SAN ANTONIO — HFF has arranged $54.2 million in construction financing for the redevelopment of the historic Joske’s Building at RiverCenter Mall, a retail complex along San Antonio’s River Walk. The property, constructed in 1887 as the original location of Joske’s Department Store, is located at the corner of Alamo and Commerce streets, overlooking the historic Alamo Plaza in San Antonio’s central business district. Joske’s occupied the space for 100 years, after which Dillard’s occupied the space until 2008. The redevelopment will house retail, restaurant and entertainment tenants. TreyMorsbach, John Pelusi and Cullen Aderhold led the HFF team that represented the borrower, Ashkenazy Acquisitions Corp.
ARLINGTON, TEXAS — SkyWalker Property Partners has acquired a 41,680-square-foot retail property in Arlington’s entertainment district. The one-story building, previously used as an antique mart, has been vacant for nearly a decade. Iskander & Sons Inc., based in the United Arab Emirates, sold the property, which is located at 1715 E. Lamar Blvd and was originally constructed in 1984. SkyWalker purchased the asset on behalf of Hangover Opportunity Fund LLC. Mike Nix of ReMax Associates Commercial represented Iskander & Sons.
SHERWOOD, ORE. — Merlone Geier has purchased Sherwood Market Center, a 124,259-square-foot retail center in Sherwood, for $22.2 million. The grocery-anchored center is located at 16030 SW Tualatin-Sherwood Road just southwest of Portland. It was built in 1996 on 14 acres. Notable tenants at the center include Albertson’s, Chase Bank, Burger King, UPS and GNC. This was the largest retail transaction in Oregon’s Washington County so far this year, according to Scott Frank, Michael Horwitz and Kevin Adatto of Capital Pacific. The trio represented both the buyer and the seller, Regency Centers, in this transaction.
AVON, CONN. — Cronheim Mortgage has arranged $24 million in permanent financing for Avon Marketplace, a regional lifestyle center in Avon. The 10-year loan includes five years of interest only payment and a 30-year amortization schedule. Dev Morris and Andrew Stewart of Cronheim arranged the loan on behalf of Avon Marketplace Investors LLC. Avon Marketplace is owned and managed by an affiliate of David Adam Realty, a local operator of shopping centers. Built in the early 1990s, the property includes two freestanding buildings totaling 79,107 square feet on 17.3 acres. Avon Marketplace was fully occupied by 17 tenants at the time of sale, including ULTA, Gap, Eastern Mountain Sports, New Balance, Victoria's Secret, Starbucks Coffee and Verizon Wireless.
NORWALK, CONN. — Houlihan Parnes Realtors has arranged $5.1 million in permanent financing for a 25,000-square-foot retail center in Norwalk. The loan was used to acquire this property on behalf of a regional investor who completed a 1031 tax-deferred exchange. The five-year loan includes a fixed interest rate of 3.86 percent and a 25-year amortization schedule. The Rite Aid-anchored center also includes seven other local businesses. The lender is a New York-based commercial bank. Steve McCulloch of Houlihan Parnes Realtors arranged the financing on behalf of the borrower.
BARTLETT, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 32,580-square-foot Kentucky Fried Chicken/Taco Bell ground lease in Bartlett, a western suburb of Chicago. The property sold to a cash buyer from Illinois. A Chicago-based developer and property owner sold the property. The freestanding building is located at 960 Route 59 and is adjacent to The Home Depot. Chad Firsel of Quantum Real Estate Advisors Inc. represented the seller in the transaction.
TERRELL, TEXAS — The Retail Connection LP and Oakridge Investments plan the 225,000-square-foot first phase of the Crossroads at Terrell, a major regional shopping center planned for the interchange of Interstate 20 and U.S. Highway 80. TJ Maxx, Ross, Bed Bath & Beyond and Sam’s Club are among the proposed anchors for the power center component of the project, which will break ground in fall 2014 and open in late 2015. The development has been designed to expand to more than 1 million square feet, including office and multifamily uses in addition to retail. Separately, the City of Terrell has approved zoning for a 60,000-square-foot Buc-ee’s travel center adjacent to the Crossroads at Terrell site.
GREENWOOD, IND. — The Mansour Group has arranged the $9.2 million sale of a property fully occupied by Walgreens in Greenwood, a southern suburb of Indianapolis. Alvin Mansour of The Mansour Group marketed the property on behalf of a private seller. The Walgreens property features the company’s flagship “Take Care Clinic” model, which provides clinic services to walk-in patrons. A private California-based buyer, who was also represented by Mansour, acquired the building.
CANTON, OHIO — The Cooper Commercial Investment Group has arranged the $1.8 million sale of a 3,156-square-foot property occupied by Burger King in Canton. The sale price represents a 6.5 percent capitalization rate. Dan Cooper, president and broker at Cooper Commercial Investment Group in Cleveland, represented the owner, a local private investment group, in the transaction. A California-based private investor purchased the property, which is triple-net leased to Burger King. The hamburger chain has 13 years left on its lease.
ELIZABETH, N.J. — Glimcher Realty Trust (NYSE: GRT) has closed on a $350 million mortgage loan secured by The Outlet Collection | Jersey Gardens, a 1.3 million-square-foot outlet mall in Elizabeth. The loan includes a fixed interest rate of 3.83 percent with a maturity date in November 2020. Loan proceeds were used to retire the existing $137.1 million secured mortgage on the property, which had an interest rate of 4.83 percent. Additionally, approximately $148 million of the loan was used to reduce all outstanding borrowings on the company’s secured and unsecured credit facilities. Glimcher began development of Jersey Gardens in 1997, and the mall opened in 1999. Close to Newark and New York City, the center is the largest outlet mall in New Jersey and a major tourist attraction, seeing approximately 18 million visitors a year from more than 160 countries, according to Gilmcher.