LAND O’ LAKES, FLA. — An affiliate of Fort Lauderdale, Fla.-based Stiles Corp. has purchased the 80,000-square-foot Arbor Square at Connerton from an affiliate of Tatone Properties for $17.75 million. The retail center, located on U.S. Highway 41 in Land O’ Lakes, is anchored by a 45,600-square-foot Publix and houses SunTrust Bank. Mark Shellabarger and Dennis Carson of the Tampa, Fla., and Miami offices of CB Richard Ellis, respectively, represented the seller.
MINNEAPOLIS — Minneapolis-based NorthMarq Real Estate Services has been selected to manage six retail properties totaling 845,000 square feet, which are located in and around Minneapolis. The new third-party retail assignments have positioned NorthMarq as the largest manager of retail properties in the Twin Cities. The six centers include the 170,000-square-foot Calhoun Square in Minneapolis; the 115,000-square-foot Southdale Square in Edina; the 173,000-square-foot The Shoppes at Oak Park Heights in Oak Park Heights; the 26,000-square-foot Plymouth Town Center in Plymouth; the 110,000-square-foot Fountain Place in Eden Prairie; and the 251,000-square-foot Fischer Marketplace in Apple Valley. Plymouth Town Center, The Shoppes at Oak Park Heights, Fischer Marketplace and Southdale Square are all owned by Principal Real Estate Investors. Fountain Place is owned by LaSalle Investment Management. Various tenants within the developments include Applebee’s, Kohl’s, Pier 1 Imports, Bed Bath & Beyond, and Michaels. NorthMarq began overseeing leasing and management for Calhoun Square in November. The center, which is owned by BlackRock, is undergoing major renovations that are slated for completion in early 2010. As part of the project, a 35,000-square-foot LA Fitness will open at the center in 2009.
CANTON, OHIO — Nassimi Realty has completed the next phase of renovations for the 433,500-square-foot Canton Centre Mall, which is located on Tuscarawas Street West near downtown Canton. Completed improvements to the power center include the addition of a new 10,000-square-foot multi-tenant outlot building, façade renovations, and a partial de-malling of the interior space, including the opening of new storefronts and doors to the outside. New tenants in the renovated section of the building include Deb Shops, DOTS, Hibbet Sports and Sally Beauty. Canton Centre, which is currently anchored by JC Penney, is shadow-anchored by an approximately 200,000-square-foot Wal-Mart Supercenter. Plans are currently underway for the development of additional junior anchor stores and inline spaces for the remainder of the shopping center. Later renovation plans call for the redesign of the façade facing the Wal-Mart parking lot, a redesign of the entrance to the JC Penney building and the Whipple Avenue façade adjacent to JC Penney, the opening of additional store fronts, and an expansion of the existing Chase Bank drive thru into a full-service bank building. The estimated cost of completing the project was not disclosed.
MUNDELEIN, ILL. — Chicago-based Beacon Realty Capital has arranged $6.3 million in refinancing for Oak Creek Plaza, a 200,000-square-foot retail center located in the Chicago suburb of Mundelein. The 5-year fixed-rate loan was funded for the borrower through a life insurance company.
TULSA, OKLA. — Marcus & Millichap has brokered the sale of a 13,650-square-foot Walgreens pharmacy, located at 10018 S. Yale Ave. in Tulsa, for $3.9 million. The pharmacy is situated on 1.74 acres in the city’s South Tulsa submarket; it was constructed in 2003. David Bohanon and Philip Bohanon of Marcus & Millichap’s Oklahoma City office, along with Tina Taylor of the firm’s Las Vegas office, represented the seller, an undisclosed limited liability company. The buyer, also a limited liability company, was represented by Mark Thiel of Marcus & Millichap’s San Diego office.
FREDERICK, MD. — Pennsylvania Real Estate Investment Trust has closed a $55 million non-recourse mortgage loan for Francis Scott Key Mall. The 711,000-square-foot Frederick mall is 92.3 percent occupied and is anchored by JC Penney, Macy’s and Sears. Financing for the 5-year loan was provided by a commercial bank. The loan carries a fixed interest rate of 5.24 percent.
EXTON AND SCRANTON, PA. — Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) has completed two loans totaling $118 million for two Pennsylvania malls. In the first transaction, PREIT secured a $70 million, non-recourse mortgage loan for Exton Square Mall, a 1.1 million-square-foot, enclosed mall located in Exton. The mall was acquired by PREIT in 2003, and is anchored by Boscov’s, JCPenney, Macy’s and Sears. As of closing, non-anchor occupancy was 83.6 percent and 12-month same-store sales were $359 per square foot. The loan carries a 7.5 percent fixed interest rate and a 5-year term. The lender was undisclosed. In the second transaction, PREIT secured a $48 million, non-recourse mortgage loan for Viewpoint Mall, a 750,000-square-foot, enclosed mall located in Scranton. The mall was also acquired by the company in 2003. It is anchored by JCPenney, Macy’s and Sears; non-anchor occupancy as of closing was 92.5 percent. The mall had 12-month same-store sales of $375 per square foot. The interest-only loan, which was provided by a commercial bank, carries a variable interest rate of LIBOR plus 2.35 percent that was swapped to a 5.24 percent fixed interest rate for its 5-year term.
JACKSONVILLE, FLA. — Jacksonville Bay LP has sold the 46,000-square-foot Nor-Rec Plaza to Nor-Rec LLC for $7.34 million. The retail center is located on 5.6 acres of land at 9998 Atlantic Blvd. in Jacksonville. The property houses Rec Warehouse, a retailer of above-ground swimming pools and home recreational products, and Northern Tool & Equipment. Barry J. Goldstein of Jacksonville-based Goldstein Commercial Properties brokered the sale.
HANOVER COUNTY, VA. — The Patrick Group has completed a $2.3 million sale of 6.24 acres of land to Mechanicsville Storage for a future storage facility. The site, located at 6021 Mechanicsville Turnpike in Hanover County, was originally slated for a GM car dealership. The self-storage facility will span 5 acres, and the rest of the acreage will be sold for retail development. John Jay Schwartz of Richmond, Va.-based Have Site Will Travel brokered the sale, and General Land Co.’s Mike Carroll represented the buyer.
MENDOTA HEIGHTS, MINN. — Walgreens Co. has signed a long-term lease within St. Paul-based Paster Enterprises’ Mendota Plaza shopping center located in Mendota Heights. The 14,820-square-foot freestanding out-lot building will be completed by spring 2010. The new building is part of a complete redevelopment and expansion of Mendota Plaza, which is expected to commence in the spring. Plans for the development call for updating the existing center, as well as adding two new buildings for restaurants and retail space. Future phases of the project call for the addition of office space, housing and a child care center facility. Tenants at the center will remain open during the first phase of construction, which will increase the development from 54,983 square feet in size to 77,403 square feet in size. Additional terms of the lease to Walgreens as well as the cost of completion for the project were not disclosed.