ST. LOUIS, MO. — David Garfinkel of NorthMarq Capital's St. Louis office has arranged permanent financing for the 195,363-square-foot South Lakeview Plaza, located at 4432 Lemay Ferry Rd. in St. Louis. Hancock Life Insurance Co. provided the financing.
NEW YORK CITY — A new boutique known as treasure&bond has opened an 11,137-square-foot store at 350 W. Broadway in New York City. The store is owned by Nordstrom and houses more than 150 different designers’ merchandise, including books, furniture, jewelry, clothes and accessories. The business plans on donating 100 percent of its profits to nonprofits such as The Edible Schoolyard NYC, Association to Benefit Children, Children’s Health Fund, The New York Public Library Programs for Children and Young Adults, New York City’s Young Men’s Initiative, Coalition for the Homeless: Camp Homeward Bound Sleep-Away Camp and After School Services, Friends of the High Line’s Family and Education Programs and Memorial Sloan Ketterling’s Pediatric Cancer Care.
DALLAS, FORT WORTH AND ARLINGTON — A portfolio of three 7-Eleven convenience store sites recently traded for $6.4 million. Alvin Mansour from The Mansour Group of Marcus & Millichap Real Estate Investment Services represented the seller. The locations of the three assets include 9235 John W. Carpenter Freeway in Dallas; 1908 Yucca Ave. in Fort Worth; and 100 E. Interstate 20 in Arlington.
SAN MATEO, CALIF. — Villa Plaza, a 13,500-square-foot strip center in San Mateo has sold to Tribeca Companies for $4.8 million. The plaza sold at a 6.8 percent cap rate, and was in financial default on the senior promissory note. The acquisition represented a value-added opportunity for Tribeca, which was represented by Jim Roessler of Roessler Investment Group. The seller, Gallagher Investments, LLC, was represented by Jason Garlock of Park Lane Partners.
NORMAL, ILL. — Faris Lee Investments has arranged the $18 million recapitalization of a 200,000-square-foot shopping center in Normal, on behalf of the owner, The Dial Companies Schnucks Grocery and a 14-screen Starplex Theater anchor the center, which is currently 70 percent leased. The recapitalization allowed Faris Lee to represent Thompson National Properties in a joint venture with The Dial Companies to acquire the note on the property. Thompson acquired the developed portion of the center and The Dial Companies has been established as the owner of the center's 12 unfinished outparcels.
WOOD RIVER, ILL. — NorthMarq Capital has secured $1.6 million in non-recourse financing for a 45,500-square-foot retail property currently leased to Shop N Save, located at 1900 E. Edwardsville Rd. in Wood River. The fully amortizing loan was arranged with Ohio National.
LA PORTE — Marcus & Millichap Real Estate Investment Services has brokered the sale of a 2,686-square-foot Jack in the Box location at 9629 Fairmont Pkwy. in La Porte. Marcus & Millichap’s Chris Cunning represented the seller, a limited liability company, and the buyer, a private investor, was secured and represented by Marcus & Millichap’s Jack Hopkins and Jimmy Slusher. Marcus & Millichap’s Tim Speck assisted in closing the transaction. Jack in the Box has 18 years left on its 20-year lease at the location.
HOLLY SPRINGS, GA. — Colliers International has arranged the $8.8 million sale of the 128,667-square-foot Village Shoppes at East Cherokee, located on Old Highway 5 in Holly Springs. Publix anchors the center, which went into foreclosure in September 2010. Joe Montgomery and Tony D'Ambrosio of Colliers International's Shopping Center Investment Sales Team in Atlanta represented the undisclosed seller. The buyer was a locally-based private equity group.
ARLINGTON HEIGHTS, ILL. — A variety of new tenants have signed leases in Arlington Heights, to occupy a total of more than 200,000 square feet of currently empty space. The retailers include: hhgregg, Ross Dress for Less, True Value Hardware, Dollar Tree, Binny's Beverage Depot, Savers, Smashburger, Jersey Mike's, Caribou Coffee, Party City and Cooper's Hawk Winery & Restaurant. All of the stores are anticipating a fall 2011 opening. The Village of Arlington Heights, Centro Properties Group, AmCap, Visconsi Cos. and others secured the tenants.
FORNEY — Tabani Acquisitions has purchased a 39,039-square-foot retail center at Mustang Crossing, located at 351-501 FM 548 in Forney from Wells Fargo Bank. Tabani will manage and lease the retail center, and CB Richard Ellis (CBRE) will list the center’s outparcel portion — including GameStop and Starbucks — for sale. CBRE’s Jennifer Pierson and Beth Pierson represented Wells Fargo Bank in the transaction.