SANTA ANA, CALIF. — Santa Ana-based Red Mountain Retail Group is opening four of Wal-Mart’s new Marketside neighborhood grocery store concepts in Arizona. The stores are located in Gilbert, Mesa, Chandler and Tempe, Ariz., and are slated to open October 4th. The stores will offer a wide selection of complete meal solutions and fresh ingredients. The Arizona locations are the first Marketside stores to open in the United States.
SPARTANBURG AND GREENWOOD, S.C. — Charleston, S.C.-based Ziff Properties has acquired two shopping centers totaling more than 220,000 square feet. Mike Burkard and Steve Shields of CB Richard Ellis represented an undisclosed seller in Ziff’s purchase of the 208,703-square-foot Cedar Springs Shopping Center in Spartanburg for $10.8 million. The property features a 34,928-square-foot Food Lion. Ziff also purchased the 16,144-square-foot Greenwood Commons, located on the Interstate 72 Bypass in Greenwood, for $2.75 million. Marcus & Millichap’s Andrew Margulies represented the undisclosed seller in the Greenwood transaction.
GREENSBORO, N.C. — Ten retailers have pledged to join the 1.3 million-square-foot Friendly Center, located near Holden Road in Greensboro. Custom Diamond Creations, SportClips, WineStyles and AT&T Mobility have already opened, with Oreck, Poblano’s and Yankee Candle set to open in October. Carter’s and Williams-Sonoma will follow in November, and Anthropologie is planned for a January 2009 delivery. The new tenants join Belk, Macy’s, Sears and a host of others already housed in the center.
OAK LAWN, ILL. — Chicago-based NAI Hiffman has brokered the sale of an investment disposition located at 9633 S. Cicero Ave. in Oak Lawn. Tenants at the 77,500-square-foot shopping center, which was 98 percent leased at the time of sale, include The Sports Authority, Corner Bakery, Staples and Men’s Warehouse. Inland Real Estate Group has acquired the property from Mid-America Development Partners for approximately $16 million. Chad Firsel of NAI Hiffman’s Investment Services Group represented the seller in the transaction.
LINDALE, TEXAS — Tulsa, Okla.-based Stan Johnson Co., has arranged the sale of a 6,786-square-foot Auto Zone store in Lindale for $1.21 million. The building is situated on 1.18 acres at 720 S. Main St. Ryan Butler and Brad Moulder of Stan Johnson Co. represented the seller, a private family trust. The buyer was represented by Dave Austin of northern California-based Cornish & Carey Commercial.
VISTA, CALIF. — Sheila Alimadadian of NAI Capital’s Newport Beach, Calif., office represented Brooks Family Trust in the investment purchase of a retail center located at 912-926 Escondido Ave. in Vista. The 9,040-square-foot property sold for more than $2.7 million. Tenants occupying the portion of the center that sold include Yum Yum Donuts, Cricket Wireless, a travel agency, a nail salon, a gift shop and a Mexican restaurant. Peter Fisher of Coldwell Banker represented the seller, Paolo and Lucia Le Medico, in the transaction.
BARRINGTON, ILL. — The Jaffe Companies and its financial partner, RREEF Alternative Investments, have celebrated the grand opening of The Arboretum of South Barrington, a lifestyle center located at 100 W. Higgins Rd. in Barrington. Anchor tenants at the 600,000-square-foot center include the country’s first Village Road Show Gold Class Cinemas, L.L.Bean’s first Midwest store and Pinstripes bowling alley. The development, which is situated on an 86-acre site, includes 40 additional retail and restaurant tenants. The Jaffe Companies and RREEF invested approximately $1 million for the grand opening celebration.
SAGINAW AND COLDWATER, MICH. — Mark Luttner of The Luttner Retail Group of Ohio-based NAI Daus has completed three Michigan retail sales. In Saginaw and Coldwater, Luttner has arranged the sale of two retail stores 100 percent leased to Advance Auto Parts. The 7,000-square-foot Saginaw store was sold for approximately $1.68 million. The 6,784-square-foot Coldwater location commanded a sales price of approximately $1.43 million. Additionally in Coldwater, Luttner has arranged the sale of a 3,500-square-foot, freestanding National City Bank. The building was acquired by an undisclosed buyer for $800,000.
WARWICK, N.Y. — Pittsford, N.Y.-based U.S. Realty Capital has secured approximately $10 million in construction financing for the development of a retail center in Warwick. Construction will consist of a 56,000-square-foot Price Chopper supermarket and a 3,600-square-footy pad site. The financing included a $9.3 million construction loan and a $730,000 land loan. The supermarket is being constructed to obtain LEED-Silver certification. It will be Warwick’s second supermarket. Terms of the financing include a 4.5 percent floating interest rate, an 80 percent loan-to-value ratio and an 18-month term. Rob Pisanelli of U.S. Realty Capital structured the loan on behalf of the undisclosed borrower. The lender also was not released.
OWASSO, OKLA. — Houston-based Live Oak Capital has arranged $8.8 million in acquisition financing for Garrett Creek Center in the Tulsa suburb of Owasso. The 104,216-square-foot property is located at 11550 N. 135th East Ave. It is anchored by Reaser’s, with additional tenants such as Subway, U.S. Cellular Corp. and Supercuts; occupancy is currently at approximately 99 percent. Greg Young of Live Oak secured the loan on behalf of Hollywood Continental Apts. LLC with Cincinnati-based Eagle Realty. Terms of the non-recourse loan include a 6.28 percent fixed interest rate, a 5-year term, a 30-year amortizations schedule and a 62 percent loan-to-value ratio. The borrower was participating in the purchase as part of a 1031 exchange.