ASHLAND, KY. —Columbus, Ohio-based Glimcher Realty Trust has closed on a 10-year, $42.1 million mortgage loan for the 419,633-square-foot Ashland Town Center, located at 500 Winchester Ave. in Ashland. Goldman Sachs Commercial Mortgage originated the loan.
Retail
PEMBROKE PINES, FLA. — CVR Hollywood has sold a 6,303-square-foot former Roadhouse Grill, located at 8525 Pines Blvd. in Pembroke Pines, to Caribbean Investment for $1.1 million. Steven Miller of Fort Lauderdale, Fla.-based The Rotella Group represented the seller in the transaction.
KEY WEST, PEMBROKE PINES & APOPKA, FLA. — Winn-Dixie has selected Orlando, Fla.-based Cuhaci & Peterson Architects to remodel three stores in Florida. The properties are: a 35,000-square-foot store off Roosevelt Boulevard in Key West; a 45,000-square-foot store off Pine Boulevard in Pembroke Pines; and a store off Orange Blossom Trail in Apopka, which will be 45,000 square feet upon completion.
MINNESOTA AND MICHIGAN — Marcus & Millichap (M&M) has completed the sale of a five-property retail portfolio for $11.54 million. The properties includes Office Max stores located in Alexandria, Brainerd and Mankato, Minn., as well as an Office Depot located in Traverse City, Mich. The fifth property is located in Martinsburg, W.V. All five properties have between seven and 11 years remaining on corporate-guaranteed leases. James Stonehill and Scott Wiles of M&M's Cleveland office joined with Erin Patton of the firm's Columbus, Ohio, office to represent the seller, an Ohio developer. Barry Wolfe of M&M's Fort Lauderdale, Fla., office represented the buyer, Boca Raton, Fla.-based Kin Properties. Local representation was provided by Solomon Poretsky of M&M's Minnesota office, Jonathan Dwoskin of the firm's Detroit office and Ralph Nash of West Virginia-based Old Spruce Realty.
ORLAND PARK and ARLINGTON HEIGHTS, ILL.— Cohen Financial has secured $5 million to refinance loans for two Class B retail properties in the Chicago area. The two properties are Waterfall Plaza, a 22,000-square-foot retail strip center located in Orland Park, and Plaza Del Grato, an approx. 40,000-square-foot retail strip center located in Arlington Heights. Brandon Harrington of Cohen’s Phoenix office originated the $2 million loan for Waterfall Plaza and the $3 million loan for Plaza Del Grato. The lender is StanCorp Mortgage Investors and the borrower is a group of retail investors.
WAUKEGAN, ILL. — A Brazilian investor has purchased a net-lease PNC Bank branch located in Waukegan. The single-tenant property was constructed as a build-to-suit three years ago for National City, which was acquired by PNC. Chad Firsel of Quantum Real Estate Advisors represented the seller, a local developer, in the deal.
WINDHAM, CONN., & NORTH KINGSTOWN, R.I. — Boston-based EagleBridge Capital has arranged $2.09 million in permanent mortgage financing for retail properties located in Connecticut and Rhode Island. In Windham, EagleBridge arranged financing for a 7,000-square-foot building, located at 320 Boston Post Rd., which is leased to Advance Auto Parts. In North Kingstown, EagleBridge secured financing for the 4,850-square-foot AT&T Plaza, located at 6070 Post Rd. The property is leased to AT&T Wireless and Great Harvest Bread Co. Brian Sheehan and Ted Sidel of EagleBridge secured the financing, which was provided by a regional financial institution.
OCEANSIDE, N.Y. — Lev Kimyagarov of New York-based Massey Knakal has arranged the $1.08 million sale of a 15,645-square-foot retail development site in Oceanside, located between Weidner and Montgomery Avenues. The 26,000-square-foot site includes a 15,645-square-foot retail building and a single-family home.
AUBURN, WASH. — Loja Real Estate, LLC, has purchased the Lakeland Town Center for one of the firm’s separate accounts for $39.4 million. Lakeland Town Center is a 125,000-square-foot shopping center in Auburn. It is located within the master-planned community of Lakeland. Kevin Van Voorhis of Colliers International's San Francisco office represented the Loja Group. Paul and Billy Sleeth of Colliers' Seattle office represented Lakeland Town Center II, LLC. The Seattle office will also manage the property.
ALAMEDA, CALIF. — Jamestown, the owner of the 594,000-square-foot Alameda Towne Centre has announced that it will re-brand the open-air retail center as Alameda South Shore Center. The center was known as South Shore Center until 2002 when it underwent an $85-million redevelopment. Jamestown purchased the center from Harsch Investment Properties this past January for $181 million. It was the largest retail center transaction that had occurred in the continental U.S. in the past year.