OAHU, HAWAII — Robertson Properties Group has celebrated the grand opening of the $75 million Pearl City Gateway, a 150,000-square-foot community retail center located on the northeast corner of Kuala Road and Acacia Street in Pearl City on the island of Oahu. Pearl City Gateway’s tenant roster includes Babies “R” Us, Longs, Petco, David’s Bridal, Roger Dunn Golf Shops, Cherry on Top, Ramen Ya, McDonald’s, Aloha White Hana Nail Salon & Spa and Caesars Cleaners. Babies “R” Us and David’s Bridal are new to Hawaii, and the Petco is only the retailer’s second location in the Aloha State. Robertson Properties Group recently signed several tenants for the majority of the last available shop space, including Sally’s Beauty Supply, AT&T, Impact Wireless and Blue Hawaii Sushi restaurant. Robertson Properties Group is marketing for lease the last two outlying building pads: one that can accommodate a 25,000-square-foot retailer and the other a 6,000-square-foot sit-down restaurant. Pearl City Gateway’s development team included Architects Hawaii and general contractor Swinerton Builders; the center’s leasing broker is Colliers Monroe Friedlander and Wells Fargo Bank provided construction financing. Robertson Properties Group acquired the site, a former U.S. Navy facility located just minutes from Pearl Harbor, on December …
PHOENIX — George Smith Partners has arranged a $70 million loan at 4.91 percent interest for Glimcher Realty Trust. The 5-year, non-recourse, senior permanent loan is collateralized by the ground lease on the 600,000-square-foot mixed-use center known as Scottsdale Quarter in Scottsdale, Ariz. GSP’s Gary Mozer, Josh Roseman, Steve Orchard and Scott Swisher handled the loan deal, which facilitated Glimcher’s acquisition of the land under Phases I and II of Scottsdale Quarter to consolidate the leasehold and fee positions, creating a disparate increase in value versus the standalone assets.
BROWARD AND DADE COUNTIES, FLA. — Butters Construction & Development has been selected to construct two TD Bank branches in Florida. The new locations will be located at the corner of Pines Boulevard and North University Drive in Broward County and at the corner of Miami Gardens Drive and NE 15th Avenue in Dade County. The facilities are scheduled for completion by summer 2011. TD Bank is one of the 15 largest banks in the United States and is a wholly owned subsidiary of Toronto Dominion Bank of Canada.
CHICAGO — A New York-based institutional real estate company has acquired the ground lease for a CVS/pharmacy location in Chicago. Located at 6355 W. Belmont Ave., the property is 100 percent leased to CVS on a long-term lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private Chicago-based developer. The acquisition price was $3.6 million.
FOLSOM, CALIF. — Terranomics Retail Services has brokered the $1.75 million sale of an 8,370-square-foot restaurant building located in the Folsom Corners Shopping Center at the intersection of Willard Drive and Prairie City Road in Folsom. Formerly home to Malabar Restaurant, the recently constructed, stand-alone building situated directly across from the Intel Office Park will be converted into a veterinary clinic by the buyer, Jennifer Sweet. Terranomics Retail Services’ James Teare and Dave Scanlon represented the seller, California Bank and Trust, in the transaction.
ARLINGTON — Marcus & Millichap has completed the sale of a Burger King located in Arlington. The 4,297-square-foot, freestanding building is situated at 3500 Matlock Road. Burger King currently has 7 years remaining on its 20-year absolute net-lease, with two 5-year options. Philip Levy of Marcus & Millichap's Fort Worth office and Jason Vitorino of the firm's Dallas office represented the seller, a limited liability company, and the buyer, a private investor.
HOLDEN BEACH, N.C. — The Boulder Group has completed the disposition of a Walgreens property in Holden Beach. The property is long-term leased to Walgreens, with 24 years remaining on the term. A Chicago-based private investor acquired the property for $4.4 million in a 1033 exchange. The seller was a North Carolina developer. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.
BOCA RATON, FLA. — Thomas D. Wood and Company has secured financing for Bayrock Portfolio, a portfolio of six single-tenant restaurants and banks throughout five states. The 5-year $9.49 million loan has a variable interest rate and a loan-to-value of 60 percent. The portfolio includes major tenants such as Burger King, McDonald's, Capital One Bank and SunTrust Bank. Patrick Madore of Thomas D. Wood and Company secured the financing through the company's relationship with a local bank.
JUNEAU, WIS. — Capitol Real Estate Juneau has acquired a 28,717-square-foot shopping center in Juneau. Located at 100 S. Western Ave., the 7-year-old retail center is occupied by Piggly Wiggly, Edward Jones and Subway. T. Rectangle Properties sold the 90-percent occupied center for $3.1 million. Steve Doran, Blake George and Todd Waller of Lee & Associates’ Madison, Wis., office represented both parties in the transaction.
BRATTLEBORO, VT. — New England Retail Properties (NERP) has brokered the sale of Royal Square, a 103,000-square-foot neighborhood shopping center located in Brattleboro, for $9.2 million. Situated on Putney Road, the center's major tenants include Staples and Peebles. Additional tenants include Dollar Tree, Olympia Sports, Consumer Auto, Label Shopper Sleepy's, two restaurants and an eight-screen movie theater. Matt Halprin of NERP represented the seller, Andover, Mass.-based CA Investment Trust. The buyer was an affiliate of Cambridge, Mass.-based Unison Realty Partners.