WATERBURY, CONN. — HFF has brokered the sale of Naugatuck Valley Shopping Center, a 382,864-square-foot, grocery-anchored shopping center in Waterbury. HFF represented the undisclosed seller and procured the buyers, Premium Property and BH Premium Quality Waterbury. The 50.5-acre shopping center at 950 Wolcott St. offers 2,155 parking spaces and is anchored by the region’s highest grossing Walmart. Other tenants include Panera Bread, Bob’s Stores and Wendy’s. The sale price was not disclosed.
CHICAGO — Baum Realty Group LLC has brokered the $4.1 million sale of a retail property leased by Family Dollar in Chicago’s Logan Square. The 9,801-square-foot building is located at 2274-2282 N. Milwaukee Ave. Greg Dietz, Danny Spitz and Patrick Forkin represented the undisclosed seller in the transaction. A family office buyer purchased the asset. The 4.8 percent cap rate is the lowest single-tenant Family Dollar on record nationwide, according to Baum and CoStar Group.
BELTON, MO. — Venture Construction has broken ground on a 10,000-square-foot restaurant for Cracker Barrel in Belton, about 20 miles south of Kansas City. The property will be located on the southeast corner of 163rd Street and I-49. Cracker Barrel plans to hire more than 175 employees at the location. The opening is slated for this fall. This will be the 18th Cracker Barrel location in the state of Missouri.
PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of six retail pads at Perris Marketplace, located at 1820-2000 N. Perris Blvd., in separate transactions. The combined sales price for the six pads was approximately $29.5 million. The plaza is located in the Los Angeles suburb of Perris. The 100-percent occupied properties, which total 39,000 square feet, consist of three multi-tenant pad buildings and three single-tenant fast-food pad restaurants. Walmart Supercenter anchors the 225,000-square-foot shopping center. Additional tenants include America’s Best Contacts and Eyeglasses, Chipotle, Dickey’s BBQ, Great Clips, Jamba Juice, Jimmy John’s Gourmet Sandwiches, Pacific Dental, Panda Express, Pieology, Popeye’s, Sally Beauty, Starbucks Coffee, T-Mobile, Verizon Wireless, Waba Grill, Wendy’s and Yogurtland. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, Evergreen and Trachman Indevco, in the deal. The names of the buyers were not disclosed.
SACRAMENTO — MidCap Financial has provided $17.9 million in refinancing for the repositioning and lease-up of Stockton Plaza, a grocery-anchored community shopping center in Sacramento. The borrower is Santa Monica, Calif.-based DPI Retail. The borrower plans to renovate and repurpose the property, which Kmart formerly anchored. A regional grocery chain and national discount department store will be the new anchors at the renovated center. The first mortgage features a floating rate with a term of up to three years. Loan proceeds were used to refinance the existing debt and fund renovation, lease-up and carry costs. The Mozer team at George Smith Partners arranged the financing.
TIVERTON, R.I. — EagleBridge Capital has provided $6.4 million in financing for CVS Plaza in Tiverton, a shopping center anchored by a freestanding 13,500-square-foot CVS Pharmacy. Other tenants in the shopping center located at 500 Main Road include The Saconnet River Grille and an Allstate insurance agency. The term of the loan is 10 years with a 30 year amortization. Ted M. Sidel and Brian D. Sheehan of EagleBridge Capital arranged the financing provided by a CMBS lender. The law firm of DarrowEverett represented the undisclosed borrower in closing the loan.
BROOKFIELD, WIS. — Newport Capital Partners has acquired The Plaza in Brookfield, a suburb of Milwaukee, for $17.9 million. The 108,000-square-foot retail center is situated on 11 acres. The property is 99 percent leased by 22 tenants, including CVS Pharmacy, Guitar Center, Stan’s Fit for Your Feet and Hooters. Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers, in the transaction.
ST. JOHNS, FLA. — Aztec Group Inc. has arranged an $80.5 million construction loan for The Pavilion at Durbin Park, an 80-acre retail project in St. Johns, roughly 25 miles south of Jacksonville. Jason Shapiro and Sean Harrington of Aztec Group arranged the three-year, floating-rate loan through City National Bank of Florida on behalf of the project developer, Gatlin Development Co. The Pavilion is the first phase of Durbin Park, a 1,700-acre mixed-use development that will eventually include more than 2 million square feet of retail, 2 million square feet of office space, multifamily units and a hotel. Walmart and The Home Depot will anchor the 600,000-square-foot first phase of the project. In addition, The Pavilion will include 200,000 square feet of space for junior anchors, as well as approximately 90,000 square feet for local retail and restaurant concepts. Walmart is scheduled to open in November, and Home Depot is scheduled to open in spring 2019. The remaining portion of The Pavilion is slated for completion in summer 2019.
LA HABRA, CALIF. — Marcus & Millichap has brokered the sale of Harbor Hills Shopping Center, a retail property located at 1450-1460 S. Harbor Blvd. in the Orange County city of La Habra. Los Angeles-based DMI Real Estate Group LLC acquired the property from Harbor Hills LP for $5.7 million. The 27,080-square-foot property was mostly vacant at the time of sale. Joseph Lising and Mitchell Neff of Marcus & Millichap represented the seller in the transaction.
TAMPA, FLA. — Tiktin Real Estate Investment Services (TREIS) has arranged the $5.2 million sale of Madison Square, a 38,720-square-foot shopping center located at 5513-55119 S. 78th St. in Tampa. Adam Tiktin of TREIS arranged the transaction on behalf of both the seller, Madison Square Group LLC, and the buyer, ATS Residential LLC. Family Dollar anchors the property, which was constructed in 2007 and was fully leased at the time of sale. The site also includes a one-acre outparcel for a future restaurant or retail building.