STREATOR, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $1.6 million sale of a freestanding 2,158-square-foot property occupied by Wendy’s in Streator in central Illinois. Wendy’s has a 20-year lease at the newly developed building. Dan Waszak of Quantum represented the seller, a Chicago-based developer that specializes in net leased assets. Zack Hilgendorf of Quantum represented the buyer, a Dubuque, Iowa-based private investor.
KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of a 12,000-square-foot office and retail building in Kansas City for $1.1 million. The property is located at 7208 Wornall Road within the Waldo District. Domino’s Pizza and Injury Chiropractic occupy the 4,000 square feet of retail space on the first floor. The second-floor office space of 5,500 square feet is currently available for lease. Marshal Blount of Block & Co. brokered the sale. An investment group purchased the asset.
CAMDEN, S.C. — Marcus & Millichap has arranged the $11.2 million sale of River Oaks Shopping Center, a 146,790-square-foot retail property in Camden. The property was leased to eight tenants at the time of sale, including Hobby Lobby, Marshall’s, Big Lots and Five Below. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer, Center Acquisition Corp., and the seller, BMS Camden Associates LLC, in the transaction. The property was a former K-Mart box that was redeveloped in fourth-quarter 2019. The asset was 99 percent leased at the time of sale. Taylor said the buyer is a private, out-of-state investor was attracted to the project because of the national tenants, new long-term leases, new construction and attractive interest rates for acquisition financing. River Oaks Shopping Center is situated at 2235 W. Dekalb St., three miles west of downtown Camden and 32 miles northeast of downtown Columbia.
AMARILLO, TEXAS — JLL has negotiated the sale of Westgate Mall, a 511,566-square-foot enclosed regional mall in Amarillo. The property was built on 93.7 acres in 1982 and has since been renovated multiple times, most recently in 2017. Westgate Mall was roughly 80 percent leased at the time of sale to tenants such as Dillard’s, Beall’s and Premiere Cinema, Shoe Dept. Encore and Forever 21. Dave Monahan, Cameron Pittman, Akhil Patel, Claudia Steeb and Barry Brown of JLL represented the undisclosed seller in the transaction. A partnership between Mason Asset Management, Namdar Realty Group and CH Capital Group purchased the asset for an undisclosed price. The partnership also purchased the 663,978-square-foot South Park Mall in San Antonio as part of the same deal.
CLEVELAND HEIGHTS, OHIO — SRS Real Estate Partners has arranged a $9.6 million loan for the ground lease acquisition of a property occupied by Home Depot in Cleveland Heights, just east of Cleveland. Located at 3460 Mayfield Road, the property includes a 132,000-square-foot building and an 18,000-square-foot garden center. The sales price was $13.7 million. Ben Townsend and Matt Marlin of SRS arranged the nonrecourse, 10-year loan at a fixed interest rate of 3.65 percent. A California-based private investor was the borrower. An institutional lender provided the loan, which features a 70 percent loan-to-value ratio.
LOS ANGELES — Ready Capital has closed a $15.5 million, non-recourse, floating-rate loan for a retail and multifamily property located in the Hollywood/Silver Lake submarket of Los Angeles. Proceeds of the loan will provide financing for the acquisition, renovation and stabilization of the approximately 17,000-square-foot, Class B asset. Upon purchase, the undisclosed sponsor plans to renovate the existing multifamily units with high-end interior finishes, renovate the retail space, and lease-up existing retail space at market rents. The financing features a 36-month term, two extension options, flexible pre-payment and a facility to provide future funding for capital expenditures, tenant leasing costs, interest and operating shortfalls.
MAYS LANDING, N.J. — Time Equities Inc. (TEI) has acquired Hamilton Commons, a 403,050-square-foot retail center in Mays Landing, located approximately 50 miles southeast of Philadelphia. The sales price was $60 million. Located at 190 Hamilton Commons Drive, the property was 93 percent leased at the time of sale to 34 tenants, including Regal Cinemas, Hobby Lobby, Marshalls and Big Lots. Ami Ziff, Jonathan Kim and Grant Scott represented TEI on an internal basis. Chris Munley, Jim Galbally and James Graf of JLL represented the seller, Ohio-based national REIT Retail Value Inc.
DARTMOUTH, MASS. — Marcus & Millichap has arranged the sale of Big Value Plaza, an 85,000-square-foot retail center in Dartmouth, Massachusetts, approximately 30 miles southeast of Providence. Located at 718 Dartmouth St., the property is leased to tenants including Big Value Outlet Stores and Planet Fitness. Adam Cohen of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity. The sales price was also undisclosed.
SAN ANTONIO — JLL has negotiated the sale of South Park Mall, a 663,978-square-foot enclosed regional mall in south San Antonio. Built on 48.5 acres in 1968, the property has been renovated several times, most recently in 2018. South Park Mall was 95 percent leased at the time of sale to tenants including anchors JC Penney, Dick’s Sporting Goods and Beall’s, as well as Old Navy, Ulta Beauty and The Vitamin Shoppe. Dave Monahan, Cameron Pittman, Akhil Patel, Claudia Steeb and Barry Brown of JLL represented the undisclosed seller in the transaction. A partnership between Mason Asset Management, Namdar Realty Group and CH Capital Group purchased the asset.
HOUSTON — NorthMarq has arranged a $28.5 million loan for the refinancing of Champions Forest Plaza, an 187,000-square-foot retail center in Houston. Originally built in the 1960s, the property was 92 percent leased at the time of the loan closing to tenants such as The Container Store, Gap, Ann Taylor, Starbucks and Jos. A. Bank. Matthew Franke, Ray Driver and Michael Borden of NorthMarq arranged the 15-year, fixed-rate loan with a 25-year amortization schedule through OneAmerica, an Indianapolis-based life insurance company. The borrower was Smithco, a locally based developer.
