QUIINCY, ILL. — Sullivan, Ill.-based Colcon Corp., acting as contractor, is constructing a 135,000-square-foot Sam’s Club store located on 54th Street in Quincy. The single-story building is situated on a 26-acre site. The approximately $4.5 million facility is scheduled to open October 22. Sam’s Club is owned by Bentonville, Ark.-based Wal-Mart Stores.
TOLEDO, OHIO — CB Richard Ellis|Reichle Klein has arranged the sale of an 18,426-square-foot retail building located at 6437 W. Central Ave. in Toledo. Wilford Central LLC of Toledo has acquired the facility from Capmoor Investments Co. for $1.25 million. The property is situated on a 1.56-acre site within the Sylvania Township submarket. Wilford Central LLC plans to convert the former Ken’s Flowers store into a Toni & Guy Hairdressing Academy salon training center. Peter Shawaker, Duke Wheeler and Kurt Pollex of CB Richard Ellis|Reichle Klein represented the seller in the transaction.
COVENTRY, R.I. — Fantini & Gorga has arranged $8 million in construction financing for Coventry Crossing, a three-building, 21,000-square-foot retail center located in Coventry. The property is situated on 5.7 acres directly across from the 200-acre, master-planned Centre of New England project. Coventry Crossing is currently under development by Hecht Development; tenants already signed include CVS/pharmacy, Webster Bank and Dunkin Donuts. Terms of the financing were not disclosed.
NEWPORT NEWS, VA. — Matthew Kohlhoss and Gary McGlynn of NorthMarq Capital’s Washington, D.C., office have arranged $2.6 million in first mortgage financing for SOJ’s 53,775-square-foot Turnberry Crossing, located at 12638 Jefferson Ave. in Newport News. Financing for the center, which includes the tenants Tuesday Morning and Goodwill Industries, was secured through StanCorp Mortgage Investors. The loan has a 20-year term and a 25-year amortization schedule.
OAK LAWN, ILL. — On behalf of the borrower, Oak Lawn Associates LLC, RML Capital has secured $2.25 million in first-mortgage financing for a retail center located at 5000 West 95th St. in Oak Lawn. The property consists of a 44,900-square-foot site containing a 16,905-square-foot multi-tenant strip center. Financing was based on a 10-year term, with a 25-year amortization schedule. The loan was placed with an undisclosed Midwest life insurance company. Richard Lynn of RML Capital represented both parties in negotiations.
IRONDEQUOIT, MASSENA AND SARANAC LAKE, N.Y. — Bryn Mawr, Pa.-based WP Realty has sold a three-property portfolio of New York shopping centers to Erez Capital Fund. The first is Irondequoit Plaza, a 216,000-square-foot community shopping center located in Irondequoit. The property is anchored by a 90,000-square-foot Wegmans and a 27,000-square-foot Big Lots. Additional tenants in the 99 percent-leased center include Dollar General, Dollar Tree, Citizens Bank and Dunkin Donuts. The second property is St. Lawrence Plaza, a 166,000-square-foot community shopping center located on Highway 37 in Massena. The property, which is 99 percent occupied, is anchored by a 68,160-square-foot BJ’s Wholesale Club, a 56,717-square-foot Hannaford Brothers and a 25,370-square-foot OfficeMax. The last property is Saranac Lake Plaza, a recently redeveloped, 68,000-square-foot shopping center located in Saranac Lake. The property is tenanted by Ace Hardware, Grand Union Supermarket, Dollar Tree and Advance Auto. The center was fully occupied at the time of closing.
NAPLES, FLA. —Naples-based Crifasi Enterprises has broken ground on the 133,000-square-foot Dolphin Plaza, located at the intersection of Santa Barbara and Davis boulevards in Naples. The site will include a 40,000-square-foot anchor and a handful of restaurants and retail services. Cleveland-based Richard L. Bowen & Associates is designing the center with sustainable elements in mind, including water-saving measures. Illuminated water fountains, unusual window patterns and lavish landscaping are all hallmarks of Crifasi projects. Phoenix Associates of South Florida will provide construction services, and the center is expected to deliver during the summer of 2009.
CUMMING, GA. — Roswell, Ga.-based Mimms Enterprises has purchased the 74,471-square-foot Lanier Commons Shopping Center, which fronts Browns Bridge and Keith Bridge roads in Cumming, from BCI-Lanier Commons LLC for an undisclosed amount. The center was built in 2004 and is 95 percent occupied by Publix, Hollywood Video and Rice Restaurant and Sushi Bar. Jim Hamilton and C. Whitney Knoll of Holliday Fenoglio Fowler LP’s Atlanta office represented the seller.
ROCHESTER AND MINNEAPOLIS, MINN. — Minneapolis-based NorthMarq Capital has arranged two Minnesota loans totaling more than $8.5 million. Brian Hennen of NorthMarq Capital’s Minneapolis office has arranged $6 million in first-mortgage financing for Northwest Plaza retail center located in Rochester. Gander Mountain is a major tenant in the 75,294-square-foot development. Financing was based on a 10-year term, with a 25-year amortization schedule. The loan was arranged for the undisclosed borrower, through NorthMarq’s relationship with Thrivent Financial. Also in NorthMarq’s Indianapolis office, Daniel Trebil has arranged $2.66 million in first-mortgage acquisition financing for Apple Square Apartments. The 73-unit multifamily community is located at 1818 14th Ave. South in Minneapolis. Financing was based on a 10-year term with 2 years interest-only, and a 30-year amortization schedule. The loan was arranged for the borrower, a two-member tenants-in-common entity, through AmeriSphere Multifamily Finance.
VIRGINIA BEACH, VA., AND TAMPA, FLA. — West Palm Beach, Fla.-based The Goodman Company is currently developing two retail projects in the Southeast totaling 1.3 million square feet. In October, Goodman and Cleveland-based Forest City Enterprises will open the 750,000-square-foot Shops at Wiregrass in the 5,022-acre Wiregrass Ranch, located at the intersection of S.R. 56 and Bruce B. Downs Boulevard in Tampa. The center is anchored by Macy’s, Dillard’s and JC Penney. The final phase of the 509,192-square-foot retail center Landstown Commons, located at the intersection of Princess Anne and Dam Neck roads in Virginia Beach, will deliver in the third quarter. The center is 85 percent leased and will be anchored by Kohl’s, Bed, Bath & Beyond, Best Buy, OfficeMax, PetsMart, Ross Dress For Less, A.C. Moore and Books-A-Million.