COLUMBUS, OHIO — Glimcher Realty Trust has closed on a 10-year, $46 million mortgage loan for the refinancing of Polaris Towne Center in Columbus. The new loan, which will be sold into the CMBS market, carries a fixed-interest rate of 6.76 percent. Bank of America originated the loan, which was used to repay the previous mortgage on the property of $38.6 million.
WEST COLUMBIA AND KYLE, TEXAS — Alvin Mansour and Chris Gomes of Marcus & Millichap, along with Tim Speck, have brokered the $3.86 million sale of a Walgreens between two undisclosed parties. The 13,650-square-foot property, located at 110 E. Brazos Ave. in West Columbia, is net-leased to Walgreens for the next 73 years. The Walgreens is situated near an H-E-B Grocery, a Walmart and a Wells Fargo. Mansour, Gomes and Speck also brokered the sale of a 4,000-square-foot corporate Jack in the Box for $1.2 million. The property is located at the interchange of FM 1626 and IH 35 in Kyle. The tenant's 20-year, NNN-lease carries 10 percent rent increases every 5 years.
VANCOUVER, WASH. — Marcus & Millichap has brokered the $6.8 million sale of Mountain View Village Center, a 35,788-square-foot retail property located at 14415 SE Mill Plain Blvd. in Vancouver. Marcus & Millichap’s Justin Poor, Michael Kapnick and Greg Wendelken handled the transaction on behalf of the buyer and seller, both Oregon-based limited-liability corporations.
MENDOTA HEIGHTS, MINN. — St. Paul, Minn.-based Paster Enterprises has received financing approval for the redevelopment of Mendota Plaza in Mendota Heights. Scheduled to begin this spring, the project includes remodeling the existing 48,000-square-foot building, major parking improvements and landscaping enhancements. Completion is slated for this fall. Additionally, a standalone 14,820-square-foot Walgreens property will be constructed, with an expected completion date of spring 2011. During the next 4 years, additional phases will be added to the property, including retail buildings, senior housing, office space and a childcare facility.
COUNTRY CLUB HILLS AND WEST CHICAGO, ILL. — Inland Real Estate Corp. has brokered two leases totaling more than 101,000 square feet in the Chicago area. In the first transaction, Michael’s Fresh Market inked a deal for 56,118 square feet of space at the Shops at Coopers Grove, a 72,518-square-foot retail center located at 4044-4112 W. 183rd St. in Country Club Hills. In the second transaction, Tampico Fresh Market signed a lease for 45,000 square feet at Oliver Square, which is located at 1935 Neltnor in West Chicago. Jeff Howard of Inland Real Estate Corp. brokered the transactions. Terms of the transactions were not released.
MCALLEN, TEXAS — An undisclosed developer has sold an 88,248-square-foot Kohl's department store to a private buyer for $7.3 million. The property, which is leased by the tenant for the next 20 years, is located in Trenton Crossing at 7900 N. 10th St. in McAllen. Kohl's lease is broken into six, 5-year options, which each carry a 5 percent rent increase. Trenton Crossing also houses Old Navy, Office Max, Best Buy and Ross Dress for Less. Alvin Mansour and Chris Gomes of Marcus & Millichap brokered the same with Tim Speck's assistance.
LAREDO, TEXAS — Marcus & Millichap has brokered the $7.78 million sale of a Walgreens in Laredo between two undisclosed parties. The 14,820-square-foot property is located on 1.77 acres at the intersection of McPherson Avenue and Guadalupe Street. Phil Sambazis and Alvin Mansour of Marcus & Millichap's San Diego office brokered the sale with assistance from Tim Speck.
BEAUFORT, S.C. — Greenville, S.C.-based RealtyLink has completed a Verizon Wireless retail store in Beaufort. The 4,500-square-foot property is located on Highway 70 and is part of a development that houses Goodyear, Arby's and IHOP.
APPLE VALLEY, MINN. — Gemini Real Estate Advisors, on behalf of its Gemini Opportunity Fund III, has acquired a $9.2 million first mortgage note. The performing whole loan was purchased at an undisclosed discount to par value. The underlying asset is a standalone retail property, which is leased to LA Fitness, in Apple Valley. The primary term of the lease runs through 2022, with additional extension options. The seller was not disclosed.
DEWITT, N.Y. — Phase I construction is complete for the redevelopment of the former Erie Boulevard Hechinger Plaza in Dewitt. Now known as Paradise Plaza, the market-style retail center has three new tenants. Master tenant Paradise Companies 2 has opened Paradise Market, a 70,000-square-foot indoor market that features more than 200 vendors. A 30,000-square-foot antique mall is also set to take the place of the former Price Chopper. Finally, Empire Buffet, a Chinese restaurant, will soon open in a 10,000-square-foot space. Existing tenant Factory Card Outlet is renewing its lease at the center as well. Konover Development Corp. is the project's developer.