RUTHERFORD, N.J. — A 25,000-square-foot retail building located at 310 Union Ave. in Rutherford has traded for $2.3 million. The building was formerly occupied by Shop Rite. Chuck Lanyard and Ryan Glastein of The Goldstein Group represented the seller, Union Avenue Rutherford Associates LLC. Florian Suserman and Curtis Nassau, also of Goldstein, represented the buyer, J.S. Rutherford LLC. Goldstein is also marketing the building for lease on behalf of the new owners.
ARCADIA, CALIF. — REZA Investment Group has completed the $70 million sale of the approximately 351,871-square-foot Arcadia Hub Shopping Center, an urban in-fill, grocery-anchored retail property located in Arcadia. Situated at the intersection of W. Duarte Rd. and S. Baldwin Ave., the two-level community shopping center is anchored by Pavilions, Burlington Coat Factory, Jo-Ann Fabrics & Crafts and LA Fitness.
CHICAGO AND CICERO, ILL. — JP Morgan Asset Management has completed the disposition of a four-property, self-storage portfolio for $13.5 million. The portfolio consists of approximately 321,000 square feet of rentable storage space and 2,285 storage units. Ladera Ranch, Calif.-based Strategic Capital Holdings acquired the property, which was 76 percent occupied at the time of acquisition. The assets are located at 1000 E. 95th St. and 2244 S. Western Ave. in Chicago, and 5701 W. Ogden Ave. and 5525 W. Roosevelt Road in Cicero. Marc Boorstein and Jeff Jacobson of MJ Partners Real Estate Services represented the seller in the transaction.
MANSFIELD, CONN. — Agree Realty Corp. has acquired a CVS/pharmacy located in Mansfield for $3.3 million. CVS currently has 16 years remaining on the base term of its lease for the building, which is located at the intersection of Storrs Road and Middle Turnpike Road. The seller's name was not released.
NORTH WALES AND QUAKERTOWN, PA. — Deerwood Real Estate Capital has secured a total of $27.78 million in financing for two grocery-anchored shopping centers located in Pennsylvania. In the first deal, Deerwood's Abe Katz and Mark Silbersher arranged an $18.35 million loan for Montgomery Commons. The 199,938-square-foot shopping center is located in North Wales. Its anchor is Redner's Warehouse Market. The loan carries a 10-year term and an 80 percent loan-to-value ratio. In the second deal, Deerwood's Meyer Perlman secured a $9.43 million acquisition loan for Richland Plaza in Quakerstown. The 206,000-square-foot center is also anchored by Redner's. The loan carries a 10-year term with an interest rate reset after 5 years. The borrowers and lenders in both transactions were not released.
HOUSTON —Best Saving Supermarket has signed a 42,205-square-foot lease at Lion Square Center, an Asian community center located in Houston's International Management district. Dan Nixon and Rafael Melara represented Whitestone REIT (NYSE: WSR) as the landlord, while Kenneth Li represented Best Saving Supermarket in the lease transaction. Whitestone plans to transform Lion Square Center to an upscale, Asian-themed community center that will include new architectural and landscaping features.
LAS VEGAS — Colliers International – Las Vegas has brokered Juliet Cos.’ $5.325 million acquisition of a 61,125-square-foot retail property located at 4580 W. Sahara in Las Vegas. The locally based retail developer plans to upgrade the property, which was formerly occupied by Tower Records, The Good Guys and a Walgreens. Colliers’ David Grant and Grant Traub represented the seller, Facchino Properties, and buyer, respectively.
ESCONDIDO, CALIF. — Inland Western Retail Real Estate Trust and Federal Realty Investment Trust have announced the closing of the $11.25 million sale of a 75,712-square-foot former Mervyn’s store located in Escondido. In July, Inland Western signed a 44,760-square-foot lease with Dick’s Sporting Goods to fill a portion of the space. Inland Western commenced construction in September to facilitate an early 2011 opening. Tenant-improvement costs incurred to date will be reimbursed by Federal Realty Investment Trust.
LAFAYETTE, DENHAM, RUSTON, ABITA, DUTCHTOWN, GONZALES, BROUSSARD AND MERAUX, LA. — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $27.16 million loan for a portfolio of Walgreens drugstores in Louisiana. The eight-property portfolio totals 116,070 square feet and includes stores in Lafayette, Denham, Ruston, Abita, Dutchtown, Gonzales, Broussard and Meraux. HFF's Kevin MacKenzie, on behalf of Stirling Properties, place the 4.92 percent fixed-rate securitized loan with Goldman Sachs Commercial Mortgage Capital. Loan proceeds will be used to retire the existing construction loans on the properties, which were constructed between 2007 and 2010.
OMAHA, NEB. — NorthMarq Capital has arranged $2.28 million in financing for the Fort Street Walgreens n Omaha. The 15,120-square-foot retail property is located at 10725 Fort St. Financing was based on a 10-year fixed term with a 20-year amortization schedule. The loan was arranged for the borrower, BDRE – FORT LLC, by NorthMarq through its relationship with American National Bank. Gary Rifkin of NorthMarq's Omaha regional office arranged the financing.