TAYLOR, MICH. — Rouse Properties has secured a $78.8 million mortgage loan for Southland Center, a 900,000-square-foot enclosed mall in Taylor. Anchors at the mall on Eureka Road include Macy's and JC Penney. Recently, retailer Forever 21 signed a lease to take over a former 22,500-square-foot Borders space at the property. The 10-year, non-recourse loan bears interest at a fixed rate of 5.09 percent.
SPRINGFIELD, MO. — The University Plaza Hotel and Convention Center in Springfield plans to launch construction of the hotel's new, on-site day spa this July. The 1,100-square-foot facility will be located on the hotel's main floor and services will include massages, facials and manicures. The spa is scheduled to open this September. The University Plaza Hotel is owned by John Q. Hammonds Hotels & Resorts.
GIBSONIA, PA. — Philips Edison – ARC Shopping Center REIT Inc. has acquired Northtowne Square, a 113,327-square-foot shopping center in Gibsonia, for $10.6 million. The center is fully occupied and anchored by an 86,477-square-foot Giant Eagle grocery store, which has 12 years remaining on its lease. Recently, Petco signed a 10-year lease at the property for 9,000 square feet. The acquisition brings Philips Edison's total portfolio to 14 properties.
WACO — Conn's Inc. has opened a 45,000-square-foot Conn's Home Plus store, located at 230 N. New Road in Waco. The new store includes more than 23,000 square feet devoted to furniture and mattresses. Conn's currently operates 65 locations in Texas, Louisiana and Oklahoma.
AUSTN — SRS Real Estate Partners has arranged the sale of the 10,000-square-foot Silver Creek II shopping center, located at the intersection of West Parmer Lane and Silver Creek Drive in Austin. The property is fully leased. Jason Middlebrook of SRS Real Estate Partners represented the seller in the transaction.
FOLSOM, CALIF. — A 139,377-square-foot retail center in Folsom has received a three-year, $5-million mezzanine loan. The center is shadow-anchored by Wal-Mart. The loan was used to repay existing debt, upgrade the building’s facades and provide capital for further lease up. It was arranged by RCG Longview.
ROCKFORD, ILL. — ROA Development has purchased Riverside Pavilion, an 87,125-square-foot shopping center in Rockford, for $2.4 million. Tenants include Cardinal Fitness, Domino's Pizza and Weight Watchers. Steve Timmel, Chris Prosser and Jeff Johnston of Colliers International represented the seller, Riverside Pavilion LLC, in the transaction.
RIDGEVILLE, OHIO — WXZ Development has sold a 20-year ground lease for a McDonald's property in Ridgeville for $1.7 million. Mark Luttner of Luttner Real Estate Investment Services represented the WXZ in the transaction.
NEW YORK CITY — Besen & Associates has arranged the $12 million sale of 172-174 Montague St., an 8,150-square-foot retail building in Brooklyn. Tenants include a Hallmark store and a pub, with leases expiring by July 2013. David Davidson and Lynda Blumberg of Besen & Associates represented the seller, a private investor who had at one time owned the Hallmark franchise in the building. The buyer was a local developer who plans to build on the site in the future.
KNOXVILLE, TENN. — Knoxville-based Ruby Tuesday has sold 10 of its restaurants to three buyers for a total of $22 million. A Southern California-based private investor purchased six properties in Georgia, South Carolina, North Carolina and Virginia for $12.8 million. Two Virginia properties sold to private individuals for $1.99 million and $2.09 million, and California-based Mare Living Trust acquired properties in Delware and North Carolina for $2.1 million and $2.7 million, respectively. Matt Mousavi of Faris Lee Investments represented the seller in all transactions, as well as Mare Living Trust.