PHILADELPHIA — JLL has arranged a $55 million bridge loan for Quartermaster Plaza, a 456,208-square-foot retail power center in South Philadelphia. Built in 2004, the property was 99 percent leased at the time of sale, with BJ’s Wholesale Club, The Home Depot and Sprouts Farmers Market serving as the anchor tenants. Other tenants include Bank of America, Wendy’s, Walgreens, PetSmart and Planet Fitness. Michael Gigliotti, James Galbally, Michael Pagniucci and Blaine Fleming of JLL arranged the five-year loan through an undisclosed bank. The borrower was a partnership between two New York City-based firms, DRA Advisors and KPR Centers, which acquired the center from Cedar Realty Trust in July 2022 as part of an $879 million portfolio deal. Cedar Realty Trust bought the center in 2014 for $92.3 million.
DOWNERS GROVE, ILL. — Bernard Financial Group (BFG) has arranged a $7.8 million acquisition loan for a 124,005-square-foot shopping center in the Chicago suburb of Downers Grove. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Downers Grove Associates LLC. Securian Life Insurance Co. was the lender.
EAST MOLINE, ILL. — Marcus & Millichap has brokered the $2.7 million sale of a Caliber Collision-occupied property in East Moline, a city in northwest Illinois. The net-leased building, located at 3912 17th St., was recently upgraded with $400,000 in renovations, including parking lot resurfacing, new HVAC and new LED lighting. Jake Carter, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.
NEW YORK CITY — ENT & Allergy Associates has signed an 8,200-square-foot lease renewal and expansion in the Flushing area of Queens. The provider is expanding from 1,800 to 10,000 square feet at the 37,421-square-foot retail and medical center located at 35-30 Francis Lewis Blvd. Jonathan Serko of Cushman & Wakefield represented the tenant in the lease negotiations. Miles Mahony of RIPCO Real Estate represented the locally based landlord, Simone Development Cos.
LAKE MARY, FLA. — Cushman & Wakefield has arranged the sale of Shoppes of Lake Mary, a 74,234-square-foot shopping center located in Lake Mary, roughly 20 miles outside Orlando. The property was 97 percent leased at the time of sale to tenants including HomeSense, PNC Bank, Jeremiah’s Italian Ice and Gator’s Dockside. An entity related to shopping center owner/developer Phillips Edison & Co. acquired the property for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of Nuveen Real Estate, in the transaction.
HUNTSVILLE, ALA. — Merit Bank has opened at The Range, The Beach Co.’s 49,229-square-foot office building located on Governors Drive in Huntsville. Merit Bank now occupies the third floor of the property, which spans roughly 17,433 square feet, in addition to a first-floor retail branch, with a total 20,000 square feet of occupancy. The Range features a common-area courtyard, high-speed Gigabyte internet and walkability to nearby restaurants, entertainment and retailers. The building is also situated adjacent to The Foundry, a 340-unit multifamily and townhome community, and STOVEHOUSE, a mixed-use development.
KAHULUI, HAWAII — Alexander & Baldwin has arranged one lease and completed the sale of two properties at Maui Business Park Phase II, its 125-acre mixed-use development located in Kahului on the island of Maui. The build-to-suit industrial lease totals 29,500 square feet. The undisclosed tenant plans to relocate operations to the site upon completion of the warehouse and distribution facility. The County of Maui also purchased 12.5 acres at the property for $17.4 million, with plans to construct a new facility for its Department of Transportation. Hamai Appliances Inc. also purchased two lots totaling 1.3 acres for $2.4 million. The buyer plans to build a showroom and service center on the site to expand its current operations.
FORT WORTH — La-Z-Boy Furniture Galleries has signed a 15,633-square-foot retail lease in Fort Worth. The freestanding building at 4530 S. Hulen St. is located on the city’s south side and previously housed a Bassett Furniture store. Gretchen Miller and Emilie Paulson of Weitzman represented the undisclosed landlord in the lease negotiations. JLL represented the tenant.
NORTH CONWAY, N.H. — Tractor Supply Co. has opened a 39,097-square-foot store in North Conway, located near the New Hampshire-Maine border. The facility, which was constructed from the ground up, consists of 19,097 square feet of retail space and 20,000 square feet of fenced outdoor display space. The store is the 21st in New Hampshire for Nashville-based Tractor Supply Co. Conway Development Partners LLC, a division of New England Retail Properties, owns the site.
CHICAGO — Mid-America Asset Management Inc. has been awarded the management and accounting services for The University of Chicago’s Commercial Real Estate Operations (CREO) portfolio in Chicago, with more than 600,000 square feet of commercial retail, office and entertainment space near the university’s main campus. CREO maintains a tenant base near 53rd Street in Hyde Park. The retail portfolio is comprised of several independently owned and operated businesses. Some of the tenants include LA Fitness, Starbucks, Ulta, Stan’s Donuts, Sweetgreen and Five Guys. Mid-America Building Services has supported the team assisting with cleaning, day-porter and maintenance services. Jean Zoerner, Matt Tomasek and Tracee Johnson of Mid-America Asset Management secured the opportunity with the University of Chicago.