NEWTON, MASS. — The Capital Markets Group of Boston-based Colliers Meredith & Grew has arranged a $7.5 million loan for the refinancing of a 62,589-square-foot retail property located in Newton. The two-building center is situated at 241-281 Needham St. It is 99 percent leased to a tenant roster that includes Marshalls, CVS/pharmacy and AAA Southern New England. The loan includes a 5-year term and a fixed interest rate. It was secured by John Broderick of Colliers Meredith & Grew on behalf of the borrower, Northland Investment Corp. The lender was Washington Trust Co., a subsidiary of Washington Trust Bancorp.
Retail
NAPLES, FLA. — Pelican Bay Developments I has sold an 11,200-square-foot retail building to Saiano for $5 million. The property is located at 5296 Tamiami Trail N. in Naples. The building was constructed in 1998 and sits on 1.29 acres of land. David Stevens of Investment Properties Corp. represented the buyer.
GLEN BURNIE, MD. — Bill Libercci of NorthMarq Capital's Baltimore office has arranged first mortgage financing of $2.8 million for a U-Store facility in Glen Burnie. Financing was provided by Advantus Capital Management. The property contains 863 self-storage units.
WEST BEND, WIS. — Prescott Development Group is planning to develop a $10 million grocery store and retail building at the South Main Street Shopping Center in West Bend. The project includes construction of a 63,500-square-foot building on the north end of the 9-acre property and the development of a 17,000-square-foot, multi-tenant retail facility. Additionally, the site will offer two out parcel sites, which can accommodate restaurant or bank tenants. Pending city approval, the company plans to break ground in spring 2010.
DEARBORN, MICH. — Village Farms has signed a lease for 1,359 square feet of retail space at West Village Commons, which is located at 22223 Michigan Ave. in Dearborn. Tony Schmitt and Brooke Wolfe of LaKritz-Weber & Co. represented the landlord, West Village Commons LLC, in the transaction. Additional terms of the lease were not released.
CAMBRIDGE, MASS. — A new Trader Joe's grocery store has opened at 321 Alewife Brook Parkway in Cambridge. The store occupies 14,000 square feet within a 47,000-square-foot shopping center that is being redeveloped by Linear Retail Properties. Additional tenants at the center include co-anchor CVS/pharmacy, T-Mobile, Chipotle Mexican Grille, SavMor Spirits and Sleepy's.
STUART, FLA. — Boston-based Cedar Pointe Plaza LLP has sold the 79,000-square-foot Cedar Pointe Plaza to New York-based Cedar Pointe Properties for $7.45 million. The property, located on East Ocean Boulevard in Stuart, was under contract for $12 million a few years ago. Tammy Roncaglione of Gulfstream Business Bank provided financing for the purchase. NAI Southcoast’s Jeremiah Baron and Boyd Bradfield brokered the sale.
WILMINGTON, N.C. — Inland Western REIT has sold a 57,230-square-foot Harris Teeter in Wilmington to Lake Davidson Village LLC for $5.4 million. The property is located at 820 S. College Rd. Harris Teeter has leased the space through 2015. Jim Hamilton, Richard Reid and Kevin Hurley of Holliday Fenoglio Fowler represented the seller.
CRYSTAL LAKE, ILL. — The Salvation Army has leased 14,100 square feet of space at The Commons at Crystal Lake, which is located at the intersection of Northwest Highway and Main Street in Crystal Lake. Terms of the lease transaction were not released. Tracy Salerno provided in-house representation for the landlord, Centro Properties Group, in the transaction.
BENSENVILLE, ILL. — Regency Centers has leased 14,066 square feet of retail space to Fabrics, Etc. 2. The space is located within the 125,585-square-foot Brentwood Commons, which is located at 1145 S. York Rd. in Bensenville. The company, which specializes in fabrics, notions, sewing machines and classes, plans to open for business in March 2010. Additional terms of the lease were not disclosed. Regency Centers owns and manages Brentwood Commons.