TRAVERSE CITY, MICH. — San Diego, Calif.-based Trigild has been selected as the asset manager for the 590,000-square-foot The Grand Traverse Mall, an enclosed mall in Traverse City. The firm's responsibilities include leasing space to tenants and planning a disposition strategy for a profitable sale. Trigild has selected Dallas-based Trademark Properties as the mall's property management firm. The enclosed mall is occupied by national tenants such as Macy's, JC Penney, Target and TJ Maxx.
WEBSTER — Scottsdale, Ariz.-based STORE Capital has purchased a 64,917-square-foot retail building, located at 1125 Magnolia Ave. in Webster, in a sale-lease back transaction with Carrollton-based Main Event Entertainment. Hunter Jaggard of Stan Johnson Co.'s Houston office represented the seller, and Derek Layne of Stan Johnson Co.'s Los Angeles office represented the buyer.
PORT ARTHUR — An east Texas-based individual investor has purchased a 33,134-square-foot property 100 percent leased to Family Dollar Stores, located at 230 Gilham Circle in Port Arthur, from Weingarten Realty Investors. Hunter Jaggard of Stan Johnson Co.'s Houston office represented the seller in the transaction.
LA VERNE, CALIF – The La Verne Towne Center has received two new tenants. Discount chain Marshalls celebrated its grand opening at the 226,872-square-foot shopping center on Oct. 13. Staples is set to open in 2012. The shopping center is owned by BIG Shopping Centers USA, which acquired the property in June 2010 through a joint venture with Kimco Realty Corporation.
NAPLES, FLA. — CBRE has arranged the $1.65 million sale of the 9,203-square-foot Bellagio Shoppes, located at 877 91st Ave. on Tamiami Trail in Naples. Larry Foster and Bill Young of CBRE's Naples office represented the seller, LBUBS 2006-C6 Tamiami Trail, and procured the buyer, Bellagio Naples.
LOS ANGELES — NorthMarq Capital has arranged a total of $22.7 million in financing for California-based retail properties and an industrial portfolio. The firm arranged $10.7 million for the Aspen Industrial/Flex Portfolio in Orange County, Calif., which totals 175,735 square feet of industrial/flex space. It was arranged by David Blum, senior vice president and senior director of NorthMarq’s Los Angeles regional office. The firm also arranged $10 million for City Center, a 116,781-square-foot, grocery-anchored retail center in Lake Elsinore, Calif., and $2 million for Selma Square, a 27,100-square-foot retail center in Selma, Calif. Michael Elmore, executive vice president and managing director, and David Blum, senior vice president, of NorthMarq’s Los Angeles office arranged the first-mortgage financing on behalf of of the borrower.
PORTLAND, ORE. — Morrison Street Fund IV has closed three separate investments that were made in the forms of preferred equity, joint venture equity and the purchase of a mezzanine loan. The fund’s total invested equity for the three transactions totaled $11.4 million. This includes a $4.3-million mezzanine loan on the 135,000-square-foot Potrero Business Center in San Francisco; $3.5 million in joint venture equity to recapitalize the 240-unit Tualatin Meadows Apartments in Tualatin, Ore.; and $3.6 million of preferred equity to facilitate a partner’s acquisition of the 256-unit Palm Court Apartments in Phoenix. NBS Real Estate Capital, LLC closed all three investments on behalf of Morrison Street.
TORRANCE, CALIF. — In-N-Out Burger has purchased a retail pad on the northeast corner of the Hawthorne and Del Amo intersection in Torrance for an undisclosed sum. The existing structure will be demolished to accommodate a new In-N-Out Burger location. Best Plaza, the shopping center surrounding the future home of the burger joint, was represented by MEI Real Estate Services.
MILWAUKEE — Micro Center has purchased a 5.7-acre former car dealership, located at 11221 and 11333 W. Burleigh St. in Milwaukee, from Michael S. Polsky, the court-approved receiver of the property, for $1.35 million. Don Zien of CBRE's Milwaukee office along with Joel Schneider of Atlas Partners' Chicago office represented the seller in the transaction.
ALTON, ILL. — NorthMarq Capital has arranged a $1.15 million, 2-year construction loan for a 2,714-square-foot Burger King, located at Homer Adams Parkway and Gold Road in Alton. Jeff Chaney, David Garfinkel and Mike Afentoullis of NorthMarq's St. Louis office secured the loan on behalf of the borrower, KS Real Estate. The property is fully leased to Burger King for 20 years.
