GOOSE CREEK, S.C. — Old City Hall, LLC’s 10,000-square-foot Advance Auto, located at 125 Saint James Ave. in Goose Creek, has sold to AGCE and AGCB for $2.8 million. Ken Butler of Columbia, S.C.-based NAI Avant brokered the 1.9-acre sale.
SHEPHERDSVILLE, KY. — The retail distributor Alliance Entertainment has leased the 404,000-square-foot Cedar Grove Business Park, a $30 million facility located in Shepherdsville, from Crossdock Development for an undisclosed amount. David Davis of Commonwealth Commercial Real Estate represented Crossdock, and David Abell of Dallas-based Mohr Partners and Kevin Grove of CB Richard Ellis’ Louisville office worked on Alliance’s behalf.
FARMINGTON HILLS, MICH. — Farmington Hills-based Agree Realty Corp. has secured a $24.8 million loan, providing capital for future projects. The loan is secured by seven of the company’s existing retail properties. Financing is based on an original term of 5 years, with interest at 150 basis points over LIBOR. The loan can be extended for an additional 2-year period. LaSalle Bank Midwest National Association and Raymond James Bank arranged the financing.
ROCHESTER HILLS, MICH. — On August 6, Whole Foods Market will open within Birmingham, Mich.-based Robert B. Aikens & Associates’ The Village of Rochester Hills in Rochester. Whole Foods Market is relocating from its existing store in the area. The new facility, which is twice the size of the retailer’s existing area property, occupies the former Food Emporium space at the center. Features of the store include a café with seating for 80 people, free Wi-Fi and cooking demos by notable Detroit-area chefs.
BOUND BROOK, N.J., AND LATHAM, N.Y. — NorthMarq Capital has arranged a total of $24 million in financing for two properties in New Jersey and New York. In Bound Brook, NorthMarq secured an $18 million loan for a 105,000-square-foot neighborhood retail center. The loan carries a 10-year term with a 30-year amortization schedule. The borrower was a Somerset County-based developer. In Latham, NorthMarq arranged $6 million in first-mortgage financing for the Sunmark Federal Credit Union Building, a 43,753-square-foot office building located in Latham. The financing includes a 10-year term with a 22-year amortization schedule. The lender was State Farm Realty Mortgage.
ARLINGTON, TEXAS — Palm Beach Gardens, Fla.-based Ram has arranged the sale of a former Home Depot Landscape Supply Center, located at 5301 S. Cooper St. in Arlington, for $3.4 million. The property comprises a 12,383-square-foot building and an adjacent 25,890-square-foot outdoor landscape area. Casey Cummings of Ram, along with Mike Stevens of Steveco Commercial Real Estate Group, arranged the transaction. The property was acquired by Fort Worth, Texas-based North Texas Acquisition. The seller was undisclosed.
CHANDLER, ARIZ. — Los Altos, Calif.-based West Valley Properties Inc. has purchased The Boardwalk at Andersen Springs, a neighborhood retail center located at 1949-1989 W. Ray Rd. in Chandler, for $19.35 million. Built in 1988, the single-story retail center offers 92,231 square feet of retail space. At the time of acquisition, the property was 95 percent occupied by a variety of tenants, including Sprouts, Deserts Schools Federal Credit Union, a day spa, a yoga studio and Blockbuster Video. Cam Stanton of CB Richard Ellis’ Phoenix office represented the seller, Los Angeles-based BOAS Boardwalk LLC, in the transaction. Rocco Mandala of CBRE|Melody’s Phoenix office arranged the financing, which was provided by Aetna Life Insurance Company.
POMPANO BEACH, FLA. — Chicago-based RMS Properties has purchased the 3.6 acre, 57,000-square-foot Beachway Shopping Center, located at 800 N. Federal Hwy. in Pompano Beach, from Beachway Shopping Center 613 for $6.3 million. The property is 74 percent occupied with tenants including Abbott Appliances and Turtle Point Trading Co. Keith Kidwell and R. Lee Brushingham, both of Sperry Van Ness’ Fort Lauderdale, Fla., office, represented the buyer and the seller, respectively.
BURBANK, ILL. — Craig Bjornsund of NorthMarq Capital’s New York City office has arranged $2.65 million in first mortgage financing for Toys “R” Us and Summit Plaza located in Burbank. The property, which consists of two non-contiguous parcels, contains an approximately 33,000-square-foot 100 percent triple-net leased, freestanding Toys “R” Us, and a one-story, approximately 28,000-square-foot strip shopping center (Summit Plaza). Anchor tenants at the development include Toys “R” Us, Family Dollar and Radio Shack. Financing was based on a 10-year term, with a 25-year amortization schedule. NorthMarq arranged the loan for the borrower, Goodrich Cicero LLC, through its relationship with Sun Life of Canada.
BREA, CALIF. — Regency Centers is breaking ground for the redevelopment of Brea Marketplace, a 351,982-square-foot shopping center located at 835 E. Birch St. in Brea. The two-phase redevelopment plan includes a new façade, tile roof, landscaping, new signage, site work, lighting and re-surfacing the parking areas. Currently, the center features a 37,000-square-foot 24-Hour Fitness, Beverages and More, Fidelity Investments, and a variety of restaurants and service businesses. A 20,331-square-foot Circuit City is currently under construction, with completion slated for mid-July. The second phase will feature a T.G.I. Friday’s restaurant and the development of an adjacent two-story, 4,000-square-foot office building. Completion is slated for 2009.