CHULA VISTA, CALIF. — Castle Park, an 87,103-square-foot, grocery-anchored shopping centerin the San Diego submarket of Chula Vista, has received $8.5 million in first-mortgage financing. Notable tenants at Castle Park include Save-A-Lot, Auto Zone, DD’s, Factory 2-U and Union Bank. The loan features a five-year term and a 25-year amortization schedule. Doug Austinof NorthMarq‘s San Diego regional officearranged the financing for Palomar Partners, PLthrough the firm’s relationship with Wells Fargo Bank.
INDIAN LAND, S.C. — York Development Group has selected Benning Construction Co. to build a 49,000-square-foot Publix at Cross Creek Shopping Center, located on Doby's Bridge Rd. in Indian Land, a suburb of Charlotte. In addition to Publix, Phase I of Cross Creek will include 30,000 square feet of retail space. Completion is slated for fall of this year.
WAUSAU, WIS. — Wausau-based Lokre Cos. has negotiated the $1 million sale of a 21,930-square-foot retail building in Wausau. Victor Anderson of Lokre Cos. represented the buyer, RS Holdings, in the transaction. Patrick Gallagher and Matson Holbrook of Siegel-Gallagher represented the seller.
MINNEAPOLIS — U Save Foods, a subsidiary of Minneapolis-based food distributor Nash Finch Co., has agreed to buy Bag 'N Save supermarkets in Omaha and York, Neb. While terms of the deal were undisclosed, the buyout will give Nash Finch 11 Bag 'N Save stores in the Omaha area and one in York. The deal is expected to close in the second quarter. Bag 'N Save is a family grocery chain founded in 1981.
NEWARK, N.J. — Lino DiLascio of the New York office of Johnson Capital has arranged a construction loan for the ground-up development of the Courtyard at Marriot hotel in Newark. The 150-room hotel will include 14,780 square feet of retail space. The project, estimated to cost $35 million, is the first new hotel in Newark in more than 40 years. It is located at the intersection of Lafayette and Broad streets. Chicago-based Tucker Development and Robert Finvarb Cos. are the project developers. The partnership also includes an affiliate of The New Jersey Devils. A regional bank provided the 3-year, floating-rate loan. The hotel is scheduled to open in September 2012.
SAN JOSE, CALIF. — PCCP, LLC and Hunter Storm Properties have formed a joint venture to acquire a 30-acre infill land parcel in San Jose. The JV immediately sold five of the acres at closing. It plans to use the balance for Village Oaks, a 320,000-square-foot retail development. Construction should commence on this project in the fourth quarter of 2012. It should be completed a year later. The parcel is located at Cottle Road and Highway 85.
NEW BERN, N.C. — Henderson, N.C.-based Variety Wholesalers has signed a 58,000-square-foot lease at the 140,000-square-foot Furniture Fair Shopping Center, located at 2800 Neuse Blvd. in New Bern. The company plans to open a Rose's Discount Store at the property this summer. Walt Crayton of New Bern-based Crayton Commercial, along with Fred Morton of New Bern-based Morton Cos., represented the landlord, Jacksonville, N.C.-based Boomtown Furniture.
FOND DU LAC, WIS. — Family Dollar, a discount retailer, has leased 8,400 square feet at 528 W. Johnson St. in Fond du Lac. Brian Gingrass and Jon Thoresen of the Milwaukee office of Commercial Property Associates represented the landlord, Kin Properties, in the transaction.
NEW YORK CITY — JMC Holdings purchased retail space at 156-168 Bleecker St. in Greenwich Village for $30.6 million, with plans to upgrade the retail and take advantage of New York University's expansion plans less than one block away. JMC acquired the 27,000-square-foot building in a joint venture partnership with RWN Real Estate Partners, a New York-based real estate private equity fund. Sovereign Bank financed part of the acquisition with an $18.5 million first-mortgage loan. The property is fully leased to seven tenants, including CVS Pharmacy, Chase Bank and nightclub Le Poisson Rouge. The new owners are planning a $1.8 million renovation to the site. Berko & Associates represented the seller, NTD Building LLC. JMC Holdings was self-represented.
BRADY — Marcus & Millichap has arranged the sale of a 10,000-square-foot O'Reilly Auto Parts Retail Center, a two-tenant property located at 2039 S. Bridge St. in Brady. Greg Gaynor and Kelly Smith of Marcus & Millichap's Austin office represented the seller, a developer, and procured the buyer, a private investor, in the transaction.