MONTGOMERY, ALA. — New York Life Real Estate Investors has provided a $58 million loan on behalf of institutional investors for The Shoppes at EastChase in Montgomery. The 389,084-square-foot power retail center is leased to tenants including AT&T Wireless, Banana Republic, Dillard’s, Earth Fare Organic Grocer, Kohl’s, LOFT, Moe’s Southwest Grill, Motherhood Maternity, PetSmart and Target. Phillip Cox and Bill Mattice of Grandbridge Real Estate Capital’s Greenville, S.C., office arranged the loan through New York Life. The 10-year loan featured a fixed interest rate.
NEW ORLEANS — HFF has arranged a $27.7 million loan for Algiers Plaza, a recently renovated, 236,389-square-foot shopping center located along General deGaulle Drive in New Orleans. The Winn Dixie-anchored shopping center has recently added Petco, Ross Dress for Less, T.J. Maxx and Burke’s to its tenant roster. Existing tenants include Payless Shoe Source, Buffalo Wild Wings, Mattress Firm and Walgreens. Algiers Plaza was 85 percent leased at the time of financing. De’On Collins and Travis Anderson of HFF arranged the floating-rate loan through BBVA Compass on behalf of the borrower, N3 Real Estate. N3 will use the loan proceeds to pay off a construction loan, acquire all of the minority partnership interests and fund future capital improvements and leasing costs at the property.
DALLAS — A fund sponsored by CBRE Global Investors has acquired Mockingbird Station, a Class A mixed-use lifestyle center in Dallas totaling 560,468 square feet. The development includes retail space, an office tower and luxury loft-style apartments. Located at 5307, 5321 and 5331 E. Mockingbird Lane, the property sits just north of downtown. The development is built around Mockingbird Station, a stop for the DART light rail system serving the Dallas-Fort Worth area, and is also located directly off I-75. Mockingbird Station includes a 10-story, 148,878-square-foot office tower that is 94 percent occupied, as well as an adjacent parking garage containing 177 spaces. The 197,367-square-foot retail component, which is 92 percent occupied, includes restaurants, an eight-screen movie theater, a comedy club and several retailers. Mockingbird Station also includes 211 apartments, which are 96.7 percent occupied. The team is planning upgrades to select components throughout the units, which include the installation of updated solid surface countertops, tile backsplashes, premium fixtures and washer/dryers. The team is also planning to upgrade the property’s entranceway, leasing office and amenities.
COLLEYVILLE, TEXAS — Marcus & Millichap has arranged the sale of The Village at Colleyville, a medical office and multifamily mixed-use building in Colleyville. The property was 100 percent occupied at the time of the sale. Nick Fluellen, Ron Hebert, Bard Hoover, Trey Caldwell and Scott Ogilvie of Marcus & Millichap’s Dallas office procured the buyer, a 1031-exchange investor. Built in 2009, the property is located at 5232 Colleyville Blvd. in Colleyville. The building features 15,000 square feet of medical office space and 30 multifamily units. Colleyville Family Medicine leases the medical office space.
KANSAS CITY, MO. — Inland Real Estate Income Trust Inc. has acquired a 158,046-square-foot retail center in Kansas City. According to The Kansas City Star, NorthPoint Development Co. sold the property at a price “in excess of $30 million.” The Village at Burlington Creek is located at 6300 N. Revere Drive and was constructed between 2007 and 2012. The center was 98 percent leased at the time of sale and is anchored by a 28,009-square-foot Sprouts Farmers Market. The shopping center features more than 45 tenants including Impact Fitness, SPIN! Pizza, Bonefish Grill, Northland Dermatology, Bank of Oklahoma and KC Dry Cleaning. Mark Cosenza of Inland brokers the transaction on behalf on Inland.
Operating as our state’s political core and as the “live music capital of the world”, Austin’s real estate market is as distinctive as the people that make this city great. Austin is a one-of-a-kind place that’s unique to Texas and the entire country. It defies stereotypes with its progressive and fiercely entrepreneurial spirit, and continually gets top marks for its quality of life, pro-business culture and pro-environment views. WalletHub recently ranked Austin as the 2015 best large city to live in and the data matches up — the city ranks second among 2015’s fastest-growing cities in the U.S., according to Forbes, behind Houston and ahead of Dallas-Fort Worth. In the era of ‘Walker, Texas Ranger,’ Emmitt Smith and ‘the Dream Team,’ and the release of ‘Dazed and Confused,’ the tech boom of the 1990s drove the Austin office market. During that same time, Austin’s total population increased 35 percent and close to 1,750 companies employed over 110,000 people in technology-related jobs in Austin. By the end of the 90s, Texas’ capital city was widely known as Silicon Hills, home to a critical mass of institutional technology knowledge and major tenants like Dell, IBM, Motorola and other software and gaming companies. …
SEMINOLE, FLA. — Grandbridge Real Estate Capital has closed a $4.6 million loan secured by a Winn Dixie-anchored shopping center in Seminole. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office arranged the 10-year, interest-only loan through an unnamed CMBS lender. According to Mattice, the unnamed borrower was using a 1031 exchange as the equity to acquire the shopping center.
PHOENIX — Phoenix-based VEREIT Inc. has sold a $204 million pool of Red Lobster properties to San Francisco-based Golden Gate Capital. Additionally, the two companies have entered into a strategic partnership where VEREIT will opportunistically divest an additional $400 million of properties by executing single- or multi-unit dispositions at accretive valuations. The Red Lobster restaurants that are part of this transaction will continue to operate without change or disruption.
BUENA PARK, CALIF. — CBRE Group has brokered the sale of a retail building, located at 8030 Dale St. in Buena Park. Oshdale LLC acquired the 44,100-square-foot property from Village Properties for $15.7 million. Orchard Supply Hardware recently signed a 20-year, triple-net lease for the property and plans to open later this year. Dan Riley, Arthur Flores and Austin Wolitarsky of CBRE represented the seller and buyer in the transaction. Barclay Harty, also of CBRE, was the leasing agent at the time of sale.
SAN FRANCISCO — The Grove has signed a lease for 3,650 square feet of space at One Henry Adams, an apartment community located on Townsend Circle in Showplace Square in San Francisco. One Henry Adams and the new restaurant location are slated to open in the fourth quarter of 2016. Owned by Equity Residential, the 241-unit apartment community offers 8,600 square feet of retail space.