OMAHA, NEB. — Cox Communications has leased 2,121 square feet of retail space in Benson Park Plaza, which is located at 72nd Street and Ames Avenue in Omaha. The company plans to open the located in March. Dan Dutton of World Group Commercial Real Estate represented the undisclosed landlord in the transaction. Terms of the lease were not released.
NEW YORK CITY — Meridian Capital Group has arranged a $27.6 million loan for the refinancing of a retail condominium portfolio in New York City. The five-property portfolio totals 28,000 square feet and is located on the Upper West Side. The loan carries a 7-year term with a 5.31 percent fixed interest rate. The lender was UBS. Joseph Taub of Meridian's New York City office originated the loan on behalf of the undisclosed borrower.
BOSTON — Fantini & Gorga has arranged a $5.6 million loan for the refinancing of a retail center located in Boston's Mattapan neighborhood. The property totals 62,345 square feet and was fully leased at the time of closing. The proceeds will be used to refinance the borrower's existing acquisition and renovation debt. George Fantini, Jr., and Mark Whelan arranged the loan through a local financial institution.
MESA, ARIZ. — Marcus & Millichap has negotiated the $2.05 million sale of a ground lease for a 6,483-square-foot P.F. Chang's China Bistro located at 6610 E. Superstition Springs Blvd. in Mesa. The single-tenant, net-leased property is situated near the 1.2 million-square-foot Superstition Springs Mall. Marcus & Millichap’s Jamie Medress and Mark Ruble represented the private-investor seller in the transaction.
TACOMA, WASH. — Marcus & Millichap has facilitated the nearly $1.87 million sale of a 3,723-square-foot Burger King, located at 1420 72nd Street East in Tacoma. Constructed in 2002, the single-tenant, net-leased property sits on a 0.69-acre parcel. Marcus & Millichap’s Peter Nisbet represented the private-investor seller in the transaction.
ALPHARETTTA, GA. — New York-based Marathon Asset Management, a corporate, structured and real estate credit investment manager, has closed on East Village Shopping Center, located on Holcomb Bridge Road in Alpharetta, through its real estate lending and distressed debt program. The acquisition involved the purchase of a distressed senior mortgage and simultaneous transfer of ownership through a pre-negotiated deed in lieu of foreclosure. The former borrower, Concordia Properties, will remain the property manager and developer of the shopping center, and Atlanta-based Synergy Resolution Services, a real estate asset manager and co-investor with Marathon, will oversee the on-site business plan implementation. Built in 2008, East Village Shopping Center includes 83,319 square feet of existing retail space with 112,296 square feet of planned development for which much of the infrastructure, planning and pre-development work has been completed. The retail property is shadow anchored by Super Target.
SMYRNA, GA. — Westchester, Ill.-based Tri-Land Properties has broken ground for the redevelopment of The Crossings at Four Corners in Smyrna. Situated on 8 acres, the project will be anchored by a 96,000-square-foot Kroger. The redevelopment project includes the installation of a traffic light at the north property line and South Cobb Drive, the renovation of 60,000 square feet of retail space and the development of eight outparcels and a 25,000-square-foot pad. The project is slated for completion in November.
FORT MYERS, FLA. — CR South has purchased the Shops at Verandah in Fort Myers. Located at the intersection of Palm Beach Blvd. and State Route 31, the 72,795-square-foot retail property is occupied by Publix, Beef 'O Brady's, Pinch a Penny, Allstate and H&R Block. Freestanding tenants at the center include Regions Bank, Exxon Mobil and Wachovia/Wells Fargo. Constructed in 2006, the property was 92 percent leased at the time of acquisition. The Shops at Verandah Ltd. sold the property for an undisclosed price. Jim Michalak, Anthony Blanco and Lenard Williams of Plaza Advisors represented the buyer in the transaction.
AUSTIN — A joint venture between Investcorp, a global investment manager, and Global Fund Investments has acquired The Shops at Tech Ridge, a 332,845-square-foot shopping center in Austin. Located at the northeast corner of Interstate 35 and Parmer Lane, the retail property was built in 2003 and is shadow-anchored by SuperTarget. Tenants include Best Buy, Toys “R” Us, Ross Dress For Less, PetSmart, Hobby Lobby, Party City and Pier 1 Imports. Global Fund Investments will manage the property, while Austin-based Endeavor Real Estate Group will lease it.
PALM BAY, FLA. — Edens & Avant has completed the disposition of Palm Bay West in Palm Bay. Located at the intersection of Malabar and Minton roads, the property offers 263,356 square feet of retail space. Current tenants include Winn Dixie, Beall's Department Store, Ace Hardware, Dollar Tree and a 10-screen theatre. Constructed in 1989, the property was 91 percent occupied at the time of closing. The buyer was a New York-based limited liability company. Terms of the sale were not released. Jim Michalak, Anthony Blanco and Lenard Williams of Plaza Advisors brokered the transaction.