LITTLETON, COLO. – The 79,545-square-foot Broadridge Plaza has sold to Transmark Company, manager of Broadridge Plaza, LLC, for an undisclosed sum. The six-building neighborhood shopping center was 90.8 percent occupied at the time of sale. Transmark plans to renovate the center’s common areas and building exteriors.
LOUISVILLE, KY. — The 830,000-square-foot Springhurst Towne Center, located off Interstate 265 in Louisville, has been sold for $78 million. The center is nearly fully leased to tenants including Target, Meijer, Dick's Sporting Goods, Kohl's, Office Max, T.J. Maxx, HomeGoods, Old Navy and Cinemark Cinemas. Gerard Mason and John Williams of Savills' New York City office represented the seller, a partnership led by Talmage Hocker of Louisville-based The Hocker Group, in the transaction. The buyer was an institutional investor.
DENVER, N.C. — A 12,144-square-foot freestanding Walgreens, located at the northwest corner of Highways 16 and 73 in Denver, a suburb of Charlotte, has been sold to South Florida-based Evans Denver Drugstore for $6.5 million. General Realty Partners represented Denver I Realty, an affiliate of Morgan Property Group, the seller, in the transaction. Denver I Realty acquired the property in 2011 and oversaw all construction and development activities for both on- and off-site improvements. Walgreens opened in the fourth quarter of 2011.
YORK, PA. — Kingston Square Associates LLC has purchased the Kingston Square shopping center in York for $7.2 million. Tenants include UPS Store, Edward Jones, Subway and Baja Beach Tanning Club. Brad Rohrbaugh and Chad Stine of Bennett Williams Realty Inc. represented the seller, Kingston Fixed Income LP, in the transaction. They also represented the buyer.
CINCO RANCH — Palm Beach, Fla.-based Sterling Organization and Canada-based RioCan have acquired the 97,761-square-foot The Market at Village Center, a Class A retail power center located at the northwest corner of Grand Parkway/Highway 99 and Westheimer Parkway in the 7,600-acre master-planned Cinco Ranch. Sterling purchased the center for $17 million from Houston-based Property Commerce in an off-market transaction. The property is 97 percent leased to tenants such as HomeGoods, Michaels, OfficeMax, Mattress Giant, Massage Envy, RadioShack, Supercuts, Sally Beauty Supply and Which Wich.
STUDIO CITY, CALIF. — A single-tenant building in Studio City that is currently leased to Bank of America has received $6.6 million in permanent refinancing. The 14,245-square-foot building was constructed in 1973 and resides at 12223 Ventura Blvd. Bank of America has 11 years remaining on the lease, with two five-year extension options. The hybrid loan has a 10-year term, a 30-year amortization schedule and a 54 percent loan to value. It has a 4.6 percent fixed interest rate for the first five years, after which it converts to an adjustable rate. The loan was originated by J.M. Grimaldi of Continental Funding Group.
PEARLAND — Harbor Freight Tools has opened a 14,330-square-foot store at Pearland Plaza, located at East Broadway Street and Barry Rose Road in Pearland. Brixmor Property Group, the landlord, was self-represented by Dianne Colella in the lease transaction. Branson Edwards of Grubb & Ellis' Chicago office represented the tenant.
SANTEE, CALIF. – A 14,758-square-foot building that is currently occupied by Walgreens has sold to Santee CL, LLC with Mabie & Mintz as a general partner. The property was sold for $8.7 million from its original developer, Interra-Vision, LLC c/o Interra Development Partners, LLC. The acquisition was included as part of an exchange from the buyer’s sale of the Colima Linda Apartments in San Diego. Santee CL was represented by Cassidy Turley BRE Commercial’s Chris Rink. Daniel Hyman of Millennium Properties represented Interra-Vision in this transaction.
DALLAS — Pie Five Pizza Co. has opened its fifth location, a 2,100-square-foot restaurant located at 15250 North Dallas Parkway in Dallas. The restaurant is the fifth restaurant in the chain's 7 months of operation. There are currently two other Pie Fives in construction in Carrollton and Arlington, and the company hopes to have eight locations by its 1-year anniversary in June.
CHAPEL HILL, N.C. — PCCP has provided a $16 million senior loan to recapitalize the 367,623-square-foot University Mall, located at the intersection of Route 15/501 and South Estes Drive in Chapel Hill, which is owned by Madison Marquette. Dillard's, Rose's, Harris Teeter and A Southern Season anchor the shopping center, which is 89 percent leased. Madison Marquette plans to invest an additional $7.5 million in capital to continue the property's repositioning and value enhancement strategy. Mark Remington and Jordan Lex of HFF's Washington, D.C., office arranged the financing.