FORT WORTH, TEXAS — Jeanne Cronin of Q10|New York Realty Advisors has arranged a $4.5 million loan for the 135,000-square-foot Westcliff Shopping Center. The property is located on West Biddison Street in Fort Worth. Westcliff is currently 90 percent occupied. A Texas-based bank provided financing for the 5-year, non-recourse loan, which carries a 6.65 percent interest rate. Stuart Berg of Kurzman Eisenberg Corbin & Lever represented the borrower.
Retail
ROCKY MOUNT, N.C. — RCG Ventures has purchased the 95,000-square-foot Tiffany Square from a private party for an undisclosed amount. The property, which is located adjacent to the Golden East Mall in Rocky Mount, is anchored by JC Penney, Belk, Books-A-Million, Best Buy and Petco. Parker Blanchard served as in-house representation for RCG Ventures.
DES PLAINES, ILL. — Midwest Gaming has been awarded the final Illinois casino license and plans to develop a 200,000-square-foot casino facility at 3000 River Road in Des Plaines. In order to develop the new facility, Midwest Gaming executed its options to purchase and terminate its current lease at Revere Mills, which is owned by Marc Realty. In May, Revere Mills is relocating to a 10,000-square-foot office property at 2840 River Road in Des Plaines and a 182,000-square-foot warehouse in Greenville, S.C. Ben Rosenfield of Titan Commercial arranged the transaction, which involved renegotiating leases, purchase rights and termination agreements. The deal involved Midwest Gaming, Marc Realty and Revere Mills International Group.
NEW YORK CITY — T.J. Maxx has signed a lease for 27,639 square feet of retail space in Manhattan. The retailer will occupy the bottom three floors of 250 West 57th Street, a 26-story, 535,000-square-foot office building owned by W&H Properties. T.J. Maxx will take occupancy for a 10-year term beginning later this year. This marks the retailer's third Manhattan location. Joanne Podell, Matthew Seigel and Barry Zeller of Cushman & Wakefield represented the landlord in lease negotiations. Peter Ripka of Ripco Real Estate represented the tenant.
SAN MARCOS, TEXAS — 1180 Thorpe Ltd. has purchased a 103,504-square-foot building from Target for an undisclosed price. The former Target store is located adjacent to Springtown Mall at 1180 Thorpe Lane in San Marcos. Target relocated its store to East McCarthy Lane last September. Epic Real Estate Ventures' Daniel Jay Holland represented the buyer. Mark Reeder and Todd Wallace of SRS Real Estate Partners represented Target.
ATLANTA — Hendon Properties has sold the 807,697-square-foot Greenbriar Mall to a foreign investor for an undisclosed amount. Located across the street from Tyler Perry's studios at 841 Greenbriar Parkway in Atlanta, the property is 94.3 percent occupied. Margaret Caldwell and Kris Cooper of Jones Lang LaSalle represented Hendon Properties in the transaction.
SOUTH BARRINGTON AND JOLIET, ILL. — Marcus & Millichap’s Oak Brook, Ill., office has brokered the sale of two CVS/pharmacy locations in South Barrington and Joliet. A limited liability company organized by Chicagoland Trust acquired the properties for $12.6 million. The properties, which both have 25-year triple-net leases in place, are located at 100 W. Higgins Road in South Barrington and 2375 Drauden Road in Joliet. Austin Weisenbeck of Marcus & Millichap represented the buyer; Sean Sharko and Clinton Mitchell, also of Marcus & Millichap, represented the seller, a limited partnership.
HOUSTON — A limited partnership has sold Cinco Ranch Shopping Center to an undisclosed buyer for $1.43 million. The 6,629-square-foot property, located at 6848 Mason Road in Houston, was built on 31,601 square feet of land in 2006. James Bell of Marcus & Millichap's Houston office represented the seller.
MANALAPAN, N.J. — ARC Property Trust, through a joint venture with one of its affiliates, is developing a new Walgreens in Manalapan. The pharmacy will be located at the intersection of Route 33 and Woodward Road and is slated for a fall completion. The joint venture is part of a plan ARC has to invest $100 million in net-lease properties over the next 12 months.
WINSTON-SALEM, N.C. — Winston-Salem-based Krispy Kreme Doughnut Corp. has announced plans to expand its presence in the greater Philadelphia market. Under an agreement signed with Dough Nut LLC, 21 new Krispy Kreme locations will open over the next 7 years in southeastern Pennsylvania, southern New Jersey and northern Delaware. The first store is expected to open later this year. Dough Nut LLC is owned and operated by Keith Morgan, the former CEO of AAMCO Transmissions. Brian Zaslow, who most recently served as vice president of marketing for a division of ARAMARK Corp., will serve as managing director.