PEORIA, ARIZ. – Oakland Apartments has purchased a Chase Bank ground lease at the southeast corner of Lake Pleasant & Happy Valley roads in Peoria for $3.4 million. The deal will provide the buyer with investment income for the remaining 17 years on the lease. There are also four, five-year renewal options. The lease is for 4,307 square feet inside the Mountainside Crossing Shopping Center. Jan Fincham and Patrick Dempsey of Lee & Associates represented both the buyer and the seller, Barclay Pleasant Valley, LLC, in this transaction.
Retail
RIVERVIEW, FLA. — TNP has acquired the 78,500-square-foot Bloomingdale Hills, a shopping center located at the intersection of West Bloomingdale Avenue and Providence Road in Riverview, a submarket of Tampa. Walmart Neighborhood Market anchors the center, which is fully leased. The property is the public non-traded REIT's 19th acquisition.
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.