CUPERTINO, CALIF. – A retail property in Cupertino that has recently signed 99 Ranch has received a $13-million mortgage. The 20-year, fixed-rate, permanent loan was arranged for Browman Development Company by Greg Gray of Barry Slatt Mortgage. It was provided by Thrivent Financial for Lutherans.
TORRANCE, CALIF. — A 4,229-square-foot retail strip center in Torrance has sold to a private investor for $4.6 million. The property is located at 20301 Hawthorne Blvd. It is fully occupied by 7-Eleven and the Coffee Bean & Tea Leaf. The buyer was represented by Paul Lee of Pacific Gold Coast Realty in Diamond Bar. The seller, a locally based private investor, was represented by Kevin T. Fryman and Carlos J. Lopez of Hanley Investment Group Real Estate Advisors.
PHOENIX — TriGate Capital has acquired four shopping centers in the Greater Phoenix region for $28.3 million. They include Ahwatukee Mercado, Elliot Plaza, the Crossings at Fountain Hills, and Ventana Lakes Village Center. The centers contain a total of 306,959 square feet. The seller, C-III Asset Management, was represented by Lane Neville, Brad Ranly, Barbara Lloyd and Hunter Null with NAI Horizon, along with C-III Realty Services.
WEST PALM BEACH, FLA. — The 113,862-square-foot Sabadell United Bank building has traded for $15.4 million in West Palm Beach. The 12-story building was sold by PEBB Palm Beach Lakes LLC to Brookwood Sabadell Investors LLC. Dominic Montazemi, Scott O’Donnell, Marty Busekrus and Miguel Alcivar of CBRE’s Private Capital Group<
CELEBRATION, FLA. — A 49,000-square-foot Publix has opened at Water Tower Shoppes, replacing a 33,000-square-foot Gooding’s Supermarket, at 29 Blake Blvd. in Celebration. National retail tenants such as Joe’s Crab Shack, Pep Boys, Chick-fil-A and Exxon Mobil Oil surround the 124,000-square-foot Water Tower Shoppes, which opened in 2005. Orlando, Fla.-based Crossman & Co. manages and leases the retail property.
WILLISTON, N.D. — Englewood Construction has broken ground on the Williston Brewing Co., a 12,000-square-foot restaurant and lounge that is attached to the 92-room El Rancho Hotel in Williston. The restaurant will include a casino, complete with video power and blackjack table, 65 flat-screen televisions, a mechanical bull, a wine room and private dining facilities with seating for 250 people. Minneapolis-based Studio M. Architects is providing architectural services.
PARMA, OHIO — Marcus & Millichap has arranged the $1.3 million sale of a 7,000-square-foot Advance Auto property in Parma. Brian Parmacek and Michael Glass of Marcus & Millichap represented the buyer, a partnership, in the transaction.
SICKLERVILLE, SCROTCH PLAINS AND WILDWOOD, N.J. — Marcus & Millichap has arranged the sale of three retail properties in New Jersey for a combined $11.7 million. The properties include 611 Cross Keys Road, a strip center in Sicklerville, that sold for $378 per square foot. Michael Lombardi, Brian Mucerino and Maz Radwan of Marcus & Millichap represented the buyer, a New Jersey-based personal trust, in the transaction. The seller was a Pennsylvania-based developer. The second property is 445 Terrill Road in Scotch Plains, which is leased to Advance Auto Parts for another 10 years. Kevin Limbert of Marcus & Millichap represented the buyer, a Chicago-based real estate fund. The seller was a Florida-based developer. The third property is 404 E. Fourth Ave. in North Wildwood, a newly built Wawa Convenience Market. Andrew Fallon of Marcus & Millichap represented the buyer, a Maryland-based investor. Brad Nathanson of Marcus & Millichap represented the sellers in the three deals.
NEW YORK CITY — Simone Development Cos. has signed three new tenants at the Throggs Neck Shopping Center project, currently under construction in the Ferry Point section of the Bronx. T.J.Maxx has signed a 28,417-square-foot lease, Abblebee's has signed a 6,640-square-foot lease and MetroOptics Eyewear has signed a 4,131-square-foot lease. The Throggs Neck Shopping Center is scheduled for completion in 2014 and will consist of more than 285,000 square feet of stores and restaurants on two levels. Simone Development, Aaron Malinsky and Paul Slayton are developing the property, which will be anchored by a 165,000-square-foot Target.
CORPUS CHRISTI — La Palmera, a 1 million-square-foot super-regional mall located in Corpus Christi, is adding four new tenants to its roster. LongHorn Steakhouse will open a 6,500-square-foot restaurant in 2013, which will also feature outdoor patio seating. Papaya opened a 6,350-square-foot location and Flip Flop Shops opened a kiosk near the food court. Pandora will also open a new 1,703-square-foot shop in time for the holiday shopping season.