Center, a 55,863-square-foot center in Malibu, and 301 Ocean, a proposed high-end condominium development in Santa Monica. Financing was based on a three-year, interest-only term. It was arranged for Marquis Property Company, Ltd. by Robert Hervey of NorthMarq’s Los Angeles regional office through the company’s relationship with a bridge lender.
SCOTTSDALE, ARIZ. — Kierland Village Center, a 116,809-square-foot neighborhood shopping center in Scottsdale, has sold to Kierland Village CMH, LLC for $25.3 million. Kierland Village CMH is an entity formed by RD Advisors and Mariash Corp. The center is located at 6501 E. Greenway Parkway Road. Notable tenants include Safeway, Walgreens, the UPS Store, Subway, Baskin Robbins, Fantastic Sam’s, Einstein’s and Panda Express. The seller, Kierland Village Center, LLC, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley Arizona.
MIAMI — Grandbridge Real Estate Capital has arranged a $20.8 million first mortgage loan for the acquisition of Kendall Corners, a 96,515-square-foot retail property in Miami. Michael Balan of Grandbridge arranged the seven-year loan, which features a 25-year amortization and an interest rate below 4.5 percent. A U.S. bank provided the financing. An Ashley Furniture store and a Baptist urgent care center anchor the property.
MACHESNEY PARK, ILL. — The Boulder Group has completed the sale of a single-tenant Associated Bank ground lease for $1.1 million. Associated Bank is the sole occupant of the 3,358-square-foot retail building, located at 622 Machesney Road in Machesney Park, a north suburb of Rockford, Ill. The property is located within Machesney Park Town Center, which is anchored by JCPenney, Big Lots, Burlington Coat Factory and Bergner’s. Associated Bank has 20 years of lease term remaining on a 21-year, triple-net-ground lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private developer, and the buyer, an individual based in the Midwest.
PHILADELPHIA AND SAN JOSE, CALIF. — In two separate transactions, Vornado Realty Trust (NSYE: VNO) has completed the sale of two retail properties for a combined total of $263 million. A retail property in Philadelphia, that is part of the Gallery at Market East, sold for $60 million. The Plant, a shopping center in San Jose, Calif., sold for $203 million. The sales resulted in net proceeds of approximately $156 million, after repaying the mortgage on the San Jose property and closing costs. The Gallery at Market East is a mall located at 901 Market St. in downtown Philadelphia with more than 130 stores. The Plant is located at the intersection of Monterey Highway and Curtner Avenue and spans 643,325 square feet. Tenants at The Plant include Applebee’s Best Buy, Chase, Home Depot, OfficeMax, PetSmart and Target. A net gain of $69 million will be recognized in the second quarter.
MARION, IND. — Landmark Commercial has arranged the sale of University Marketplace in Marion for $8 million. TJ Maxx, PetSmart and Hobby Lobby anchor the recently developed shopping center. Other retailers include Kohl’s and Meijer, which also own their own parcels in the shopping center. Daniel Kukes and Kevin Baker of Landmark Commercial represented the buyer, a non-traded REIT, and the seller, a Michigan-based developer, in the transaction.
NILES, OHIO — A Cleveland-based investor has purchased a 4,500-square-foot retail building in Niles, located about 50 miles east of Akron, for $1.3 million. Vitamin Shoppe Inc. is the sole tenant of the building located within Cafaro’s Eastwood Mall complex at 5704 Youngstown Warren Road. Vitamin Shoppe has a long-term lease in place through 2022 and is corporately guaranteed. Dan Cooper of Cooper Commercial Investment Group represented the buyer in the transaction.
LANSDALE, PA. — A Philadelphia-area developer and property owner has sold Allen Forge Shopping Center, a 51,878-square-foot shopping center in Lansdale, for $9.3 million, or $187 per square foot. The center is located at 850 S. Valley Forge Road, approximately 28 miles northwest of Philadelphia. Tenants at the shopping center include a 13,000-square-foot CVS/pharmacy drugstore with a drive-thru, a 9,000-square-foot wine and spirits retail outlet and a Bank of America branch. Matthew Gorman and Michael Shover of Marcus & Millichap represented the seller in the transaction. Gorman and Shover also represented the buyer, a Lehigh Valley-based 1031 tax-deferred exchange investor.
NEW YORK CITY — Elizabeth Arden Inc. has signed a 10,000-square-foot lease at 200 Park Ave. in Union Square for its Red Door Spa. It will be the third spa in Manhattan for the beauty company, which has its corporate headquarters on the seventh floor of the same New York City Park Avenue building. The retail store and spa will occupy two levels, including 2,500 square feet on the ground floor and 7,500 square feet on the lower level. The property will also include an elevator visible from the street. Gregg Schenker, Mark Tergesen and John Gols of ABS Partners Real Estate LLC and Gary Trock of CBRE represented the landlord, 200 Park South Associates LLC, in the transaction. Joseph Cabrera, Edward Weiss, Michael Gordon and Robert Gibson of Cushman & Wakefield represented Elizabeth Arden.