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.
HUNTLEY, ILL. — Tucker Development Corp. has secured two leases within its 300,000-square-foot Huntley Grove shopping center, which is located at the intersection of Route 47 and Kreutzer Road in Huntley. Jimano’s Pizzeria has signed a lease for 1,000 square feet within in the center. Additionally, The UPS Store will open in an approximately 1,250-square-foot outlot at the development. The development will be anchored by an approximately 176,400-square-foot Wal-Mart Supercenter, which is slated for completion in April. Terms of the two leases were not disclosed.
NORTH KINGSTOWN, R.I. — Integrated Builders (IB) has reached the mid-point of construction for the first phase of The Shops at Quonset Point, located in North Kingstown. The first phase of the $80 million master-planned project consists of 160,000 square feet of retail space and 40,000 square feet of office space. IB is currently completing the 75,000-square-foot Outside Air Center, which includes the shell for a 25,000-square-foot Dave’s grocery story. The project is scheduled for a spring 2009 completion. Upon full-build-out, the development will include a limited-service hotel, a visitor’s center, a local grocery story, a drug store, a coffee shop, restaurants, a bank, small shop space and two anchor stores. The Shops at Quonset Point is being developed by New Boston Fund. The project architect is Boston-based Bergmeyer Associates. IB is serving as general contractor.
BANGOR, MAINE — Boston-based Fantini & Gorga has arranged $4.4 million in permanent financing for a recently completed Walgreens pharmacy located in Bangor. The 14,550-square-foot, freestanding building is situated on approximately 2 acres at 706 Broadway, opposite the intersection of Broadway and School Street in downtown Bangor. The loan was originated by Tim O’Donnell and Joseph Eddy of Fantini & Gorga. The lender and borrower were not disclosed.