DALLAS — HFF has arranged a $65 million refinance loan for a portfolio of 99 Burger King properties in six states. Dallas-based HFF, which represented affiliates of Jaylor Services, secured a 10-year, fixed-rate, non-recourse loan through Ladder Capital. Burger King locations in the portfolio include four in Missouri, three in Kansas, 57 in Louisiana, 22 in Alabama, four in Florida and nine in Mississippi. All properties are leased on a long-term, absolute triple-net-lease basis to an affiliate of Strategic Restaurants, a subsidiary of Ceberus Capital Management. The HFF team included Mark West and Brandon Chavoya.
Retail
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (Q10 | KDH) has arranged $7.5 million in refinancing for a portfolio of four retail properties in Houston. The assets include two multi-tenant strip shopping centers and two CVS/pharmacy ground leases. Matt Franke and Ray Driver III of Q10 | KDH negotiated the terms of the fixed-rate, 20-year refinancing on behalf of the property owner. Advantus Capital Management, a life insurance company affiliate lender, provided the refinancing.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of II Creeks Plaza, a 63,592-square-foot retail property in the Dallas suburb of Richardson. Constructed in 1975 and recently renovated, the development is located on more than seven acres at 2700 Custer Parkway. The property was 90 percent occupied at the time of the sale by tenants including Slate Venues, Crull Fitness, Sting Soccer, Sway Dance Center, Tannery & Co. and The Spa at II Creeks. Philip Levy of Marcus & Millichap marketed the asset on behalf of the seller, a partnership, and also secured the buyer, a limited liability company.
LONG BEACH, CALIF. — KZ DevCo, L.P., has completed construction on two CVS/pharmacies in Long Beach. The first is a 17,043-square-foot store situated on 1.2 acres at Pacific Coast Highway and 2nd Street. The second is a 14,576-square-foot outpost situated on 1.5 acres at Pacific Coast Highway and Los Coyotes Diagonal.
CHICAGO — Johnson Capital has arranged $60 million in fixed-rate senior debt for the refinancing of a retail condo in the One North State Street office building in Chicago. The retail condo includes 150,000 square feet of space on the ground floor and three additional lower floors of the 16-story, 673,400-square-foot building. The remaining 523,000 square feet of the building is office space. One North State is located at the intersection of State and Madison streets. The retail space is 98 percent occupied with a stable mix of anchors, including TJ Maxx and Burlington Coat Factory. Other retailers include Claire’s, Chipotle, Dunkin Donuts, The Body Shop, GNC and Payless Shoe Source. A large foreign bank provided the 10-year loan. Neil Bane and Roger Brandt of Johnson Capital arranged the financing.
ROCHESTER HILLS, MICH. — Bernard Financial Group has arranged a $9.2 million loan for a 49,031-square-foot retail property in Rochester Hills, located about 27 miles north of Detroit. Kevin Kovachevich of Bernard arranged the loan for the borrower, CW Owner LLC. A CMBS lender provided the loan.
BERKELEY, CALIF. – A 9,325-square-foot retail property in Berkeley has sold to a private investor for $4.7 million. The property is located at 2000 San Pablo Ave. near the University Avenue exit of Interstate 80. It was built in 1969 and renovated in 2013. The center was anchored by 7-Eleven and T-Mobile at the time of sale. The buyer was represented by Kevin Turner of Marcus & Millichap’s Oakland office. The seller was not named.
JOHNSON CITY, TENN. — Chase Properties, an Ohio-based owner and operator of shopping centers, has announced the acquisition of Johnson City Crossing, a 240,000-square-foot shopping center in Johnson City, from Ronus Properties. The shopping center, located on State of Franklin Road, is anchored by Ross Dress for Less, Bed Bath & Beyond, Michaels, PetSmart, HH Gregg, Stein Mart and Old Navy. Other tenants at the center include Shoe Carnival, Dress Barn, Lifeway Christian and Rugged Warehouse. David Webb with Berkeley Capital Advisors brokered the sale. Johnson City Crossing is Chase Properties’ first acquisition in Tennessee.
ALPHARETTA, GA. — Phillips Edison-ARC Grocery Center REIT II has announced the acquisition of its first grocery-anchored shopping center, Bethany Village, an 81,674-square-foot shopping center in Alpharetta, an affluent suburb of Atlanta. Bethany Village is anchored by a 51,674-square-foot Publix grocery store. Other tenants include Marco’s Pizza, Subway and Workout Anytime. Bentall Kennedy, a Canadian-based real estate advisory and services organization, sold the property to the public, non-traded REIT. The sales price has not been disclosed.
PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $27 million loan for the refinancing of a seven-property retail portfolio in Philadelphia. The 10-year loan includes a 3.6 percent fixed interest rate for the first five years and a 30-year amortization schedule. After five years, the rate will reset at 180 basis points over the five-year Federal Home Loan Bank rate. John Banas and Kris Wood in MMCC’s Philadelphia office arranged the loan.