PELHAM MANOR, N.Y., AND WOODBRIDGE, N.J. — Renovations continue at two shopping centers located in New York and New Jersey. Post Road Plaza is a 268,000-square-foot center located in Pelham Manor. Renovations at the property include the gutting and redesign of existing buildings; the replacement of windows, façades and storefronts; new signage, lighting, paving and landscaping; and the reconfiguration of the shopping center’s second floor. At the beginning of construction, Fairway Market signed a new 75,000-square-foot lease for an anchor space at the property. In addition, current tenants Modell’s, Dress Barn and AJ Wright are using the renovation as an opportunity to renovate and expand their existing stores. St. Georges Crossing is a 317,471-square-foot shopping center located in Woodbridge. Construction here primarily consists of the repositioning of a freestanding building that had previously been occupied by a movie theater. The Shannon Rose signed a lease for the majority of the structure, but the rest is being renovated and marketed for additional tenants. A new landscaping plan is also being developed. Previous renovations at St. Georges Crossing included the repositioning of the two-story space previously occupied by Caldor. Both shopping centers are managed and leased by Levin Management.
SANTA CLARA, CALIF. — NorthMarq Capital’s San Francisco office has arranged a $11.08 million loan for Moonlite Shopping Center in Santa Clara. Tenants at the 171,901-square-foot center include Save Mart, OfficeMax, Rite Aid and Palo Alto Medical Group. ING USA Annuity and Life Insurance Co. provided the financing, which was based on a 5-year term with a 225-year amortization schedule. Jeffrey Weidell of NorthMarq arranged the financing.
SOMERDALE, N.J. — National Realty & Development Corp. has started construction on CooperTowne Center, a 385,000-square-foot greyfields redevelopment project in Somerdale. Located at the former Lions Head Plaza at 711 East Evesham Ave., the project is just 10 miles southeast of Philadelphia and easily accessible to Routes 30 and 544 as well as the Philadelphia Speedline, a rapid transit system that runs between Philadelphia and Camden County. The center will be anchored by a Wal-Mart Supercenter, Cinemark Theatres and L.A. Fitness. Plans also call for the development of pad sites along White Horse Pike and Evesham Avenue. The new shopping center will feature facades replicating a traditional Northeastern downtown and significant land use improvements such as a tree-lined grand entrance, gazebos, a public plaza to accommodate civic ceremonies, extended pedestrian friendly sidewalks for outdoor dining, landscaped garden beds outside of the storefronts and parallel parking to enhance the main street feel.
SAN DIEGO — Coast Income Properties Inc. has completed the $4 million renovation of SR Ranch Shopping Center, which is located at 9838-9890 Hibert St. in San Diego’s Scripps Ranch area. Renovations to the 70,720-square-foot, ranch-themed property include new storefronts and corrugated roofs, as well as enhancements to the parking layout, hardscape and landscape features. Trader Joe’s recently opened a 15,000-square-foot location at the center. Other tenants include Chuck E. Cheese’s, Chicago Title, Realty Executives, Sombrero’s and Supercuts. BYCOR served as general contractor for the project, which was designed by KTGY Group Inc.
ALPHARETTA AND MARIETTA, GA. — Strategic Storage Trust, a $1 billion REIT, has purchased two Atlanta-area self-storage properties totaling $9.6 million. The company purchased a 76,500-square-foot facility in Alpharetta from Storage Partners of Alpharetta for $5.1 million. Located at 11640 Jones Bridge Rd., the store contains 670 units. Strategic Storage also purchased a 500-unit property in Marietta from Storage Partners of Powers Ferry Road for $4.5 million. The self-storage store spans 52,000 square feet at 2035 Powers Ferry Rd. Charles LeClaire of Marcus & Millichap’s Denver office and Michael Mele of the firm’s Tampa, Fla., office brokered the sale.
PORTSMOUTH, VA. — FT Associates Co. has sold the 12,461-square-foot Marketplace Square Shopping Center to Victoria Holding Co. for $1.1 million. The property, located at 5915 High St. West in Portsmouth, houses Subway, Albano Cleaners and Reactions Hair Design. Alex Divaris and Jason Oliver of Virginia Beach, Va.-based Divaris Real Estate represented the seller. Troy Parker of Thalhimer’s Norfolk, Va., office represented the buyer.
DES PERES, MO. – Marcus and Millichap has brokered the sale of El Torito Restaurants dba Casa Gallardo in Des Peres for approximately $1.98 million. The property, located at 12796 Manchester Rd., is a single-tenant restaurant totaling 9,709 square feet. Marcus and Millichap’s Gregory Tobben, based in the firm’s St. Louis office, represented the seller, a limited liability corporation.
DALLAS, TEXAS, AND OAK BROOK, ILL. — Oak Brook, Ill.-based Inland Western Retail Real Estate Trust, a REIT sponsored by The Inland Real Estate Group of Companies, has selected the Dallas office of Holliday Fenoglio Fowler (HFF) to assist the company in the refinancing of its maturing debt for retail properties located across the country. HFF has been working with Inland since the fourth quarter of 2008 and has already closed 10 loan transactions for a total of approximately $120 million. Assets already refinanced include Preston Trail Village in Dallas, Texas; Southlake Town Square Block 22 in Southlake, Texas; The Shops at Park Place in Plano, Texas; The Village Shoppes at Simonton in Lawrenceville, Ga.; Shoppes of New Hope in Dallas, Ga.; and Hickory Ridge in Hickory, N.C. HFF currently has secured approximately $75 million in committed financing, which is expected to close in the next 30 to 60 days, and $300 million in debt is in various stages of negotiations for refinancing and long-term extensions.
NORTH PALM BEACH, FLA. — Urban Realty Partners has acquired the 20,770-square-foot Enterprise National Bank Building from an undisclosed seller for $4 million. The building is located at 11811 U.S. Highway 1 in North Palm Beach and is occupied by Enterprise National Bank and a Melting Pot restaurant. Scott O’Donnell and Dominic Montazemi of CB Richard Ellis’ Boca Raton, Fla., office represented the seller.
MINNETONKA, MINN. – Welsh Capital has secured a loan of $2.75 million for Corner Shoppes, a retail center in Maplewood, Minn. The center is a 16,582-square-foot multi-tenant location, and the financing for the property was provided by local commercial banks.