LISBON, CONN. — Dick's Sporting Goods has signed a lease for a new 40,000-square-foot store in Lisbon. The space is located within Lisbon Landing, a 560,000-square-foot, open-air shopping center. Other tenants at the center include The Home Depot, Kohl's, Walmart Supercenter and a 12-screen multiplex. WS Development is the property owner.
Retail
FRISCO — Costco Wholesale, an international chain of membership warehouses, will anchor the Frisco Trails Shopping Center in Frisco with a 148,000-square-foot store. Located at the southeast corner of the Dallas North Tollway and Eldorado Parkway, Frisco Trails Shopping Center is being developed by Cencor Realty Services. The center features a shadow anchor, The Home Depot, and space for an additional anchor, as well as six available pad sites for freestanding retail and restaurant uses. Costco Wholesale broke ground in early April at Frisco Trails, with a completion date set for late September. The shopping center is leased by Cencor's brokerage affiliate, The Weitzman Group.
HACKETTSTOWN, N.J. — David Cronheim Mortgage Corp. has arranged an $18.9 million loan for a Hackettstown shopping center. Mansfield Commons totals 271,979 square feet; its anchors include Walmart and Kohl's. The loan, which was arranged by Cronheim's Andrew Stewart and Lisa McMahon, carries an 11-year term. The borrower and lender were not disclosed.
HOUSTON — Westheimer at Wilcrest shopping center, located on the northeast corner of Westheimer and Wilcrest roads in Houston, has been sold to Westheimer Square, L.P. Philip Mullett and Sandy Aron of Hunington Properties, a full-service commercial brokerage company, represented the unlisted seller of the 21,459-square-foot retail property.
MARION, OHIO — Rural King has acquired 72,507 square feet of space on 10.9 acres at 233 America Blvd. in Marion. The Illinois-based farm-and-home store has 50 locations across the Midwest. Rural King offers products such as livestock feed, farm equipment, agricultural parts, lawn mowers, workwear, fashion clothing, housewares and toys. Bobby Benjamin of Goodman Real Estate Services Group represented Rural King in the transaction. Additional terms of the sale were not disclosed.
O'FALLON, MO. — NorthMarq Capital has arranged a $6.4 million loan for O'Fallon Crossings in O'Fallon. The 61,696-square-foot, Save 'n Shop-anchored retail center is located at 1421 Mexico Loop Road East. Financing was based on a 15-year lease term and a 20-year amortization schedule. Jeff Chaney of NorthMarq secured the loan through NorthMarq's relationship with Sun Life Assurance Company of Canada.
JEANETTE, PA. — Marcus & Millichap has brokered the sale of a Dollar General located in Jeanette for $1.1 million. The 9,100-square-foot retail property traded at an 8.5 percent cap rate. Judson Kauffman, Matthew Fotis and Glen Kunofsky, all of Marcus & Millichap's New York City office, partnered with Spencer Yablon of the firm's Philadelphia office office to represent the buyer, a limited liability company. The seller also was not released.
DESOTO — Denver-based Baceline Investments, a private equity real estate investment management company, has purchased Fountain Village Shopping Center, a 37,000-square-foot neighborhood retail center in DeSoto. Baceline acquired the property from a loan special servicer for $1.2 million. Built in 1986, the property is only 25 percent occupied. Baceline intends to convert the property into convenient, low-cost medical office space. Fountain Village is the fourth distressed property acquired by Baceline in the past year as part of its distressed property initiative.
LAKE HAVASU CITY, ARIZ. —NorthMarq Capital has arranged $4.9 million in first-mortgage financing for the 93,940-square-foot Havasu North Shopping Center located in Lake Havasu City. Major tenants at the center are Big Lots, Staples and Ace Hardware. Secured for the borrower by NorthMarq’s James DuMars and Gregory Benjamin through the Minneapolis-based company’s correspondent relationship with Thrivent Financial, the loan was based on a 10-year term and a 25-year amortization schedule.
VIRGINIA BEACH, VA. — According to Inland Diversified Real Estate Trust's SEC filing, Mountain Ventures Virginia Beach has sold the 409,747-square-foot Landstown Commons Shopping Center in Virginia Beach for $91 million to Inland Diversified Real Estate Trust. At close, the shopping center was more than 94 percent leased to a total of 63 tenants, including Best Buy, PetSmart and Bed, Bath & Beyond. On the second floor of the shopping center is 32,890 square feet of office space, which is currently 90 percent leased to two medical users. Mark Cosenza of Inland Real Estate Acquisitions' Oak Brook office represented the buyer and the undisclosed seller was represented by CB Richard Ellis' Florida and Washington, D.C., groups.