WARMINSTER, PA. — Allstate Real Estate Investment Group has provided a $20 million loan for the refinancing of Center Point Place, a 267,000-square-foot community shopping center located in Warminster. The property was 92 percent occupied at the time of closing, and is anchored by Giant Foods. The loan carries a 10-year term with a fixed interest rate. Financing was arranged through Allstate by Thompson Maher of Wachovia Maher Partners on behalf of Westover Cos.
HOLIDAY, FLA. — A private buyer has purchased a 2,714-square-foot Popeye’s restaurant for $775,000. Located in Holiday on U.S. Highway 19, the restaurant was the last franchise in the portfolio of Deerfield, Ill.-based Southeastern Restaurant Properties. Michelle Seifert and Josh Tarkow of Grubb & Ellis|Commercial Florida represented the seller, and the buyer was represented by Florida Realty Centers.
ALEXANDRIA, VA. — Smoot Lumber has signed a lease renewal for 172,000 square feet in First Potomac Realty’s Plaza 500 property at 6295 Edsall Rd. in Alexandria. As the lead tenant in the plaza, Smoot Lumber occupies a third of the property, which is home to 15 tenants spread across 504,000 square feet. Simpson Properties represented Smoot in the transaction, and First Potomac represented itself.
LOUISVILLE, KY. — Madison, Wis.-based Behnke Venutres recently acquired a 1.7-acre lot at Southgate Shopping Center in Louisville for construction of a 3,940-square-foot Culver’s Restaurant, which will open this fall. The Louisville-based Inman Group’s Jim Hutcherson represented the buyer, and the seller was represented by Mike French, a broker for Southgate Associates.
WASHINGTON, D.C. — Christopher Dixon of Marcus & Millichap represented 3634 Georgia, LLC, in the $1.4 million sale of the three-story, 5,000-square-foot property at 3634 Georgia Ave. in Washington. The building, which was completed in 2005, houses a yoga studio on the second and third floors and a bar, the Looking Glass Lounge, on street level. The buyer, 3634 Avenue, LLC, was unrepresented.
OSHKOSH, WIS. — Minneapolis-based NorthMarq Capital has arranged $5.5 million in first mortgage financing for Oshkosh Center II, a 103,456-square-foot retail center located in Oshkosh. Anchor tenants at the center include Pick ‘n Save and OfficeMax. Financing was based on a 10-year term, with a 25-year amortization schedule. Jeff Frankel of NorhMarq’s Chicago office arranged the financing on behalf of the borrower, a Wisconsin limited liability company, through a Midwest-based life insurance company.
TURNERSVILLE, N.J. — Marcus & Millichap has brokered the sale of Peppercorn Plaza, a 22,930-square-foot retail center located at 5501 Black Horse Pike in Turnersville, for $4 million. The property is anchored by Sherwin-Williams. Dean Zang, Chris Munley and Mark Taylor of the Philadelphia office of Marcus & Millichap represented the seller, Streamwood Associates/Turnersville LLC. Marcus & Millichap, along with Ronald McGee of Robson Goldberg Real Estate, represented the 1031 buyer, Primo Properties LLC. The shopping center traded at a 6.58 percent cap rate and a price of $174.44 per square foot.
HENDERSONVILLE, TENN. — Capitol Development International is nearing completion on the first retail building at the 16-acre Creekside Shoppes at Indian Lake, located on Indian Lake Blvd. in Hendersonville. Contracts for five of the nine parcels, ranging from 1 to 4.6 acres, have already been signed, and a hotel chain is moving onto a 2-acre plot on the property. The building will be finished by the end of July.
HILLSIDE, ILL. — Elgin, Ill.-based Capital Lending Group has represented PAR Development in securing $47.5 million in construction financing — including Tax Incremental Financing — for a 400,000-square-foot retail development in Hillside. Tenants in the center, which is located at the intersection of Eisenhower Expressway/Interstate 90 and Mannheim Road, will include SuperTarget, Best Buy and Starbucks Coffee. The project is slated for completion in September 2009. Terms of financing were not disclosed.
FLINT, STURGIS AND HARTFORD, MICH.; AND CAMPBELL, OHIO — Marcus & Millichap has brokered the approximately $6.34 million sale of four Rite Aid Corp. stores in Michigan and Ohio. The portfolio includes an 11,180-square-foot store located at 1810 Maplewood Ave. in Flint, which sold for approximately $1.54 million; a 10,167-square-foot facility located at 102 N. Centerville Rd. in Sturgis, which sold for approximately $1.76 million; another 10,167-square-foot store located at 302 W. Main St. in Hartford, which sold for approximately $1.5 million; and a 10,363-square-foot store located at 693 McCartney Rd. in Campbell, which sold for approximately $1.54 million. Additionally, two Rite Aid facilities in West Virginia — totaling more than 22,000 square feet — were acquired as part of the portfolio transaction. Simon Jonna and Brandon Hanna of Marcus & Millichap’s Detroit office represented the seller; Cesar Talavera of the firm’s Las Vegas office represented the buyer, John Tsern, in the transaction.