SCOTTSDALE, ARIZ. — Phoenix-based De Rito Partners Development Inc. has acquired Scottsdale Pavilions, a 1.1 million-square-foot retail center located at the intersection of Indian Bend Road and Loop 101 freeway in Scottsdale, for $88 million. The company plans to invest more than $25 million in renovations, which includes an addition of 150,000 square feet of retail space, for the property. De Rito Partners also plans to initiate a community outreach program to elicit feedback from the community regarding the future plans of the development. Originally developed in 1989 and 1991, Scottsdale Pavilions is located on land that is owned by the Salt River Pima-Maricopa Indian community. Andy Kroot and Brian Gast of De Rito Partners Inc. brokered the transaction between the buyer and the sellers, Robb Horlacher of Spire North LLC and Spire South LLC. Scott McPherson and Eric Inabinet of Capital Advisory Group LC arranged the financing for the transaction through a senior loan from GE Capital and a mezzanine loan from Seattle-based The Wolff Company.
Retail
UNION CITY, N.J. — CardioMed Services has acquired 3100 Bergenline Ave., a retail/office property in Union City from 3100 Bergenline Avenue LLC for $5 million. The 42,000-square-foot, two- and three-story building is located between 31st and 32nd streets and Bergenline and New York avenues. TD BankNorth currently occupies the ground floor and CardioMed plans to convert the remaining space into medical offices for its daily operations. Stephen Siegel, Michael Laginestra, Scott Gottlieb and Randy Eigen of CB Richard Ellis represented the seller, and Rick Metjian of The Avanti Group represented the buyer in the transaction.
DALLAS — Metropolitan Capital Advisors, a Dallas-based financial firm, has arranged a $7.85 million permanent fixed-rate loan for Henderson Commons Collection of Shops located on Henderson Avenue in the Red Hot Knox and Henderson Market areas of Dallas. The funds will be used for undisclosed renovations on the property, which was first constructed in the 1920s. Scott Lynn of Metropolitan Capital Advisors arranged the loan.
FERNLEY, NEV. — Fernley Partners Retail LLC has completed the disposition of Chisholm Crossing, a 12,379-square-foot shopping center located 1201 Penny Lane in Fernley. An undisclosed buyer purchased the property for $4.8 million. Joel Grace, Mark Keyzers and Janna Page of NAI Alliance represented the seller in the transaction.
LAS VEGAS — Venture Development Group has closed escrow and will develop a 4.25-acre land parcel into 23,600 square feet of retail shops and pads at the Mosaic at West Village in Las Vegas. Located at the intersection of Durango Drive and Post Road within the 700-acre West Village community, the project will feature restaurant and retail space ranging from 1,200 to 17,000 square feet. Dunkin’ Donuts is currently committed to the project, which offers lease rates of $3.50 per square foot or $0.45 NNN. The retail portion of the development is slated to break ground in June, with completion expected in December.
DALLAS, GA. — Roberts Commercial Real Estate Services has acquired Citizens Square Shopping Center, a 75,000-square-foot retail center located in Dallas, for approximately $6.44 million. The center recently underwent substantial renovations. John Harrison and Gil Russell of Roberts Commercial represented the company in the acquisition; Brooks Patterson of The Ben F. Kushner Company represented the seller. The acquisition was completed by Roberts using equity from its Roberts Commercial Opportunity Fund I, a $20 million real estate investment equity fund. The debt for the transaction was provided by a conduit loan from J.P. Morgan.
BONITA SPRINGS, FLA. — CORE Construction Florida has completed the construction of Bonita Commons at Spring Creek in Bonita Springs. Located on a 19.5-acre site on U.S. 41, the property offers 61,200 square feet of retail space. Amherst, N.Y.-based Benchmark Group developed the property, which cost an estimated $9.3 million.
BONITA SPRINGS, FLA. — CORE Construction Florida has completed the construction of Bonita Commons at Spring Creek in Bonita Springs. Located on a 19.5-acre site on U.S. 41, the property offers 61,200 square feet of retail space. Amherst, N.Y.-based Benchmark Group developed the property, which cost an estimated $9.3 million.
ATLANTA — Timothy Kinney of Marcus & Millichap Capital Corp.’s Atlanta office arranged a $10.9 million loan for the refinancing of Brookhaven Station, a 48,345-square-foot retail center located at 4062 Peachtree Rd. in Atlanta. The 10-year fixed-rate loan was provided through a commercial mortgage lender at a 5.65 percent interest rate.
SYRACUSE, N.Y. — Sperry Van Ness has completed the $12.5 million sale of a retail center in Syracuse. The 67,000-square-foot center is anchored by a Price Chopper SuperCenter and is currently fully occupied. Located at 2525 Erie Blvd. E., the center is also shadow anchored by Lowe’s Home Improvement Warehouse. Joseph Pietrafesa II of Sperry Van Ness and Anthony Pugliese of TAP Capital represented the seller, Cor Erie Blvd. LLC. The undisclosed California buyer, who bought the property in a 1031 exchange, represented itself in-house.