LIVONIA, MICH. — Jason Brown of CBRE Capital Markets, Debt & Equity Finance, has arranged $1.87 million in first mortgage financing for a two-tenant retail property located in Livonia. A local credit union provided the financing at a sub 5.75 percent interest rate.
NEW YORK AND NEW JERSEY — On the heels of its recent announcement that a new store will open next fall in Manhattan, outdoor retailer REI has announced plans to open three new stores next spring in the Tri-State area. The stores will be located in Yonkers and Carle Place, N.Y., and Paramus, N.J. Each will measure approximately 25,000 square feet and will feature a bike shop in addition to the store's usual offerings. The retailer currently operates 114 stores nationwide.
ALLEN — Top Golf, an all-weather sports and entertainment store, has broken ground on its new 65,000-square-foot facility that will open at The Village at Allen in spring 2011. Located at 1500 Allen Station Pkwy. in Allen, Top Golf will feature a triple-deck tee line with 94 hitting bays, 5,000 square feet of private event space, a rooftop lounge terrace, and a full-service bar and restaurant. The Village at Allen is one component of a 3 million-square-foot regional, mixed-use lifestyle development located in both Allen and Fairview at the intersection of U.S. Highway 75 and Stacy Road. The MGHerring Group of Dallas developed the property.
POWAY, CALIF. — Toyota of Poway has purchased a 19,000-square-foot auto dealership and a 6,500-square-foot service building, located on 2.84 acres at 13631 and 13611 Poway Road, from a private seller for $5.7 million. CB Richard Ellis’ Paul Komadina and Jim Rinehart represented the buyer in the transaction; the seller represented itself.
PORT CHARLOTTE, FLA. — Holliday Fenoglio Fowler (HFF) has secured $48.5 million in permanent first mortgage financing for Port Charlotte Town Center, a regional mall in Port Charlotte. Located at 1441 Tamiami Trail, the mall is occupied by Dillard's, JCPenney, Macy's, Sears, Bealls, Regal Cinema, Old Navy, DSW, Charlotte Russe and Victoria's Secret. Manny de Zarraga, Luis Castillo, Danny Finkle, Claudia Steeb and John Pelusi of HFF arranged the 10-year, fixed-rate loan through RB Securities for the borrower, Simon Property Group.
FORT LAUDERDALE, FLA. — Deerfield Beach, Fla.-based SIKON Construction has broken ground for the development of Publix at The Galleria Mall in Fort Lauderdale. The $5 million project includes a 30,907-square-foot Publix Super Market and associated retail space. Designed by Clearwater, Fla.-based Fisher & Associates, the project is scheduled for completion in July 2011.
TAYLOR, MICH. — Metro South Church has acquired a 43,112-square-foot retail space in Taylor. TSA Stores Inc. sold the property, which is located at 21080 Penn Road, for an undisclosed price. The buyer plans to relocate its nondenominational independent church to the new facility, which is a former Sports Authority location. Greg Hornby of Friedman Real Estate Group represented the buyer in the transaction. Terms of the deal were not released.
MARYLAND, PENNSYLVANIA AND VIRGINIA — A joint venture between Cedar Shopping Center and RioCan Real Estate Investment Trust has closed on its previously announced acquisition of a five-property retail portfolio for approximately $91 million. The portfolio totals 678,000 square feet; four of the centers are anchored by Giant Food Stores. The properties include Marlboro Crossroads in Upper Marlboro, Md.; Gettysburg Marketplace in Gettysburg, Pa.; Northland Center in State College, Pa.; York Marketplace in York, Pa.; and Towne Crossing in Midlothian, Va.
ERIE, COLO — Marcus & Millichap has brokered the $5.34 million sale of a 14,490-square-foot Walgreens located at 490 Erie Parkway in Erie. Marcus & Millichap’s Kirk Trammell represented both the private-investor buyer and the limited-liability-company seller in the deal; the firm’s Michael Hoffman assisted in the transaction involving the single-tenant, net-leased property.
YORK, PA. — The grand opening has been held for a new Kohl's located within West Manchester Mall in York. The department store occupied 87,000 square feet of space and joins a tenant roster that includes Walmart Supercenter, Regal 13 Cinemas and Macy's. The Lightstone Malls is the owner and operator of the shopping center.