GLEN BURNIE, MD. — NorthMarq Capital has arranged a $9.7 million loan for the 265,000-square-foot Arundel Plaza in Glen Burnie. The property houses Giant Food and Lowes Home Center. PPM Finance provided financing for the 5-year loan, which carries a 25-year amortization schedule. Gary McGlynn of NorthMarq's Washington, D.C., office and Joseph Burke of the firm's Baltimore office secured the loan.
ANN ARBOR, MICH. — Magellan Properties has completed the development of a 25,000-square-foot retail center at 500 N. Maple St. in Ann Arbor. The property includes a 17,000-square-foot anchor site and 8,000 square feet of additional retail space. ALDI recently purchased the anchor site for an undisclosed price. Newcombe Clark of Bluestone Realty Advisors represented ALDI; Rene Papo of Magellan Properties represented the owner, Chelsea Land Company. Michael Lippett of Landmark Real Estate Services is marketing the additional retail space.
HOUSTON — Regency Centers has sold the 103,000-square-foot Memorial Collection Shopping Center to Westwood Financial Corp. for an undisclosed amount. The 11-acre property is located at the intersection of Memorial Drive and Dairy Ashford Street in Houston. The center is 96 percent leased by tenants including Randalls and Walgreens. Grubb & Ellis represented Regency Centers in the deal. Westwood Financial Corp. represented itself.
HOUSTON — Asset Plus Cos. and the Fred and Mabel Parks Youth Ranch, a not-for-profit 501(c)3, has broken ground on the Youth Ranch Teenage Homeless Shelter in Houston. The property will deliver in September. The facility will offer shelter to children ages 12 to 17 who are looking for a temporary home. Funding for the project is being provided by a number of grants and private sources.
MORENO VALLEY, CALIF. — Grubb & Ellis has represented Bank of America N.A. in the $7.6 million sale of Moreno Beach Plaza Phase II, a 74,208-square-foot retail center located at the northwest corner of Eucalyptus Avenue and Moreno Beach Drive in Moreno Valley. Constructed in 2007, the REO property was purchased by MGP IX REIT LLC, a business unit of Merlone Geier Partners. Grubb & Ellis’ Michelle Schierberl and Roger Kinoshita represented the seller in the transaction.
PHILADELPHIA — Berkadia Commercial Mortgage has originated $16.25 million in fixed-rate funds for the refinancing of a Philadelphia retail center. Whitman Plaza is a 279,000-square-foot property located at the intersection of Oregon Avenue and Randolph Street. Anchors include Pathmark and Kmart. Additional tenants include Fashion Bug, Payless Shoesource, Radio Shack and Party City. David Fishler of Berkadia's New York City office secured the loan on behalf of the borrower, an affiliate of Breslin Realty Development, which developed the property 25 years ago. The lender was Long Island, N.Y.-based Bethpage Federal Credit Union.
MECHANICSBURG, PA. — Appliance retailer hhgregg has signed a lease for a 40,000-square-foot retail building in Mechanicsburg. The building is situated within Hampden Commons Shopping Center and was formerly occupied by Circuit City. Owned by Clifton, N.J.-based ARC Properties, Hampden Commons is a 38-acre retail development located on Carlisle Pike. The center's anchors include The Home Depot, Staples, Kmart, PetSmart and Dick's Sporting Goods.
ARLINGTON, TEXAS — Bianco Properties has purchased the 75,000-square-foot Village by the Parks II shopping center from The Uhlmann Offices of Sherman Oaks, Calif. The Arlington property is located across the street from Village by the Parks I, which Bianco purchased in 2007. Both centers sit near the front entrance to the 1.5-million-square-foot The Parks at Arlington mall. Venture Commercial's Amy Pjetrovic and John Zikos assisted in the transaction. The buyer financed the purchase by assuming a CMBS mortgage.
HOUSTON — 2941 Spencer LLC has purchased a 9,100-square-foot retail building from Winslow Revocable Trust for an undisclosed amount. The property is located at 2941 Spencer St. in Houston. Grubb & Ellis' Gus Lagos represented the buyer. Wulfe & Co.'s Kristen Barker represented the seller.
RIVERSIDE, CALIF. — Mor Furniture for Less has signed a more than $2.9 million lease for 45,875 square feet of retail space at Canyon Crossings, located at 6155 Valley Springs Pkwy. in Riverside. Colliers International’s Vic Gausepohl represented the home furnishings retailer in its 120-month lease deal with Canyon Crossings I LLC, which was represented by Cushman & Wakefield’s Rob Ippolito, Bryan Cunningham and David Bradley. Mor Furniture for Less plans to open its Riverside showroom at the 740,000-square-foot, mixed-use property in May.