UNIONVILLE, CONN. — NorthMarq’s New York City Metro office has arranged a $5.6 million construction and permanent loan for a 13,000-square-foot retail property in Unionville, a western suburb of Hartford. Walgreens fully occupies the property. The financing was based on a two-year construction period and permanent loan of up to 10 years. Amortization is based on a 30-year schedule after conversion to a permanent loan. NorthMarq arranged the loan through a regional bank.
SALINAS, CALIF. — Boronda Plaza, a 93,796-square-foot, grocery-anchored retail center in Salinas, has sold to Phillips Edison-ARC Shopping Center REIT Inc. for an undisclosed sum. The center is located at 1576 North Sanborn Road. It was built in 2002 and boasts a 95 percent occupancy. Boronda is anchored by a 59,412-square-foot Food 4 Less. The seller, Donahue Schriber, was represented by HFF’s Nicholas Bicardo, Mark Damiani and Bryan Ley.
GARDENA, CALIF. — Gateway Crossings, a 120,304-square-foot community center, has sold to a private family trust for an undisclosed sum. The recently redeveloped center is located at 641-739 W. Redondo Beach Blvd. It is 96 percent leased to tenants like Ross Dress for Less, Staples, Goodwill, UEI College, Anna’s Linens, Subway and Ono Hawaiian. Donald MacLellan and Michael Ward of Faris Lee Investments represented both the buyer and the seller, a joint venture partnership of PCCP, LLC and La Caze Development, in this transaction. The buyer was in a 1031 exchange.
INDIANAPOLIS — Namdar Realty Group has purchased three shopping centers totaling 275,000 square feet in Ohio and Indiana. Major tenants of the shopping centers include Save-A-Lot, Family Dollar, Value City Furniture, Big Lots and Taco Bell. “Not only do these shopping centers have terrific cash flow, we have a 15 percent vacancy rate in the portfolio which will enable us to add value to the deal,” says Joel Gorjian of Namdar. This year, Namdar Realty Group has acquired more than 2 million square feet of shopping centers and regional malls throughout the East Coast and Midwest.
NEW YORK CITY — Savanna has sold a retail condominium at 465 Broadway in the SoHo Historic District of New York City for $80 million. The property includes 9,400 square feet of at-grade retail space and 4,700 square feet of below-grade space. Hines, Goldman Sachs and Andre Balazs developed the property in 2007, which was designed by architect Jean Nouvel. Savanna acquired the retail condominium in July 2012 for $57 million in an off-market transaction. The deal was financed with a $42 million acquisition loan from Mesa West Capital and equity from Savanna Real Estate Fund II. The street level space is fully leased to four tenants Bose, Wells Fargo, Dermalogica and Vivienne Tam. Woody Heller, Will Silverman, Eric Negrin and Daniel Parker of Studley were the sole brokers in the transaction.
GARDENA, CALIF. — Gateway Crossings, a 120,304-square-foot community center, has sold to a private family trust for an undisclosed sum. The recently redeveloped center is located at 641-739 W. Redondo Beach Blvd. It is 96 percent leased to tenants like Ross Dress for Less, Staples, Goodwill, UEI College, Anna’s Linens, Subway and Ono Hawaiian. Donald MacLellan and Michael Ward of Faris Lee Investments represented both the buyer and the seller, a joint venture partnership of PCCP, LLC and La Caze Development, in this transaction. The buyer was in a 1031 exchange.
CORAL SPRINGS, FLA. — CB Richard Ellis (CBRE) has arranged the sale of two net-leased restaurant buildings in Coral Springs. Bonefish Grill leases a 5,000-square-foot, freestanding building at 1475 University Drive. Wendy’s occupies and holds the ground lease to the adjacent 3,000-square-foot, freestanding building at 1455 University Drive. The tenants have been at these locations since 2004. David Donnellan and Todd Weintraub of CBRE’s Fort Lauderdale office represented the seller, a private REIT. The buyer was North University Properties LLC.
LIVERMORE, CALIF. — Granada Shopping Center, a 69,325-square-foot shopping center in Livermore, has sold to Retail Opportunity Investments Corp. for $17.5 million. The center is located at 1951 Holmes Street. It was 91 percent leased at the time of sale. Granada is anchored by Lucky Supermarket. Other tenants include Fairmont Bank, Cosmo Prof, Curves, Subway and Country Waffles. The seller was Granada Retail, LLC. Edward B. Hanley of Hanley Investment Group Real Estate Advisors assisted with the sale.
LAREDO, TEXAS — Marcus & Millichap has brokered the sale of Independence Plaza, a 320,352-square-foot, grocery-anchored retail center located at 1911 Bob Bullock Loop in Laredo. James Bell of Marcus & Millichap's Houston office represented the seller, a Texas-based limited partnership, in the transaction. The buyer is a publicly traded REIT. The retail center was built in phases between 2007 and 2013. A 147,324-square-foot H-E-B Plus anchors the center, and the other tenants include T.J. Maxx, Hobby Lobby, Ross Dress for Less, Ulta Beauty, Petco, Wells Fargo and Chili's.
CHANNELVIEW, TEXAS — CBRE's National Retail Investment Group has secured the sale of of Sheldon Forest Shopping Center, a 97,380-square-foot property located at 450 Sheldon Road in Channelview, 16 miles east of Houston. Gerland's Food Fair anchors the center, and its other tenants include Family Dollar and Burke's Outlet. Phase I and II of the center are both fully occupied. Capcor Partners purchased the center from Weingarten Realty Investors. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller in the transaction. Jeff Stein of CBRE's Houston office arranged the acquisition financing for the transaction.