GLEN BURNIE, MD. — Walker & Dunlop has arranged $16.25 million in financing for the 212,345-square-foot Chesapeake Square Shopping Center, located in Glen Burnie. ShopRite and Best Buy anchor the center, which is 90 percent leased. Additional tenants include Advance Auto Parts, Subway and Five Below. J. Tyler Blue and Paul Wallace of Walker & Dunlop secured the 10-year loan with a 30-year amortization schedule.
Retail
OAKLAND, CALIF. — An O’Reilly Auto Parts property in Oakland has sold to a private investor from San Jose for $2.25 million. The 8,000-square-foot, single-tenant space is located at 3232 Foothill Blvd. Jeremy S. McChesney of Hanley Investment Group Real Estate Advisors represented the seller, Equitas Oakland, in this transaction.
PALM BAY, FLA. — A 16,000-square-foot CVS/pharmacy, located at the intersection of Palm Bay Drive and Babcock Road in Palm Bay, has sold for $5.59 million. CVS recently extended its triple-net lease. Dan Cooper of The Cooper Commercial Investment Group represented the seller, a Texas-based private group, in the transaction. The buyer was an Illinois-based private group in a 1031-exchange.
PENSACOLA, FLA. — Marcus & Millichap has arranged the $4.5 million sale of a 21,194-square-foot Office Depot, located at 5000 Bayou Blvd. in Pensacola. Scott Sandelin of Marcus & Millichap's Miami office represented the seller, a publicly traded REIT, in the transaction and procured the buyer, a Canada-based private investor.
HOLLY SPRINGS, N.C. — Kite Realty Group Trust has secured $37.5 million in construction financing for the 375,000-square-foot Phase I of Holly Springs Towne Center, located in Holly Springs. A 135,000-square-foot Target will shadow anchor the first phase of the project. Dick's Sporting Goods, Marshalls, Michaels and Petco will anchor the center. Other tenants include Pier 1 Imports, ULTA and Charming Charlie. Bank of America provided the three-year loan with an option to extend for two additional years.
MARYSVILLE, OHIO — Mill Valley Plaza, an 18,353-square-foot retail plaza in Marysville, has sold to a private investor based in New Jersey for $2.7 million. The property opened in 2007 and is located 25 miles northwest of Columbus off State Route 31. Dan Cooper of Cooper Commercial Investment Group represented the seller, a private investment group from Central Ohio, in the transaction. He also secured the buyer.
NEW YORK CITY — Vorando Realty Trust has agreed to redevelop the retail and signage components of the Marriott Marquis Times Square hotel at 1535 Broadway in Manhattan. The real estate investment trust plans to invest $140 million in improvements, including converting the underground parking garage into stores and adding six stories of LED signs. Vornado entered into a lease with the landlord, Host Hotels and Resorts Inc., to reposition the property. The lease also contains an option for Vornado to purchase the space from Host Hotels, at a price based on future cash flow.
OSWEGO, N.Y. — SRE-Midtown Acquisitions has purchased Midtown Plaza, a 68,000-square-foot retail center in Oswego. The property contains two floors of retail and office space. Tenants include Rite Aid Pharmacy, Joanne Fabric and The Green Planet Grocery. The new owners are working with the City of Oswego to identify ways to enhance the property, which is located at one of the busiest corners in the city. Louis Fournier and Larry Socia of The Sutton Cos. represented the seller, Dawn BV II, in the transaction. They also represented the buyer.
NEW YORK CITY — Manhattan-based JEMB Realty has agreed to buy the real estate interests from clothing retailer Daffy's, which filed for bankruptcy Wednesday. Terms of the deal were not disclosed. According to a statement, JEMB will acquire “leasehold interests, certain real estate fixtures and certain intellectual property,” as well as three of Daffy's real estate properties located in the Northeast.
HOUSTON — Whole Foods has pre-leased a 40,000-square-foot anchor space in a 135,000-square-foot development in the Vintage Marketplace in north Houston. The developer and owner, Read King Inc., was self-represented in the lease transaction by Tony Patronella and Christie Amezquita. The Whole Foods will be the first location in Houston north of Interstate 10. The development will break ground in January 2013 and is slated for a July 2013 delivery.