PORT ORANGE, FLA. — Chattanooga, Tenn.-based CBL & Associates and The Benchmark Group are developing The Pavilion at Port Orange, a 550,000-square-foot open-air shopping center, located in the northwest corner of Interstate 95 and Taylor Rd. The center will be anchored by Belk, Barnes & Noble, Circuit City, HomeGoods/Marshalls Megastore, Michaels and a 14-screen Hollywood Theater. The project is expected to deliver in fall 2009.
Retail
CHICAGO — Newcastle Ltd. has acquired Belle Plaine Plaza Shopping Center, a 16,000-square-foot retail property located at 4066 N. Milwaukee Ave. in Chicago, for $3.3 million. The center features two single-story retail buildings, which are fully occupied by Dollar Tree, Subway and AthletiCo Physical Therapy. Newcastle acquired the property from Midwest Real Estate Equities on behalf of the firm’s $500 million Chicago investment platform. Midwest was represented in the transaction by Tyler Quast of Zifkin Realty & Development.
CHICAGO — Maverick Commercial Mortgage has arranged $14.7 million in first-mortgage refinancing for a 103,550-square-foot Home Depot located at 200-232 W. 87th St. in Chicago. The building also contains a 27,972-square-foot garden center, as well as parking for 527 vehicles. The loan is priced over the 10-year U.S. Treasury, and has an 80 percent loan-to-value ratio, a 10-year term and a 30-year amortization schedule. Benjamin Kadish of Maverick arranged the financing on behalf of the borrower, MG Development. The lender was undisclosed. The Home Depot is currently in year 11 of a 20-year lease that it signed when MG first acquired the property.
GAHANNA, OHIO — An affiliate of Lee & Associates has negotiated the acquisition of Gahanna Crossing, an 8,464-square-foot retail center, located at 108-112 S. Stygler Blvd. in Gahanna, for $3 million. The property contains two single-tenant buildings, as well as a non-functioning water tower. Wesbanco occupies the 4,834-square-foot structure, and City Barbecue occupies the other 3,630-square-foot building. Rod Feder of the Calabasas, Calif., office of Lee & Associates – LA North/Ventura represented the buyer, Saticoy Gahanna. The seller, Metropolitan Gahanna, was represented by Michael Fennessy of Dietz Commercial.
NEW YORK CITY — RKF Investment Sales & Advisory Services has completed the $12.35 million sale of a five-story commercial building in the SoHo area of Manhattan, New York City. The building, which is located at 111 Mercer St., contains 11,332 square feet and is currently vacant. The facility is also approved for the addition of a 1,250-square-foot penthouse. Jeff Fishman, David Alani, Brian Segall, and David Aaron of RKF represented the seller, an undisclosed family from the United Kingdom, and the buyer, Mercer 111, LLC, in the transaction.
BAYTOWN, TEXAS — Marcus & Millichap has completed the sale of The Shoppes at Baytown located at 6902 Garth Rd. in Baytown. The 75,589-square-foot shopping center, which was constructed in 1984 and is situated on 6 acres. A Texas-based private investor sold the property to a Manhattan Beach, Calif.-based LLC. Jerry Goldstein of Marcus & Millichap's Houston office represented both parties in the transaction.
HAWAIIAN GARDENS, CALIF. — Park City Main Street Mall LLC, a Los Angeles-based family trust, has purchased a 58,944-square-foot retail property in Hawaiian Gardens. Los Angeles-based NF Hawaiian Gardens LP sold the property for $14 million. Located at 12254 Carson, the property is leased on a long-term basis to Food 4 Less. Dixie Walker and Peter Spragg of Grubb & Ellis’ Newport Beach, Calif., office represented the seller; Sperry Van Ness represented the buyer.
CLERMONT, FLA. — Weingarten Realty’s Orlando office is developing Clermont Landing, a 366,000-square-foot lifestyle retail center in Clermont. The project is expected to complete in fall 2008, and will feature JC Penney, Epic Theater, Michaels and Famous Footwear. The retail center will be located at the intersection of US Highway 27 and Steve’s Rd., just south of SR 50.
WEST PALM BEACH, FLA. — Sacramento, Calif.-based Panattoni Development has acquired a 25-acre parcel of land from Grace Farms LLC for $15.8 million. The site will be developed for an 80,000-square-foot Dick’s Sporting Goods and a 100,000-square-foot department store, yet to be announced. The project is located at Southern Blvd. and Sansbury’s Way. Neil Merin of West Palm Beach-based NAI/Merin Hunter represented the seller. The project is slated to begin construction this spring and complete in mid-2009.
BRIDGETON, MO. — May Center Advisors (MCA) has brokered the sale of Hilltop Plaza, a 302,921-square-foot community shopping center located in Bridgeton. The center features tenants including Lowe’s Home Improvement Warehouse, Kmart, The Sports Authority and PetsMart. MCA represented the seller, an affiliate of THF Realty, in the transaction. The buyer and sale price were undisclosed.