NEW YORK CITY — Jerry Houlihan of Houlihan-Parnes/iCap Realty Advisors has brokered the $1.9 million sale of a retail building in the Bronx, New York City. The supermarket features 8,300 square feet of selling space and a full basement for refrigerated and dry food storage. Situated on the corner of 183rd and Jerome Avenue at 2262 Jerome Avenue, the facility is under a 45-year lease with A&P until July 2015. The undisclosed buyers, local grocers based in Manhattan and the Bronx, are subleasing the store from A&P under the Pioneer supermarket flag.
Retail
HOUSTON — Paul Gardaphe of iCap's Houston office has arranged a $5 million bridge loan for a 103,000-square-foot retail property in Houston. Gardaphe arranged the loan through affiliate Amegy Mortgage. The retail center, which sits on more than 7.8 acres of land, is 83 percent occupied. The five-building property was built in 1985.
TEMPLE, TEXAS — The Houston office of Live Oak Capital has arranged $1.15 million in fixed financing for two restaurant ground leases in Temple. The restaurants Cracker Barrel and Jack in the Box sit on a combined 5.7-acre site located at the southeast corner of the intersection of Interstate 35 and Loop 363. Morris Development, the borrower, purchased the site in March 2004. Greg Young with Live Oak Capital worked on behalf of the borrower to capitalize the commercial real estate with Ohio National Insurance Co.
HOLLY SPRINGS, GA. — Baltimore-based Prime Retail is developing Prime Outlets – Holly Springs, a $120 million, 450,000-square-foot outlet center, located approximately 30 miles north of Atlanta along Interstate 575. The center will open in 2010 and is expected to house 120 stores.
CHICAGO — Jones Lang LaSalle (JLL) has arranged $12.5 million in financing to assist in the acquisition of a 50,664-square-foot Dominick’s grocery store located with the CityFront Plaza mixed-use development at 225 E. Grand Ave. in Chicago. The borrower was Sandor Development, which purchased the property for $22.5 million. Sandor was represented by Steve Skok of JLL; the lender in the transaction was an undisclosed life insurance company.
LAS VEGAS — Las Vegas-based Danoski Clutts Building Group has been selected to build the second phase of Desert Marketplace in Las Vegas. Located at Warm Springs and Durango, the project includes ground-up construction for 107,000 square feet of retail space. Tenants of the project will include TJ Maxx, Big 5 Sporting Goods, Petco and other major retailers. With completion slated for October, the project will feature steel, wood and masonry structures.
GAINESVILLE, FLA. — Wal-Mart has opened a 35-acre, 207,000-square-foot Wal-Mart Supercenter in east Gainesville and is planning a second location in the northern area of the city. Mike Ryals of Bosshardt Realty Services represented the seller in the land transaction for the east location and is also representing the seller in the acquisition of the north Gainesville site, which is scheduled to complete by the end of next year.
SECAUCUS, N.J. — Kerasotes ShowPlace Theatres is set to open a 14-screen multiplex in Hartz Mountain’s Harmon Meadow development in Secaucus. The theater will feature 2,752 seats for moviegoers. Construction on the project is slated to begin this July with completion scheduled for summer 2009. Harmon Meadow is a 175-acre mixed-use development.
WEST LOS ANGELES, CALIF. — Hold This LLC has acquired a 5,237-square-foot retail building, which is located at 3783-85 Cahuenga Blvd. in West Los Angeles. La Selva Associates Inc. sold the property for $2.1 million. The buyer plans to use the property as a post-production facility. Stacy Vierheilig-Fraser of Charles Dunn’s Studio City, Calif., office represented the buyer; Colliers Seeley represented the seller in the transaction.
OPELIKA, ALA. — Courtyard by Marriott, Fairfield Inn, Kohl’s and Bed Bath & Beyond will open locations at TigerTown, a 130-acre, 1-million-square-foot lifestyle center in Opelika, located at the intersection of Interstate 85 and Highway 280. Nashville, Tenn.-based CNTigertown Hotel Partners is developing a 74-room Fairfield Inn and an 84-room Courtyard by Marriott. The Fairfield Inn began construction last December and will open in September. Amenities will include two swimming pools. The Courtyard by Marriott property will begin construction this spring and complete next fall. Amenities will include an indoor pool, an exercise room, meeting rooms and a business library. Also, Kohl’s is building a 68,500-square-foot location, and Bed Bath & Beyond is building a 23,000-square-foot location. Both stores will commence construction this month and open by year-end.