Retail

HFF SECURES $39.1M FINANCING FOR NORTH OAKS SHOPPING CENTER

by admin June 24, 2013

HOUSTON — HFF has secured $39.1 million in acquisition financing for North Oaks Shopping Center, a 448,760-square-foot power center in northwest Houston. The shopping center is located at 4501 FM 1960 and is 93.7 percent leased to Hobby Lobby, Ross Dress for Less, TJ Maxx, Big Lots, Mardel, Staples, 99 Cents Only and Dollar Tree. Tyler Ford and Christopher Vittetoe of HFF arranged a $34.5 million, 10-year senior loan at a fixed rate through Deutsche Bank on behalf of the borrower, Austin-based World Class Capital Group LLC. HFF also placed a $4.6 million mezzanine loan through SteepRock Capital.

June 24, 2013

UNIVERSITY COLLECTION SHOPPING CENTER SELLS FOR $18.4 MILLION

by admin June 21, 2013

TAMPA, FLA. — The Shopping Center Group (TSCG) has completed the sale of University Collection, a 107,198-square-foot neighborhood retail center located in Tampa, for $18.4 million. Constructed in 1984, the property was approximately 80 percent leased at the time of closing. Sweetbay Supermarket anchors the center, though the grocer was not included in the transaction. Additional University Collection tenants include Dollar Tree, Pet Supermarket, Chili’s, Tijuana Flats, Five Guys Burgers & Fries, Firehouse Subs, Jason’s Deli, Mattress One and FedEx Office. TSCG’s Anthony Blanco, Lenard Williams, Mallory Ham and Kris Kral represented the seller, a joint venture between Ram CRA Partners and Forge Capital Partners. The buyer was an institutional investment fund managed by Charlotte, N.C.-based Faison.

June 21, 2013

Midwest Retail

OLLIE’S BARGAIN OUTLET SIGNS TWO LEASES IN MICHIGAN

by admin June 21, 2013

SAGINAW AND YPSILANTI, MICH. — Mid-America Real Estate-Michigan Inc. has arranged two leases with Ollie’s Bargain Outlet. Ollie’s signed a 26,338-square-foot lease in Green Acres Plaza at 4510 State St. in Saginaw and a 36,000-square-foot lease in Roundtree Plaza at 2321 Ellsworth Place in Ypsilanti. Susan Acciaioli, Tony Schmitt and Jack Uhazie of Mid-America Real Estate represented Ollie’s Bargain Outlet in both transactions.

June 21, 2013

Retail Texas

MARCUS & MILLICHAP ARRANGES SALE OF 10,276 SF RETAIL BUILDING

by admin June 21, 2013

LIBERTY, TEXAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Liberty Crossing Shopping Center, a 10,276-square-foot retail property located at 2121 Highway 146 Bypass in Liberty. Philip Levy of Marcus & Millichap represented the buyer, a private investor, and the seller, 2121 146 Bypass LLC, in the transaction. The center is currently 88 percent occupied. Workforce Solutions occupies 68 percent of the gross leasable area, and Ice Ventures leases space in Liberty Crossing’s parking lot.

June 21, 2013

Retail Western

KRUSE VILLAGE TO SOON BREAK GROUND IN LAKE OSWEGO

by admin June 20, 2013

LAKE OSWEGO, ORE. – Kruse Village, a 65,000-square-foot retail and restaurant center, will soon break ground in Lake Oswego. The six-building center will be located at 4591 S.W. Carman Drive. This five-acre site represents the last parcel of homestead land that is owned by the Kruse family. Construction is expected to commence later this year and should be complete by fall 2014. It will be developed by Gramor Development. Commercial Realty Advisors will oversee the leasing efforts.

June 20, 2013

Retail Southeast

CRONHEIM ARRANGES $10.8 MILLION SHOPPING CENTER LOAN

by admin June 20, 2013

ALEXANDRIA, LA. — David Cronheim Mortgage Corp. has secured $10.8 million in permanent financing for a shopping center in Alexandria. Alexandria Commons contains 185,336 square feet of space. Its anchors include Best Buy, Michaels, Old Navy, Marshalls and PetSmart. David Turley and Anna Westhoff of Croheim arranged the loan, which carries a 4.45 percent fixed interest rate for 10 years over a 30-year amortization schedule. The borrower’s and lender’s names were not released.

June 20, 2013

Midwest Retail

GRANDBRIDGE FINANCES $2.2M RETAIL PROPERTY IN MINNEAPOLIS

by admin June 20, 2013

MINNEAPOLIS — Grandbridge Real Estate Capital has closed a $2.2 million first mortgage loan secured by 11,750 square feet of retail space in the Uptown area of Minneapolis. The retail component is part of the larger mixed-use Lumen on Lagoon project. The property also includes four floors of condominium units above the retail and underground parking below. A life insurance company provided the self-amortizing, 15-year loan, which carries a four percent interest rate. Tony Carlson originated the loan.

June 20, 2013

Retail Texas

OFFICE DEPOT TO OPEN NEW STORE AT SHERMAN COMMONS

by admin June 20, 2013

SHERMAN, TEXAS — United Commercial Realty (UCR) Dallas aided Office Depot in signing a 16,909-square-foot, build-to-suit lease at Sherman Commons, a 241,000-square-foot community shopping center located in Sherman. Dan Shoevlin and Carter Butler of UCR represented the landlord and Claudia Hutchinson and Myles Kelley of Realty Ventures represented the tenant. UCR Asset Services has begun construction on the property. The grand opening will be later this year. Other notable tenants at Sherman Oaks include Kohl’s, Academy Sports + Outdoors, Jo Ann Fabrics and Crafts and PetSmart.

June 20, 2013

Retail Western

KRUSE VILLAGE TO SOON BREAK GROUND IN LAKE OSWEGO

by admin June 20, 2013

June 20, 2013

Retail Western

CHUZE FITNESS LEASES 36,000 SF AT PAVILION PLAZA IN GARDEN GROVE

by admin June 19, 2013

GARDEN GROVE, CALIF. – Rachas Garden Grove LP, dba Chuze Fitness, has signed a 10-year lease for 36,000 square feet at Pavilion Plaza in Garden Grove. The plaza is located at 12145 Brookhurst Street. The lease is valued at nearly $5 million. Rachas was represented by Chad Iafrate of Cassidy Turley San Diego. The landlord, 12151 Brookhurst, LLC, was represented by Ross Melodia of Pride Property Services.

June 19, 2013

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