HUTCHINSON, MINN. — Twin Cities, Minn.-based Welsh Cos. has completed the investment sale of Hutchinson Mall located at 1060 Highway 15 in Hutchinson. A local private investor has acquired the 120,831-square-foot retail facility, which is 80 percent leased, for an undisclosed amount. Bob Pounds and Tim Prinsen of NAI Welsh represented the seller, Beachwood, Ohio-based Developers Diversified Realty, in the transaction.
Retail
SPRINGFIELD, VT. — Ted Sidel and Brian Sheehan of Boston-based EagleBridge Capital have arranged $2 million in construction and permanent financing for the Springfield Shopping Center, which is located on River Street in Springfield. When complete, the center will consist of two buildings totaling 21,830 square feet. Current tenants of the 12,730-square-foot first building include Sherwin Williams, Enterprise Rent-A-Car, Springfield Hospital and Vermont Golden Eagle Restaurant. Dollar General will occupy the second building, which totals 9,100 square feet.
NEW YORK CITY — California-based The Walking Company, a national shoe retailer, has leased 3,135 square feet of retail space at 551 Madison Ave. in New York for its Manhattan flagship store. The company signed a 15-year lease for the ground level of the building, which is located between 55th and 56th streets in Manhattan’s Plaza District. The space, which was previously occupied by Allen-Edmonds, offers 30 feet of frontage on Madison Avenue. Retail neighbors include Robert Marc, Geox, Lacoste, Links of London and Thomas Pink. Kenneth Hochhauser of Newmark Knight Frank represented The Walking Company; Steven Soutendijk and Nick Madden of Cushman & Wakefield Retail Services represented the landlord, LaSalle Investment Management, in the lease negotiations.
HAYWARD AND SAN LORENZO, CALIF. — ProWash Consulting has acquired Hutch’s Car Wash and Quick Lube, a 4-property car wash and quick lube retail chain located in Northern California, for $15.75 million. The portfolio consists of Hutch’s Car Wash at 1367 A St. in Hayward; Hutch’s Quick Lube at 1360 B St. in Hayward; Hutch’s Self-Serve Car Wash at 494 Rousseau St. in Hayward and Hutch’s Car Wash at 17945 Hesperian Blvd. in San Lorenzo. The transaction consists of fee-simple real estate for two of the car washes and the quick lube, as well as a leasehold interest in the third car wash. Paul Dadgar represented both the seller and buyer in the off-market transaction.
HIALEAH, FLA. — Demosthenes Mekras of Marcus & Millichap’s Miami office has represented both partiers in Hialeah Lakes Plaza’s sale of its 15,699-square-foot shopping center, located at 1665 W. 68th St. in Hialeah, to Miami Capital Management for $2.56 million. The center’s tenants include Discount Dollar Store, Koning Restaurant and Real Estate Academy.
CENTER VALLEY, PA. — Discount grocery chain ALDI has launched efforts to expand its presence in the Philadelphia, New Jersey and New York markets, including the New York City boroughs of Brooklyn, Bronx, Long Island, Queens, and Staten Island. A typical ALDI location averages 17,000 square feet. The grocer opened more than 100 locations across the United States in 2008; it plans to expand into Rhode Island and Florida this year. New stores in Philadelphia, New Jersey and New York would begin construction in 2009, based upon market activity. The regional headquarters of ALDI is in Center Valley.
SAN ANTONIO — Houston-based Live Oak Capital has arranged $29 million in permanent financing for two San Antonio shopping centers. The first is Pavilions North Shopping Center, which is located at 25 NE Loop 410. The shopping center totals 165,480 square feet and is anchored by Jo-Ann Fabric & Craft Store, Conn’s, Sam Ash, and K&G Menswear. The second property is Exchange Plaza Retail Center, which is located at 5819 I-410 Loop. The property comprises 144,371 square feet and is anchored by ApplianceSmart, National Career Education, and Bally’s Total Fitness. David Anderson of Live Oak arranged the permanent financing, which carries a 5-year term and a 25-year amortization. RD Catalyst borrower the funds from Wells Fargo and MezzCap.
MILWAUKEE — Las Vegas-based Famous Labels has plans to open its first Wisconsin store within The Cloverleaf Group’s Highland Plaza shopping center, which is located along Brown Deer Road Corridor in Milwaukee. The women’s value retailer will open a 31,847-square-foot shop within the 95,118-square-foot development. The store is expected to open in November. Dan Rosenfeld of Mid-America Real Estate-Wisconsin is the leasing representative for the retail development.
COCKRELL HILL, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $8.78 million in construction financing for Plaza Del Oro, a planned 84,600-square-foot shopping center located in Cockrell Hill. The project is already 55 percent pre-leased; it will be anchored by El Rancho SuperMercado. Todd McNeill of MCA originated the loan with Wachovia Bank. He also secured $2.19 million in new market tax credit equity financing to cover the total cost of construction. The loan has a term of 7 years with a floating interest rate. The borrower was a partnership sponsored by Donald Silverman, principal of Dallas-based Margaux Development.
SAN DIEGO — Icon LLC has completed the disposition of a ground-level retail space located in the Icon building at 315 10th Ave. in downtown San Diego. Shi Liang Zhu and Li Jun Chen purchased the property, Suites 101 and 102, for $2.2 million. Icon is a four-tower mixed-use project that contains approximately 330 condominiums and nearly 16,000 square feet of retail space. Danny Fitzgerald, Linville Martin and Michael Burton of Grubb & Ellis|BRE Commercial represented the seller; Eva Liew of Emperor Realty Group Inc. represented the buyer in the transaction.