ST. LOUIS — Urban Development Fund, an affiliate of Aries Capital, has provided $17.5 million in financing to fund the redevelopment of St. Louis Centre in St. Louis. Located at 515 N. Sixth St., the 540,000-square-foot shopping center is scheduled to undergo a $35 million renovation this year. The redevelopment project will include 60,000 square feet of first-floor retail space, a movie theater and banquet hall on the second floor and a 750-vehicle parking garage on the remaining two floors. The redevelopment project is intended to serve as a catalyst for the redevelopment of St. Louis' Mercantile Exchange District, which will feature the renovation of One City Centre, St. Louis Centre and the Dillard/Laurel building.
Retail
TURLOCK, CALIF. — NorthMarq Capital has arranged the sale of an approximately $44 million note on the 298,971-square-foot Monte Vista Crossings, a retail center located at the intersection of Highway 99 and W. Monte Vista Ave. in Turlock. Major tenants at the property are Ross, BevMo, T.J. Maxx, Office Max, Pier 1 Imports, and Bed Bath and Beyond. NorthMarq’s Dennis Williams arranged the note sale on behalf of its correspondent lender, TIAA-CREF.
ORANGE PARK, FLA. — Flagship Investment Group has purchased Coast Self Storage, a self-storage facility, which is located at 2000 Wells Road in Orange Park. Built in 1987, the property consists of 62,596 net rentable square feet with 433 storage units, six office spaces and 44 parking spaces. The buyer plans to rebrand the property as a Stor•Kwik Self Storage, which is the buyer's self-storage brand. Steve Hryszko and Bruce Jackson of CB Richard Ellis represented the seller, Urban Investments, in the transaction. The sales price was not disclosed.
RALEIGH, N.C. — Charlotte, N.C.-based Ferncroft Capital has partnered with Alliance Commercial Investments of Greensboro, N.C., to acquire Wake Forest Crossing in Raleigh. Anchored by Lowes Food, the 90,000-square-foot retail center is located along Capital Boulevard. The property was 100 percent occupied at the time of closing. Hunter and Associates represented the undisclosed seller in the transaction. The acquisition price was not released.
BROWNSBURG, IND. — NorthMarq Capital has arranged $3 million in financing for Brownsburg Square Shopping Center in Brownsburg. Anchored by Kmart, the 113,000-square-foot retail center is located at 905 N. Green St. Financing was based on a 5-year term and a 25-year amortization schedule. StanCorp Mortgage Investors provided the loan for the undisclosed borrower. Charles Cotsalas of NorthMarq's Long Island, N.Y., office brokered the transaction.
HOUSTON — A Jaguar/Land Rover automobile dealership has sold for $11 million in Houston. Located at 18205 Interstate 45 North, the 37,646-square-foot dealership sits on 7.5 acres and is a single-tenant retail property. It is currently leased on a 12-year, triple-net basis guaranteed by Sonic Automotive, the third largest automotive group in the U.S. Christopher Maling and David Maling of Marcus & Millichap's Los Angeles office represented the seller, a Texas-based developer; while James Mitchell of Marcus & Millichap's Washington, D.C. office represented the buyer, a publicly traded corporation based in Charlotte, N.C. Brent Smith of Marcus & Millichap's Houston office also provided representation in the transaction.
KANSAS CITY, MO. — A Chicago-based private investor has acquired a triple-net leased property, which is located at 8350 N.W. Roanridge Road in Kansas City, for $1.6 million. The 1.56-acre parcel contains a 5,738-square-foot building that is long-term leased to Chili's. Randy Blankstein of The Boulder Group represented the buyer; Eric Gonsher of The R.H. Johnson Company represented the seller, a Chili's franchisee, in the transaction.
NORTHBOROUGH, MASS. — Construction is under way for Northborough Crossing, a 600,000-square-foot, open-air retail center located in Northborough. The $100 million project is already 90 pre-leased by a tenant roster that includes anchors Wegmans and Kohl's as well as junior anchors Toys “R” Us, Babies “R” Us, Michaels, PetSmart, T.J. Maxx and Golf Town. Completion is expected in fall 2011. New England Developmnent is leading the development team for the project, and Brendon Properties is serving as the local development partner. Northborough Crossing is part of a 174-acre master-planned community that also includes a new apartment community being developed by AvalonBay Communities.
SEWELL, N.J. — A joint venture between Cedar Shopping Centers and RioCan Real Estate Investment Trust has closed on the $26.3 million acquisition of the Cross Keys Place shopping center in Sewell. The 148,000-square-foot property is fully leased to tenants that include Bed Bath & Beyond, Sports Authority, AC Moore, Old Navy and Petco. The Home Depot shadow anchors the center. The joint venture expects to close shortly on financing for the purchase. It expects the loan to have a 10-year term, a fixed interest rate of less than 5 percent and a 55 percent loan-to-value ratio. Cedar will handle long-term management and leasing of the property. The joint venture has closed on more than $250 million in shopping center purchases so far this year.
CLARKSVILLE, TENN. — Clarksville Volunteer Health Inc. has completed the disposition of the former community hospital site, which is located at the intersection of Madison Street and Memorial Drive in Clarksville. Brentwood, Tenn.-based PGM Properties purchased the 15-acre land parcel for $2.25 million. PGM Properties plans to demolish the former hospital and develop Madison Street Commons, a 54,000-square-foot retail center, on the property. The center will be anchored by Publix and offer 18,600 square feet of retail and out-parcel space. Richard Swift of NAI Clarksville represented the seller in the transaction.