Retail

KeyBank Provides $25.3M in CMBS Financing for Retail Center in Alexandria

by Alex Tostado January 21, 2019

ALEXANDRIA, VA. — KeyBank has provided a $25.3 million CMBS refinancing loan for Rose Hill Plaza, a 145,925-square-foot shopping center in Alexandria. The non-recourse, 10-year loan was underwritten with a fixed interest rate and 30-year amortization schedule. The loan will be used by the undisclosed borrower to refinance existing debt. The Safeway-anchored shopping center is situated about five miles west of downtown Alexandria and its 31 tenants include Dollar Tree, McDonald’s, Tuesday Morning, Walgreens, Subway, Advance Auto Parts, Anytime Fitness, SunTrust Bank, 7-Eleven, Gabe’s, T-Mobile and Little Caesars.

January 21, 2019

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $5M Refinancing for Retail Center in New Jersey

by David Cohen January 21, 2019

SPRINGFIELD, N.J. — Cronheim Mortgage has secured a $5 million loan to refinance an 80,000-square-foot retail center in Springfield. The seven-acre property was built in 1972 and renovated in 1995. Currently the center is fully occupied by Christmas Tree Shoppes. Cronheim secured the 15-year, fixed-rate loan on behalf of the undisclosed borrower. The lender was American United Life Insurance Co.

January 21, 2019

Acquisitions New Jersey Northeast Retail

Stafford Smith Realty Arranges $4.4M Sale of Shopping Center in Eatontown, New Jersey

by David Cohen January 21, 2019

EATONTOWN, N.J. — Stafford Smith Realty has arranged the $4.4 million sale of Tower Market Shopping Center in Eatontown. Located at 37 Highway 35, the 23,000-square-foot, fully leased shopping center is anchored by Dollar General. Ray Smith of Stafford Smith Realty represented the seller, Eatontown Commons Associates, in the transaction. The buyer was Binyan Partners of New York. A façade renovation is planned as well as further upgrades.

January 21, 2019

Acquisitions Nevada Retail Western

City Sunstone Properties Sells 71,651 SF Blue Diamond Marketplace in Las Vegas

by Amy Works January 21, 2019

LAS VEGAS — City Sunstone Properties has completed the sale of Blue Diamond Marketplace, a neighborhood retail center located at 8030-8180 Blue Diamond Road in Las Vegas. A company advised by CenterSquare Investment Management acquired the property for an undisclosed price. At the time of sale, the six-building property was 100 percent occupied. Tenants at the 71,651-square-foot center include Auto Zone, 7-11, Taco Bell, Great Clips, Bank of America, Cricket Wireless, State Farm, Babystacks Café, Capriotti’s Sandwich Shop and Rounders Pub. Michael Zobrist, Nelson Tressler and Scott Price of Newmark Knight Frank represented the seller in the deal.

January 21, 2019

Acquisitions Arizona Restaurant Retail Western

Orion Investment Real Estate Brokers $4.1M Sale of Restaurant Property in Yuma, Arizona

by Amy Works January 21, 2019

YUMA, ARIZ. — Orion Investment Real Estate has arranged the sale of a restaurant property, located at 590 E. 16th St. in Yuma. Edwards Corral LLC sold the property to an undisclosed buyer for $4.1 million, or $413 per square foot. Golden Corral Buffet & Grill has occupied the 10,015-square-foot property since mid-2004. Judi Butterworth of Orion represented the seller in the transaction.

January 21, 2019

Acquisitions District of Columbia Retail Southeast

Finmarc Acquires Shopping Center in Metro D.C. for $43.9M

by Alex Tostado January 18, 2019

UPPER MARLBORO, MD. — Finmarc Management Inc. has acquired Largo Town Center, a 280,000-square-foot shopping center in Upper Marlboro, for $43.9 million. The asset was fully leased at the time of the sale to tenants such as Marshalls, Regency Furniture, Shoppers Food Warehouse, Advanced Auto, Dollar Tree and Dress Barn. The center’s tenant roster features 35 retailers and restaurants, including both fast-casual and sit-down concepts. Largo Town Center is situated about 18 miles east of downtown Washington, D.C., and about three miles east of FedEx Field, home of the Washington Redskins. Bill Kent, Ryan Sciullo and Chris Decoufle of CBRE represented the seller, Site Centers, in the transaction.

January 18, 2019

District of Columbia Loans Retail Southeast

KeyBank Provides $30.3M Construction Loan for Target-Leased Retail Property in D.C.

by Alex Tostado January 18, 2019

WASHINGTON, D.C. — KeyBank Real Estate Capital has provided a $30.3 million construction loan for a planned 67,000-square-foot, two-story retail property that will be fully leased to Target upon completion. The property is situated at 1515 New York Ave. N.E. in Washington, D.C.’s Ivy City neighborhood. Scott Bois and Ashley Reiser of KeyBank arranged the fixed-rate, non-recourse loan with a 20-year amortization schedule. The loan included a credit tenant lease transaction to facilitate the funding. According to Washington Business Journal, the developer, Douglas Development Corp., is planning to open the Target in fall 2020.

January 18, 2019

Loans New York Northeast Retail

Houlihan-Parnes Arranges $1.7M Refinancing for Retail Property in Scarsdale, New York

by David Cohen January 18, 2019

SCARSDALE, N.Y. —Houlihan-Parnes Realtors has arranged a $1.7 million loan to refinance an 8,500-square-foot retail property in Westchester. Located at 58-72 Garth Road, the asset is nearby the Scarsdale Metro-North train station. Richard Hendey and Mike O’Neill ofHoulihan-Parnes secured a seven-year, non-recourse loan on behalf of the undisclosed borrower. Terms of the financing included a 4.87 percent fixed rate on a 30-year amortization schedule. The lender was a local bank.

January 18, 2019

Acquisitions Mixed-Use Office Restaurant Retail Washington Western

HFF Secures $32.5M Acquisition Financing for Old Rainier Brewery Mixed-Use Campus in Seattle

by Amy Works January 18, 2019

SEATTLE — HFF has arranged $32.5 million in financing for the acquisition of the Original Rainier Brewery, a mixed-use campus located at 5624-6004 Airport Way South in Seattle’s historic Georgetown neighborhood. Tom Wilson and Zachary Kersten of HFF secured a three-year, floating-rate loan with two one-year extension options with a debt fund for the borrower, ScanlanKemperBard. The borrower plans to make improvements to the property. Originally built in the early 1990s as a brewery for Seattle Brewing and Malting Co., the property eventually housed Rainier Beer and is a designated landmark. The campus encompasses four separate buildings — the Bottling Plant, the Malt House, the Warehouse and the General Office — and two land parcels. The assets feature natural light, exposed brick, original flooring, historical detailing and unique layouts. At the time of financing, the property was 92 percent leased to 55 tenants, including REI, Patagonia, Keen, Elysian Brewing Co., Frans Chocolate and Kyoto Art and Antiques.

January 18, 2019

Acquisitions California Restaurant Retail Western

SRS Real Estate Partners Directs $3M Sale of Del Taco-Occupied Property in the Inland Empire

by Amy Works January 18, 2019

LAKE ELSINORE, CALIF. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant retail property located at 16810 Lakeshore Drive in Lake Elsinore. A partnership specializing in the ownership of net-lease properties sold the asset to an undisclosed Southern California buyer for $3 million, or $1,957 per square foot. Del Taco occupies the 1,558-square-foot building with 12.5 years remaining on its corporate-guaranteed, 15-year, absolute triple-net lease. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, while Chris Itule of Itule Real Estate Group represented the buyer in the all-cash transaction.

January 18, 2019

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