DAVIE, FLA. — City National Bank of Florida has provided a $22 million loan to The Ireland Cos. for the renovation of a shopping center in Davie. The property is located at the southwest corner of University Drive and Interstate 595. The shopping center is undergoing construction to welcome two new anchor tenants: Hobby Lobby and Whole Foods.
Retail
DARIEN, CONN. — Washington Trust’s commercial real estate group has provided a $1.5 million loan to Darien Hospitality Group LLC for the refinancing of a Whole Foods property. The five-acre parcel is located at 150-152 Ledge Road in Darien. Whole Foods Market leases 50,000 square feet at the property. Darien Hospitality Group LLC acquired the property in 1994. Howard Johnson hotel occupy the building until Whole Foods Market executed its lease in 2008.
NEW YORK CITY — Eastern Consolidated has arranged a 12-year lease for Pita Grill in New York City's Greenwich Village. The 2,700-square-foot space comprises 1,350 square feet on the ground floor and 1,350 square feet on the lower level, and has 25 feet of frontage on LaGuardia Place. The location will replace a Five Guys Burgers & Fries, and will be Pita Grill's ninth location since the first one opened on West Fourth Street in 1994.
THE WOODLANDS, TEXAS — The Howard Hughes Corporation and its subsidiary, The Woodlands Development Company, will develop a new 153,000-square-foot Costco in The Woodlands. The Woodlands Development Company sold a 17.5-acre site near the interchange of I-45 and State Highway 242 to the retailer for the new store. Phil Frugé of The Howard Hughes Corporation represented the seller.
WAIKIKI, HAWAII — H & M, Hennes & Mauritz AB (H&M) has opened its first store in Hawaii. The 31,000-square-foot flagship store is located at Waikiki Business Plaza. The new store celebrates the islands’ roots, with unique artwork from local surf photographers Mike Coots, Sarah Lee and Zak Noyle. H&M operates 311 stores in the U.S., and about 3,100 stores nationwide.
DETROIT — HopCat, a Michigan-based beer pub, has purchased the former Agave restaurant building in Midtown Detroit for an undisclosed price. Adam Goodman and Tony Schmitt of Mid-America Real Estate-Michigan Inc. and Chris Muller of M Retail Solutions represented HopCat in the transaction. Midtown Detroit Inc. was the seller of the property. This will be HopCat’s third location in Michigan. The bar has locations in Grand Rapids and East Lansing. The new Midtown location at 4265 Woodward Ave. will feature 130 taps, which is set to be the largest craft beer bar in the state. The new bar is scheduled to open in August.
AUGUSTA, GA. — Cassidy Turley has arranged the sale of Daniel Village, a 172,438-square-foot, grocery-anchored shopping center in Augusta, on behalf of the seller, Equity One. B&C Southeast LLC purchased the property for an undisclosed price. Bi-Lo anchors the center, and its other tenants include Rite Aid, Wells Fargo, Rent-A-Center and The UPS Store. Drew Fleming and Mark Joines of Cassidy Turley represented Equity One in the transaction.
COLLEYVILLE AND ALLEN, TEXAS — Gladstone Commercial Corp. has purchased two properties occupied by Crème de la Crème childcare in the Dallas/Fort Worth suburbs of Colleyville and Allen for $10.5 million. The Colleyville facility is located at 6805 Colleyville Blvd., in close proximity to State Highway 26. The Allen facility is located at 1207 W. McDermott Drive, near I-75 and the Sam Rayburn Tollway. Crème de la Crème will continue to operate both properties. Gladstone Commercial, which is based in McLean, Va., assumed a $6.3 million loan with Wells Fargo Commercial Mortgage as part of the transaction.
ARLINGTON, TEXAS — Bradford Commercial has brokered the sale of a 35,417-square-foot warehouse in Arlington. The buyer, local developer Vaquero Ventures, will redevelop the currently vacant property as a retail facility. Located on more than four acres at 3500 S. Cooper St., the building is in proximity to The Parks at Arlington shopping mall and I-20. Nick Talley of Bradford Commercial represented both the buyer and the seller, Fort Worth-based EKIM Partners, in the transaction. The asset sold within 120 days of its initial listing.
SAN DIMAS, CALIF. – A 21,016-square-foot retail center in San Dimas has sold to Homi Holdings, LLC, for $4.8 million. The center is located at 702 W. Arrow Highway. It is situated adjacent to the I-57 Freeway, directly across from a Lowes-anchored shopping center. The center was built in 1988 and renovated in 2012. It is fully leased to tenants like Sears Appliance Center, Sherwin Williams and T-Mobile.Brad Umansky and Frank Vora of Progressive Real Estate Partners represented both the buyer and seller, R & N Partners, LLC, in this transaction.