HILLIARD, OHIO — Marcus & Millichap has brokered the sale of a 6,100-square-foot retail center to an undisclosed buyer for $3.6 million in Hilliard. The center is located at 1593 Hilliard Rome Road, about 14 miles northwest of Columbus. A Starbucks and Mattress Firm occupy the property. Construction on the retail center was completed this summer. Lisa Sickinger of Marcus & Millichap’s Cincinnati office represented the seller, a limited liability company.
LAKEVIEW TERRACE, CALIF. — NorthMarq Capital has arranged the $9.6 million refinance of Lakeview Terrace Center, a 78,634-square-foot shopping center located in Lakeview Terrace. David Blum of NorthMarq arranged the cash-out, 10-year term loan with 1.5 years’ interest followed by a 30-year amortization schedule through a CMBS lender. The largest tenant in the unanchored center is Lakeview Farmers Market.
LAS VEGAS — The 9,500-square-foot Miller’s Ale House Restaurant located in the Las Vegas submarket of Henderson was sold for $5.25 million. Miller’s Ale House has 14 years remaining on its triple-net lease. Rob Moore of Faris Lee represented the seller, Sunstone Arroyo LLC, and StreetView Realty represented the buyer, FL Grandland LLC.
JERSEY CITY, BRICK AND NEPTUNE, N.J., AND COBLESKILL, N.Y. — Cronheim Mortgage has secured $26.9 million in financing for four individual properties located in Jersey City, Brick, Neptune and Cobleskill. Each loan was structured on a 10/30 basis for affiliated entities of New York-based National Realty & Development Corp. The properties include Old Colony Square, a 100,073-square-foot retail center in Jersey City owned by Grand Street Realty; LHOP Holding LP’s 13-building Lions Head Office Park in Brick; two retail pads in Neptune owned by Red Baron Property Resources LP; and C.P. Plaza LP’s 24,500-square-foot retail center in Cobleskill. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the financing.
SCRANTON, PA. — The Shopping Center Group has brokered the sale of The Mall at Steamtown, located at 300 Lackawanna Ave. in Scranton. Steamtown 300 LLC purchased the property for an undisclosed sum. Situated adjacent to the Steamtown National Historical Site, a railroad museum, the 558,816-square-foot enclosed regional mall was developed in the early 1990s as part of the revitalization of downtown Scranton. The mall is anchored by Boscov’s Department Store. The Shopping Center Group represented the undisclosed seller in the transaction.
LIVINGSTON, N.J. — HFF has brokered the sale of Livingston Shopping Center located at 530 W. Mount Pleasant Ave. in Livingston. The two-building, 140,000-square-foot power center is 97 percent leased to six national tenants that include Nordstrom Rack, TJ Maxx, Buy Buy Baby, DSW, Cost Plus World Market and Ulta Beauty. Situated on 20 acres, the property was fully repositioned in 2014. A partnership between KABR Group and G&G Investors sold the property to Kite Realty Group for an undisclosed price. Jose Cruz, Kevin O’Hearn and Michael Oliver of HFF represented the seller in the transaction.
CHICAGO — J.C. Anderson Inc. has been selected to complete a 9,000-square-foot build-out to DePaul University’s Chartwells Cafeteria on the Loop Campus located at 1 E. Jackson St. Renovations on the 11th floor cafeteria space include an all new dining area, new equipment and food prep stations. Construction is scheduled for completion in September. Nvironment Architecture is providing the architectural services. Katrina Latendorf from DePaul University is coordinating construction management responsibilities.
WAYLAND, MICH. — Integra Real Estate Capital has secured a $5.6 million acquisition loan for Chambers Corners, a neighborhood shopping center located at Reno Drive off Highway 131 in Wayland, approximately 21 miles south of Grand Rapids. Meyer Perlman of Integra Real Estate Capital negotiated the 10-year, non-recourse loan provided by an undisclosed lender. Built in 2000, the 99,600-square-foot Chambers Corners is anchored by Harding’s Market and Family Dollar.
LIVERMORE, CALIF. — NorthMarq Capital has arranged the $10 million refinance of Livermore Valley Shopping Center, a 78,377-square-foot retail property located in Livermore. Dennis Williams of NorthMarq secured the loan, which is structured with a 10-year term and 30-year amortization schedule. Tenants of the center include Dollar Tree, Fitness 19 and O’Reilly Auto Parts.
BROCKTON, MASS. — Bierbrier Development has completed the disposition of Montello Plaza, a freestanding retail property located at the intersection of routes 28 and 37 in Brockton. VEREIT, successor to American Realty Capital, acquired the 64,500-square-foot property for $18.7 million. The property is occupied by Stop & Shop. Frank Giso and David Currie of Choate, Hall & Stewart represented Bierbrier Development. VEREIT handled the transaction on behalf of the entity owner, Cole Credit Property Trust IV Inc. Todd Trombley and Robert Horwath of Marcus & Millichap brokered the transaction.
