PHILADELPHIA — Media, Pa.-based Sperry Van Ness/Location333 Realty (SVN) has brokered the sale of Erie Plaza, a 34,422-square-foot retail center located at 1240 E. Erie Ave. in Philadelphia, for $3.46 million. The property is currently 100 percent occupied by a tenant roster that includes Pa Liquor Store, City Thrift Store, a Chinese restaurant and a Mensic group. Mark Berk of SVN represented the seller, Erie Plaza Partners. The property was acquired by a New Jersey-based private investor.
OSTERVILLE, MASS. — Boston-based EagleBridge Capital has arranged $2.2 million in acquisition financing for 846 Main Street, a 19,950-square-foot retail center located in Osterville. The property comprises 18,450 square feet of first-floor retail space, as well as 1,500 square feet of second-floor office space. It is anchored by Osterville House & Garden; additional tenants include Books by the Sea, Oyster Island Emporium, Cape Cod Originals, Christine’s Osterville Needlepoint, Gone Chocolate and Upstairs Imports. Ted Sidel and Brian Sheehan of EagleBridge Capital originated the financing for the undisclosed borrower through a regional thrift institution. Terms of the financing include a 90 percent loan-to-value ratio; the interest rate was not disclosed.
LANCASTER, OHIO — The Cooper Commercial Investment Group of Cleveland-based NAI Daus has brokered the sale of the Shops at Ety Village retail center located in Lancaster. Tenants at the 29,400-square-foot development include Panera Bread, Pet Supplies Plus, Game Stop and Great Clips. Dan Cooper and Bob Havasi of NAI Daus represented the local sellers in the transaction. A Chicago-based independent investor purchased the property for $7.3 million.
EAST DUNDEE, ILL. — Marcus & Millichap has arranged the sale of Spring Water Retail Center located on Penney Avenue in East Dundee. The 10,000-square-foot center is fully occupied by six tenants. The original developer of the center sold the property to an undisclosed buyer for approximately $1.67 million, with a cap rate of 7.32 percent. Although not a condition to close, financing was obtained by Bank Financial and a 75 percent LTV was issued on the property. Demetrie Livaditis in the Chicago office of Marcus & Millichap represented the seller in the transaction.
ALBUQUERQUE, N.M. — Towne Park Plaza LLC has purchased Towne Park Plaza, a 201,906-square-foot retail center in Albuquerque, for $20 million. Located at 300-370 Eubank Blvd., the multi-tenant property is occupied by Sam’s Club, Office Depot, PetSmart, Sally Beauty Supply and Game Stop. Scott Hook and Sam Medford of Marcus & Millichap represented the buyer; Hook also represented the seller, Southern California-based Towne Park Plaza LP, in the transaction.
WOOD RIVER, ILL. — Koman Properties has begun work on the second phase of its Wood River Commons retail development, which is located at the intersection of Illinois State Route 143 and Vaughn Road in Wood River. An 8,000-square-foot Club Fitness will anchor the 13,500-square-foot second phase of the project. Club Fitness is scheduled to open in the spring. The cost of developing the second phase of the project is estimated at $2 million. Tenants currently open at the center include Walgreens and McDonald’s. Upon completion of the second phase, Wood River Commons will house 33,000 square feet of retail shops and restaurants.
BALLWIN AND MANCHESTER, MO. — St. Louis-based Pace Properties Inc. has added three national retailers to its 180,000-square-foot Central Plaza Shopping Center, which is located at the corner of Manchester Road and New Ballwin Road in the St. Louis suburb of Ballwin. Office Max has opened a 20,000-square-foot store, and Pet Supplies “Plus” has opened an 8,050-square-foot store within the center, marking its first Missouri location. This spring, Jo-Ann Fabrics & Crafts will open its first 30,000-square-foot “superstore” in Missouri. Additional tenants at the development include Borders Books & Music, Bova Furniture, Hallmark Cards, Famous Footwear and Sauder Furniture. Additionally, in the St. Louis suburb of Manchester, Pace Properties has added four retailers to its Manchester Highlands regional shopping center, which is located at Manchester Road and Highway 141. Upon completion, Manchester Highlands will consist of more than 500,000 square feet of retail. Ulta, Best Buy, Bed Bath & Beyond and PetsMart were the first tenants to open at the development in November. Costco and a Wal-Mart Supercenter are scheduled to open in the summer. The city of Manchester will also move its municipal facility and police headquarters to the project.
GEORGETOWN, TEXAS — Marcus & Millichap has arranged the sale of Georgetown Center, a 3,460-square-foot retail center located at 1206 Williams Dr. in Georgetown. Jeff Howard of the firm’s Austin, Texas, office market the property on behalf of the undisclosed seller. The property was purchased by a local investor for an undisclosed amount.
MCDONOUGH, GA. — CDP McDonough Westridge has sold a 13,813-square-foot CVS/pharmacy to a Hawaiian 1031 Exchange buyer for $6.01 million. The store sits on 1.86 acres of land on Highway 20 West in McDonough. Dan Earles, Mark Cooley and Neal Pringle of Atlanta-based The Shopping Center Group represented the seller. The buyer was represented by Paul Hanna and Shan Gastineau of Jones Lang LaSalle.
OAK LAWN, ILL. — Cohen Financial has secured approximately $8.95 million in financing for the acquisition of a 77,467-square-foot retail center located at 9633 S. Cicero Ave. in Oak Lawn. The Class A retail development is anchored by a Sports Authority, Staples and Men’s Warehouse. The loan, which has a 55 percent loan-to-value ratio, includes a fixed rate and interest-only payments for more than a 5-year term. The loan was arranged for the borrower Inland Mortgage Corp. Principal Global Investors is the lender. Joel Simmons in the Skokie, Ill., office of Cohen Financial originated and structured the transaction.
