SAN DIEGO — The Plaza at the Border, a 98,000-square-foot retail center that’s situated along the U.S./Mexico border in the San Diego submarket of San Ysidro, has received a $23.5-million bridge loan. It is located at 3951-3975 Camino De La Plaza. The interest-only financing will replace a construction loan and cover the tenant improvement and leasing costs. The non-recourse, five-year, floating-rate loan was secured by HFF’s Aldon Cole, Tim Wright and Husayn Hasan on behalf of The Shamrock Group, LLC. Prime Finance served as the lender.
SAN DIEGO – A 5,000-square-foot retail building in San Diego’s Little Italy neighborhood has sold to H.G. Fenton Company for $3.3 million. The building is located at 1665 India Street. It is currently leased to Princess Pub & Grille. The seller, the Zolezzi Family Trust, was represented by Brian Jinings of Cassidy Turley San Diego.
MIAMI — 1803 Wilmington Road Co. has acquired a Walgreens drugstore at the southeast corner of SW 26th Street and SW 142nd Avenue in Miami for $3.9 million. The seller, Morgan Property Group (MPG), acquired the 1.4-acre property in 2001 through its affiliate, and developed the freestanding drugstore. Morgan Real Estate, the brokerage arm of MPG, represented the seller in the transaction.
CHICAGO — Leopardo has completed the Gateway to the West Loop, a $34 million, 190,000-square-foot retail project anchored by Mariano’s Fresh Market. The company has also started construction on Ravenswood Station, a $43 million, 240,000-square-foot retail center also anchored by Mariano’s. Gateway to West Loop, located at 14-40 S. Halstead, is home to eight tenants including Mariano’s, Ulta Salon, GNC, Massage Envy and Supercuts. Ravenswood Station will also be home to Mariano’s, LA Fitness and Sears Auto. The project is slated for completion in January 2014. Both project teams include Leopardo (general contractor), Antunovich Associates (architect), Paul Shadle of DLA Piper (attorney) and developers Seymour Taxman, Timothy Barrett and Gene Porto.
PITTSBURGH — AdVenture Development LLC has begun site grading and clearing for the 500,000-square-foot town center portion of the McCandless Crossing development in the North Hills submarket of Pittsburgh. McCandless Crossing is a 1.2 million-square-foot, multi-phased project that will feature retail, multifamily units, office space and two hotels. McCandless Town Center, which will be complete in 2014, is the fourth phase of the overall development. Tenants at the center will include a 12-screen Cinemark theater, specialty grocery store, Bonefish Grill, LongHorn Steakhouse and HomeGoods. The town center will also house 50 townhomes. The Dollar Bank of Pittsburgh is financing McCandless Town Center.
DALLAS — Dallas-based 7-Eleven Inc. has achieved record store growth in 2012 and is expecting the number of 7-Eleven stores worldwide to pass the 50,000-store mark in March. The company added close to 5,000 stores to its portfolio in 2012 alone. The company's growth strategy in the U.S. is to build market concentration in the major metropolitan areas. By the end of 2012, the company had more than 10,000 North American stores and 39,000 stores in 13 countries throughout Europe and Asia.
SAN DIEGO — The Plaza at the Border, a 98,000-square-foot retail center that’s situated along the U.S./Mexico border in the San Diego submarket of San Ysidro, has received a $23.5-million bridge loan. It is located at 3951-3975 Camino De La Plaza. The interest-only financing will replace a construction loan and cover the tenant improvement and leasing costs. The non-recourse, five-year, floating-rate loan was secured by HFF’s Aldon Cole, Tim Wright and Husayn Hasan on behalf of The Shamrock Group, LLC. Prime Finance served as the lender.
SAN DIEGO – A 5,000-square-foot retail building in San Diego’s Little Italy neighborhood has sold to H.G. Fenton Company for $3.3 million. The building is located at 1665 India Street. It is currently leased to Princess Pub & Grille. The seller, the Zolezzi Family Trust, was represented by Brian Jinings of Cassidy Turley San Diego.
CALABASAS, CALIF. — The Summit at Calabasas, a 71,770-square-foot retail center in the Los Angeles submarket of Calabasas, has received a $21.3-million loan. The center is located adjacent to the 101 Freeway. It is currently 95 percent leased to Maddy's Market, as well as a variety of restaurants and soft goods retailers. The new three-year, floating-rate loan contains two year-long extension options. The funds were arranged by Greg Richardson and Scott Watson of Johnson Capital’s Irvine office.
UNION CITY, GA. — RCG Ventures LLC has sold Shannon Square, a 100,000-square-foot shopping center at 4720 and 4700 Jonesboro Road in Union City for $8 million. The property is 95 percent leased and tenants include Hibbett Sports, Dollar Tree, Rent-A-Center, Farmer's Home Furniture and Dunkin' Donuts. The buyer was a private equity group. Drew Fleming and Mark Joines of Cassidy Turley represented the seller in the transaction.