Retail

Mid-America Brokers Sale of 66,066 SF Retail Center in Crystal Lake, Illinois

by Kristin Harlow November 29, 2016

CRYSTAL LAKE, ILL. — Mid-America Real Estate Corp. has brokered the sale of a portion of Bohl Farm Marketplace in Crystal Lake, a northwest suburb of Chicago. The sales price was not disclosed. Fresh Thyme Farmers Market, Planet Fitness and Party Center anchor the 66,066-square-foot portion that was sold. The center is located near the northwest corner of Northwest Highway and Pingree Road. Ben Wineman and Carly Gallagher were the exclusive brokers in the transaction on behalf of the seller, Berengaria Development.

November 29, 2016

Midwest Minnesota Retail

Marcus & Millichap Arranges $3.2M Sale of 18,027 SF Retail Property in Lino Lakes, Minnesota

by Kristin Harlow November 29, 2016

LINO LAKES, MINN. — Marcus & Millichap has arranged the sale of Lino Lakes Marketplace in Lino Lakes, a northern suburb of the Twin Cities, for $3.2 million. The 18,027-square-foot property is located at 701-717 Apollo Drive. The property was 92 percent occupied at closing. Sean Doyle, Cory Villaume, Matthew Hazelton and Adam “AJ” Prins of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was also a limited liability company.

November 29, 2016

California Loans Retail Western

Cohen Financial Secures $8.9M Loan for Town Center Square in Rancho Cucamonga

by Nellie Day November 28, 2016

RANCHO CUCAMONGA, CALIF. — Cohen Financial has secured an $8.9 million loan for Town Center Square, a 60,553-square-foot shopping center located roughly 40 miles outside downtown Los Angeles in Rancho Cucamonga. The property is fully leased to tenants including Aldi, Office Max and Barnes & Noble. Cathy Bronkema of Cohen Financial secured the fixed-rate, non-recourse, 15-year term loan with a flexible prepayment structure and 25-year amortization schedule. A private balance-sheet lender provided the financing, which was used to payoff an existing bridge loan.

November 28, 2016

Arizona Retail Western

Armstrong Development Properties to Develop Retail Strip Center in Peoria

by Nellie Day November 28, 2016

PEORIA, ARIZ. — Armstrong Development Properties is developing a 10,000-square-foot retail strip center in Peoria. The center will be located at 7473 W. Bell Road. A fuel station was recently demolished on the 1.3-acre site to make way for the five-tenant strip center. Café Rio, Smashburger and Mad Greens have already signed onto the project. Construction commenced in mid-September, with an expected completion date of June 2017.

November 28, 2016

Loans Midwest Missouri Retail

Metropolitan Capital Advisors Arranges $14.4M Acquisition Loan for 274,223 SF Shopping Center in Kansas City, Missouri

by Kristin Harlow November 28, 2016

KANSAS CITY, MO. — Metropolitan Capital Advisors Ltd. has arranged $14.4 million in acquisition financing for Barry Towne Shopping Center, a 274,223-square-foot retail center in Kansas City. The property was 47 percent occupied at the time of acquisition to tenants such as Target, Kohl’s and Famous Footwear. The center was built in two phases starting from 1996 to 2001. United Development Company purchased the property and will implement a capital improvement plan to attract new tenants. Sunny Sajnani and Brandon Wilhite of Metropolitan Capital Advisors arranged the bridge acquisition loan with Arkansas-based Centennial Bank.

November 28, 2016

New Jersey Northeast Retail

Ripco Real Estate Inks Three Leases at 53,000 SF Shopping Center in Secaucus, New Jersey

by Amy Works November 28, 2016

SECAUCUS, N.J. — Ripco Real Estate has brokered three new leases at the newly renovated 101 Plaza Center in Secaucus. Habanero Halal Grill, USA Wine Trader’s Club and Dollar Plus have joined the 53,000-square-foot neighborhood shopping center. Additional tenants include CVS/pharmacy, KFC, T-Mobile, Bagel Buffet, Plaza Pizza and Jon Giacomo Hair Salon. Daniel Zappala and Michael Rawlins of Ripco represented the undisclosed landlord in the deals.

November 28, 2016

Iowa Midwest Retail

Mid-America Arranges $5.5M Sale of 137,389 SF Retail Center in Ottumwa, Iowa

by Kristin Harlow November 28, 2016

OTTUMWA, IOWA — Mid-America Real Estate Corp. has arranged the sale of Quincy Plaza, a 137,389-square-foot retail center in Ottumwa, southeast of Des Moines, for $5.5 million. The center is located at the southwest corner of U.S. Route 34 and North Quincy Avenue and is anchored by Hobby Lobby, Famous Footwear and Rent-A-Center. Ben Wineman and Carly Gallagher of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of a fund managed by Cincinnati-based Phillips Edison. Eric Wohl of Hanley Investment Group represented the buyer, Albanese Cormier Holdings.

November 28, 2016

Midwest Ohio Retail

Friedman Arranges Sale of 46,000 SF Retail Property in North Olmsted, Ohio

by Kristin Harlow November 28, 2016

NORTH OLMSTED, OHIO — Friedman Integrated Real Estate Solutions has arranged the sale of a single-tenant retail property occupied by a 46,000-square-foot Levin Furniture store in North Olmsted, a western suburb of Cleveland. The sales price was not disclosed. The property is located at 23300 Lorain Road. The property has been 100 percent occupied by Levin Furniture since 1996. The seller, LNR Partners LLC, sold the building at auction to Basem Haddad for investment purposes. Rich Deptula of Friedman represented the seller and buyer in the transaction.

November 28, 2016

Florida Retail Southeast

Hold-Thyssen Brokers $3.7M Sale of Retail Strip Center in Orlando

by John Nelson November 28, 2016

ORLANDO, FLA. — Hold-Thyssen Inc. has brokered the $3.7 million sale of Mid Point Plaza, a 21,816-square-foot retail strip center located at 6203 W. Sand Lake Road in Orlando. Built in 1999 at the northwest corner of West Sand Lake Road and Universal Boulevard, Mid Point Plaza’s tenant roster includes Wildside Clothing, Giordano’s Italian Restaurant and Light Bulbs Unlimited. The buyer, a private investor based in Orlando, purchased the property from the estate of the developer of the asset. Martin Forster and N. Joelle Forster of Hold-Thyssen represented both the buyer and seller in the transaction.

November 28, 2016

Northeast Pennsylvania Retail

ALTO Fund II, M&J Wilkow Acquire 149,943 SF Shopping Center in Pittsburgh

by Amy Works November 23, 2016

PITTSBURGH — ALTO Fund II, in a joint venture with M&J Wilkow Ltd., has acquired Plaza at the Pointe, a 149,943-square-foot community shopping center located in Pittsburgh’s Parkway West Corridor. The 94-percent occupied center includes tenants Bed Bath & Beyond, Party City and Old Navy. The name of the seller and sales price were not released.

November 23, 2016

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