MANCHESTER, CONN. — Agree Realty Corp. has acquired two single-tenant properties leased to PetSmart and Starbucks for $5.4 million. Starbucks occupies 1,562 square feet in Manchester and PetSmart occupies 20,353 square feet on Disk Road in Rapid City, S.D
AUSTIN, TEXAS — A joint venture partnership between Austin-based Cielo Realty Partners and MIMCO Inc. recently purchased a 47,050-square-foot retail property at the intersection of Highway 71 and U.S. Highway 290 in Austin. The property is currently leased to Planet Fitness and Goodwill, and marketing for the remaining 13,050 square feet is underway.
NEWARK, CALIF. – The NewPark Mall in Newark has received a $71.5-million refinance. The mall is located at 2086 NewPark Mall. It contains nearly 1.2 million square feet of retail space and serves the tri-cities of Newark, Fremont and Union City in the East Bay area. The mall is anchored by Macy’s, jcpenney, Sears and Burlington Coat Factory. The non-recourse, floating-rate mortgage loan features an initial interest rate of 4.3 percent. The loan’s initial funding is $66.5 million. The remaining $5 million will be earned out once the mall achieves certain milestones, according to its owner, Rouse Properties. The bank loan has a four-year term and a one-year extension option.
LOS ANGELES — Artemis Real Estate Partners has teamed with Primestor Development on behalf of New York Common State Retirement Fund’s $300-million real estate emerging manager program. The joint venture will focus on acquiring institutional-quality, core-plus retail properties in mainstream locations throughout California. The program is looking to invest with best-in-class operating partners.
SIMPSONVILLE, KY. — Horizon Group Properties Inc. and CBL & Associates Properties Inc. have formed a joint venture to develop The Outlet Shoppes at Louisville in Simpsonville. Located along I-64, the 370,000-square-foot project will serve residents of Louisville, Lexington and Frankfort. It will be the only outlet center located in the state of Kentucky, according to a statement by the joint venture. Construction will begin in June with completion set for late summer 2014. The property is currently more than 75 percent leased and retailers include Coach, Banana Republic, Brooks Brothers, Chicos, Nike and Saks Fifth Avenue OFF 5TH.
WOODMERE, N.Y. — Houlihan-Parnes Realtors LLC and Q10 New York Realty Advisors LLC have arranged a $45 million first mortgage on the Five Towns Shopping Center in Woodmere. The interest-only, 10-year loan includes a fixed rate of 3.4 percent. A national lender provided the nonrecourse financing. The 500,000-square-foot center is located at 253-01 Rockaway Blvd., about 15 miles east of Brooklyn. Tenants at the retail property include Lowe’s Home Center, K-Mart, T.J. Maxx, Conway, The Children’s Place, T-Mobile and Applebee’s, as well as a new Walmart Marketplace and Modell’s. Jim Houlihan, Mike O’Neill and Bryan Houlihan of Houlihan-Parnes placed the loan. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the borrower in the transaction.
NEW YORK CITY— Cohen Commercial Properties (CCP) has purchased 1800 Williamsbridge Road, a 12,212-square-foot, net leased retail property in the Bronx, for $11.4 million. The seller was Rock City MC LLC. The two-tenant property was fully occupied at the time of sale by a 4,669-square-foot Citibank and a 7,543-square-foot Walgreens. CCP was self-represented by Sam Catton and Paul Trupia in the transaction.
NEWARK, CALIF. – The NewPark Mall in Newark has received a $71.5-million refinance. The mall is located at 2086 NewPark Mall. It contains nearly 1.2 million square feet of retail space and serves the tri-cities of Newark, Fremont and Union City in the East Bay area. The mall is anchored by Macy’s, jcpenney, Sears and Burlington Coat Factory. The non-recourse, floating-rate mortgage loan features an initial interest rate of 4.3 percent. The loan’s initial funding is $66.5 million. The remaining $5 million will be earned out once the mall achieves certain milestones, according to its owner, Rouse Properties. The bank loan has a four-year term and a one-year extension option.
LOS ANGELES — Artemis Real Estate Partners has teamed with Primestor Development on behalf of New York Common State Retirement Fund’s $300-million real estate emerging manager program. The joint venture will focus on acquiring institutional-quality, core-plus retail properties in mainstream locations throughout California. The program is looking to invest with best-in-class operating partners.
ASHLAND, KY. — Emmes Asset Management Co. has sold Midtown Mall, a 153,723-square-foot, grocery-anchored shopping center in Ashland for $11.3 million. BDB Realty was the buyer. Midtown Mall is located at 711 12th St. and is 81 percent leased. Kroger and Big Lots, which both recently renewed long-term leases, anchor the property. Other tenants include Gatti-Land, Rent-a-Center, Subway and Wendy's. Richard Reid led the HFF team that represented the seller in the transaction.