WOODINVILLE, WASH. — Newmark Realty Capital Inc. has arranged a $43.75 million loan for the Downtown Woodinville Shopping Center in Woodinville. The 325,000-square-foot retail center is tenanted by Top Foods, a 12-screen Cineplex Odeon Theatre, PetSmart, Barnes & Noble, Eddie Bauer and Cost Plus. Michael Taylor of Newmark’s Seattle office secured the permanent financing through John Hancock Life Insurance Co. Newmark also worked with Seattle Mortgage and Glacier Real Estate Finance on this transaction.
NAPERVILLE, ILL. — Cribs to College Bedrooms, an infant and children’s furniture retailer, has opened a 47,652-square-foot store within the Heritage Square shopping center, which is located at the intersection of Route 59 and Aurora Avenue in Naperville. The shopping center’s owner, Centro Properties Group, was represented in-house by Brad Ratajczak in lease negotiations. Terms of the lease were not disclosed.
PHILADELPHIA, WAYNE AND HORSHAM, PA. — Jim Egan and Jeff Tertel of Grubb & Ellis’ Philadelphia office have completed the sale of a 4,000-square-foot retail building at 7145 Frankford Ave. in Philadelphia. Police and Fire Federal Credit Union purchased the facility from Bio-Medical Applications of Pennsylvania for an undisclosed price. Also in Philadelphia, Nobel Learning Communities renewed its lease for 12,429 square feet of office space located at 510 Walnut St. Egan and Tertel represented the lessee in the transaction. The space was leased from Broadway Penn Mutual Office Fee LP. In Wayne, Jim Dugan and John Perkins of Grubb & Ellis’ King of Prussia office and Craig Scheuerle, Jack Soloff and Matt Guerrieri of Grubb & Ellis’ Philadelphia office represented Essent US Holdings Inc. in lease negotiations at 201 King of Prussia Rd. The lessee leased 15,759 square feet of office space from Brandywine Realty Trust. In addition, Matt Devine of Grubb & Ellis’ King of Prussia office represented the Mentholatum Company in a lease extension in Horsham. The tenant extended its lease of 12,786 square feet of office space at 111 Rock Road in Horsham. The property was leased from Liberty Property Trust.
HURRICANE, UTAH — Bob Sanner and Rick Sanner of NAI BT Commercial represented both undisclosed parties in the sale and acquisition of a freestanding retail building, which is located at 1235 W. State St. in Hurricane. The 14,820-square-foot asset sold for $4.07 million or $275 per square foot. The property is fully occupied by Walgreens.
SAN FRANCISCO — Hybrid Design has purchased 584-590 Pacific Avenue, a 2,750-square-foot retail building in San Francisco. The property, which was formerly occupied by Café Prague, sold for $1.1 million. The buyer plans to retrofit and reconfigure the building before occupying it. Suzanne Gregg of Paragon Real Estate Group represented the buyer; Michael Gschwend of GVA Kidder Mathews represented the undisclosed seller.
OVERLAND PARK, KAN. — Westchester, Ill.-based Tri-land Properties will begin construction in July for the redevelopment of Cherokee South Plaza, a retail center located in Overland Park. Construction for the 188,000-square-foot project will include the demolition of the former Cherokee South Sun Fresh and the construction of three new buildings. A 15,000-square-foot, freestanding Walgreens pharmacy is already under construction and will serve as the anchor for the retail center when it opens in October. Other improvements at Cherokee South Plaza will include outdoor patios, tree-lined walkways, sidewalk planters and public spaces. Completion of the project is slated for December.
DES MOINES, IOWA – Des Moines-based CB Richard Ellis/Hubbell Commercial (CBRE) worked with REO-Cedar Ridge in its sale of the Cedar Ridge Shopping Center in Des Moines. The 46,215-square-foot center is located at 7501 Douglas Ave. and was built in 1980. Ridgeway Properties purchased the center for $1.65 million. Jan Berg and Rick Krause of CBRE/Hubbell represented the seller.
WENTZVILLE, MO. — O’Fallon, Mo.-based Paric Corp. is advancing construction for a new $1.2 million Regions Bank branch facility, located in Wentzville. The 3,800-square-foot foot, single-story building is situated at 1843 Wentzville Pkwy. It will include a four-lane drive-through. The project architect is PKA Architects. Completion is scheduled for late summer.
PHOENIX — John Susank of Marcus & Millichap’s Newport Beach, Calif., office represented a private investor in the acquisition of a Chase bank location in Phoenix. Located at 3148 E. Indian School Rd., the 2,552-square-foot single-tenant property sold for $2 million. The seller was not disclosed.
ALTAMONTE SPRINGS, FLA. — Geoffrey Harris of Mark One Capital’s Phoenix office and Farhan Kabani of the firm’s Dallas office have secured a $1.5 million loan for the purchase of a Macaroni Grill Restaurant. The 7,179-square-foot property is located at 844 W. S.R. 436 in Altamonte Springs. A portfolio lender provided financing for the 5-year loan. The loan carries a 6.5 percent interest rate and a 25-year amortization.