COLUMBIA, MD. — Browen Associates has sold the 78,000-square-foot retail property Owen Brown Village Center in Columbia to an affiliate of Rockville, Md.-based Nellis Corp. for an undisclosed amount. The center is anchored by Giant Food and Dollar Tree.
SEBRING, FLA. — Jeff Schnupp of Coral Gables, Fla.-based Thomas D. Wood and Co. recently secured $1.2 million in financing for the 19,380-square-foot retail space Fairmount Place Professional Center, located at 4141 U.S. 27 in Sebring. Schnupp arranged the 6.66 percent fixed-rate loan, which has a 20-year term with a 20-year amortization, through Cincinnati-based Summit Investment Partners.
NEW YORK CITY — GFI Realty Services has brokered the sale of Loehmann’s Seaport Plaza, a 63,000-square-foot retail property located at 2101 Emmons Ave. in Brooklyn, New York City, for $24 million. The three-story center is anchored by Loehmann’s, and includes a 186-space parking garage. Eric Yankelovich of GFI negotiated the transaction between the undisclosed buyer and the seller, Bayrock Group, which was represented in-house by Josh Bernstein.
HARRISBURG, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed $54 million in financing for Paxton Town Centre, a 703,000-square-foot shopping center located in Harrisburg. Developed by PREIT in 2001, the property is fully occupied by a tenant roster that includes Target, Kohl’s, Bed, Bath & Beyond, and Red Robin. The loan carries a 3-year term with two 1-year extension options. The loan’s previous variable interest rate was converted into a 5.83 percent fixed rate. The loan was provided by U.S. Bank National Association and Aareal Capital Corp.
EAST PALO ALTO, CALIF. — Jacksonville, Fla.-based Regency Centers has acquired a 92,3000-square-foot retail building, which was formerly occupied by EXPO design Center, in East Palo Alto. Located at 1771 E. Bayshore Blvd., the property sold for an undisclosed price. The buyer plans to market the former single-tenant space as a multi-tenant property. Patrick McGaughey and Sam Finne with Terranomics Retail Services, the retail arm of NAI BT Commercial, represented the seller, Atlanta-based The Home Depot, in the transaction.
JOLIET, ILL. — Los Angeles-based developer O&S Holdings and Hollywood, Fla.-based Strategic Retail Development have announced that Von Maur department store has signed a letter of intent to anchor the $1 billion Bridge Street Towne Centre in Joliet. The two-story, 150,000-square-foot facility will be Von Maur’s seventh location in Illinois. Located at the corner of Interstate 55 and Interstate 80, Bridge Street Towne Centre is expected to break ground in early 2009, with its opening slated for 2010. In addition to Von Maur, the 3 million-square-foot mixed-use lifestyle center will also be anchored by an 18-screen Regal Cinema.
MALVERN, PA. — Outdoor retailer L.L. Bean has signed on as the newest tenant of Uptown Worthington, a 100-acre mixed-use project located in the Philadelphia suburb of Malvern. Plans are currently underway for the construction of a 33,000-square-foot store, which will also be LEED certified. Uptown Worthington is scheduled to open in fall 2009. Once complete, it will contain approximately 2 million square feet of retail, office, hotel and residential space. The project is being developed by King of Prussia, Pa.-based O’Neill Properties.
SAN ANTONIO — Marcus & Millichap has completed the sale of Babcock Plaza, a 29,930-square-foot shopping center located at 6565 Babcock Rd. in San Antonio. Situated on 4.29 acres, the property is occupied by a tenant roster that includes Cricket Communications, State Farm Insurance and Curves For Women. Chad Knibbe of Marcus & Millichap’s San Antonio office represented the Nashville, Tenn.-based seller. The property was acquired by a California-based investment group. The acquisition price was not disclosed, but the property listed for $3.32 million.
PALM DESERT, CALIF. — Paul Bitonti of Marcus & Millichap’s Newport Beach, Calif., office has negotiated the disposition and acquisition of Washington Square in Palm Desert. Located at the corner of Washington and Market streets, the 49,972-square-foot shopping center sold for $12.5 million or $250 per square foot. Built in 2007, the property is directly across from the Stater Brothers shopping center and near the Del Webb Sun City housing community. The seller was a local shopping center developer and the buyer was an undisclosed TIC sponsor. Bitonti represented both parties in the transaction.
DOWNERS GROVE, ILL. — Oakbrook Terrace, Ill.-based Mid-America Asset Management has arranged a 35,000-square-foot lease for buybuy BABY within the Finley Square development in Downers Grove. Located on the northeast corner of Butterfield and Finley roads, additional tenants within the 310,943-square-foot retail center include Bed Bath & Beyond, PetSmart and OfficeMax. New York-based buybuy BABY — a wholly owned subsidiary of Bed Bath & Beyond — has locations nationwide, which range in size from 28,000 to 60,000 square feet. Richard Spinell and Mary Beth Menelli of Mid-America Asset Management brokered the lease directly with the retailer. Terms of the lease were not disclosed.