Retail

Mayfair-Shopping-Center-Commack-New-York

COMMACK, N.Y. — Connecticut-based life insurance company Voya Investment Management has provided $37.5 million in bridge financing for Mayfair Shopping Center, a 221,000-square-foot retail property located in the Long Island community of Commack. The open-air center sits on a 15-acre site along the Jericho Turnpike and is home to tenants such as Lidl, Planet Fitness and the PGA Superstore. Andrew Stewart and Allison Villamagna of New Jersey-based financial intermediary Cronheim Mortgage arranged the three-year loan on behalf of the borrower, The Livingston Group. A portion of the proceeds will be used to fund capital improvements and additional leasing costs.

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THOUSAND OAKS, CALIF. — NewMark Merrill Cos. has acquired a 172,008-square-foot retail center, which it has renamed the Collection at Janss Marketplace, in the Los Angeles suburb of Thousand Oaks. Seritage Retail Group sold the asset for an undisclosed price. With this purchase, NewMark Merrill is responsible for the oversight of new acquisition and the adjacent 458,000-square-foot Janss Marketplace for a combined 630,000-square-foot regional center. Originally built as a multi-story Sears department store, The Collection was over 60 percent leased to Dave & Buster’s, DSW and Nordstrom Rack at the time of sale. The property shares parking and access points with the adjoining center, including a newly remodeled Regal Cinemas and Gold’s Gym. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of Newmark Merrill oversaw the acquisition. Phil Voorhees and Jimmy Slusher of CBRE represented the seller in the deal. Bryna Gortikov with Gortikov Financial secured financing for the deal from Prime Finance.

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CHICAGO — Good Eating Co. has leased 5,000 square feet at 77 W. Wacker Drive, a 51-story office tower totaling 960,000 square feet in Chicago’s Central Loop. The restaurant is slated to open in the first quarter of 2024 and will occupy space on the first floor. Good Eating Co. focuses on organic, locally sourced dishes. Transwestern Real Estate Services represented the undisclosed landlord. Transwestern leases and manages the property. Amenities at the building include a 12,000-square-foot wellness center with a basketball court, conferencing center and outdoor plaza.

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LOUISVILLE, KY. — A joint venture between a CBRE Investment Management fund (CBRE Strategic Partners US Value 9) and Fairbourne Properties has acquired Paddock Shops, a retail center located at 4055 Summit Plaza Drive in Louisville. The property, which was 88 percent leased at the time of sale, comprises 353,665 square feet and features 1,976 parking spaces. The seller and sales price were not disclosed. According to the property website, tenants at Paddock Shops include Barnes & Noble, Build-A-Bear Workshop, Five Guys, Gap, Mitchell’s Fish Market, Orangetheory Fitness, Orvis, Pottery Barn, Starbucks, Total Wine & More and West Elm, among others.

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SOMERVILLE, N.J. — Marcus & Millichap has brokered the $3.5 million sale of Union Avenue Plaza, a 20,866-square-foot retail center located in the Central New Jersey community of Somerville. The center was fully leased to eight tenants at the time of sale, with the New Jersey Department of Motor Vehicles serving as the anchor. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller, SNS Real Estate Investment Group, in the deal and procured an undisclosed individual/personal trust as the buyer.

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NEW YORK CITY — Fitness International has signed a 36,500-square-foot lease at 59 Maiden Lane in Manhattan. Fitness International will open a Club Studio facility, which offers boutique fitness classes and amenities, at the property. David Abrams, Eliot Goldschmidt, Jeff Jacobson and Brandon Miller of masonre represented the landlord, AmTrust RE, in the lease negotiations. Chase Welles of The Shopping Center Group and John Kalamaras of RealSource Group represented the tenant.

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Shops-Palm-Desert-CA

PALM DESERT, CALIF. — Pacific Retail Capital Partners (PRCP) has purchased The Shops at Palm Desert, a nearly 1 million-square-foot enclosed shopping mall in the Coachella Valley city of Palm Desert. Terms of the transaction were not released. PRCP plans to create a master plan for the 72-acre property that will transform it into a mixed-use destination and civic gathering place. The company envisions added green space, as well as multifamily and entertainment space. Situated in Palm Desert’s Highway 111 corridor, The Shops at Palm Desert was built in 1982 and renovated in 2013. Current tenants include JCPenney, Macy’s, Dick’s Sporting Goods and Barnes & Noble.

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MOKENA, ILL. — Mid-America Real Estate Corp. has arranged the sale of Prairie Crossings, a 109,079-square-foot shopping center in Mokena, a southern suburb of Chicago. Tenants at the property include Chipotle, Panera, Hair Cuttery, Massage Envy, Botti Chiropractic and Sloan Stevens Salon. Rick Drogosz, Ben Wineman and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. First-Tek Inc. was the buyer. Pine Tree served as property manager.

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BRIGHTON, MICH. — Dollar Tree, X-Golf and Patient Centered Family Medicine & OMT have joined the tenant lineup at Green Oak Village Place, a retail lifestyle center in Brighton, which is located about midway between Detroit and Lansing. Dollar Tree and X-Golf, an indoor golf simulator, opened at the property on Saturday, Nov. 25. Patient Centered Family Medicine & OMT is slated to open before the end of the year. Dollar Tree occupies 9,853 square feet, X-Golf occupies 7,230 square feet and Patient Centered Family Medicine & OMT leases 1,349 square feet. REDICO owns the property.

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Post-District-SLC-UT

SALT LAKE CITY — Bridge Investment Group and Lowe Property Group have received $157.5 million in loan proceeds to refinance Post District, a mixed-use complex in downtown Salt Lake City. Part of a three-phase project, Post District features 580 residential units across four buildings with approximately 26,000 rentable square feet of retail space. Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring of Walker & Dunlop co-originated the loan with Affinius Capital and Clarion Partners. The borrowers will use the loan proceeds to repay existing debt, fund future costs to complete the construction and repatriate equity to the client as the project continues the lease-up of its newly delivered units.

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