HOUSTON — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $5.4 million, fixed-rate acquisition loan for Edgebrook Shopping Center in Houston. Fiesta Grocery Store anchors the 69,450-square-foot property. Todd McNeill of MCA arranged the 10-year, 4.2 percent loan with a 30-year amortization schedule through a Wall Street conduit lender.
SALT LAKE CITY — Big O, an automotive tire distributor, has signed a lease renewal for more than 100,000 square feet at Summit Distribution Center in Salt Lake City. The 275,000-square-foot facility is located just south of the Salt Lake City Airport. The center is owned by Chambers Street Properties.
NORTH MYRTLE BEACH, S.C. — Burroughs & Chapin Co. Inc. has purchased the Barefoot Landing entertainment complex, which features more than 100 specialty stores and restaurants surrounding a 27-acre lake along Highway 17 in North Myrtle Beach. The purchase price was $43 million, according to The Post and Courier. The property opened in 1988 and was one of the first outdoor festival shopping concepts along the Grand Strand, a stretch of beaches extending 60 miles along the East Coast. Barefoot Landing attracts nearly 7 million visitors annually. The acquisition includes all of the buildings and land within the main complex. The three outparcels will remain independently owned, yet the entire property will continue to be marketed as one entertainment destination.
PITTSBURGH — Forest City Enterprises Inc. has acquired 100 percent interest in the Mall at Robinson and sold its interest in the Plaza at Robinson Town Center. Prior to the transaction, Forest City had approximately 72 percent interest in the mall and 50 percent interest in the strip center. The Mall at Robinson is located at 100 Robinson Centre Drive, and Plaza at Robinson Town Center is located at 15205 Park Manor Blvd. in Pittsburgh. The transaction resulted in net cash proceeds to Forest City of $7.7 million. Forest City Enterprises worked with its partner, Zamagias Properties, on the transactions.
LAS VEGAS — Blue Diamond Crossing, a 530,000-square-foot community shopping center in southwest Las Vegas, has received $59 million in CMBS financing. The center is anchored by Kohl’s and Target. The new funds will replace construction take-out financing that was previously provided by a life insurance company. Financing was arranged by Chris Funai, Braden Turnbull and Peter Welsh of Newmark Realty Capital.
DELAFIELD, WIS. — Ramco-Gershenson Properties Trust has acquired a 106,000-square-foot shopping center in Delafield, located about 25 miles west of Milwaukee, for $22.7 million. The purchase includes the assumption of a $9.3 million mortgage loan, which carries an interest rate of 5.8 percent maturing in 2026. A 38,000-square-foot Marshalls and a 40,000-square-foot Sports Authority anchor the property, which is the second phase of Ramco-Gershenson’s Nagawaukee Center. Ramco-Gershenson has owned the first phase of Nagawaukee Center, anchored by an 81,000-square-foot Kohl’s and a 60,000-square-foot Sentry Market, since June 2012. Nagawaukee Center is located at the northeast quadrant of I-94 and Highway 83.
AUSTIN, TEXAS — Beverly Hills, Calif.-based Misuma Holdings has acquired the 180,000-square-foot Lincoln Village, a shopping center located at 6406 N. Interstate 35, at the intersection of Interstate 35 and Highway 290 in Austin. The shopping center includes tenants such as Chase Bank, Gold's Gym, the Marchesa Theater and Men's Wearhouse.
LUBBOCK, TEXAS — CBRE Capital Markets in Dallas and Houston brokered the sale of the 144,241-square-foot South Plains Crossing, a neighborhood shopping center located at 6802 Slide Road in Lubbock. The property is 98 percent leased to tenants including Hobby Lobby and Spec's Liquor. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, Dallas-based ATR & Associates, in the transaction. Phoenix-based Cole Real Estate Investments purchased the center, which was renovated in 2012.
LAS VEGAS — Blue Diamond Crossing, a 530,000-square-foot community shopping center in southwest Las Vegas, has received $59 million in CMBS financing. The center is anchored by Kohl’s and Target. The new funds will replace construction take-out financing that was previously provided by a life insurance company. Financing was arranged by Chris Funai, Braden Turnbull and Peter Welsh of Newmark Realty Capital.
LOS ANGELES — Destination XL (DXL) has leased a 9,440-square-foot retail building in the Los Angeles submarket of Woodland Hills. The building is located at 6041 Topanga Canyon Blvd. The space was previously occupied by three separate tenants, including 3 Day Blinds. The men’s big and tall superstore is scheduled to open in September. This will be DXL’s second California location. The chain is owned by Casual Male Retail Group. DXL was represented by SPL Realty Partners. The landlord was represented by Dean Cutler of the Piken Company.