COMMACK, N.Y. — NorthMarq Capital has secured $2.34 million in first-mortgage financing for Heatherwood Shopping Center, a 47,000-square-foot neighborhood retail property located at 6090-6136 Jericho Turnpike in Commack. The loan carries a 5.4 percent interest rate, a 10-year term and a 25-year amortization schedule. The lender was Sun Life of Canada. The NorthMarq team of Charles Cotsalas and Ernest DesRochers arranged the loan.
ROWLETT — Expo Retail Center, a 28,511-square-foot retail property located on Lakeview Parkway near Rowlett Road in Rowlett has sold. Rowlett Lakeview Investments, L.P., sold it to Lakeview Expo, Ltd., and Tommy Crowell and Stacy Standridge of Standridge Cos. The property is 61 percent occupied with tenants including Fuzzy's Taco Shop, Fresenius Medical Care and Amelia's Mexican Restaurant. Sean Byrne of Byrne Co. and Jason Byrne of Venture Commercial represented Rowlett Lakeview Investments, L.P. Doug Archer of POB Montgomery served as the receiver and special servicer for Midland Loan Services for a year and a half before the property changed hands.
DALLAS AND LEWISVILLE — Dallas-based SRS Real Estate Partners has represented Archon Group in its sale of a 4.8-acre tract of land to Centric Capital Partners. The site sits across from Prestonwood Town Center on the northwest corner of Monfort Road and Town Center Boulevard in Dallas. Centric Capital Partners intends to develop the land into four pad sites that will be put up for sale or lease. Mark Newman and Mark Reeder of SRS Real Estate Partners' Dallas-Fort Worth office represented Archon Group. In addition, Asbury Automotive Group has sold the former Saturn of Lewisville, located at 1515 S. Stemmons Fwy. in Lewisville, to Baum Auto Sales. The 4.05-acre lot includes a 19,400-square-foot building and the purchaser intends to operate an automotive sales facility. Newman and Ryan Johnson of SRS Real Estate Partners represented Asbury Automotive Group.
NAGS HEAD, N.C. — Todd Crouse of NorthMarq Capital's Raleigh, N.C., regional office has arranged $4.7 million in first mortgage financing for The Shoppes at 10.5 in Nags Head. The 48,718-square-foot, grocery-anchored retail center is located at 2515 S. Croatan Parkway. Major tenants include Food Lion and Monarch Bank. Financing was based on a 10-year terms with a 25-year amortization schedule. The loan funded by Genworth Financial.
ONALAKSA, WIS. — The Hampshire Companies has completed the disposition of a 134,900-square-foot retail building in Onalaska. Located at 1211 Crossing Meadows Dr., the property is fully leased to Sam's Club. Walmart, the tenant's parent company, acquired the property for an undisclosed price. Greg Dalton and Chris Bosworth of CB Richard Ellis (CBRE) represented the seller; Yoni Zvi, also of CBRE, represented the buyer in the transaction.
DERBY, CONN. — Marcus & Millichap has brokered the sale of Derby Shopping Center for $13.7 million. The 170,097-square-foot retail property is located at 500 New Haven Ave. in Derby. It comprises five single-tenant buildings on 16.8 acres. Tenants include anchor Lowe's Home Improvement Warehouse, Dunkin' Donuts, Burger King, Webster Bank and Dollar Tree. Adam Mancinone and Blake Barbarisi of Marcus & Millichap's New Haven, Conn., office partnered with Robert Horvath and Todd Tremblay of the firm's Boston office to represent the seller, a partnership of New York investors that redeveloped the property in 2008. The team also represented the buyer, a Connecticut-based private investor.
PENNSYLVANIA AND MASSACHUSETTS — Cedar Shopping Centers has exercised the buy-sell provisions in its joint venture with Canadian firm Homburg Invest. Cedar owns a 20 percent interest in the nine-property retail portfolio and Homburg owns the other 80 percent. First, Cedar is purchasing Homburg's 80 percent interest in Meadows Marketplace, a 91,538-square-foot property located in Hershey, Pa., for $5.3 million. In addition, Cedar will be selling its 20 percent interest in the other eight shopping centers to Homburg for a total of $9.7 million. The properties include, Fieldstone Marketplace in New Bedford, Mass.; Aston Center in Aston, Pa.; Scott Town Center in Bloomsburg, Pa.; Stonehedge Square in Carlisle, Pa.; Pennsboro Commons in Enola, Pa.; Ayr Town Cener in McConnellsburg, Pa.; Parkway Plaza in Mechanicsburg, Pa.; and Spring Meadow Shopping Center in West Lawn, Pennsylvania. All nine properties are grocery anchored. The portfolio has been valued at approximately $55 million over existing property-specific financing of approximately $102.42 million.
HURST — Texas Appliance Supply, a local residential appliance dealer serving both retailers and builders, has purchased a 71,000-square-foot retail building located at 840 Airport Fwy. in Hurst from Syms Corp. The appliance dealer will occupy 26,500 square feet of the property with 45,000 square feet still available for lease. Doug Jennings of the William C. Jennings Co. represented Texas Appliance Supply, while Richard Polishuk and Christopher Walker of the commercial retail division with The Weitzman Group represented Syms Corp.
CANTON, GA. — Marcus & Millichap has brokered the sale of Miracle Self Storage, which is located at 6380 Hickory Flat Highway in Canton. The 53,105-square-foot property sold for approximately $2 million or $37.66 per square foot. Stacey Gorman of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.
MIAMI — BankUnited has purchased a 10,397-square-foot building, which is located at 2159 S.W. 22nd St. in Miami. BF 2159 Coral Way LLC sold the property, which is situated on 29,391 square feet of land, for $2.8 million. David Preston of Newmark Knight Frank represented the buyer; Stephen Gaunt and Eric Gaunt of CresaPartners represented the seller in the transaction.