AMARILLO, TEXAS — BMC Capital has secured a $1 million acquisition loan for a net-leased Dunkin’ Donuts store in Amarillo. The five-year loan includes a 25-year amortization schedule, 70 percent loan-to-value ratio and a 4.25 percent fixed interest rate. The lender and borrower were unnamed.
Retail
Kimco Realty Acquires Remaining Interest in Four-Property Retail Portfolio for $170.7M
by Katie Sloan
NEW HYDE PARK, N.Y. — Kimco Realty Corp. (NYSE: KIM) has bought out its joint venture partners in a four-property retail portfolio, purchasing the remaining 85 percent interest for $170.7 million. The acquisition included the assumption of $103 million in mortgage debt, $26 million of which was prepaid by the company. The joint venture partners that sold their interest were undisclosed. The portfolio includes Perimeter Expo, a 175,835-square-foot shopping center in the Atlanta suburb of Dunwoody, Ga.; Cranberry Commons, a 166,495-square-foot shopping center in the Pittsburgh suburb of Cranberry Township, Pa.; Cypress Towne Center, a 279,210-square-foot shopping center in Houston; and Doc Stone Commons, a 101,042-square-foot shopping center in Stafford, Va., approximately 50 miles southwest of Washington, D.C. Portfolio tenants include Nordstrom Rack, Marshalls, Old Navy and Newk’s Eatery at Perimeter Expo; TJ Maxx, Lane Bryant, PetSmart and Starbucks Coffee at Cranberry Commons; Michaels, Best Buy, TJ Maxx and Bed Bath & Beyond at Cypress Towne Center; and Petco, Giant Food, Staples and Subway at Doc Stone Commons. In a separate transaction, Kimco recently acquired Kentlands Market Square, a 251,000-square-foot, open-air shopping center located in the Washington, D.C., suburb of Gaithersburg, Md., for $95 million. Whole Foods Market anchors the …
OCEANSIDE, CALIF. — InvenTrust Properties Corp. has acquired Old Grove Marketplace, an 81,279-square-foot shopping center located in the San Diego suburb of Oceanside, for $23.3 million. Ralph’s Marketplace and Lowe’s anchor the 91 percent occupied center, which is also home to tenants including US Bank, Starbucks, Subway, H&R Block, AT&T, McDonald’s and Shell. Gleb Lvovich, CJ Osbrink and Bryan Ley of HFF represented the seller, Gerrity Group, in the transaction.
FAIRFIELD, CALIF.— Sterling Organization has acquired Raley’s Plaza, a 95,441-square-foot shopping center located approximately 40 miles northeast of downtown San Francisco in Fairfield, for $22.8 million. Raley’s anchors the 94 percent occupied center, which is also home to tenants including JP Morgan Chase Bank, Starbucks, Round Table Pizza and Panda Express. A subsidiary of San Diego-based Gerrity Group sold the property.
LOS ANGELES — NorthMarq Capital has arranged the refinancing of two retail properties in Los Angeles. David Blum of NorthMarq arranged a $4.4 million loan for Atlanthub, a 32,768-square-foot retail property anchored by Kipp LA Schools; and a $2.5 million loan for Broadmark, a 14,331-square-foot retail property anchored by AutoZone. Both transactions were structured with a 20-year term and a 30-year amortization schedule. A life insurance company provided the capital for Broadmark.
Unison Realty Partners Buys 132,000 SF Portion of 355,000 SF Shopping Center in Harrisburg
by Amy Works
HARRISBURG, PA. — Unison Realty Partners has acquired 100 percent ownership interest in the 132,000-square-foot non-anchor portion of High Pointe Commons, a 355,000-square-foot regional shopping center located in Harrisburg, for $33.8 million. The 132,000-square-foot acquisition includes retail space occupied by Christmas Tree Shops, Chili’s Bar & Grill, Famous Footwear, Lane Bryant, Sleepy’s and Petco. Built in 2006, the property is anchored by an independent 125,000-square-foot Target and a 98,000-square-foot JCPenney, which were not included in the sale. High Pointe Commons is currently 99 percent leased. Brad Nathanson of CBRE represented the seller, a joint venture between High Real Estate Group and CBL & Associates. Thomas Gorman, also of CBRE, represented the buyer in arranging financing for the acquisition.
Brookhill Properties Expands Portfolio with Acquisition of Mixed-Use Property in Manhattan
by Amy Works
NEW YORK CITY — Brookhill Properties has purchased a five-story residential and commercial building located at 332 E. 9th St. in Manhattan East Village. Tabak Family Realty Co. sold the property for an undisclosed price. Built in 1920, the 9,546-square-foot property features 20 residential units and two commercial spaces. Paradigm Commercial Real Estate assisted Brookhill in the transaction.
HOUSTON — Jamie Mullin of LMI Capital has arranged permanent financing for the acquisition and refinancing of three garden-style apartment complexes and one shopping center in the Houston area. In the first transaction, Mullin originated a 10-year, fixed-rate CMBS loan for a 200-unit asset in southeast Houston. The first mortgage loan featured a three-year, interest-only period and proceeds were for 75 percent of the purchase price. In the second transaction, Mullin arranged a refinancing loan for a 390-unit asset in the Alief submarket. The $11.4 million, 10-year Fannie Mae financing included a 3.9 percent interest rate with a three-year, interest-only period. The capital provided the borrower with over $2.5 million in cash out proceeds, which will be used for future acquisitions. In the third transaction, Mullin placed a $10 million, 10-year CMBS loan for a 60,000-square-foot shopping center located in southwest Houston. The loan featured one year of interest-only payments, minimal closing costs, a 4.4 percent interest rate and returned over $3 million of equity back to the borrower. Subsequent to their acquisition nine years ago, the owners spent over $3.5 million improving the center. The final transaction was a refinancing loan placed with a national bank for a 120-unit …
LEWISVILLE, TEXAS — Bright Realty has brokered leases for 11 Spirit Halloween stores totaling 118,914 square feet. Most of the stores are located in the Dallas area, including locations in Allen, Arlington, Dallas, Desoto, Garland and Lewisville. Two of the stores are in Tyler, one is in Wichita Falls and one is in Oklahoma. The leases range in size from a 5,437 square-foot store in Fort Worth to a 30,000-square-foot store in Lewisville. Timothy McNutt and Britton Lankford of Bright Realty represented Spirit Halloween in the transactions.
ALPHARETTA, GA. — InvenTrust Properties, a retail REIT based in Oak Brook, Ill., has purchased Windward Commons, a 117,234-square-foot, Kroger-anchored shopping center in Alpharetta, for $27.7 million. The property is located at 12850 Highway 9 near the intersection of Windward Parkway and North Main Street. The shopping center was 99 percent leased at the time of sale to tenants such as Hallmark, Roasters and Ippolito’s Italian Restaurant.