CHICAGO — Cohen Financial has arranged an $8.5 million loan for the refinancing of Addison Mall, located at 2921 W. Addison St. in Chicago. The 69,240-square-foot retail center is fully leased to tenants such as Casual Male, Dollar Tree and Foot Locker. Don Trossman of Cohen Financial's Chicago office arranged the 10-year, fixed-rate loan through AIG.
ALTON, ILL. — Marcus & Millichap has arranged the $1.8 million sale of a 3,011-square-foot Burger King, located at 1902 Homer Adams Parkway in Alton, located 15 miles north of St. Louis, Mo.. Edward Benton and John Pryzbyla of Marcus & Millichap's Houston office represented the seller, a developer.
MCALLEN — Palio Partners has commenced construction on an 8,500-square-foot retail property, located on a 1.33-acre lot called Renaissance Point at 1304 E. Expy. 83 in McAllen. Dallas-based Genghis Grill will occupy 4,500 square feet of the retail property and the remaining space is available for leasing. Greg Blandford of Dallas-based Position Property Group represented Genghis Grill in the lease transaction. This will be Genghis Grill's 95th location and it is slated to open in August 2012.
HOUSTON — Colliers International has brokered the sale of a portfolio of nine restaurants net leased to Burger King in the Houston area. Marshall Clinkscales and Bill Byrd of Colliers International's Houston office represented the seller, Gramdale, in the transaction. The buyer was Global New Millennium Partners.
VALLEY VIEW — Farmington Hills, Mich.-based Sperry Van Ness/Fortis Net Lease has brokered the sale of the 9,100-square-foot Dollar General, located in Valley View. Robert Bender, Doug Passon and Bryan Bender of SVN/Fortis represented the buyer and procured the seller in the transaction. This is the 15th Dollar General sale that SVN/Fortis has negotiated this year.
PARMA, OHIO — A private investment group has purchased a 48,320-square-foot retail center for $3.7 million in Parma. The property is leased to Toys/Babies “R” Us and Mr. Hero, both of which signed 10-year lease extensions prior to the sale. Mark Luttner of Luttner Real Estate Investment Services represented the seller, the Ratner Family Trust, in the deal. He also procured the buyer.
YONKERS, N.Y. — Lord & Taylor has opened a new store in Westchester's Ridge Hill in Yonkers. The 80,000-square-foot store is the company's 11th store in the state of New York. The two-story location offers men's and women's clothes, jewelry, makeup and more. Ridge Hill is owned and operated by Forest City Ratner Cos.
CHANDLER, ARIZ. — The 57,038-square-foot Santan Gateway South in Chandler has sold to Eleven Investments LLC for $6.2 million. It is located at 1305-1445 South Arizona Ave. and is anchored by Sam’s Club. The buyer was represented by Matthew Olson of Property Resources Group, LLC. The seller, a special servicing company, was represented by Darren Tappen, Troy Nelson and Scott Nelson of Voit’s Phoenix office.
FONTANA, CALIF. — TNP Strategic Retail Trust has sold Chase Bank and Chevron parcels located at Morningside Marketplace in Fontana to a 1031 private real estate investor for an undisclosed sum. The Morningside Marketplace is a Ralph’s-anchored shopping center that was built in 2001.
ATHENS, ALA. — The 79,700-square-foot Eastside Junction, located in Athens, has sold for $11.45 million. Publix anchors the center, which is 95 percent leased. Drew Fleming and Mark Joines of Cassidy Turley's Atlanta office represented the seller, a private developer, and procured the buyer, Inland Real Estate.