ARVADA, COLO. – Phase I of the 34,317-square-foot Arbor Village retail center in Arvada has sold to JP Arbor Village LLC for $7.4 million. The property consists of a strip center and two individual retail pads that are currently occupied by Taco Bell Corporation and Wendy’s International. Riki Hashimoto and Dan Grooters of Grubb & Ellis’ Private Capital Markets group represented the seller, in conjunction with David Spriggs of Legend Retail Group. JP Arbor represented itself.
BALDWIN PARK, CALIF. — NorthMarq Capital has arranged $6.5 million in permanent financing for the 24,605-square-foot Baldwin Park Towne Center in Baldwin Park. The single-story inline retail building was built in 1987. Notable tenants include Verizon Wireless, GameStop and AT&T. Financing was arranged by the firm’s John M. Stewart and Brock Yaffe through a correspondent relationship with one of NorthMarq’s life insurance companies.
ATWATER, CALIF. — Dollar Tree has leased 9,264 square feet at Applegate Ranch Shopping Center in Atwater. The 464,136-square-foot shopping center’s anchors include Super Target, Walmart, Marshalls and PETCO. Dollar Tree was represented by Rick Amerine of Commercial West Associates. Applegate’s owner, Regency Centers, was represented in-house byMichael Arfsten of Retail California.
ORLANDO, FLA. — Financial Compound has secured an $8.25 million refinance loan for a 150,000-square-foot, Food Lion-anchored shopping center in Orlando. The 3-year loan has no amortization schedule.
BROOKFIELD, WIS. — Cincinnati-based Phillips Edison Strategic Investment Fund II has closed on the purchase of Brookfield Town Centre in Brookfield, Wis. for $15.4 million. The 188,000-square-foot retail center is located on the southwest corner of West Capitol Drive and Brookfield Road. The center is anchored by Sendik's Fine Foods and includes more than two dozen shops and restaurants. The property was purchased from Harris Bank, which foreclosed on the property in 2010.
MANHATTAN — Construction is complete on the new 2,500-square-foot Swatch flagship store, located at 666 5th Ave. in Manhattan. The Swiss watch chain is situated between Hollister and Uniqlo on the ground floor of the 41-story office tower. The store, which is now open, includes chandelier lighting and custom fabric wall applications. New York-based IBEX Construction provided general contracting service for the store, which was designed by Norman DiChiara Architects P.C.
ROCKWALL — Stan Johnson Co. has arranged the sale of a 5,005-square-foot retail building fully leased to Starbucks and Genghis Grill, located at 1699 Laguna Dr. in Rockwall. Hunter Jaggard of Stan Johnson Co.'s Houston office represented the seller, RM Crowe. Richard Fausset of Fausset Neely represented the buyer, a private investor, in the transaction.
DADELAND, CUTLER BAY, FORT LAUDERDALE AND WEST PALM BEACH, FLA. — City Furniture has started the $17.5 million renovation and development of four stores in Florida. In Cutler Bay, a $7 million, 56,000-square-foot store will be constructed by Stiles Construction. A $3.5 million renovation and expansion is also being completed by Stiles Construction for the store in Dadeland. In Fort Lauderdale, Miller Construction Co. is building a $3 million, 25,000-square-foot Ashley Furniture HomeStore. Miller is also constructing a $4 million Ashley Furniture HomeStore in West Palm Beach. The Cutler Bay, Dadeland and Fort Lauderdale stores are slated for completion in 2012 and the West Palm Beach store will be completed in early 2013.
TERRE HAUTE, IND. — Marcus & Millichap has brokered the sale of a 2,364-square-foot Taco Bell in Terre Haute, Ind. for approximately $2 million. Nathan Whalen with the Indianapolis office of Marcus & Millichap represented the buyer, Taco Properties Inc. The buyer, Amelia Chan Yee, an individual trust, was represented by Adam Levin of Marcus & Millichap's Palo Alto, Calif. office.
BEAUMONT — NorthMarq Capital has arranged $1.02 million in first mortgage financing for the 89,000-square-foot San Jacinto Building, located in Beaumont. William Luedemann of NorthMarq's Houston office arranged the financing with a 10-year term and 10-year amortization schedule through StanCorp Mortgage Investors.