SPOKANE, WASH. — Newmark has arranged $5 million in permanent financing for the Village at Regal Pond, a retail property located in Spokane’s Inland Northwest submarket. The multi-tenant property features 22,367 square feet of retail space. Demetri Koston and Skip Slavin of Newmark’s Seattle office secured the non-recourse financing with one of Newmark’s correspondent life companies. Newmark will service the 20-year, fully amortizing loan at no additional cost to the undisclosed borrower.
WEST LEBANON, N.H. — NKF Capital Markets has brokered the sale of Powerhouse Plaza, an 81,317-square-foot retail property in West Lebanon. The sales price was undisclosed. Justin Smith of NKF Capital Markets represented the seller, Eastern Real Estate, in the transaction. The buyer was Jaffe Corp. The tenant roster at the property includes Shaw’s supermarket, Rite Aid, New Hampshire Liquor & Wine Outlet and 99 Restaurant & Pub.
PATERSON, N.J. — Marcus & Millichap has arranged the $4 million sale of Madison Avenue Shopping Center, a 26,920-square-foot retail property in Paterson. The property is located at 422-446 Madison Ave. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the buyer, a private investor, in the transaction. The seller was also a private investor.
RALEIGH, N.C. — Berkeley Capital Advisors has arranged the $15.5 million sale of Greystone Village, an 85,649-square-foot shopping center in Raleigh. Alex Quarrier, Marc Ozburn and John Lineberger of Berkeley Capital arranged the transaction on behalf of the seller, DNA Partners. Burroughs & Chapin Co. acquired the asset, which was fully leased at the time of sale to tenants such as Food Lion, Sola Coffee, Saw Mill Taproom, Gonza’s Tacos & Tequila and Kai Japanese Restaurant.
DALLAS — SRS Real Estate Partners has brokered the $3.5 million sale of a 4,779-square-foot retail property ground-leased to Chick-fil-A in Dallas. Ara Rostamian, Matthew Mousavi and Patrick Luther of SRS represented the seller, a Los Angeles-based private investor, in the transaction. Craig Stewart of ACRE Investment Real Estate Services represented the buyer, a California-based family trust that acquired the property via a 1031 exchange. The asset is located at 9111 Garland Road.
WATERFORD TOWNSHIP, MICH. — Dominion Real Estate Advisors has arranged the sale of the former Summit Place Mall in Waterford Township near Pontiac. Southfield, Mich.-based commercial real estate development and investment company Ari-El Enterprises acquired the property from California-based SD Capital LLC, which has owned the asset since 2008. The 1.4 million-square-foot mall is situated on 73 acres. It opened in 1962 as the first enclosed mall in Michigan. At its peak, Summit Place Mall was home to more than 200 stores. The Sears store was the last to close in 2014. DTE Energy plans to break ground this fall on a 50,000-square-foot facility at the site. Redevelopment of the full property could include more than 1 million square feet of mixed uses, including industrial, office, hospitality and fast casual restaurants, according to Arie Leibovitz, owner of Ari-El Enterprises. Dominion represented the seller in the transaction. Terms of the sale were not disclosed. A demolition is in the works for the property.
MORTON GROVE, ILL. — Kensington Development Partners and IM Properties have acquired Prairie View Plaza, a 310,000-square-foot retail center in Morton Grove. Edgemark Properties arranged the transaction on behalf of the seller, Federal Construction Inc. The asset sold for $11.3 million, according to local media reports. Kensington Development and IM Partners plan to reposition and redevelop the 26-acre property, located 16 miles northwest of Chicago, with new retail, restaurant and entertainment options. The site also has development potential for residential, hotel and medical office uses, according to the project developers. Kensington and IM plan to maintain the existing 3,120-square-foot Bank of America outparcel, as well as the 10,500-square-foot strip center currently anchored by Starbucks Coffee. Additional tenants at the center include LA Fitness, Dollar Tree and The Room Place. A development timeline for the project was not disclosed.
GRAND FORKS, N.D. — Marcus & Millichap has brokered the sale of Med Park in Grand Forks for $5.7 million. Altru Health System anchors the 59,117-square-foot retail property, which is located at 1375 S. Columbia Road. Other tenants include a floral shop, pharmacy and UPS store. Adam Prins, Cory Villaume, Matthew Hazelton and Sean Doyle of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company.
GRESHAM, ORE. — Portland, Ore.-based Harsch Investment Properties has purchased Gresham Station Shopping Center in Gresham, a suburb of Portland, for $64.5 million. Situated on 26 acres, the property features 342,000 square feet of retail space. Tenants include Bed, Bath & Beyond, Cost Plus World Market, Old Navy, Best Buy, ULTA Beauty and 43 other retailers. Additionally, the property is located close to major freeways and Tri-Met Blue Line Max stops, as well as an adjacent Trimet Park and Ride service for neighborhood commuters. Nicolas Bicardo of Newmark Knight Frank’s San Francisco office represented the undisclosed seller in the transaction. Harsch Investments Properties currently operates 18 shopping centers.
RANCHO CUCAMONGA, CALIF. — SRS Real Estate Partners has negotiated the sale of Spruce Plaza, a newly constructed Class A retail center in Rancho Cucamonga. A Bay Area-based family trust acquired the property from Costanzo Investments, a Southern California-based development company, for $15.6 million, or $1,005 per square foot. Situated at 10877-10895 E. Foothill Blvd. within the master-planned community of Terra Vista, Spruce Plaza is fully occupied by Blaze Pizza, Tokyo Joe’s, Luna Grill, Jersey Mike’s Sub, Café Rio and Habit Burger. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group and Garrett Colburn of SRS’ Newport Beach, Calif., office represented the seller, while Ralph Borelli and Caleb Scherer of Borelli Investment Co. represented the buyer in the deal.
