DESOTO — Denver-based Baceline Investments, a private equity real estate investment management company, has purchased Fountain Village Shopping Center, a 37,000-square-foot neighborhood retail center in DeSoto. Baceline acquired the property from a loan special servicer for $1.2 million. Built in 1986, the property is only 25 percent occupied. Baceline intends to convert the property into convenient, low-cost medical office space. Fountain Village is the fourth distressed property acquired by Baceline in the past year as part of its distressed property initiative.
LAKE HAVASU CITY, ARIZ. —NorthMarq Capital has arranged $4.9 million in first-mortgage financing for the 93,940-square-foot Havasu North Shopping Center located in Lake Havasu City. Major tenants at the center are Big Lots, Staples and Ace Hardware. Secured for the borrower by NorthMarq’s James DuMars and Gregory Benjamin through the Minneapolis-based company’s correspondent relationship with Thrivent Financial, the loan was based on a 10-year term and a 25-year amortization schedule.
VIRGINIA BEACH, VA. — According to Inland Diversified Real Estate Trust's SEC filing, Mountain Ventures Virginia Beach has sold the 409,747-square-foot Landstown Commons Shopping Center in Virginia Beach for $91 million to Inland Diversified Real Estate Trust. At close, the shopping center was more than 94 percent leased to a total of 63 tenants, including Best Buy, PetSmart and Bed, Bath & Beyond. On the second floor of the shopping center is 32,890 square feet of office space, which is currently 90 percent leased to two medical users. Mark Cosenza of Inland Real Estate Acquisitions' Oak Brook office represented the buyer and the undisclosed seller was represented by CB Richard Ellis' Florida and Washington, D.C., groups.
WAUKESHA, WIS. — Coffee LLC has acquired a 7,056-square-foot, multi-tenant retail property, located at 2320 E. Moreland Blvd., in Waukesha for an undisclosed price. The property was sold by 2320 East Moreland Boulevard Waukesha LLC. The center is fully leased to Cousins Subs, CPAP2GO and Aspen Dental. James Young of Milwaukee-based Cassidy Turley Barry represented the buyer; Ted Thomsen of Dallas-based NAI Robert Lynn represented the seller.
OMAHA, NEB. — Q10|Daisley Ruff Financial has arranged a $3.25 million permanent loan for a retail center in Omaha. The 119,000-square-foot center is anchored by a grocery store. Bob Chalupa of Q10|Daisley Ruff secured the 10-year, fixed-rate loan through a correspondent lender. The loan has a 4.75 percent interest rate.
GARDEN CITY PARK AND HEMPSTEAD, N.Y. — M. Robert Goldman & Co. has arranged loans for two Long Island retail centers totaling $24.5 million. In the first transaction, Genworth Financial provided a $14 million loan for the acquisition of City Park Plaza, an 89,000-square-foot, Waldbaum's-anchored shopping center located in Garden City Park. In the second, transaction, Aviva Investors provided a $10.5 million loan to refinance Hempstead Village Commons, a 96,482-square-foot center located in Hempstead. Tenants include Pep Boys, Staples and A.J. Wright. The borrowers in both deals were undisclosed.
WHITE PLAINS, N.Y. — Dick's Sporting Goods will hold a grand opening this weekend for its newest location. The store will be located within The Source at 1 Maple Ave. in White Plains. It is the retailer's 30th location in New York.
NEW YORK CITY — Houlihan-Parnes has arranged a $2.5 million first mortgage for a Bronx retail property. Located at 3427 Jerome Ave., the property totals 10,000 square feet and contains five spaces. The non-recourse loan carries a 5-year term, a 4.75 percent fixed interest rate and interest-only payments for the first 2 years. The lender was a local bank. Mike O'Neil of Houlihan-Parnes secured the financing.
NORTH RICHLAND HILLS — Fort Worth Community Credit Union has purchased a 4,000-square-foot building located on Davis Boulevard in North Richland Hills. Previously occupied Washington Mutual Bank, the building is situated west of a Target-anchored shopping center with tenants including Starbucks, Radio Shack and Game Stop. Fort Worth Community Credit Union is expected to open this fall. Christopher Gibbons of Venture Commercial represented Fort Worth Community Credit Union in the transaction, while David Levinson of The Retail Connection represented the seller, Inland Western North Richland Hills.
LAS VEGAS — Colliers International has negotiated the more than $1.95 million purchase of a 23,000-square-foot retail property, located at 3030 E. Sahara Ave. in Las Vegas. The brokerage firm’s Grant Traub and Keith Cubba represented the buyer, DriveTime Car Sales Co. LLC, in the transaction, and Kevin Higgins of Voit Real Estate Services represented the seller, Bill Haden Inc.