AUBURN, WASH. — Marcus & Millichap Capital Corporation (MMCC) has arranged a $6 million, 10-year fixed-rate loan to refinance the Auburn Center, a 45,402-square-foot neighborhood retail center located in Auburn. Arranged by Glenn Gioseffi, a director in MMCC’s Seattle office, the refinancing package was provided by a local bank. Built in 1991, the Auburn Center was refinanced at a loan-to-value of 50 percent with a 30-year term.
JACKSONVILLE, FLA. — Calkain Companies has procured the $1.1 million sale of a Chick-fil-A ground-lease investment property in Jacksonville. The property at 4461 Southside Blvd. was corporately leased by Chick-fil-A and consisted of approximately 1 acre of land and a 4,202-square-foot building constructed specifically for the fast-food location. Patrick Nutt of Calkain Companies represented the purchaser for the transaction.
DEVON, PA. — Bryn Mawr, Pa.-based WP Realty has acquired Devon Village, a shopping center located in Devon. The property is situated on Lancaster Ave. and comprises an approximately 70,000-square-foot shopping center anchored by Whole Foods Market. WP also owns a 2.2-acre parcel adjacent to Devon Village that is zoned for commercial use. The seller and the acquisition price were not disclosed.
PHILADELPHIA — Onyx Equities has completed two leases at Red Lion Plaza, a 224,269-square-foot shopping center located at Red Lion Road and Roosevelt Boulevard in Philadelphia. Planet Fitness and Wit or Witout Cheesesteaks will occupy a total of 30,258 square feet, bringing the center to 100 percent occupancy. Jed Masloff and Jim Creed of Fameco Real Estate represented Onyx in both lease transactions. Randy Hope of Metro Commercial represented Rhino Red Lion dba Planet Fitness. Additional tenants at Red Lion Plaza include American Signature Furniture, Best Buy, Staples and Pep Boys.
BALTIMORE — A joint venture of The Hampshire Companies and MCB Real Estate has purchased the 45,000-square-foot Church Square Shopping Center from the Baltimore-based construction firm Streuver Bros. Eccles & Rouse for an undisclosed amount. The buyers plan to reposition the property and find a tenant for the center’s 20,000-square-foot anchor space. Hampshire used money from The Hampshire Generational Fund for the purchase.
FEDERAL WAY, WASH. — TRI Commercial/CORFAC International’s Robert King and Jeff Crane of The Andover Co./CORFAC International represented WB Equities in the sale of an International House of Pancakes (IHOP) restaurant, located at 178 SW Campus Dr. between Seattle and Tacoma in Federal Way, for close to the asking price of $3.25 million. The buyer was not disclosed. This 4,022-square-foot NNN property has more than 18 years remaining on its lease.
CHICAGO — Chicago-based Structured Development has signed two restaurant leases at Chicago & Northwestern Railroad Powerhouse, which is located at 211 N. Clinton St. in Chicago. Prairie Fire has inked a deal for a 6,400-square-foot restaurant. Slated to open in later this year, the 150-seat restaurant will offer moderately priced contemporary American comfort food with an emphasis on local and seasonal ingredients. New Line, a bar and grill concept from Spare Time Inc., has leased 3,000 square feet and will open in early October. Sean Lutz of Sperry Van Ness represented Prairie Fire and New Line; Jeff Bernard of REIS represented the landlord, Structured Development, in the lease transactions.
MOBILE, ALA. — Littleton, Colo.-based Lamar Cos. has sold the 76,364-square-foot Hillcrest Marketplace shopping center to a private Atlanta-based buyer for an undisclosed amount. The property, located on 11.83 acres at 6300 Grelot Rd. in Mobile, is anchored by Winn-Dixie and CVS/pharmacy. Firehouse Subs, Hallmark, Hershey’s Ice Cream and Little Caesar’s are also housed in the center. Kevin Fryman of Hanley Investment Group Real Estate Advisors brokered the sale.
FORT LAUDERDALE, FLA. — Miller Construction Co. has finished construction on RoboVault, a high-tech storage facility prototype. The property is located at the interchange of I-595 and U.S. 1 in Fort Lauderdale. RoboVault features include automated storage retrieval, biometric recognition and climate-controlled wine storage spaces. The property was constructed to withstand Category 5 hurricanes.
COVENTRY, R.I. — Marcus & Millichap has completed the $9.7 million sale of the Coventry Crossing, shopping center in Coventry. Situated at the intersection of Arnold Road and New London Turnpike, Coventry Crossing totals 20,752 square feet in three separate buildings. Tenants at the center include CVS/pharmacy, Dunkin' Donuts, Radio Shack and Webster Bank. Bob Horvath and Todd Tremblay of Marcus & Millichap's Boston office, along with Al Taf of the firm's Atlanta office, represented the seller, Hecht Development. Tremblay and Horvath also represented the buyer, a regional investor.