MIAMI — Perrine Food Retail Corp. has sold the 42,300-square-foot Perrine Food Shopping Center to 11800 N.W. 10th Ave. LLC for $5.25 million. Located at the intersection of 119th Street and 10th Avenue in Miami, the center is anchored by a 22,292-square-foot Food City supermarket and is 100 percent occupied. Harry Blyden and Alan Esquenazi of Coral Gables, Fla.-based Continental Real Estate Cos. negotiated the disposition on behalf of the seller.
INDEPENDENCE, MO. — Developers Diversified Realty Corp. (NYSE: DDR) has formed a joint venture with Cole Real Estate Investments for the ownership of Independence Commons, a 386,066-square-foot shopping center located in Independence. Cole Real Estate Investments will own 85.5 percent, and Developers Diversified will own 14.5 percent of the $62 million joint venture. Independence Commons was previously owned by Developers Diversified through its joint venture with Macquarie DDR Trust. Based on Macquarie DDR Trust’s 85.5 percent interest in the center, the company will receive proceeds of more than $20 million as a result of the sale. Terms of the joint venture agreement call for Developers Diversified to receive leasing and property management fees at the development.
MALVERN, PA. — King Of Prussia, Pa.-based O’Neill Properties Group has announced the final anchor for the retail portion of Uptown Worthington, a 2 million-square-foot, mixed-use redevelopment project located in the Philadelphia suburb of Malvern. Target will open a 137,000-square-foot location, joining previously announced anchors L.L. Bean, Muvico and Wegmans Food Market. Scheduled for completion in fall 2009, Uptown Worthington will contain 745,000 square feet of retail, restaurants and entertainment, along with office, hotel and residential space. The project consists of the redevelopment of the 100-acre former Worthington Steel Factory property.
HYANNIS, MASS. — The Boston office of iCap Realty Advisors has secured $12.25 million in first-mortgage financing for Capetown Retail Plaza in Hyannis. Built in 1969, the retail center comprises more than 237,000 square feet of space. Anchors include K-Mart and Filene’s Basement. Jennifer Caruso and Max Rans of iCap Boston arranged the loan with an international bank. Terms of the financing include a 55 percent loan-to-value ratio. The borrower was also not disclosed.
WAYNE, N.J. — Tattoo Nation LLC has signed letters of intent to open two locations in the New York/New Jersey region, in addition to a lease the company recently signed for a location at Queens Center in New York City. The company currently operates one location within Willowbrook Mall in Wayne. The new locations are part of a nationwide expansion effort for the company; letters of intent have been signed for seven additional locations — four in Florida and three in Los Angeles. All of the locations will operate under the Inked brand. Tattoo Nation plans to open the stores in leading suburban shopping malls and upscale locations, in an effort to differentiate the brand from many independently owned tattoo studios.
LOS ANGELES — Ory Schwartz of the Los Angeles Regional office of NorthMarq Capital Inc. has arranged a $13.2 million first mortgage for Midtown Shopping Center in Los Angeles. The 142,355-square-foot retail center is occupied by Ralphs, CVS/pharmacy and OSH. Financing was based on a 5-year term with interest only for the first year and then a 15-year amortization schedule.
SAN FRANCISCO AND TEMECULA, CALIF. — Forest City Enterprises Inc. has recently received loans, totaling $142.5 million, for two projects in California. The company received a $75 million construction loan for the expansion of The Promenade in Temecula. The loan will fund the 127,000-square-foot, main-street style expansion of the existing 1.1 million-square-foot retail center. The New York State Teachers’ Retirement System, which holds the permanent financing on the existing property, provided the new loan. The financing will convert to a permanent loan upon completion of construction. Additionally, Forest City received $67.5 million in construction financing for Presidio, a 161-unit adaptive reuse apartment community that is part of the historic former military base located at the foot of the Golden Gate Bridge in San Francisco. The financing was provided by Wachovia, RBS Citizens N.A. and the National Electrical Benefit Fund.
INDIAN TRAIL, N.C. — Charlotte, N.C.-based Crosland has broken ground on the first phase of the 19-acre retail component to its Austin Village mixed-use development. Located at the intersection of Potter Road and Chestnut Lane in Indian Trail, the first phase calls for 65,206 square feet of retail space, including a 48,756-square-foot Harris Teeter. Myers & Chapman will serve as general contractor of the space, which is expected to deliver late next year. When complete, the 100-acre Austin Village will boast 375,000 square feet of retail and office space and 40 acres of residential development.
NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin Affiliates (KDA) has arranged a 49-year ground lease for a 23,000-square-foot retail property located at 22-44 Church Ave. in the Flatbush neighborhood of Brooklyn. The property is currently occupied by a closed White Castle restaurant; it will soon house a new International House of Pancakes location, along with 9,000 square feet of retail space. Completion of the renovation is scheduled for mid-2009. KDA’s Allison Chambers represented the lessee, a locally based and investor, and Bob Klein, also of KDA, represented the landlord, Richard Ull.
WESTPORT, CONN. — Retailer Crate & Barrel has opened a new 38,000-square-foot location at 1200 Post Rd. in Westport. The lease transaction was arranged on behalf of Crate & Barrel by Eric Goldschmidt of Scarsdale, N.Y.-based Goldschmidt & Associates. The new store represents the retailer’s first location in Fairfield County. Building ownership was represented by Steven Crowley of SCA Realty.