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.
ATLANTA — Tampa, Fla.-based Amprop Development Corp. has sold a nine-property portfolio to an Atlanta-based investment group for $16.77 million. Each property encompasses 6,300 to 10,500 square feet and is leased to Flowers Bakery. The buildings are located in Perrine, Fla.; Sweetwater, Fla.; Pompano Beach, Fla.; Jacksonville, Fla.; Pembroke Park, Fla.; Opa Locka, Fla.; Sunrise, Fla.; Riviera Beach, Fla.; and Brunswick, Ga. Tulsa, Okla.-based Stan Johnson Co.’s Greg Bond of Team Bond and David Clary of Team Hughes represented the seller and the buyer, respectively.
CHICAGO — On behalf of Chicago-based Newcastle Limited, Cohen Financial has secured a $13 million acquisition loan for a three-property portfolio in Chicago. Two properties are located within the city’s Lincoln Park neighborhood at 2200 Clark St. and 801 Diversey St., and the third property is located at 4071 Milwaukee St. The portfolio contains 44,310 square feet of retail space, as well as 28 apartment units. The fixed-rate, 70 percent loan-to-value non-recourse loan is based on a 5-year term, with a 30-year amortization schedule priced on the 5-year U.S. Treasury. An undisclosed national life insurance company funded the transaction for the borrower, Newcastle Limited. Steve Roth and Steve Kundert of Cohen Financial arranged the financing.
TAYLOR, TEXAS — The Weitzman Group has arranged the purchase of Storefront Taylor Marketplace, a 2.82-acre development parcel located at the intersection of FM 397 and Highway 95 in Taylor. Taylor Retail LP acquired the site and has enlisted Noble Capital Real Estate to develop it into an 18,000-square-foot retail center with a pad site. Graham Carter of Weitzman and Kirk Slack of Noble negotiated the transaction.
DALLAS AND ROWLETT, TEXAS — Dallas-based Quantum First Capital (QFC) has secure a total of $10.8 million in financing for two Texas shopping centers. In Dallas, QFC closed on a $7.5 million loan for Northlake Shopping Center, a 99,920-square-foot retail property located at the corner of East Northwest Highway and Ferndale Road. The center is occupied by a tenant roster that includes Tuesday Morning, Dollar Tree and the U.S. Post Office. The bridge loan carries a 3-year term with a LIBOR-priced floating rate. Stuart Wernick and Eli Gershenson of QFC originated the transaction. In Rowlett, Gershenson originated a $3.3 million loan for the acquisition of Bank of America Lakeview Center, a 19,160-square-foot shopping center located at 2409 Lakeview Pkwy. The center is shadow-anchored by The Home Depot and Wal-Mart Supercenter. Major tenants include Bank of America, Cato Fashions, Check ‘n Go, H&R Block and Garland Dental Group. The loan carries a 5-year term with a fixed interest rate in the low 6 percent range. An Oklahoma-based financial institution provided the loan to an overseas investor.