NEW YORK CITY — Newmark has arranged a $20.3 million CMBS loan for the refinancing of a 26,000-square-foot retail condominium located in the Long Island City area of Queens. The property, which consists of 14,600 square feet of ground-floor retail space and 11,400 square feet of below-grade space, is situated within The Prime, a 71-unit luxury condo building. The majority of the ground-floor space is leased to Trader Joe’s, which opened earlier this month. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of Newmark arranged the 10-year, fixed-rate loan through Ladder Capital on behalf of the borrower, Circle F Capital.
ATWATER, CALIF. — BridgeCore Capital has funded a $12.4 million loan for the purchase of a retail center in Atwater. The undisclosed borrower required a bridge loan to acquire the fully occupied, grocery- and pharmacy-anchored retail center. The borrower was unable to secure traditional financing that provided flexibility to allow for the sale of individual parcels of the property during the loan term. BridgeCore was able to provide a loan with a 6.9 percent interest rate and 24-month term, including two six-month extension options.
FONTANA, CALIF. — SRS Real Estate Partners has arranged the sale of Heritage Crossings, a fully leased retail property located at 7470 Cherry Ave. in Fontana. A Southern California-based development firm sold the asset to a private investor for $7.6 million. Built in 2008 on 2.8 acres, Heritage Crossings features 16,273 square feet of retail space. Current tenants include 7-Eleven, Boston Market, Subway and Little Caesars. John Redfield and Chris Tramontano of SRS’ National Net Lease Group represented the seller, while Jigar Shah of Century 21 Discovery represented the buyer.
PHOENIX — Carlsbad, Calif.-based Capstone Advisors has completed the disposition of a single-tenant building located with Ahwatukee Foothills Towne Center in Phoenix. A Nevada-based investor acquired the asset for $3.7 million. Salad and Go occupies the property under an absolute triple-net, 20-year ground lease. The restaurant opened for business at the newly constructed building in mid-June. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented Capstone in the deal.
PHILADELPHIA — JLL has negotiated the $114.2 million sale of a portfolio of five grocery-anchored retail centers in the Philadelphia area. The properties include Lionville Shopping Center in Lionville, located west of the city; Marketplace at Westtown in West Chester, another western suburb; Spring Towne Center in Sinking Spring on Philadelphia’s northwestern outskirts; Dreshertown Plaza in Dresher, located just inside the northern ring of Interstate 276; and Limerick Crossing in Limerick, another northwestern suburb. The grocery anchor for Lionville Shopping Center, Marketplace at Westtown and Spring Towne Center is Giant Food Stores, while Lowe’s Home Improvement is a second anchor at Spring Towne Center. George’s Marketplace is the anchor grocer at Dreshertown Plaza, and German discount grocer Aldi anchors Limerick Crossing. Chris Munley, Jim Galbally, Colin Behr and James Graf of JLL marketed the portfolio for sale on behalf of the seller, locally based development and investment firm Brandolini Cos. Jon Mikula, Jim Cadranell, Michael Pagniucci and Carlos Silva of JLL arranged five fixed-rate acquisition loans totaling $80.5 million on behalf of the buyer, a partnership between New Jersey-based Paramount Realty Services and international investment firm Medipower Group. A trio of undisclosed banks provided the financing. “We continue to see …
RALEIGH, N.C. — A joint venture between SLI Capital and Regent Partners has acquired 15 parcels totaling approximately 10 acres in Raleigh for the second phase of the East End Market mixed-use development. Seven undisclosed entities sold the 15 parcels to the joint venture for a total of approximately $18 million. Located on Whitaker Mill Road between Wake Forest Road and Atlantic Avenue, East End Market is a mixed-use, food and beverage destination that will offer a collection of restaurants, apartments, shops and office spaces. Phase I of East End Market began in March and is expected to be completed by the end of the year with the first tenants expected to move in shortly thereafter. The tenant lineup includes East End Bistro, a French chop house by acclaimed restaurateur Giorgios Bakatsias; Shady Grove Cider Co., Raleigh’s first cidery; Common Desk, a Texas-based coworking brand; and local businesses Campion Capital and Piedmont Capital. Phase II will include new construction featuring 235,000 square feet of office space, 40,000 square feet of retail and food and beverage and 465 apartments. The project is fully capitalized via a joint venture with Koch Real Estate Investments. Construction will commence without any preleasing, according to …
JACKSONVILLE, FLA. — Berkadia has secured the refinancing of San Marco East Plaza, an office and retail park in Jacksonville. Rebecca Van Reken and Alec Fox of Berkadia’s Orlando office secured the financing on behalf of the owner, Prescott Group. The Dallas-based borrower took ownership of San Marco East Plaza via foreclosure in March 2019, following the purchase of a defaulted $52 million note. Prescott Group completed a capital improvements plan that included new roofs, new green spaces and enhanced lighting. In 2020, RF Smart moved its headquarters to the property, which brought occupancy up to 94 percent. Then in March, Prescott completed the sale of the former Jacksonville Ice and Sportsplex to the Jacksonville Iceman and local investors who plan to spend over $11 million to renovate the ice center to a modern rink and training facility known as the “Igloo.” Other tenants at San Marco East Plaza include Baptist Health Wells Fargo, First American Title, Excel Church and The Edge Rock Gym. San Marco East Plaza features parking and outdoor green spaces with weekly food trucks offering lunches for office tenants. Berkadia secured the fixed-rate, non-recourse loan with Florida-based City National Bank. The property had previously been encumbered …
PLANO, TEXAS — Florida-based investment firm CTO Realty Growth Inc. (NYSE: CTO) has purchased The Shops at Legacy North, an approximately 236,000-square-foot office and retail center in Plano, for $72.5 million. The property was built on 12.7 acres in 2007 and was 83 percent leased across its office and retail components at the time of sale. The retail portion of the property consists of 121,496 square feet and houses tenants such as Capital Grille, Seasons 52, Mexican Sugar, Benihana and Ra Sushi. The office component spans 114,936 square feet and is home to users such as Unum, Technologent, Timmons Group, BRP and Shift Digital.
BAKERSFIELD, CALIF. — Modesto-based Retail Equities has completed the disposition of East Hills Malls, a vacant shopping center situated on 38 acres in Bakersfield. A partnership between Steve Zimmerman of ZDI and Michael Heslov of Soboroff Partners acquired the asset for $7.2 million. Located at 2800-3200 Mall View Road, the 352,666-square-foot property was initially developed by the Hahn Co. in 1988. The property was formerly called City Lights at East Hills. Orbell Ovaness, Ara Rostamian and Aren Ohanian of Marcus & Millichap’s Los Angeles office represented the seller in the deal. Vincent Roche of Cushman & Wakefield/Pacific consulted on the transaction.
SANTA FE SPRINGS, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a medical office and retail building located at 13063 Rosecrans Ave. in Santa Fe Springs, a suburb of Los Angeles. The property traded hands for $5.4 million. The names of the seller and buyer were not released. Fresenius Medical Care and TNV International, a wholesale distributor of bulk ingredients for the nutritional supplement industry, occupy the property. Jake Linksy and Simon Assaf of Matthews brokered the transaction.