BELLEVUE, WASH. – The Avalon Meydenbauer Shopping Center in Bellevue has received $6.8 million in financing. The mixed-use development was built in 2007 and contains a North Building and a South Building. The North Building features 9,601 square feet of retail, while the South Building boasts 9,837 square feet of retail for a total of 19,438 square feet. The center also features a 55,000-square-foot Safeway and five levels of apartments atop the retail. Neither was included in this collateral. Financing was arranged by John M. Stewart and Brock Yaffe out of NorthMarq’s Denver office for the California-based borrower.
SPRING HILL, TENN. — San Diego-based Excel Trust has purchased the 496,604-square-foot Crossings of Spring Hill, located at the intersection of U.S. Highway 31 and Saturn Parkway, from Brentwood, Tenn.-based GBT Realty Corp. for $31 million. Tenants include SuperTarget, Kohl's, Bed Bath & Beyond, PetSmart, Ross Dress For Less, Books-A-Million, Dollar Tree, maurices, Hibbett Sports, Moe's Southwest Grill, Kirkland's, O'Charley's, Olive Garden, Logan's Roadhouse and Cracker Barrel. Doug Hazelbaker and Ryan Shore of HFF's Dallas office represented the seller in the transaction.
WAKE FOREST, N.C. — Marcus & Millichap has negotiated the $3.62 million sale of the 21,860-square-foot Shoppes of Heritage, located at 3325 Rogers Rd. in Wake Forest. The center is fully leased to tenants including Little Caesar's, O'Dwyer's Pub, Triangle Dry Cleaning, Davinci's Pork Store, Wine 101, State Farm Insurance, Sunset Rayz, Wine & Design, Amy Nails and Hair 180. Andrew Margulies of Marcus & Millichap's Raleigh, N.C., office represented the seller, a Raleigh, N.C.-based private partnership, in the transaction. The buyer was a Chapel Hill, N.C.-based private investor.
SOUTH BEND, IND. — The Boulder Group has completed the $1.1 million sale of a triple net-leased Dollar General property, located at 4123 Western Ave. in South Bend. The 9,014-square-foot building is leased on a 15-year triple net basis to Dollar General. Randy Blankestein and Jimmy Goodman of the Boulder Group represented the buyer, a Chicago-based individual investor, in the transaction. The seller was a Midwest developer.
CHICAGO — NhuLan's Saigon Subs, an offshoot of Lincoln Square's NhuLan Bakery, will open at 604 W. Belmont in Chicago's East Lakeview neighborhood early next year. The property formerly housed Cloud 9, a shaved ice shop. Jarrett Fradin of Kudan Group represented the seller, Kenny Tsai, in the transaction. Fradin also represented the buyer, Lee Tran.
PETALUMA, CALIF. – Safeway has opened a new 63,467-square-foot lifestyle store at a former Mervyns location within the Washington Square Shopping Center in Petaluma. The team of Mark Koenig, John Schaefer, Dan Wald, James Chung, Patrick McGaughey and Sam Finne of Terranomics Retail Services represented Macerich, which owns the former Mervyns space, in this transaction.
MORROW, GA. — DDRTC, a joint venture between DDR Corp. and TIAA, has sold the 530,000-square-foot Southlake Pavilion Shopping Center, located at 1912-1947 Mount Zion Rd. in Morrow, to U.S. Properties Group. Tenants include Ashley Furniture, Shoppers World, LA Fitness, Ross Dress for Less, hhgregg, Sears, Staples, Barnes & Noble and Old Navy. Target, The Home Depot and an AMC 24-screen theater shadow-anchor the center. CBRE represented the seller in the transaction.
NORMAL, ILL. — TNP Strategic Retail Trust, a public non-traded REIT, has secured $10 million in financing for Constitution Trail Centre in Normal. The 5-year loan was financed through American National Insurance Co. Wally Reid of HFF arranged the financing. Construction Trail Centre is a 197,739-square-foot retail center, anchored by Schnucks Market and Starplex Cinemas.
WHEELING, ILL. — Jeff D'Agostino has purchased 241 S. Milwaukee Ave. in Wheeling, where he plans to open a fifth D'Agostino's Pizza. The 10,679-square-foot building was acquired for an undisclosed amount. Jim Martin of Kudan Group represented the landlord, Masterson Land Trust, in the deal. The restaurant is scheduled to open in the spring of 2012.
FORT WORTH — Construction has begun on a new 30,000-square-foot retail development and outdoor plaza at City Place, located at Throckmorton and Third streets in Fort Worth's Central Business District. The property was designed by WDG Architecture's Dallas office and is being built by Rogers-O'Brien Construction. Chris Corbin, Michael Dearden and Theo Thompson of Venture Commercial's Dallas office will handle retail leasing for the property, which is being developed by Dallas-based Spire Realty Group.