FRISCO, TEXAS — The Vitorino Group has arranged the sale of two retail properties in Frisco. A New York-based fund acquired the properties for undisclosed price as part of a 1031 exchange. The 3,001-square-foot and 2,960-square-foot properties are absolute net-leased to 7-Eleven with four years remaining on both 18-year leases. The Vitorino Group represented the undisclosed seller in the deal.
CITRUS HEIGHTS, CALIF. — Newmark has secured $5.7 million in acquisition financing for a retail property located in Citrus Heights. Smart & Final, which opened in May 2016, occupies the 28,243-square-foot property. Mitch Zeemont and Darija Walker of Newmark arranged the non-recourse, 20-year loan that features a 20-year amortization schedule. The name of the borrower was not released.
SAN FRANCISCO — CBRE has hired Matt Kircher as managing director and executive vice president in San Francisco to lead the company’s Bay Area retail leasing business. In this role, Kircher will direct the company’s retail-leasing platform, professionals and offering in the Bay Area. A 27-year veteran of retail real estate, Kircher most recently served at Cushman & Wakefield/Terranomics.
SAN FRANCISCO — Paramount Group Inc. has received a $975 million loan for the refinancing of One Market Plaza, a property featuring two landmark office towers in San Francisco’s South Financial District. The property consists of 1.6 million square feet of Class A office and retail space. The buildings, originally constructed in 1976, underwent a $25 million lobby and atrium renovation that was completed in 2015. The 43-story Spear Tower and 27-story Steuart Tower are bridged by a six-story office and retail annex. Amenities include two restaurants, subterranean valet parking, on-site banking and dry-cleaning, and 24-hour security. The seven-year loan has a fixed interest rate of 4 percent. The net proceeds from the refinancing were used to repay the existing $873 million loan scheduled to mature in December 2019. Goldman Sachs Mortgage Co., Morgan Stanley Bank, Deutsche Bank AG and Barclays Bank PLC provided the loan. Eastdil Secured LLC arranged the financing. New York City-based Paramount Group is a real estate investment trust that owns, operates, manages, acquires and redevelops Class A office properties located in central business district submarkets of New York City, Washington, D.C. and San Francisco. — Kristin Hiller
SAN FRANCISCO — Mesa West Capital has provided $16 million in financing for a 12,281-square-foot Disney Store in San Francisco. The two-story building is located at 39 Stockton St., one and a half blocks south of Union Square. John Churchward of HFF placed the floating-rate loan on behalf of the borrower, Vanbarton Group.
ALLEN, TEXAS — Marcus & Millichap has brokered the sale of The Shops at Bethany, a retail property located at 740 S. Greenville Ave. in Allen. A private investor acquired the 9,467-square-foot property for an undisclosed price. Bill Jordan of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the deal.
PROVIDENCE, R.I., AND PORTLAND, MAINE — Horvath & Tremblay has arranged two retail property sales totaling $4 million in Providence and Portland. In the first deal, an undisclosed investor purchased a 10,920-square-foot retail property located in Providence for $2.5 million. Family Dollar occupies the property under a new 10-year double-net lease with six five-year extension options. Bob Horvath, Todd Tremblay and Brian Ahrens of Horvath & Tremblay represented the undisclosed seller in the transaction. In the second deal, an undisclosed buyer acquired the ground lease to a freestanding restaurant property located on Riverside Street in Portland for $1.5 million. Burger King fully occupies the 2,622-square-foot building and has more than 12 years remaining on its original 20-year ground lease. Horvath, Tremblay and Ahrens represented the buyer in the transaction. The name of the seller was not released.
MIAMI — Marcus & Millichap has arranged the $9.6 million sale of Flagler Station Shops, a 42,800-square-foot shopping center located in Flagler Station near the Florida Turnpike in Miami. Built in 2001 along 106th Street, the retail center was 95 percent leased at the time of sale. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a New York-based advisor, in the transaction. The buyer is a private investment group based in Miami.
LEAWOOD, KAN. — Block & Co. Inc. Realtors has arranged the sale of two acres in the Village of Seville shopping center in Leawood near Overland Park. The shopping center is located at West 133rd Street and State Line Road. An undisclosed buyer purchased the land to build a new 16,400-square-foot medical facility. David M. Block and Phil Peck of Block & Co. negotiated the transaction on behalf of the property owners. Cary Fox and Bill Shakelford of AREA Real Estate Advisors represented the buyer. Block & Co. is responsible for the leasing, property management and construction management of the Village of Seville development.
Nearly all of Kansas City is seeing a significant increase in retail and restaurant construction, with many new development projects now coming to fruition. Several of these new construction projects incorporate apartments and other types of entertainment, office or residential space above first-floor retail. Propelled by the recent opening of the streetcar and new apartment complexes across the city, retail in downtown Kansas City received a lot of leasing attention in 2016, according to CoStar Group. “More people are moving downtown for walkability and a taste of urban living, so retail positioned near the streetcar route or on the ground level of apartment buildings could see more demand,” wrote CoStar in its third-quarter overview of the Kansas City retail market. “In the area running from River Market down to Country Club Plaza, as much space leased in the first three quarters of 2016 as did in all of 2015.” Meanwhile, we are experiencing a number of projects where the traditional, older enclosed malls and retail strip centers are being torn down and redeveloped as mixed-use properties across the Kansas City retail market. Standout submarkets, corridors Annual deliveries in greater Kansas City averaged just over 1 million square feet per year …