BISMARCK, N.D. — TNP Strategic Retail Trust has acquired Pinehurst Square East, a 114,292-square-foot retail center located in Bismarck. Constructed in 2005, the center is anchored by T.J. Maxx, Old Navy and Shoe Carnival. Occupancy was more than 90 percent at the time of closing, and the tenant leases have staggered expirations through 2017. The seller was a tenant-in-common investor group, which maintains an ownership interest in the property. The acquisition price was not disclosed.
CINCO RANCH — Grandbridge Real Estate Capital's Houston office has closed a $5.3 million first mortgage loan for a 22,400-square-foot retail center in Cinco Ranch, near Katy. The property is 100 percent leased to tenants such as First Community Bank, FedEx Kinko's, Mooyah Burgers & Fries and Potbelly Sandwich. The loan was secured by Arcadia and funded through Grandbridge's CMBS relationship with Morgan Stanley. The non-recourse, fixed-rate loan features a 10-year term and a 25-year amortization and a 75 percent loan-to-value rate. The retail property is owned by HRC Partners Ranch, Ltd., and Excel Commercial Real Estate and New Regional Planning partnership.
CHARLOTTE, N.C., AND GREENWOOD, S.C. — Berkeley Capital Advisors has brokered two neighborhood shopping center sales. The first property is Independence Square, a 139,361-square-foot neighborhood center located in Charlotte. Major tenants include Super Global Mart, Rugged Warehouse, Harbor Freight Tools, Dollar General, Dots, Bank of America and Ruby Tuesday. Occupancy was 95 percent at the time of closing. The second property was Food Lion Plaza, a 48,466-square-foot neighborhood center located in Greenwood. Anchored by Food Lion, the property was 85 percent occupied at closing. The Berkeley team of Rob Carter, David Webb and Alex Quarrier arranged both deals.
ALPHARETTA, GA. — Addison Place, a 44,293-square-foot retail center, has sold for $2.6 million. Located on Jones Bridge Road in John's Creek, the shopping center is positioned adjacent to a CVS/pharmacy and its lead tenant is Bonefish Grille. Craig Taylor of CB Richard Ellis' private client group represented the seller, P.I. Holdings, Inc., a division of BBVA Compass Bank. The buyer was Addison Place Ventures LLC.
FOX LAKE, ILL. — Dollar Tree has opened a new 9,000-square-foot location within Fox Lake Crossing, located at the intersection of State Routes 59 and 134 in Fox Lake. Jeff Wright of Kite Realty Group represented the landlord, KRG Fox Lake Crossing LLC, in lease negotiations. Kyle Mayberry of Zifkin Realty Group represented Dollar Tree.
BEVERLY HILLS, CA — Coldwell Banker Commercial WESTMAC has sold a 3,800-square-foot building to an overseas investor for $2,150,000. Located at 209 South Robertson Blvd., the one-story, free-standing retail building was vacant at the time of the sale. It was previously a showroom for a classic car reseller. Coldwell’s James Stanfill, Patrick Sheekey and T.C. Macker represented both the buyer and the seller.
SAVANNAH, GA. — Wal-Mart has renewed its 800,000-square-foot lease at 150 Portside Ct. in Savannah. Wal-Mart has occupied the building in Crossroads Business Center since 2001. Brian Sutton of Indianapolis-based Duke Realty and Jeff Jepson of Savannah-based North Point Industrial Realty represented Duke Realty, the landlord, in the transaction.
CHICAGO — Millennium Properties has brokered the sale of six former KFC restaurants in Chicago. Daniel Hyman and Susan Silver worked on behalf of the lender to arrange the sale of the properties' sheriff's certificates rather than the deeds. The restaurants are located at 3333 West Armitage, 4320 W. North Ave., 3201 West Cermak, 6705 South Halsted, 737 East 87th and in Ravenswood. Separate parties purchased the properties. They are part of a larger 13-property portfolio that is being marketed for sale.
GLEN ALLEN, VA. — Cushman & Wakefield | Thalhimer has completed three leases at Franklin Commons, located at 5640 Cox Rd. in Glen Allen. SunTrust Bank has leased 90,000 square feet, Independent Container Line leased 22,000 square feet and an undisclosed Fortune 100 company has leased 44,000 square feet. N. Dean Meyer, Austin Newman and Mac Wilson of Cushman & Wakefield | Thalhimer's Richmond, Va., office represented the landlord in the lease negotiations.
CREVE COEUR, MO. — Ramco-Gershenson Properties Trust (NYSE: RPT) has acquired Heritage Place, a 270,000-square-foot shopping center located in the St. Louis suburb of Creve Coeur. Situated at the intersection of Olive Boulevard and Ross Avenue, the property is anchored by a 74,721-square-foot Dierberg's Supermarket. Other tenants include Marshalls, T.J. Maxx, Office Depot and Petco. Occupancy was 90.1 percent at the time of closing. Heritage Place marks the fourth grocery-anchored shopping center RPT has purchased since the third quarter of 2010. The seller's name and acquisition price were not disclosed.
