CHICAGO — PCCP LLC has provided a $36 million loan for the refinancing of Village Market in the Lakeshore East community of downtown Chicago. The 102,224-square-foot retail center is 87 percent leased and is anchored by a 56,000-square-foot Mariano’s store. Village Market opened in 2011. The borrower was a joint venture between Magellan Development Co. and Hanwha Engineering & Construction.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has secured $37 million in financing for The Larkspur, a mixed-use property in the Central Harlem neighborhood of Manhattan. The eight-story building includes 116 apartment units along with seven ground-floor commercial spaces. Bellwether provided a fixed-rate CMBS loan with a 12-year term through Fannie Mae. The terms of the financing ensure that at least 20 percent of the units are reserved for low-income families or individuals. Jim Gillespie of Bellwether Enterprise’s New York office arranged the loan for The Lemle & Wolff Cos.
LAWRENCE, N.J. — JJ Operating Inc., in partnership with Houlihan-Parnes Realtors, has acquired Lawrence Shopping Center in Lawrence. The new owners will implement a $5 million renovation plan designed to improve the aesthetics and functionality of the center. Capital improvements will include a façade renovation, enhanced landscaping as well as storefront and tenant improvements. The renovations will be completed by the end of the year. The 393,430-square-foot shopping center is accessible to I-95/295 and tenants include Burlington, Acme, Staples, Wells Fargo, Pet Valu and MJM Designer Shoes.
KERRVILLE, TEXAS — Marcus & Millichap has brokered the sale of A-B-C Self Storage, a 40,860-square-foot self-storage facility in Kerrville, a city approximately 65 miles northwest of San Antonio. Situated on 2.2 acres at 1201 Bandera Highway, the property comprises 269 units within 40,700 square feet of net rentable space. Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company. Butch Lagred and Chad Knibbe, also with Marcus & Millichap, represented the buyer, a private investor.
PASADENA, CALIF. — Dog Haus, a Pasadena-based gourmet hot dog, sausage and burger concept, has signed a development agreement with American Development Partners. The agreement includes the construction of over 300 new Dog Haus franchise locations in 12 states over the next seven years. The new locations will be built on land primarily purchased for built-to-suit and standalone Dog Haus Biergarten concepts, and will be operated by franchisees with multi-unit and multi-brand experience. The deal has a projected real estate, construction and design investment value of over $500 million. Dog Haus currently has 21 stores open in five states (Arizona, California, Colorado, Nevada and Utah), which will now grow to 19 states across the country with stores set to open in Alabama, Florida, Georgia, Illinois, Kentucky, Louisiana, Maryland, Michigan, Ohio, New York, Pennsylvania, Texas, Tennessee and Wyoming. American Development Partners’ primary role will be to aid in the development of new locations, and facilitate the acquisition of land and oversee construction of this deal’s new franchise locations.
HENDERSON, TEXAS — Inroads Realty, a Dallas-based brokerage firm, has arranged the sale of a 39,797-square-foot retail property previously leased to Brookshire’s Grocery Store in Henderson, a city roughly two hours east of Dallas. Thad Beckner of Inroads represented the buyer, Brandywine Financial, a Pennsylvania-based real estate investment and management firm, in the transaction
CHICAGO — Vapiano has unveiled plans to open a 9,188-square-foot restaurant inside the AC Hotel Marriott in Chicago. The property is located at 630 N. Rush St. Spread over two floors, the new restaurant will serve Vapiano’s trademark pasta, pizza and salad by chefs from an open kitchen. The company has an established location at 44 S. Wabash Ave. and more than 181 locations in 31 countries. Matt Alexander and John Skalla of Bradford Allen represented Vapiano in the lease transaction. Todd Siegel and Phil Golding of CBRE, along with Bruce Westling of NAI MLG Commercial, represented the landlord. The restaurant is slated to open this fall.
SOLANA BEACH, CALIF. — CBRE has arranged the $33.3 million sale of BeackWalk, a 54,973-square-foot shopping center located in Solana Beach. Tenants at the center include California Pizza Kitchen, Alfonso’s of La Jolla, Rubio’s Coastal Grill and Banfield Pet Hospital. John Read, Philip Voorhees, Jimmy Slusher and Kirk Brummer of CBRE represented the buyer, a fund manager based in Chicago. The same team from CBRE, alongside Reg Kobzi of CBRE’s San Diego office, represented the seller, a partnership managed by The Muller Company.
NEW YORK CITY — Equicap has secured a $5.8 million construction loan for a mixed-use development in the Williamsburg neighborhood of Brooklyn. The site is located directly above an L train subway stop and within walking distance to the JMZ trains. The developer obtained approval from the MTA for the project. The property will feature five condo units and one ground-floor retail space.
PASADENA, SPRING AND ALVIN, TEXAS — Dirt Cheap, a Mississippi-based extreme value retailer, has signed leases at three locations in the greater Houston area. Among the new deals are a 24,000-square-foot lease at 4801 Fairmont Parkway in the eastern suburb of Pasadena; a 27,927-square-foot lease at Westfield Shopping Center in the northern suburb of Spring; and a 25,843-square-foot lease at Meadow Park Shopping Center in the southern suburb of Alvin. Matt Parsons, Mark Raines and Chris Burns of JLL represented Dirt Cheap in all three transactions.
