PORTLAND, MAINE — Dollar Tree has opened an 11,002-square-foot store at Pine Tree Shopping Center, located at the southeast corner of Interstate 95 and Brighton Avenue in Portland, Maine. John Wise of Real State Advisors represented Dollar Tree. Brixmor is the owner of Pine Tree Shopping Center and was represented by Charles Davis with Brixmor.
Retail
ALVIN — Phoenix-based Cole Capital has purchased a 21,000-square-foot retail building that is fully leased to Office Depot, located at the corner of Highway 6 and Highway 35 Loop in Alvin, for $2.8 million. Hunter Jaggard of Stan Johnson Co.'s Houston office represented the seller, Houston-based Property Commerce, in the transaction. Cole Capital was self-represented by Carol Romney.
BEDFORD — Addison-based Legacy Alliance Holdings has acquired the 59,909-square-foot Bedford Meadows, a retail center located in Bedford. The property was 40 percent occupied at the time of the sale. Before the sale, the property's former owner, VFC Partners 7, foreclosed on a $3.85 million loan. Legacy was self-represented by Brad DeYoung in the transaction, and Nelson Somerville of Southlake-based Vaughn Commercial Realty represented the undisclosed seller.
DALLAS — NorthMarq Capital has arranged $14 million in first mortgage financing for the 224,662-square-foot The Arbors Shopping Center, located at 18150-18410 Preston Rd. in Dallas. Ronald Reese of NorthMarq's Dallas office arranged the 10-year loan with a 30-year amortization schedule through State Farm Life Insurance Co. on behalf of the borrower, Preston Road Associates.
MANHATTAN — American Realty Capital Recovery REIT Inc. has acquired a fee-simple interest in a portfolio of four retail condominiums, located at 416-424 Washington St. in Manhattan for about $9.8 million. The portfolio contains 24,000 square feet, including a 15,000 square feet in a parking garage. The portfolio is fully leased.
EL PASO — Cypress Equities has arranged $57.3 million loan for the 591,000-square-foot Bassett Place, an enclosed mall located at 6101 Gateway W. in El Paso. The mall is 93 percent leased to tenants such as Kohl's, Target and Premiere Cinema 18. Cypress arranged a $49.3 million senior loan through CIBC on behalf of the borrower, Bassett Place Real Estate Co. Cypress also arranged $8 million in mezzanine financing through RCG Longview. Part of the funding will go toward capital improvements associated with two new leases with Dollar Tree and Shoe Carnival in one of the mall's outparcel buildings.
FORT WORTH — HFF has arranged a $4 million loan for the refinancing of the 83,402-square-foot Hulen Square, a shopping center located at 6201-6299 Granbury Rd. in Fort Worth. Travis Anderson of HFF's Dallas office arranged the 5 year loan through ViewPoint Bank on behalf of the owner, Cencor Realty Services.
DALLAS — A new restaurant developed by Stephan Pyles is coming to 17Seventeen McKinney, an office tower located at 1717 McKinney Ave. in Dallas. Pyles has signed a 7,493-square-foot lease with Granite Properties for ground floor space. The 120-seat restaurant will open in the spring of 2012. Mitch Traub, Wyatt Russo and Jim Weir of the Retail Connection represented the landlord in the leasing transaction. Jack Gosnell of United Commercial Realty's Dallas office represented Pyles.
SANTA MARIA, CALIF. — NorthMarq Capital has provided $10 million in first-mortgage refinancing for the Santa Maria Shopping Center in Santa Maria. The loan for the 291,638-square-foot retail center was based on a seven-year term and a 15-year amortization schedule. It was arranged by Robert Hervey of NorthMarq’s Los Angeles office through the firm’s correspondent relationship with PPM Finance.
RIALTO, CALIF. — Marcus & Millichap Capital Corporation has arranged a $9-million bridge refinancing loan for a 49,322-square-foot retail center in Rialto that includes three undeveloped pads. The loan for the grocery- and drug-anchored center has a three-year term with a two-year extension and a 30-year amortization schedule. The loan-to-value is 70 percent. Financing was arranged by Daniel Litman, a vice president capital markets in MMCC’s West Los Angeles office.