HOUSTON — Northchase Plaza I, a 12,560-square-foot retail property located at 13626 Veterans Memorial Dr. in Houston, has changed hands. James Bell of Marcus & Millichap's Houston office represented the seller, which listed the property at $1.8 million. Meanwhile, Justin Miller, also of Marcus & Millichap's Houston office, represented the buyer. The property was built in 2004 and sits on 43,650 square feet of land.
HOOVER, ALA. — Grandbridge Real Estate Capital closed a $45 million loan for the 512,871-square-foot Patton Creek Shopping Center in Hoover. The first mortgage, 10-year term loan has a 30-year amortization and was secured through RBS Global Banking & Markets, part of the Royal Bank of Scotland Group, by Lance Lehman of Grandbridge's Ft. Lauderdale, Fla., office.
HOUSTON — De La Vega Capital has acquired Gulfgate Square in Houston for an undisclosed price. Situated on a 7.4-acre site at 6800 Gulf Freeway, the 78,690-square-foot shopping center is occupied by Office Depot, Conn's, Radio Shack, Subway, Whataburger and IHOP. Rusty Tamlyn and Trent Agnew of Holliday Fenoglio Fowler represented the seller, Moody Rambin Interests, in the transaction.
INDIANAPOLIS — Browning Construction has been selected to construct Lake City Bank's first office building/bank branch in Indianapolis. Located within Parkwood West at 96 and Meridian streets, the 11,200-square-foot, Class A facility has been designed by MSKTD & Associates to achieve LEED Silver certification. Completion is scheduled for October.
MILFORD, CONN., AND ROBINSON TOWNSHIP, PA. — A joint venture between O'Connor Capital Partners and Wafra Investment Advisory Group has teamed up with The Wilder Companies to acquire two shopping center properties in Connecticut and Pennsylvania. The first property is Milford Marketplace, a 122,000-square-foot, open-air center located in Milford. Completed in 2007, the center is anchored by Whole Foods Market. In the second deal, the partnership purchased an ownership interest in Phase I of Settlers Ridge in the Pittsburgh suburb of Robinson Township. Phase I comprises 400,000 square feet of space anchored by Giant Eagle Market District, REI, LA Fitness, Barnes & Noble and a 16-screen Cinemark theater. It opened in 2009. Both centers were developed and were previously managed by CBL Properties. Wilder will assume management and leasing responsibilities going forward.
SAN CLEMENTE, CALIF. — Colliers International has presided over the $1.75 million trade of a 9,219-square-foot retail property located at 1011 – 1041 Avenida Pico in San Clemente. Built in 2005 and 50 percent occupied at the time of sale, the multi-tenant retail center is part of the 35,000-square-foot Courtyards at Talega, a community shopping center. Colliers International’s Ian Schroeder and Maurice Nieman represented both the buyer, SVN Equities, and the seller, JP Morgan Chase, in the transaction.
ORLANDO, FLA. — Bill Johnson of NorthMarq Capital's office in Boca Raton, Fla., arranged $35.65 million first mortgage financing for 233,637-square-foot Lake Buena Vista Factory Stores, located at 15553 & 15601 S. Apopka Vineland Rd. in Orlando, which includes stores like VF Factory Outlet, Nike, Reebok, Old Navy, Ann Taylor and more. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged for the borrowers through Goldman Sachs Commercial Mortgage Capital.
CHICAGO — Walmart has acquired a 13.5-acre shovel-ready land parcel on Chicago's South Side. The company plans to develop a 155,000-square-foot Walmart Supercenter at the site, which is located within Chatham Market shopping center on 83rd Street and South Holland Road. This location will be the first of six full-scale stores that Walmart plans to build in Chicago. Additionally, Walmart has leased an existing 10,000-square-foot building at Chatham Market for a Walmart Express store, a convenience grocery concept that will be the first of its kind in Chicago. Tom Kirschbraun, Meredith O'Connor and Edward Lewis of Jones Lang LaSalle represented the seller, Monroe Investment Partners, in the transaction. Terms of the sale and lease were not disclosed.
NEWARK, DEL. —Fashion retailer Nordstrom has opened its first Delaware location. The two-level, 120,000-square-foot store is located within Christiana Mall in Newark. Nordstrom currently operates 210 stores in 29 states.
SAUGUS, MASS. — Shops at Saugus, a new 87,500-square-foot neighborhood shopping center located in Saugus, has opened. Anchors at the property include Trader Joe's, PetSmart and La Z Boy Furniture Galleries. Additional tenants include Starbucks and Qdoba. The center also contains 30,000 square feet of inline retail space. Regency Centers owns the center. New York City-based CREATE Architecture Planning & Design was the project architect.