SOUTH BRUNSWICK, N.J. — CB Richard Ellis (CBRE) Capital Markets Group has arranged $16.5 million in financing for a Heritage Square Shopping Center in South Brunswick. The new 80,509-square-foot center contains three buildings and is fully leased to Target, Best Buy, Staples and Petsmart. The center is located at Route 1 and Stouts Lane. James Gunning and Donna Falzarano of CBRE arranged the financing for the borrower, The Morris Companies. Northwestern Mutual Life funded the loan.
APPLE VALLEY, CALIF. — A joint venture between Weingarten Realty and Malcolm Riley & Associates has completed the development of Jess Ranch Marketplace, a new retail center located at the corner of Bear Valley Road and Jess Ranch Parkway in Apple Valley. The 507,000-square-foot center is anchored by Mervyn’s Department Store, PetsMart, Rite Aid and WinCo Foods. Other tenants include Best Buy, Bed Bath & Beyond, 24 Hour Fitness, a 12-screen Cinemark Theatre and various restaurants. Weingarten will manage the property.
RIVERSIDE, CALIF. — Marinita Development Co. is currently developing Orangewood Centre, a 26,400-square-foot retail center located at the corner of Van Buren Boulevard and Dauchy Avenue within the master-planned Orangecrest in Orangewood in Riverside. Situated on 2.7 acres, the project will consist of four buildings ranging in size from 6,000 to 8,100 square feet. Tenants of the 85 percent pre-leased project include Firestone Tire, Kragen Auto Parts, 7 Eleven, Subway, Sip’s Coffee, a dry cleaner and a nail salon. Completion is slated for this summer.
CHARLOTTE, N.C. — Sterling Organization has acquired East Town Market, a 182,771-square-foot shopping center in Charlotte, from BVB Properties, for $14 million. The property is anchored by a 45,053-square-foot Compare Foods grocery store. Steve Slattery of Charlotte-based SMS Real Estate Investment Svcs. was the sole broker in the transaction and exclusively represented the buyer. The shopping center is located at the intersection of W.T. Harris Boulevard and N. Sharon Amity and Milton roads.
MARYSVILLE, OHIO — Grubb & Ellis Realty Investors has acquired a 15,000-square-foot Walgreens located at 180 Coleman’s Crossing Blvd. in the Columbus suburb of Marysville. The newly constructed pharmacy is situated on approximately 2 acres of land, and features a drive-thru pharmacy window. Grubb & Ellis acquired the property on behalf of a private investor participating in the Grubb & Ellis Wealth Management program. The seller, Arlington-Tremont, was represented by Robert Miller of Millco Investments.
SAN ANTONIO — West Palm Beach, Fla.-based Sterling Organization has acquired Ingram Hills Shopping Center, an 80,307-square-foot retail property in San Antonio. Verde Ingram Hills LP sold the infill, grocery-anchored center, which is located on the southwest corner of Ingram and Callaghan roads on the northwest side of town, for $5.35 million. La Fiesta Supermarket anchors Ingram Hills, and additional tenants include Chase Bank, Blockbuster, Dollar General and Payless ShoeSource.
BATAVIA, ILL. — Oakbrook Terrace, Ill.-based Midland Equities LLC has purchased Wilson Plaza Retail Center, an 11,160-square-foot retail center located at 336 E. Wilson St. in Batavia. Tenants at the property include Fantastic Sam’s, Rosati’s Pizza, 7-Eleven and Subway. Charles Hold and Joseph Jankovsky of Midland Realty & Development represented the buyer; Richard Kehoe of Inland Real Estate Sales represented the seller, Inland Real Estate Corp. Midland Realty & Development will assume management responsibilities for the property.
BUFFALO, N.Y. — Daniel Monte of The Rose Hill Group of WNY LTD has arranged a $5.6 million loan for Delaware Sheridan Plaza, a multi-tenant retail center in Buffalo. The new center includes 34,920 square feet and tenants such as CVS/pharmacy, Fed Ex/Kinkos, AT&T and Panera Bread. Located at Delaware Road and Sheridan Drive, the development is owned by Sheridan Development Associates, which is part of The Benchmark Group.
MCALLEN, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $5.7 million fixed-rate mortgage for The District Plaza in McAllen Milestone Therapy and Blue Aquarium Restaurant anchor the 46,000-square-foot shopping center. The mortgage was arranged on behalf of a partnership sponsored by Tony Domit.
SANTA MONICA, CALIF. — Macerich has selected Omniplan as architect for the redevelopment of Santa Monica Place, a 557,000-square-foot indoor shopping mall located in Santa Monica. The company plans to transform the mall into an outdoor shopping destination. The redesigned three-story mall will feature 129 new stores and restaurants and four open-air entrances. The Jerde Partnership of Los Angeles is also providing architectural and design services for the project.