LITTLE ROCK, ARK.; CHATTANOOGA, TENN.; AND NASHVILLE, TENN. — CBL & Associates Properties announced that year-to-date it has arranged $135.7 million in financing in the southeast at a combined estimated average interest rate of 5.42 percent with an average term of 6.8 years. Two 10-year loans were closed, including a $99.4 million loan secured by Park Plaza in Little Rock and a $10.6 million loan secured by Hamilton Crossing in Chattanooga, with an average fixed interest rate of 5.7 percent. Additionally, two 5-year loans were closed, including a $12.1 million loan secured by Gunbarrel Pointe in Chattanooga and a $13.6 million loan secured by Coolsprings Crossings in Nashville, with an average fixed interest rate of 4.5 percent.
Retail
AUBURN, ALA. — Dunedin, Fla.-based The Barclay Group and Cary Land Company have broken ground on the Shoppes at Cary Creek, a 63,100-square-foot, $10.5 million retail development. The shopping center will cover 12 acres and will be anchored by a 45,600-square-foot Publix. Of the 17,500 square feet of retail space and three out parcels, 7,000 square feet have been pre-leased. The development is expected to open in February 2012.
CRYSTAL, MINN. — ALDI, an international discount grocery retailer, has opened at Crystal Town Center, which is located at Bass Lake Road and West Broadway Avenue in Crystal. The 17,929-square-foot store is located at 5620 W. Broadway Ave. The shopping center is owned by St. Paul, Minn.-based Paster Enterprises.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a three-story, 11,960-square-foot commercial building located at 1032-1034 Lexington Ave. on Manhattan's Upper East Side for $10.2 million. The space was the former home of Payard Patisserie & Bistro. Massey Knakal's Guthrie Garvin represented the undisclosed seller. The buyer's name was also not released.
PHILADELPHIA — The grand opening has been held for the newest Bottom Dollar Food. The 17,000-square-foot grocery store is located at the intersection of North Broad Street and Godfrey Avenue in Philadelphia's Oak Lane neighborhood. Soloff Realty & Development is the property owner.
SCOTTSDALE, ARIZ. — Whitestone REIT has purchased the 62,533-square-foot Desert Canyon Shopping Center, located at the intersection of East McDowell Mountain Ranch Road and 105th Street in northern Scottsdale, for $3.65 million. The retail property was bought out of foreclosure from a regional bank in an all-cash transaction. Situated within the 3,200-acre McDowell Mountain Ranch master-planned community, Desert Canyon Shopping Center was 65 percent occupied at the time of sale.
FAIRFAX, VA. — A cobranded ground lease between Walgreens and PNC Bank sold for $13.8 million, the largest net-leased retail transaction in the Washington, D.C., area in the last several years. Jeff Bogart of Calkain Companies' Reston, Va. office represented both the seller and the buyer.
PLAINWELL, MICH. — The Hampshire Companies has acquired a retail property from AC Green Associates for an undisclosed price. The 113,481-square-foot property is located at 1227 Michigan 89 in Plainwell. Fully occupied by The Home Depot, the property features a 98,839-square-foot retail space and an 18,642-square-foot garden center. Christopher Rider of Day Pitney LLP represented the buyer; John Marquis of Warner, Norcross & Judd represented the seller in the transaction.
MACHESNEY PARK, ILL. — Rockford, Ill.-based Orput Companies Inc. has broken ground for the development of a 6,125-square-foot, build-to-suit/leaseback Advance Auto Store property in Machesney Park. The property will join Aldi Foods, Verizon Wireless, FedEx Office, Pizza Hut and Buffalo Wild Wings in Orput's 26-acre Willow Creek Retail Center, which is located at the intersection of Alpine Road and Illinois 173. Rockford-based Cord Construction is constructing the project, which is slated to open in July. Alpine Bank is providing financing for the project. Allen Joffe of Baum Realty represented Advance Auto in the transaction.
MILLCREEK, PA. — WS Development and Olympic Realty & Development Corp. have closed on the acquisition of 42 acres of land located at 5242 W. Ridge Road in Millcreek. The developers plan to construct a 350,000-square-foot, open-air shopping center on the site. The purchase was made in partnership with Walmart, which will anchor the project. Construction is expected to begin this year. Jeffrey Johnson of Jeffrey Johnson & Associates assisted in brokering the land transactions.