CRANFORD, N.J. — CB Richard Ellis Debt & Equity Finance (CBRE) has arranged $6.5 million in first mortgage financing for a 20,000-square-foot retail development located at 40-50 South Ave. in Cranford. The property consists of a 16,000-square-foot, freestanding Walgreens pharmacy and a 4,000-square-foot Chase Bank. The loan carries a 6 percent fixed rate and a 10-year term; proceeds will be used to refinance the construction loan for the two properties. CBRE’s James Gunning and Donna Falzarano arranged the loan on behalf of Bradley Box Co. with the lender, Rockville Bank.
MESQUITE, TEXAS — Lee & Associates has completed the sale of a 70,567-square-foot retail building located at 2133 N. Belt Line Rd. in Mesquite. Situated on approximately 6 acres, the freestanding structure formerly housed a Rainbow Foods. Mark Graybill and Trey Fricke of Lee & Associates’ Dallas/Fort Worth office represented the seller, Eflow Investment Trust I & II. The buyer was the Mesquite Independent School District. The acquisition price was undisclosed.
LARKSPUR, CALIF. — J.S. Rosenfield & CO. has acquired Larkspur Landing Shopping Center, a 173,000-square-foot retail center in Larkspur, for $65 million. Built in 1978, the 16-acre project is situated on the western edge of the San Francisco Bay and is adjacent to the Larkspur Ferry terminal. The property consists of five one- and two-story multi-tenant buildings that encircle a large public cobblestone courtyard. Additionally, the property has several pad buildings, including a 50,000-square-foot Bed, Bath and Beyond, and parking for approximately 1,000 cars. The center is currently 70 percent occupied. The buyer plans to reposition the center as country mart, an intimate non-anchored, open-air public environment with services, shops, boutiques and food purveyors. San Francisco-based Baldauf Catton Von Eckartsberg Architects is providing architectural services. Renovation plans include the removal of the existing hardscape in the center of the project and replacing it with landscaped picnic and outdoor eating areas, and a children’s playground. Additionally, the country mart will feature several public gardens where restaurant tenants can grow and harvest their own fruits and vegetables.
JEFFERSON CITY AND COLUMBIA, MO. — Carpinteria, Calif.-based CKE Restaurants Inc. has sold 11 Hardee’s restaurants located in the Jefferson City and Columbia markets. Rising Stars LLC has purchased the units for an undisclosed amount. In addition to the acquisitions, Rising Stars has committed to build a minimum of three new Hardee’s restaurants in the two markets over the next 5 years. The transaction was brokered by Franchise Resale Consultants, d/b/a Praetorian Group. The sale marks the completion of the strategic refranchising program that CKE Restaurants originally announced in April 2007. Under the refranchising program, CKE Restaurants sold a total of 238 Hardee’s units to franchisees, and secured commitments for 115 new franchise restaurants under development agreements for those markets. The company sold 38 more units than it had originally announced it would refranchise. CKE Restaurants currently owns 477 Hardee’s restaurants and 415 Carl’s Jr. restaurants. To date, for fiscal 2009, CKE Restaurants has entered into a total of 20 franchise development agreements representing commitments for 380 restaurants. The principals of the franchisee purchasing the 11 Hardee’s restaurants currently own and operate more than 100 Carl’s Jr. and Hardee’s restaurants throughout the United States.
NEWARK, N.J. — Tucker Development Corp. has acquired an 11-acre site, located at the northeast corner of Springfield Avenue and Jones Street in Newark, for the development of a new shopping center. Tentatively called Springfield Avenue Marketplace, the project will total approximately 200,000 square feet. It will feature a two-story parking deck, as well as up to 825 free storefront parking spaces. The site is located within Newark’s Urban Enterprise Zone, which entitles customers to a sales tax reduction, and reduces taxes on personal property and services for retailers. Tucker is partnering with local developer Wil Allen for the project. A construction timetable was not released.
SYRACUSE, N.Y. — The New York City office of Cohen & Company, Inc. Real Estate has arranged the sale of Shop City Shopping Center, a 240,000-square-foot community retail center located in Syracuse, for approximately $30 million. Anchors at the center include P&C Foods, A.J. Wright, Value Home Center, Dollar Tree, Advance Auto Parts and Eckerd. Other tenants include M&T Bank, HSBC Bank, McDonald’s, Rent-A-Center, Citizens Bank and Partners Trust Bank. Helen Putterman and Vera Thomas of Cohen & Co. represented the seller, a privately held company based in the Southeast, and procured the buyer, a New York City-based company completing a 1031 exchange.
HOUSTON — Chanhassen, Minn.-based fitness chain Life Time Fitness has opened its first Life Time Athletic fitness club within CITYCENTRE, a $500 million mixed-use development located in Houston. The new three-story, 144,000-square-foot fitness club includes more than 400 workout machines, 16 tons of free weights, 15 fitness classes and a full staff of certified personal trainers. The club also includes LifeSpa, a full-service salon and spa; LifeCafé, a café that serves nutritious meals and snacks; and the Poolside Bistro, a restaurant located on the outdoor sun deck near the fitness club’s pool. CITYCENTRE is a 1.8 million-square-foot mixed-use development situated on 37 acres in downtown Houston. It is owned by Houston-based Midway Cos. Life Time Fitness currently operates 76 locations in 17 states.
SAN ANTONIO — Marcus & Millichap has brokered the sale of Terrell Heights Shopping Center, a 14,369-square-foot retail center located at 1455 Austin Hwy. in San Antonio. The property was constructed in 2006. James Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Texas-based partnership. The acquisition price was not released, but the property listed for $4.3 million.
CORPUS CHRISTI, TEXAS — Fort Worth, Texas-based Trademark Property Co. has commenced Phase II of a $50 million renovation to La Palmera, a 1 million-square-foot mall located in Corpus Christi. Upcoming construction includes a transformation of the mall’s front entrance into an outdoor lifestyle court with landscaping, pop jet fountains, seating areas, a valet parking area and new retailers. Macy’s will begin an expansion in April that will add 18,000 square feet to the first floor of its store. Macy’s is anticipating a fall completion for the project. The mall renovation began in late 2008 with a rebranding of the mall that included new interior furniture and interior landscaping, new signage and fresh paint. Work also began for the renovation of the food court, which will feature a 4,400-gallon aquarium centerpiece, seating for 600, flat-screen televisions and an entertainment stage. Future phases will include a new children’s play area on the mall’s upper level, two new sets of escalators, a new elevator, multiple water features, upgraded lighting, and new glass windows and curtain walls. Additionally, the parking lot will be resurfaced and the parking garage will be upgraded. Completion of the entire project is expected in time for the 2009 …
LEAGUE CITY, TEXAS — Grubb & Ellis has brokered the sale of South Shore Marketplace, an approximately 32,000-square-foot retail center located at the intersection of League City Parkway and South Shore Boulevard in the Houston suburb of League City. The property comprises an approximately 28,000-square-foot, multi-tenant building and an approximately 4,000-square-foot building ground leased to Chase Bank. Occupancy was at 96 percent at the time of closing. South Shore Marketplace is shadow anchored by Kroger. George Cushing and Wendy Vandeventer of Grubb & Ellis’ Houston office represented the seller, Regency Centers. The property was acquired by Dallas-based Dunhill Partners for an undisclosed amount.