MILFORD, CONN. — CBRE Group Inc. has completed a $10.5 million loan for the refinancing of Turnpike Square, a 95 percent-occupied retail shopping center in Milford. The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe secured the 10-year loan, which includes a 30-year amortization schedule, through Deutsche Bank on behalf of the borrower, Milford Associates. The 105,461-square-foot retail center is located at 70 Turnpike Square. Its tenant roster includes Michaels, Big Lots and Pier 1 Imports, as well as multiple retailers that have occupied the space for 10 or more years.
Retail
NEEDHAM, MASS. — NorthMarq Capital’s Boston regional office has arranged a $10 million loan for the refinancing for a Staples/Petco building in Needham, a southwest suburb of Boston. The property contains spans 40,500 square feet and is located at 163 Highland Ave. A life insurance company provided the 10-year loan with a 25-year amortization schedule. Joseph Hegenbart of NorthMarq arranged the loan on behalf of the borrower, 163 Highland LLC.
LOS ANGELES — An undisclosed private investor has purchased Sylmar Square Shopping Center, a 139,661-square-foot, grocery-anchored shopping center in the Los Angeles submarket of Sylmar, for $16.8 million. The center is located at 13700-13790 Foothill Blvd. Sylmar Square is anchored by Vons Supermarket. Other notable tenants include Chase Bank, Verizon and Payless ShoeSource. It was originally constructed in 1957 and renovated in 2003. Additional renovations are in progress. Fariba Kavian of NAI Capital’s West LA office represented the seller, C-III Asset Management, in this transaction.
PHOENIX — Ross Plaza, a 64,744-square-foot neighborhood retail center in North Phoenix, has sold to BH Properties for $3 million. The plaza is located at 10606-10653 N. 43rd Ave. near the Arizona State University west campus. It is anchored by Ross Dress For Less, which occupies more than half of the plaza. The buyer plans to refurbish the property.
LOUISVILLE, KY. — GBT Realty Corp. has closed on the purchase of more than 28 acres in Louisville for the $40 million development of Jefferson Commons, a 210,000-square-foot retail center. The property is more than 82 percent preleased a sports retailer anchor, as well as Shoe Carnival, H.H. Gregg, Liquor Barn, Michael’s Arts & Crafts and Men’s Wearhouse. GBT Realty will provide development, leasing, construction management and property management services for Jefferson Commons. The project team also includes architect MJM Architects, project engineer Gresham Smith and Partners and site-work contractor Louisville Paving & Construction.
GLEN ELLYN, ILL. — The Opus Group has completed the construction of a new grocery-anchored development, The Fresh Market Center, in Glen Ellyn, a western suburb of Chicago. The Fresh Market, a 23,790-square-foot grocery store, anchors the development. Firehouse Subs will occupy 2,230 square feet of space and other tenants include Great Clips and Tide Dry Cleaners, occupying 1,050 and 2,800 square feet, respectively. Located on East Roosevelt Road between South Lorraine and South Lambert roads, the new retail center includes patio seating and 186 customer parking spaces. Mid-America represented Opus in the lease transaction with Firehouse Subs. Firehouse Subs represented itself in the deal. Opus Development Co. LLC was the developer, Opus Design Build LLC served as the general contractor for the project, Opus AE Group LLC was the architect of record, and OKW Architects was the design architect.
KENT, OHIO — Marcus & Millichap has arranged the $2.9 million sale of Discount Drug Mart Center, a 31,762-square-foot retail property located in Kent, about 15 miles northeast of Akron, Ohio. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller and represented the buyer, both limited liability companies, in the transaction. Discount Drug Mart Center is located at 1763 East Main St. and was fully occupied at the time of sale.
EXCELSIOR SPRINGS, MO. — The Cooper Commercial Investment Group has arranged the $1.8 million sale of a Burger King property located in Excelsior Springs, located approximately 30 miles northeast of Kansas City. Bob Havasi of the Cooper Commercial Investment Group represented the owner, a private investor from Tennessee, in the transaction. The buyer was a private investor based in Missouri. The sales price equates to a 6.2 percent capitalization rate.
NEW YORK CITY — Marcus & Millichap has arranged the $13.9 million sale of 6 St. Marks Place, a five-story retail building located between Astor Place and Second Avenue in Manhattan’s East Village. The sales price equates to $889 per square foot. Barbara Dansker, Preet Sabharwal, Zachary Weiss and Zachary Ziskin in Marcus & Millichap’s Manhattan office represented the seller, Withinvestors LLC, and the buyer, Kunbing Inc. The 15,600-square-foot property is occupied by three tenants on a net-lease basis and was fully occupied at the time of the sale. The New York Tofu House restaurant occupies the ground floor and the lower level. The second floor was recently leased to the Gallery & Café. St. Mark’s Karaoke occupies the third, fourth and fifth floors.
OKLAHOMA CITY — Glimcher Realty Trust has acquired three retail properties and 12 acres of undeveloped land in Oklahoma City for $51.8 million. The retail properties, which total 290,000 square feet, include Classen Curve, Nichols Hills Plaza and The Triangle @ Classen Curve. Combined, the three are averaging $500 in sales activity per square foot and house the market’s only Anthropologie, lululemon athletica and Whole Foods locations. Glimcher is tentatively planning mixed-use shopping and entertainment developments for the open land, which is located in the Northern Oklahoma City and Nichols Hills neighborhoods. Tom Blanton of Blanton Property Co. will retain leasing duties at the properties.