PORTLAND, ORE. — The Macerich Company has agreed upon a $250 million loan for the refinancing of Washington Square Mall in Portland. The 7-year, fixed-rate loan is slated to close in December 2008 and the interest has been locked at 6 percent. The company’s current $128 million loan for the property is expected to mature in February 2009.
Retail
LAS VEGAS — Lane Jacobs of Marcus & Millichap’s Las Vegas office represented the undisclosed buyer in the acquisition of a 5,000-square-foot retail strip center in Las Vegas. Located at 3805 E. Flamingo Rd., the two-tenant property sold for $2.5 million. The asset is currently long-term leased to Starbucks Coffee and Moneytree. The seller was not disclosed.
LENOIR CITY, TENN. — Mimms Enterprises has completed development of the 57,000-square-foot first phase of Market at Town Creek, located at 300 Market Dr. in Lenoir City. The shopping center is anchored by a 44,000-square-foot Food City, and leases have been signed with AT&T, Bojangles’, Sports Clips, Regions Bank and TVA Credit Union. The property is currently 90 percent occupied. The second phase of Market at Town Creek, which will encompass 150,000 square feet of retail space, is still in the planning stages.
ANDERSON, S.C. — DG Properties II has purchased a 9,014-square-foot Dollar General store from a private seller for an undisclosed amount. The property is located at 3502 E. River St. in Anderson. Robert Griggs of Greenville-based Waterford Enterprises brokered the transaction on behalf of DG Properties. P. Randall Bentley, Jr., of Bentley Commercial/CORFAC International represented the seller.
LANSING, KAN. — LANE4 Property Group and Colliers Turley Martin Tucker have announced plans to begin construction of a 218,000-square-foot shopping center in Lansing, by the end of the year. Located at Highway 7 and St. Mary St., Lansing Town Center will include a 100,000-square-foot anchor, up to three junior anchor retailers, and several small shops and outparcel retailers. Colliers Turley Martin Tucker was responsible for the land assemblage of the northern 21 acres at the site. Both LANE4 Property Group and Colliers are responsible for marketing the property. Completion of the first buildings for the project, which received Tax Increment Financing from the city of Lansing, is expected in the third quarter of 2009. The estimated cost of completion was not disclosed.
ROCHESTER HILLS, MICH. — Tuesday Morning and Dots have opened stores within Centro Properties Group’s Hampton Village Centre located at the northeast corner of Rochester Road and Auburn Road in Rochester Hills. Originally constructed in 1986, the 560,000-square-foot community shopping center has undergone a redevelopment and subsequent renovation. Tuesday Morning occupies 12,400 square feet, and Dots occupies 4,400 square feet at the center. Additionally, Ulta Salon has executed a lease to open an 11,000-square-foot store at Hampton Village Centre. The store is scheduled to open in February 2009. Additional tenants at the center include Best Buy, Chili’s, Dunham’s Sports, Kohl’s, Office Max, Olive Garden, Target, TJ Maxx and Star Theater.
HAGERSTOWN, MD. — The Oekos Group has purchased the 110,000-square-foot Stone House Square shopping center from its developer, Faison, for an undisclosed price. The newly completed center, located at the intersection of Leitersburg Pike and Cortland Drive in Hagerstown, is anchored by Weis Supermarkets and Lowe’s Home Improvement Warehouse. Stone House is 90 percent occupied by Chevy Chase Bank, Starbucks Coffee, Greene Turtle and Friendly’s, among others. Mike Gorsage and Kate Howarth of Baltimore-based H&R Retail brokered the sale.
ROYAL PALM BEACH, FLA. — Keene Construction Co. has broken ground on a 90,000-square-foot Kohl’s department store at 8751 Southern Blvd. in Royal Palm Beach. The store, which marks Keene’s tenth Kohl’s property in Florida, is scheduled for completion early next year. Scott & Goble Architects designed the project.
LOCKPORT, ILL. — Jeffrey Kowal of Edgemark Commercial Real Estate Services has brokered the sale of a retail center located at 16521-16615 159th St. in Lockport. Situated on approximately 4.85 acres, the 30,051-square-foot Lockport Center is shadow-anchored by Jewel/Osco. The development, which was purchased to satisfy a 1031 investment, is fully leased. Lockport LAD LLC has sold the property for an undisclosed amount. Rahul Patel of Realty Executives Suburban represented the undisclosed buyer in the transaction.
HOUSTON — Houston-based REITs Weingarten Realty Investors and Hines Real Estate Investment Trust, Inc. (Hines REIT) have formed a $271 million joint venture, in which a subsidiary of Hines REIT will acquire a 70 percent interest in a portfolio of 12 supermarket-anchored shopping centers owned by Weingarten. The transaction will close on multiple dates. The first closing, comprising eight of the shopping centers and totaling approximately $205 million, occurred on November 13. The portfolio, which is more than 96 percent leased, totals 1.5 million square feet. The shopping centers are located in Texas, Georgia, Tennessee, Florida and North Carolina. Their trade areas have average populations exceeding 100,000 people and average household incomes of more than $80,000. The shopping centers are anchored by supermarkets tenants that include Kroger, Randall’s (Safeway), H-E-B, Publix, BJ’s Wholesale and Harris Teeter. Other anchors at the properties include Marshall’s, Barnes & Noble, Palais Royal and Stein Mart. “We announced in 2006 an effort to further our joint venture program,” says Gary Greenberg, senior vice president, capital markets, for Weingarten Realty Investors. “This is a continuation of that program, and it will bring us close to $2 billion in transactions since 2006.” The joint venture has a …