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.
Retail
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.
SACRAMENTO, CALIF. — Marcus & Millichap has brokered the sale of a 7,515-square-foot Aaron Rents property located at 3138 Northgate Blvd. in Sacramento. The tenant has signed a 10-year NNN lease. Marcus & Millichap’s Alvin Mansour represented the seller in the transaction.
OAKLAND PARK, FLA. — Strategic Storage Trust has purchased a 1,600-unit self-storage property from a private seller for an undisclosed price. The 93,700-square-foot facility is located at 4950 N. Dixie Highway in Oakland Park. Five of the development's units offer storefront retail space. This marks Strategic Storage Trust's fifth acquisition in Florida.
COLUMBUS AND CINCINNATI, OHIO — Viking Partners has acquired two non-performing notes with a total face value of $8.6 million for two retail centers in Ohio. The company purchased the $4.5 million note for Galloway Crossing, a 28,000-square-foot center in Columbus, and the $4.1 million note for Deerfield South, a 20,000-square-foot property in Cincinnati. Viking is currently seeking non-performing and maturity default loans with a transaction range of $1 to $25 million in the Midwest and Southeast.
WEBSTER, TEXAS — Twin Peaks Restaurant has leased 86,893 square feet from NewQuest Properties in Webster Town Center. The shopping center is located at the interchange of Interstate 45 South and Nasa Bypass in Webster. Mark Sondock served as in-house representation for NewQuest. Paige Partners' Nick Hernandez represented Twin Peaks Restaurant in the transaction.
HOUSTON — Auction Management Corp. has brokered the sale of the former Landmark Chevrolet building in Houston at auction for nearly $3 million. Located at 9111 North Freeway, the property, which closed 2 years ago, was purchased by an undisclosed party. According to Dan Hays, a U.S. Bankruptcy Trustee, the asset had been listed for sale through traditional means, but had not received an acceptable offer.