SAN ANTONIO — Marcus & Millichap Capital Corp. has arranged a $10.6 million loan for the refinancing of Bandera Heights, a 159,528-square-foot retail center located at 7098-7102 Bandera Rd. in San Antonio. Sharone Sabar of Marcus & Millichap’s Encino, Calif., headquarters office arranged the financing on behalf of the undisclosed seller. Terms of the loan include a 5-year term with a 30-year amortization schedule, a 65 percent loan-to-value ratio and an adjustable interest rate priced at the 1-month LIBOR plus 310 basis points.
Retail
MESA, ARIZ. — Barclay Holdings XXXVI LLC has completed the disposition of Fry’s Marketplace, a destination grocery-anchored shopping center in Mesa. Danny Campbell, et al, has acquired the 20,669-square-foot property for $7.6 million. The center is located at the southeast corner of Stapley Drive and McKellips Road. Jan Finchman and Patrick Dempsey of Lee & Associates Arizona represented the seller; Ryan Schubert of Grubb & Ellis|BRE Commercial represented the buyer in the transaction.
WELLINGTON, FLA. — Rockville, Md.-based Federal Realty Investment Trust has acquired the 127,000-square-foot Courtyard Shops, located at 13860 Wellington Trace in Wellington, from an institutional owner for $37.9 million. The 18-year-old center is anchored by a 49,000-square-foot Publix and underwent an expansion in 1998.
HENDERSONVILLE, TENN. — Bill Settle, Stanton Falk, Joel Dumes and Anne Williams of Marcus & Millichap have represented a private party in the sale of the 26,026-square-foot Indian Lake Market Shops to an undisclosed buyer for $6.5 million. The property, which was built last year at the intersection of North Anderson Lane and Indian Lake Boulevard in Hendersonville, is fully occupied. The buyer of the Wal-Mart Supercenter-anchored property was represented by Nashville, Tenn.-based Charles Warner.
INDIANAPOLIS — Thompson Thrift has brokered the sale of a 13,198-square-foot former International House of Pancakes located at 1529 N. Meridian St. in Indianapolis. GB Indiana 2 LLC has acquired the building from IL & IN Restaurant Realty LLC for an undisclosed amount. The buyer plans to construct a 12,900-square-foot CVS/pharmacy on this site and adjoining properties. Tony Orlando of Thompson Thrift represented the seller in the transaction.
FORT WORTH, TEXAS — Jones Lang LaSalle (JLL) has brokered the purchase of a former Carnival Food Store, located at 1719 8th Ave. in Fort Worth. Situated on more than 2 acres, the two-building, 28,000-square-foot property was acquired by Cook Children’s Health Care System, which plans to substantially renovate the property. Ryan Matthews and David Walters of JLL represented Cook in the transaction. The undisclosed seller was represented by Quine & Associates. The purchase price was also not released.
CENTENNIAL, COLO. — Sweden-based IKEA has submitted plans to develop a 400,000-square-foot IKEA store in Centennial. The proposed project would be built on 13.5 acres along the western side of Interstate 25 within the Park Meadows area. IKEA Centennial would feature approximately 10,000 exclusively designed items, 50 inspirational room-settings, three model home interiors, a supervised children’s play area and a 350-seat restaurant serving Swedish specialties. The development timeline will be determined at a later date.
DAYTON, OHIO — Centro Properties Group has unveiled its $15 million redevelopment of South Towne Centre, a retail center located at the intersection of Miamisburg-Centerville Road and Route 675 in Dayton. Christmas Tree Shops has announced plans to open its first Midwest store within the center. The 32,000-square-foot store, which will open later this year, will occupy the remaining portion of the 98,000-square-foot former Kmart building. The $15 million redevelopment project included site improvements and upgrades. Burlington Coat Factory, Jo-Ann Fabrics & Crafts, PetSmart and Value City Furniture are among the new retailers at South Towne Centre. A 4,200-square-foot Fifth Third Bank is currently under construction and is scheduled to open this year. Various existing tenants at the center have undergone façade renovations.
VALPARAISO, IND. — Colliers Turley Martin Tucker has brokered the sale of a 24,049-square-foot Staples Office Superstore located at 2106 Morthland in Valparaiso. Brauvin Net Lease LLC has acquired the store from JRAN Co. of Valparaiso Ltd. for $3.52 million. Robert Taylor of the Colliers Investment Services Group and Giorgio Karras in the Cincinnati office of Colliers represented the seller in the transaction.
EGG HARBOR, N.J. — Port Washington, N.Y.-based Cedar Shopping Centers has taken out a $21 million bridge loan for Shore Mall, a 626,133-square-foot retail property located in Egg Harbor. Situated on 73.27 acres, Shore Mall consists of an enclosed regional shopping center anchored by Boscov’s Department Store and Burlington Coat Factory. The property also includes an adjacent 50-acre land parcel located at the intersection of The Garden State Parkway and Blackhorse Pike. The financing is for a 36-month term and carries an adjustable interest rate. The transaction was originated by John Taylor and Jim Cardranell with the New Jersey office of Holliday Fenoglio Fowler. The lender was Oritani Savings Bank, which was represented by David Garcia.