MAPELWOOD, MINN. — Jeff Frankel of NorthMarq Capital’s Chicago office has arranged $3.3 million in first mortgage financing for the acquisition of a Walgreens located at 2920 White Bear Ave. North in Maplewood. The interest-only, 10-year loan was provided for the borrower, Via Estrada of Maplewood LLC, by an undisclosed Midwest financial institution.
RICHLAND HILLS, TEXAS – Hanley Investment Group Real Estate Advisors has completed the sale of Rufe Snow Village, a 99,331-square-foot retail center located at 6238-6244 Rufe Snow Dr. in Richland Hills. The property, which was 85 percent occupied at the time of closing, is anchored by 99 Cents Only. Additional tenants include Aaron Rents, American General Finance, Baskin Robbins, Jackson Hewitt and Shear Cuts. Eric Werner and Kevin Fryman of Hanley represented the seller, a private Los Angeles-based investment company, as well as the buyer, Littleton, Colo.-based Lamar Cos. The acquisition price was not disclosed.
SAN ANTONIO — Developer Cencor Realty Services is nearing completion for a new phase for The Village at Forum Parkway, a shopping center located at the interchange of Interstate 35 and Loop 1604 in San Antonio. The new phase, which will expand the center by approximately 60,000 square feet, will consist of a 20,304-square-foot Circuit City, a 20,898-square-foot Office Depot, a 6,500-square-foot Houlihan’s restaurant and 12,000 square feet of multi-tenant space. Construction of the new phase, which will complete the 16-acre development, will be complete this summer, with the Circuit City expected to open this month. The Village at Forum Parkway is located across I-35 from the 1.2 million-square-foot The Forum at Olympia Parkway shopping center.
BOYNTON BEACH, FLA. — Fort Myers, Fla.-based Eagle Concrete Systems has started construction on Valencia Square in Boynton Beach. The Publix-anchored shopping center will feature six buildings totaling 83,4000 square feet. Keene Construction Co. is serving as general contractor.
MIDDLEBURG HEIGHTS, OHIO — Centro Properties Group has unveiled its $11.7 million renovation of Southland Shopping Center, a community retail development located at the intersection of Pearl and Smith roads in Middleburg Heights. The catalyst for the renovation was the new 87,000-square-foot Giant Eagle supermarket, which opened at the shopping center in May. Renovations at the center included a complete redesign of the parking field. Future improvements to the property are expected for the 62,000-square-foot vacant space that was occupied by the Giant Eagle supermarket before it moved into its new space.
MONTOUR COUNTY, PA. — Waterloo Enterprises has acquired Danville Mini Mall, a 12,000-square-foot retail property located in Montour County. The property is occupied by Domino’s Pizza, Plaza Laundromat, Sweetser & Farr Psychologists, U.S. Army Corps of Engineers and PA. Photo License Center. Craig Rahn of Wormleysburg, Pa.-based NAI CIR negotiated the transaction. The sale price was not disclosed.
MARLTON, N.J. — New York City-based Meridian Capital Group has secured $9.5 million in financing for a 154,000-square-foot retail center located at 101 S. Route 73 in Marlton. Tenants at the property include Burlington Coat Factory, Homegoods and Supercuts. Seth Grossman of Meridian originated the loan on behalf of the undisclosed borrower. The loan was placed with a local bank. Terms of the financing include a fixed interest rate with 2 years of interest-only payments.
CHULA VISTA, CALIF. — GE Real Estate has provided a $55 million loan to Sudberry Properties Inc. for the refinancing of Village Walk at EastLake in Chula Vista. The 156,552-square-foot open-air retail center is anchored by Henry’s Marketplace, Borders Books & Music, Petco, Pier 1 Imports and Trader Joe’s. The 3-year, fixed-rate loan is the first transaction between GE Real Estate and the San Diego-based developer and manager of retail shopping centers and urban mixed-use communities.
SAN ANTONIO — New York-based Ashkenazy Acquisition Corp. (AAC) has acquired the Joske’s building, a historic, 500,000-square-foot building located at Rivercenter Mall in San Antonio, from Dillard’s. AAC had previously purchased Rivercenter Mall, and plans to redevelop the mall in three phases. This summer, redevelopment work will commence with the renovation of the mall’s lagoon area along Commerce Street. New retail and restaurant venues will be added, including San Antonio’s first Fogo de Châo restaurant. The final phase of the redevelopment will also include updates to the existing mall interior. AAC is currently working with locally based architecture firm S.A. Partnership to create conceptual plans for the Joske’s building. The historic design review process is expected to begin this fall, with construction beginning as early as summer 2009. The Dillard’s that currently occupied the Joske’s building will remain open through August.
SANTEE, CALIF. — San Diego-based Sudberry Properties Inc. is developing The Marketplace at Santee, a 71,530-square-foot neighborhood shopping center located in Santee. Located at Mission Gorge Road and Carlton Hills Boulevard, the $28 million project will be anchored by Henry’s Farmers Market. Other confirmed tenants include Starbucks Coffee, T-Mobile, FedEx, Kinko’s, Sport Clips Haircuts, Jack in the Box, San Diego National Bank, Sleep Train, Glamour Nails and Cazadora’s Mexican Restaurant. Designed by CSHQA Architects, the project offers tenant spaces ranging in size from 1,200 to 5,000 square feet. Santee Retail LP is the property owner; Centre Builders is serving as general contractor for Henry’s Farmers Market; and C.W. Driver is the project’s overall contractor. Completion is slated for November 2008.