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.
PICKERINGTON, OHIO — Marcus & Millichap Real Estate Investment Services has brokered the sale of Cross Creek Shopping Center, a retail center located on Crosscreeks Boulevard in Pickerington. Tenants at the 9,785-square-foot development, which is 100 percent occupied, include Graeter’s, W.g. Grinders and Skyline Chili. The strip center was acquired by an undisclosed buyer for $1.85 million, based off of a cap rate of 7.92 percent. Erin Wiles-Patton and Scott Wiles of Marcus & Millichap’s Wiles Group represented the seller Arsh Investments in the transaction.
WICHITA FALLS, TEXAS — Marcus & Millichap has brokered the sale of Pyramid Center, a 39,991-square-foot retail property located at 2924 Kemp Blvd. in Wichita Falls. Situated on approximately 3 acres, the two-story facility is 85 percent occupied by a tenant roster that includes Blockbuster Video, Quizno’s, Sprint and Papa John’s Pizza. A freestanding Starbucks Coffee also is located on the property. Jason Vitorino and Philip Levy of Marcus & Millichap’s Dallas office, along with Chris Keenan of the firm’s Phoenix office, represented the undisclosed seller. The property was acquired by a Texas-based limited partnership participating in a 1031 exchange.
NAPLES, FLA. — Clint Frease of Wells Fargo’s Commercial Mortgage Group has originated a $26 million loan to refinance the 111,403-square-foot boutique retail center Village on Venetian Bay, located at the intersection of Park Shore Drive and Gulf Shore Boulevard in Naples. The 5-year loan carries a 30-year amortization.
MADISON, WIS. — Minneapolis-based Upland Real Estate Group has arranged the sale of a Camping World net-leased investment property located in Madison. The facility was acquired by a 1031 exchange buyer for $4.4 million at an 8.5 percent cap rate. Keith Sturm and Deborah Vannelli of Upland Real Estate Group are representing the developer in the sale of 15 Camping World properties located throughout the United States. FreedomRoads, which owns 60 stores in 30 states, and Camping World, which owns 77 stores in 30 states, have merged, providing a national network of local dealerships and retail parts and accessories stores.