ONTARIO, CALIF. — Ontario Gateway Center, a 220,930-square-foot power center, has received $25.2 million in financing. The center is located at 4420 Ontario Mills Parkway in Ontario. The 10-building property is fully occupied. Anchors include Toys “R” Us and Babies “R” Us. Ross is scheduled to open at the center in late 2013. The loan features a 10-year term and a 3.75 percent fixed interest rate. Financing was arranged by HFF’s Paul Brindley and Steven Paskhover on behalf of an affiliate of Zelman Development Company and Grayburn Properties. The funds were provided by Deutsche Bank.
ALBANY, ORE. — Hobby Lobby has finally entered the Oregon market. The arts and crafts chain recently leased a 61,000-square-foot outpost at the Heritage Mall in Albany. It will occupy the former Gottschalks building. Hobby Lobby is expected to open in the first quarter of 2014. It will join fellow mall tenants such as Target, Sears, Ross Dress for Less, Old Navy, Maurice’s, rue 21, Zumiez, Famous Footwear, Game Stop and Bath & Body Works. The mall is owned by Vintage Real Estate. It is currently undergoing a renovation and repositioning.
HARRISONBURG, VA. — Morgan Property Group (MGP) has acquired land for the development of a new freestanding 7-Eleven store in Harrisonburg. MPG acquired the 1.1 acres from Trenton Inc. for $1 million. 7-Eleven Inc. will lease the project and develop a 2,940-square-foot convenience store with six pumping stations. MPG will break ground on the new store in June. The store is expected to open this fall.
PARAGOULD, ARK. — Belk, the mid-range department store chain, is expanding and remodeling its store at the Town West Shopping Center in Paragould, located in northeast Arkansas. The $1.8 million project will add 10,000 square feet of space for a total of 48,000 square feet. The remodeling project will also include updated decor, new paint, carpet, tile aisles and lighting. The expansion will be complete in late September, prior to the store's grand reopening in October.
ALBANY, ORE. — Hobby Lobby has finally entered the Oregon market. The arts and crafts chain recently leased a 61,000-square-foot outpost at the Heritage Mall in Albany. It will occupy the former Gottschalks building. Hobby Lobby is expected to open in the first quarter of 2014. It will join fellow mall tenants such as Target, Sears, Ross Dress for Less, Old Navy, Maurice’s, rue 21, Zumiez, Famous Footwear, Game Stop and Bath & Body Works. The mall is owned by Vintage Real Estate. It is currently undergoing a renovation and repositioning.
MOBILE, ALA. — Deerwood Real Estate Capital has arranged a $20.7 million nonrecourse loan for the acquisition of a 381,000-square-foot power center in Mobile. The center is 80 percent leased. Rafi Frankel and Mark Silbersher of Deerwood arranged the 10-year loan, which includes two years of interest-only payments, followed by a 28-year amortization schedule.
CHICAGO — Ascend Real Estate Group, Team4 Development LLC and Intercontinental Real Estate Corp. have broken ground on The Madison at Racine, a nine-story, 216-unit luxury apartment midrise in downtown Chicago. The multifamily property is located at the northwest corner of Madison Street and Racine Avenue in the West Loop. The real estate firms formed a joint venture with the Intercontinental US REIF fund to develop the project. The building will include one- and two-bedroom units, 227 parking spaces and 10,000 square feet of ground-floor retail space. The first residential occupancies are scheduled for fall 2014. FitzGerald Associates Architects designed the building.
NEW YORK CITY — Manhattan-based commercial real estate owner Hidrock Realty has acquired 512 Broome St., a single occupancy retail building, for $2.8 million as part of a 1031 tax deferred exchange. The property, which is located off of West Broadway in New York City’s SoHo neighborhood, includes 1,100 square feet of ground-floor space and 1,000 square feet of basement space. Michael Rothstein and Eleas Mathios of Marcus & Millichap represented both Hidrock and the seller, RHS Ventures, in the transaction.
BELLEVUE, WASH. – The Marketplace at Factoria, a 510,000-square-foot shopping center in Bellevue, has sold to Kimco Realty Corp. The company had maintained a 50 percent ownership interest in this property before acquiring its joint venture partner’s ownership interest. The center is 94.3 percent leased to tenants like Walmart, Target, Nordstrom Rack, TJ Maxx, Petco, DSW Shoe Warehouse, Old Navy, Rite Aid and Safeway. The transaction was based on a gross value of $130.7 million.
LAS VEGAS — The Grand Canal Shoppes inside Las Vegas’ Venetian and Palazzo resorts has sold to a partnership between General Growth Properties (GGP) and TIAA-CREF for $410 million. The shops are 99 percent leased and contain a total of 774,000 square feet throughout both resorts. GGP had owned 100 percent of the property prior to this transaction. Both companies will now have a 50-50 share, though GGP will continue to provide management and leasing services.