TEMPE, ARIZ. — Crossroads of Tempe, a 39,511-square-foot retail strip center in Tempe, has sold to KLC Holdings LLC for $5.5 million. The center is located at 7707 S. Kyrene Road, 315 and 325 W. Elliot Road. It was 65 percent leased at the time of sale. Notable tenants include Chase Bank, Massage Envy, Fed Ex Office and the UPS Store. The center is currently unanchored. The seller, Westwood Financial Corp., was represented by Steve Julius and Jesse Goldsmith of CBRE’s Phoenix office.
JACKSON, MISS. — Colliers International Atlanta has secured a $55 million construction loan for the Outlets of Mississippi, a 300,000-square-foot outlet shopping center under development in Jackson. The loan represents 70 percent of the overall development cost. The property is located five miles east of downtown Jackson and includes 80 designer and name-brand tenants, including Nike, Saks OFF Fifth, Coach, Michael Kors, American Eagle Outfitters, Banana Republic, Gap, Adidas, Lane Bryant, Aeropostale, Osh Kosh, Clark's Bostonian, Reebok, Nine West, Claire's, Hot Topic and Cole Haan. Forrest Speed led the Colliers Atlanta capital markets team in the transaction. Speed arranged the loan through a regional bank on behalf of the borrower, Bloomfield Investments LLC, the operating subsidiary of the developer, Spectrum Capital LLC. Colliers will also represent the developer in securing the future permanent mortgage.
MONTGOMERYVILLE, PA. — NorthMarq Capital has arranged $24.2 million in refinancing for Water Tower Square, a 262,788-square-foot retail center Montgomeryville, a northern suburb of Philadelphia. Home Depot, OfficeMax and Planet Fitness anchor the property. A CMBS lender provided the 10-year loan, which includes a 30-year amortization schedule. Philip Deeter, senior vice president and managing director of NorthMarq’s Philadelphia regional office, arranged the financing.
TEMPE, ARIZ. — Crossroads of Tempe, a 39,511-square-foot retail strip center in Tempe, has sold to KLC Holdings LLC for $5.5 million. The center is located at 7707 S. Kyrene Road, 315 and 325 W. Elliot Road. It was 65 percent leased at the time of sale. Notable tenants include Chase Bank, Massage Envy, Fed Ex Office and the UPS Store. The center is currently unanchored. The seller, Westwood Financial Corp., was represented by Steve Julius and Jesse Goldsmith of CBRE’s Phoenix office.
INDIANAPOLIS AND KALAMAZOO, MICH. — Bernard Financial Group has arranged a $1.3 million loan for Indy-C-Kal Inc. for two retail buildings in Indianapolis and one retail building in Kalamazoo.David Dismondy of Bernard Financial Group originated the loan. StanCorp Mortgage Investors LLC was the lender.
COVENTRY, R.I. — Cole Capital Advisors Inc. has acquired Coventry Crossing, a 20,752-square-foot shopping center in Coventry, located about 20 miles south of Providence, for $11.6 million. The sales price equates to $559 per square foot. CVS/pharmacy anchors the property and has 19 years remaining on its lease. Built in 2008 on 5.6 acres, the center is located at the intersection of Arnold Road and the New London Turnpike at 2250 New London Turnpike. Coventry Crossing features three freestanding buildings. CVS and Webster Bank occupy one building each and Dunkin’ Donuts and Radio Shack occupy the third building. CVS and Webster Bank make up 77 percent of the center’s gross leasable area and generate 73 percent of its income. Robert Horvath, Todd Tremblay and Margaret Huelskamp of Marcus & Millichap represented the seller, Coventry Crossing LLC. Horvath and Tremblay also represented Cole Capital Advisors in the transaction.
REVERE, MASS. — Dealership Boston Harley-Davidson has acquired the 120,000-square-foot former Johnnies Foodmaster retail plaza in Revere, a northern suburb of Boston. The two-building complex will feature Harley-Davidson’s new showroom and state-of-the-art service center. Steve Woodworth and Bob Borgman of Wyman Street Advisors represented Boston Harley-Davidson in the transaction. Scott Dragos of NAI Hunneman Commercial represented the seller.
LEAGUE CITY, TEXAS — HFF has brokered the sale of League City Towne Center, a 194,736-square-foot shopping center in League City, a suburb of Houston approximately 25 miles southeast of downtown. The property was fully leased at the time of sale to tenants including Ross Dress for Less, TJ Maxx and PetSmart. Completed in 2008, the center is located at the intersection of Interstate 45 and FM 646. Ryan West and Rusty Tamlyn led the HFF team that represented the seller, Property Commerce. Excel Trust Inc. (NYSE: EXL), a REIT primarily targeting retail assets, purchased League City Towne Center for an undisclosed amount.
BEDFORD PARK, ILL. — Principal Real Estate Investors (PREI) has fully leased its 341,114-square-foot, multi-tenant industrial building in Bedford Park, a southwest suburb of Chicago, in two transactions. FAMSA Inc. signed a new lease for 65,347 square feet. Leggett & Platt Fashion Bed, which moved into the building in August 2012, will expand its current space in the facility by 21,363 square feet for a total of 275,767 square feet. Larry Much and Steve Connolly of NAI Hiffman’s industrial services group, represented PREI in the two transactions. Bobby Mendoza of LRS Real Estate and Jeff Malk of Aleran Real Estate represented FAMSA Inc. Eileen Curry of CIBCO Realty represented Leggett & Platt.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (KDH) has secured nearly $24 million in refinancing for a five-property, 365,308-square-foot retail portfolio located in Houston and Cincinnati. The Texas properties included are Nottingham Plaza, Town & Country Center and Baybrook Center. The loan includes a term of 10 years and a fixed rate below 3 percent. ING Investment Management is the lender, and Matt Franke and Ray Driver of KDH negotiated the terms. Smithco Development sponsored the borrower.