DALLAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $22.6 million loan for the refinancing of Lincoln Park, a 148,806-square-foot retail center located in Dallas. The center is situated at the corner of West Northwest Highway and North Central Expressway, across from NorthPark Mall. The center is anchored by a Tom Thumb supermarket; additional tenants include The Cheesecake Factory, The Container Store and Barnes & Noble. Occupancy was 98 percent at the time of closing. HFF's Kevin MacKenzie and Trey Morsbach arranged the loan, which carries a 5-year term and a fixed interest rate, on behalf of the borrower, a joint venture between a Inland Western REIT and a client of Invesco Real Estate. The lender was not disclosed.
GREENSBORO, N.C. — Market Street Storage, a venture between Gateway Holdings of Winston Salem, N.C., and Return Holdings of Charlotte, N.C., has opened the nearly 100,000-square-foot Gateway Storage Solutions. The 8.3-acre property is located at 3939 W. Market St. in Greensboro. Gateway Storage is a repositioned warehouse formerly operated by Flav-O-Rich Dairy. Landmark Builders of the Triad provided construction services, and High Point Bank provided financing for the project.
LANCASTER, PA. — A joint venture between The Goldenberg Group and Pennsylvania Real Estate Investment Trust has procured a $24.9 million loan for the refinancing of Red Rose Commons, a 463,000-square-foot retail property located in Lancaster. The open-air shopping center is situated on Fruitville Pike. It is occupied by a tenant roster that includes The Home Depot, Barnes & Noble Booksellers, Weis Markets and hhgregg Appliances & Electronics, which recently signed a lease for 32,000 square feet formerly occupied by Circuit City and will take occupancy in April. The lenders in the transaction were M&T Bank, Abington Bank, DNB First and Meridian Bank. Terms of the loan were not disclosed.
DEER PARK, TEXAS — CB Richard Ellis (CBRE) has arranged the sale of a freestanding 5,860-square-foot retail building located at 1601 Center St. in Deer Park. Matt Keener, Russell Janicek and Mark Raines of CBRE represented the buyer, IBERIABANK FSB, a subsdiary of IBERIABANK Corp. Rod Scarborough of Rod Scarborough Properties represented the seller, Wells Fargo.
DALLAS AND MAGNOLIA, TEXAS — Marcus & Millichap has brokered two Texas retail sales. In the first transaction, Philip Levy and Jason Vitorino of Marcus & Millichap's Dallas office represented a private partnership in the sale of a Chase Bank ground lease in Dallas. The 1.12-acre lot is located at 15202 Montfort Drive and contains a 4,282 net leased bank branch building. The buyer's name was not released. The second transaction involved the sale of a 2,867-square-foot Jack in the Box located at 6734 FM 1488 in Magnolia. The property is situated on 0.97 acres and was constructed in 2001. Edward Benton and Todd Carlson of Marcus & Millichap's Houston office represented the seller, a private investor. Drew Wetherholt of Marcus & Millichap's Ontario, Calif., office represented the buyer, also a private investor. The property traded for $1.7 million.
PHOENIX AREA –– Goodwill Industries of Central Arizona Inc. has leased four new retail store locations, totaling more than 118,000 square feet, across the Phoenix metropolitan area. Velocity Retail Group’s Andy Kroot brokered the deals on behalf of Goodwill, which took 25,387 square feet in Tempe, 47,430 square feet in Mesa, 21,000 square feet in Peoria and 25,000 square feet in Phoenix. The lease starts range from October 2009 to October 2010.
SAN PEDRO, CALIF. — Hanley Investment Urban Retail Advisors has brokered the sale of an 18,864-square-foot retail property, located on the ground floor of a 116-unit residential condominium building in downtown San Pedro. Financial terms were not disclosed. The retail portion of Centre Street Lofts, built in 2007, was 18 percent occupied at the time of sale. Carlos Lopez of HI Urban Retail Advisors represented the seller, Centre Street Lofts LLC of Hollywood, and The Heger Company’s Joel Mostert represented the buyer, International Longshore & Warehouse Union Local 13, which will occupy the space as its corporate headquarters.
FLINT, MICH. — Farmington Hills, Mich.-based Agree Realty Corp. has received $11.4 million in financing. The financing consists of three non-recourse, self-amortizing notes, which each carry a fixed rate of 6.27 percent, that mature in July 2026. The loans were secured by mortgages on three of the company’s retail properties located in Flint. Agree Realty owns, manages and develops retail properties. The company currently owns and operates a portfolio of 72 properties, which offer a total of 3.5 million square feet of gross leasable space.
NEW YORK CITY — Construction is complete for the renovation and repositioning of Manhattan Mall, a 400,000-square-foot retail center located in Manhattan, New York City. Renovations to the mall, which fronts Avenue of the Americas from 32nd Street to 33rd Street, included a renovation of the core and atrium, the relocation and addition of escalators and stairs, and the recladding of a portion of the property's façade. In addition, a 153,000-square-foot JCPenney was added, marking the retailer's first Manhattan location. The property is owned by Vornado Realty Trust, which acquired it in 2007. It was designed by architecture firm GreenbergFarrow. The companies also recently worked together on the 600,000-square-foot retail component of Rego Park Mall II in Queens, which is just wrapping up construction.
TORRANCE, CALIF. — Marcus & Millichap has brokered the $4.685 million sale of Makena Plaza, a 9,512-square-foot retail property located at 17405 Crenshaw Blvd. in Torrance. The 1-year-old building is anchored by Wachovia and T-Mobile. Marcus & Millichap’s Scott Hook represented the seller, a limited liability company, and the brokerage firm’s John Susank represented the buyer, a private investor.