ST. PETERSBURG, FLA. — CB Richard Ellis' Capital Markets Debt & Equity Finance has procured a $5.5 million permanent mortgage for the refinancing of Gateway Crossing in St. Petersburg. Located at 10410-10490 Roosevelt Blvd., the grocer-anchored property offers 87,000 square feet of retail space. James Gunning and Donna Falzarano of CBRE secured the long-term loan through New England-based insurance company at a competitive interest rate for a 10-year, fixed-rate term. The borrower is New York-based FWI 8 LLC.
WYCKOFF, N.J. — Mahwah, N.J.-based Inserra Supermarkets is proceeding with the redevelopment of a site located at the intersection of Greenwood and Wyckoff avenues into a new ShopRite grocery store. The 7.6-acre parcel has been vacant for more than 10 years. Development will include razing the 53,000-square-foot existing building and constructing a 62,174-square-foot grocery store. Environmental remediation is currently under way. The construction timetable was not released.
LAS VEGAS — MIG Real Estate has acquired the 99,000-square-foot Vista Commons, a neighborhood retail center located along Charleston Boulevard immediately west of the Interstate 215 loop in the western Las Vegas community of Summerlin. Terms of the deal were not disclosed. Built in 2007, the property is anchored by a 56,000-square-foot Albertsons supermarket and includes Wells Fargo and Bank of America locations. CB Richard Ellis’ Charles Moore, Michael Newman, Marlene Fujita and George Good represented the seller in the transaction; MIG did not have broker representation.
NORTH HAMPTON, N.H. — EagleBridge Capital has arranged $2.48 million in acquisition financing for a New Hampshire shopping center. Dollar Tree Plaza is located at 26 Lafayette Road in North Hampton. It contains 21,000 square feet, which consists of a 10,000-square-foot Dollar Tree, an 8,000-square-foot AutoZone, and a 3,000-square-foot, freestanding building occupied by Optima Bank & Trust. Ted Sidel and Brian Sheehan of EagleBridge arranged the permanent financing on behalf of the undisclosed borrower through a regional financial institution.
TULSA, OKLA. — Farmington Hills, Mich.-based Agree Realty Corp. has sold two single-tenant properties in Tulsa leased to Borders, Inc. containing approximately 50,000 square feet for close to $6.7 million. Agree Realty owns, manages and develops properties that are primarily single-tenant properties leased to major retail tenants and neighborhood community shopping centers. It has a portfolio of 79 properties in 17 states with 3.5 million square feet of space.
CHARLOTTE, N.C. — The Royston Group has brokered the sale of a 50,000-square-foot, single-tenant retail property in Charlotte. Situated on 5 acres, the property was built in 1994 and renovated in 2002. Best Buy signed a 20-year absolute triple net lease on the property in 2003. Rob Sutton and Greg Cortese of The Royston Group represented the undisclosed seller and the undisclosed buyer in the $8.5 million transaction.
NEW YORK CITY — The State Teachers Retirement System of Ohio has acquired the retail portion of the 15 Union Square West residential tower in New York City from Brack Capital Real Estate for $57.88 million. The condominium totals 14,494 square feet and consists of four spaces. Tenants include HSBC Bank, Lululemon Athletica and Sketchers. The fourth space is vacant. Bill Shanahan and Darcy Stacom of CB Richard Ellis represented the seller in the deal.
EAST WINDSOR, N.J. — Marcus & Millichap has brokered the sale of a New Jersey retail center for $14.5 million. Windsor Crossing is an 80,009-square-foot property located at 761 Route 33 West. The center has 14 tenants including Gold's Gym, The Learning Experience, New York Community Bank, a Japanese restaurant and a grocery store. It is part of a master-planned development that also includes The Home Depot, Walmart and 102 single-family homes. Brad Nathanson and Christopher Munley of Marcus & Millichap's Philadelphia office represented the seller, Windsor Crossing West #4 LLC. The pair also procured the buyer, a New York-based shopping center operator. Michael Fasano of Marcus & Millichap's New Jersey office assisted in the deal.
BROWNSBURG, IND. — BMC Capital has originated a $1.6 million loan for the refinancing of a maturing CMBS loan on a CVS/pharmacy property, located at 21 W. Main St. in Brownsburg. Barrett Linburg of BMC Capital arranged the 10-year, fixed-rate loan, which has a 50 percent loan-to-value and a 25-year amortization schedule, for the undisclosed borrower.
SOUTHLAKE — Southlake-based N3 Real Estate recently introduced its $200 million Delton Retail Fund, which is aimed at expanding N3's net lease portfolio in the U.S. retail real estate market. The Delton Retail Fund is an international joint venture between N3 and Toronto, Canada-based Alex Shnaider, co-founder of the Midland Group. The introduction of the Delton Retail Fund combines with $50 million of equity being raised by Dallas-based Rainier Capital for its joint venture with N3, Net Lease Retail Partners LP. N3 estimates it will have the capacity to develop and acquire close to $400 million of retail real estate during the next 2 to 3 years with its current equity commitments from Delton and Rainier.