SOUTHFIELD AND TROY, MICH. — NorthMarq Capital has arranged $3.2 million in first mortgage financing for retail properties located in Southfield and Troy, both suburbs of Detroit. The asset contains 140,000 square feet of retail space and is occupied by Dick’s Sporting Goods, Barnes & Noble and LA Fitness. The financing, which was provided by Bethpage Federal Credit Union, was based on a 10-year term and a 10-year amortization schedule. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing for the undisclosed borrower.
FAIRVIEW, TEXAS — MGHerring has selected Cadence McShane Construction Co. to complete renovations to the Whole Foods Market located within the developer's Village at Fairview project in Fairview. Construction will include the replacement of the existing masonry façade with a contemporary masonry exterior. In addition, the exterior will be painted, and new metals panels and canopy extensions will be added. The project is scheduled for completion in the fall.
SAN DIEGO — San Diego-based Westcore Properties has completed the disposition of retail movie theatre properties to Knoxville, Tenn.-based Regal Entertainment Group for $29.14 million. The assets include UA Berkeley, a seven-stadium, 21,895-square-foot movie theatre located at 227 Hattuck Ave. in Berkeley, Calif.; UA Haggerty, a 14-stadium, 57,822-square-foot movie theatre at 3033 Springvale Drive in Walled Lake, Mich.; and Snowden Square, a 14-stadium, 58,250-square-foot theatre located at 9161 Commerce Centre in Columbia, Md. Westcore Properties originally acquired the properties in 2003.
KISSIMMEE, FLA. — Michael Jaworski of Marcus & Millichap’s Tampa represented the seller, a Florida-based developer, in the disposition of a Walgreens location in Kissimmee. Located at 5180 U.S. Highway 192, the 14,490-square-foot retail property sold for $5.6 million. The investment is a fee simple, new construction triple-net property, which opened last year. Paul Nudelman of Marcus & Millichap’s Miami office represented the buyer, a Florida-based limited liability company, in the transaction.
LEHIGHTON, PA. — Marcus & Millichap has brokered the sale of a Tractor Supply Co. retail location in Lehighton for $3.19 million. The freestanding, 19,097-square-foot building is situated on 5.3 acres along Blakeslee Boulevard. The tenant signed a 15-year, double-net lease in May 2009 that has 10 percent rent increases every 5 years. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, a North Carolina-based limited liability company. Jamie Harrison of Touchstone Commercial Partners represented the buyer, SS Realty.
OSPREY, FLA. — Fort Myers, Fla.-based J.L. Wallace Inc. has completed the construction of a CVS/pharmacy location at Blackburn Point and U.S. Highway 41 in Osprey. The 13,013-square-foot project includes a drive-thru area, an extensive aluminum storefront work, automatic glass doors, a prefabricated entry trellis, a single-ply roof system over lightweight concrete, building signage, a compactor enclosure and monument signs. Additionally, the project included extensive site work and the interior features detailed cabinetry, shelving, fixtures and graphics, security grills, an overhead door, resilient flooring, carpeting, coolers/freezers, a fire system and an alarm system. Robert Reid Wedding Architects and Planners provided architectural services for the project, while Foresite Group provided engineering services. The project was contracted with Armstrong Development Properties.
CHICAGO — A local private investor has acquired 1625 North Damen Avenue, an 8,768-square-foot multi-tenant property in Chicago’s Bucktown neighborhood. Current tenants include Potbelly’s and Nanette Lepore, a high-end women’s retailer. The undisclosed seller sold the property, which was formerly a firehouse, for $3.12 million. Kyle Stengle and Stephen Rachman of Marcus & Millichap’s Chicago Downtown office represented the seller; Marcus & Millichap’s Michael Marks and Evan Halkias represented the buyer in the transaction.
SANTA BARBARA, CALIF. — U.S. Bank has signed a lease for 5,708 square feet for a new branch in downtown Santa Barbara. The property is located at 936 State Street on the east corner of State and Carrillo streets. Candace Morey of Kennedy Wilson Properties represented the tenant; Michael Martz and Kristopher Roth of Hayes Commercial Group represented the landlord, Sobhani Family, in the transaction. Terms of the deal were not released.
KANSAS CITY, MO. — Westchester, Ill.-based Tri-Land Properties has started the redevelopment of Brywood Centre, an 183,464-square-foot retail center along 63rd Street in Kansas City. A recently renovated Price Chopper anchors the center. Additionally, Dollar Tree has signed a 10-year deal to occupy 12,000 square feet of space. The renovation project includes a new building façade, exterior parking lot upgrades, and the construction of six outlot pads. Completion of the project’s first phase is slated for spring 2011. The redevelopment project is partially funded by Tax Increment Financing and a Community Investment District totally $10 million.
HUMBLE, TEXAS — Cole Real Estate Investments has purchased the 306,890-square-foot Atascocita Commons shopping center in Humble from Trammell Crow Co. for $56.5 million. The property, which is 98.5 percent leased, houses Kohl's, TJ Maxx/HomeGoods and other regional and national tenants. Clint Marchuck served as in-house representation for Cole. William Kent, Ryan West and Gary Lawrence of CB Richard Ellis represented the seller.