KANSAS CITY, MO. — NorthMarq Capital's Denver office has arranged $7.25 million in financing for North Oak Marketplace, which is located at 4820-4914 North Oak Trafficway in Kansas City. Built in 1970 and remodeled in 2004, the property offers 154,651 square feet of retail space. Current tenants include Price Chopper, Goodwill Industries, Big Lots, Cici's Pizza, Jackson Hewitt and Quiznos. John Stewart and Brock Yaffe of NorthMarq arranged the financing for the undisclosed borrower.
SAN BERNARDINO, CALIF. — National Equity Advisors has handled the $10.95 million sale of Westside Plaza, a 93,129-square-foot shopping center located at 1554-1594 W. Base Line Street in San Bernardino. Built in 1995, Westside Plaza includes national tenants such as CVS/pharmacy, the U.S. Postal Service, Burger King and Little Caesars Pizza. National Equity Advisors’ Enrique Wong represented the seller, Westside Plaza LLC, in the all-cash transaction involving a California investment buyer.
CORAL SPRINGS, FLA. — Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented a Miami-based company in the disposition of the Gardens of Miami Center. Located on Miami Gardens Drive in Miami, the 52,670-square-foot shopping center sold for $4.35 million. The two-story center was 50 percent occupied at the time of closing. The buyer was not released.
MECHANICSVILLE, VA. — Morgan Property Group (MPG) is developing a free-standing Walgreens drugstore at the southeast corner of Mechanicsville Turnpike and Lee Davis Road in Mechanicsville. The 14,470-square-foot location is expected to open during the third quarter of 2011. This is the 17th Walgreens developed by MPG in Virginia.
INDEPENDENCE, MO. — Phillips Edison Group LLC has acquired a 241,682-square-foot retail strip center, located at 14330 East 42nd St. in Independence. Centro Properties Group sold the property for $10 million. Ingrid Long of Grubb & Ellis|Gundaker Commercial and Drew Quinn of Grubb & Ellis|Winbury Group represented the seller in the transaction.
BAYVILLE, N.J. — Morgan Real Estate has brokered the sale of a freestanding Walgreens located in Bayville. The firm's George Morgan, Jr., and Greg Woulfe represented the buyer, Bayville Triess. Morgan Real Estate joined with Marabella Commercial Finance to obtain acquisition financing, which consisted of a $4.6 million, non-recourse, CMBS loan. The property traded at a 7.37 percent cap rate.
HIGHLAND VILLAGE — The Shops at Highland Village, located at the intersection of FM 2499 and FM 407 in Highland Village, has leased more than 11,000 square feet of retail space plus an outparcel to six new merchants. Buffalo Wild Wings is currently under construction at the corner of FM 407 and Chinn Chapel Road, and Jack's Outfitters, Sprint, Brookstone, Calendar Club and Inspired Yoga Studio have all taken space in The Shops at Highland Village. Regency Centers leased the property.
HIGHLANDS RANCH, COLO. — NorthMarq Capital has arranged a permanent loan of $6.2 million for Village Center West, a four-building, 30,397-square-foot neighborhood retail center located at 3620-3626 Highlands Ranch Pkwy. in Highlands Ranch. Tenants include Radio Shack, Supercuts, Baskin Robbins and King Soopers (the latter, grocery tenant not being a part of the collateral). John Stewart and Brock Yaffe of Minneapolis-based NorthMarq arranged the financing for the borrower.
DALLAS — HSM Equity Partners, the real estate financial equity services entity of Henry S. Miller Co., has arranged non-recourse, fixed-rate, permanent financing for two shopping centers owned by entities of the Henry S. Miller family of companies. Pepper Square and Central Forest shopping centers in Dallas each carry 10-year terms with a 5.5 percent fixed rate. HSM secured financing through Wells Fargo's New York CMBS group. Pepper Square contains 277,609 square feet of retail space and Central Forest contains 94,879 square feet of retail space. Chance Johnson of HSM arranged the retail loans.
LOUISVILLE, KY. — A Pittsburgh-based private investment group has acquired the ownership interest of Dixie Depot Plaza, which is located at 6810-6812 Dixie Highway in Louisville. Developed in 2009, the retail plaza is occupied by Qdoba Mexican Grill, Gaddie Eye Center and Aspen Dental. A private group of local investors sold the property for $2 million. Dan Cooper of The Cooper Commercial Investment Group represented the sellers in the transaction.