BOSTON — Linear Retail Properties has purchased a 4,497-square-foot retail condominium at 727-731 Boylston St. in Boston for $4.9 million. The condominium unit is located on the ground level of a six-story retail and office building.The space is currently occupied by Uno Chicago Grill, which has operated at the location since 1979. Nick Herz of Colliers International represented Linear Retail in the transaction. Spencer Family LLC was the seller.
PROSPECT PARK, PA. — NorthMarq Capital has arranged a $1.5 million loan for the first mortgage refinancing of 800 Chester Pike, a 3,560-square-foot retail property in Prospect Park. Tenants include BP Gas Station and McDonald's. Matthew Kohlhoss of NorthMarq's Washington, D.C. office arranged the 15-year loan through a correspondent life insurance company. The borrower was 800 Chester Pike Realty LLC.
SOUTHLAKE — HFF has arranged $60 million in financing for the 310,711-square-foot Phase V of Southlake Town Square, an 840,288-square-foot, Class A lifestyle center located between Texas Highway 114 and Southlake Boulevard in Southlake. The mixed-use center has a roster of more than 150 tenants, which include Harkins Theatre, Cheesecake Factory, The Container Store, Banana Republic, Gap, Victoria's Secret and Brooks Brothers. Kevin MacKenzie and Jim Curtin of HFF arranged the 5-year loan through MetLife Real Estate Investments on behalf of the borrower, Retail Properties of America.
PHOENIX – A 23,000-square-foot retail property in Phoenix called 38th Street Plaza has received a $3.1-million loan to refinance. The 17-tenant center was built in 1979. The non-recourse loan features a 10-year term and a 30-year amortization schedule. It was underwritten to a 75 percent loan-to-value. The cash-out refinance was arranged by Neal Churney and Don Burnes of Johnson Capital’s Phoenix office.
WINSTON-SALEM, N.C. — A 10,125-square-foot CVS/pharmacy, located in Winston-Salem, has sold for $3.75 million. CVS/pharmacy has a 22-year lease, which expires in 2023, on the property. Berkley Capital Advisors represented the seller, a local developer, in the transaction. National Net Lease Realty represented the buyer, a Pennsylvania-based private investor.
HATTIESBURG, MISS. — The 45,927-square-foot T.J. Maxx and Shops at Turtle Creek, a neighborhood shopping center located at 5024-5040 Hardy St. in Hattiesburg, has sold. T.J. Maxx anchors the center, which is 93 percent leased to tenants that include H&R Block, APM Subs, Pizza Inn, Oreck and Sweet Peppers. The Mansour Group of Marcus & Millichap represented the seller, a Texas-based private investment group, in the transaction.
PITTSBURGH — Total Hockey, a sports equipment retailer, will open two new locations in the Cranberry and Parkway West submarkets of Pittsburgh. The company signed a 10-year lease for an 8,025-square-foot retail space at Cranberry Square, next to Pier One Imports. Art DiDonato of Oxford Realty Co. represented the landlord in the transaction. The second location will be at the Plaza @ The Pointe in North Fayette, where Total Hockey will occupy 8,910 square feet. The landlord, Costa Land Co., was represented in-house by Sarah Piccione in the 10-year lease deal. Jared Imperatore of Cushman & Wakefield/Grant Street Associates Inc. represented the tenant in both transactions.
EL PASO — Walmart will open a new 150,000-square-foot store, located at 5631 Dyer St. in El Paso, on Friday. The Walmart will be open 24 hours daily. The new store will feature a Subway restaurant, First Convenience Bank branch, a pharmacy, a digital processing center and full grocery options. The store will add approximately 300 jobs.
GARLAND — LA Fitness has signed a long-term lease to open a 45,000-square-foot facility, located at 1201 W. Centerville Rd. in Garland. The former Mervyn's building at that site is being razed. John Zikos, Jonathan Cooper and Chris Booras of Venture Commercial, along with Walt Brown and Tim Dollander of Diversified Partners, represented the tenant in the lease transaction. Jim Weir of The Retail Connection represented the landlord, Garland Eastgate II.
LONG BEACH, CALIF. – An Arco AM/PM service station in Long Beach has sold to Kanak LLC for $3 million. The acquisition included the service station, a 2,900-square-foot convenience store and a 600-square-foot laundromat that contains an additional 500 square feet of space that is available for lease. This all resides on an 18,748-square-foot lot. The property is located at 1001 Redondo Ave. Kanak plans to operate all of the businesses. The sale was financed with a $2-million SBA loan from Hamni Bank. Mark Konopaske and Tim Kwak of Lee & Associates-Investment Services Group represented both the buyer and the seller in this transaction.
