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.
ARLINGTON HEIGHTS, ILL. — Trader Joe’s has signed a lease that will expand its Arlington Heights location by approximately 50 percent. The specialty grocer currently occupies an 8,910-square-foot location within Annex of Arlington, a shopping center situated at the intersection of Arlington Heights Road and Rand Road. The expansion consists of the grocer assuming 4,050 square feet of adjacent retail space. Construction is expected to commence this month, with completion expected in the fall. The shopping center’s owner, Centro Properties Group, was represented in-house by Brad Ratajczak in lese negotiations.
RARITAN, N.J. — A multi-phase renovation is under way for Somerville Circle Shopping Center, a 157,000-square-foot retail center located in Raritan. Construction will primarily consist of a new façade for the entire center and an upgraded highway pylon sign. In addition, ownership has received approval for the construction of a 6,000-square-foot pad building facing Route 28. The shopping center will remain open during renovations. Somerville Circle is currently 100 percent leased to a tenant roster that includes Five Below, Panera Bread, Staples, Petco, Toys “R” Us, P.C. Richards & Sons, Burger King and PNC Bank. Levin Management Corp. is the leasing and management agent for the property.
ORANGE, CALIF. — Paul Bitonti of Marcus & Millichap’s Newport Beach, Calif., office represented a private investor in the acquisition of a 7,500-square-foot retail property in Orange. Located at 223-237 S. Tustin St., the property sold for $1.26 million. Brenton Baskin and Bitonti represented the seller, a private investor, in the transaction.
LAFAYETTE, COLO. — An undisclosed Denver-based developer has purchased a retail property in Lafayette. The buyer plans to re-tenant the property after the CSK Auto lease expires. Greg Cunha of The Silver Group brokered the transaction on behalf of the undisclosed seller.
BOYNTON BEACH, FLA. — Orlando, Fla.-based Keene Construction Co. is nearly finished with Buildings A and F, which encompass 27,000 square feet in the Shoppes at Woolbright, a Boca Raton, Fla.-based Woolbright Development retail project. The property is located at the intersection of Jog and Woolbright roads in Boynton Beach and includes a 46,031-sqaure-foot Publix. Marc Wiener Associates of Boca Raton designed the project.
REX, GA. — Marcus & Millichap has brokered an undisclosed company’s sale of a 9,180-square-foot Family Dollar store in Rex to an undisclosed firm for $1.45 million. The property is located in a grocery-anchored shopping center at 6502 Dale Rd. Robby Pfeiffer of the firm’s Atlanta office and Pete Paule and Jesse Roberts of the firm’s Charlotte, N.C., office represented the seller.
NORTHFIELD, MINN. — Minneapolis-based Upland Real Estate Group has completed the sale of a triple-net leased Arby’s investment property that is located in Northfield. A private investor acquired the restaurant, which has 16 years remaining on its ground lease, for approximately $1.75 million, at a 7.75 percent cap rate. Keith Sturm and Deborah Vannelli of Upland represented the developer in the disposition.
DANVERS AND PLYMOUTH, MASS. — White Plains, N.Y.-based Northeast Community Bancorp has expanded its retail banking operations into Massachusetts. The company recently opened full-service branch offices at 87 Elm St. in Danvers, and 8 N. Park Ave. in Plymouth. Northeast Community Bancorp is the holding company for Northeast Community Bank, which operates seven full-service offices.
LOS ANGELES — Randy Poli, an independent real estate agent, represented a private investor in the acquisition of Fetterly Plaza, an 18,404-square-foot retail center located at 753-761 S. Fetterly Ave. in Los Angeles. The two-story property sold for $2.95 million. At the time of acquisition, the property was 95 percent occupied. Mehran Foroughi of Colliers International represented the seller, a private investor, in the transaction.