WALLINGTON, N.J. — NorthMarq Capital has arranged $16 million in refinancing for Wallington Plaza, a retail property located at 375 Paterson Ave. in Wallington. ShopRite Supermarket is the major tenant at the 92,823-square-foot retail property. Robert Ranieri of NorthMarq Capital arranged the ground-lease financing, which features a seven-year term and 30-year amortization schedule, through a regional bank. The borrower was not released.
BENSALEM, PA. — Marcus & Millichap has brokered the sale of a net-leased property located at 1837 Street Road in Bensalem. The 100,000-square-foot asset sold for $3.5 million. The property is occupied by a Kmart, which has been at this location since 1983. John Reehil of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company, in the transaction. Mark Taylor, also of Marcus & Millichap, assisted in closing the deal.
MINNEAPOLIS — RJM Construction has completed a multi-million dollar renovation of RBC Plaza at Nicollet Mall in downtown Minneapolis. The transformation of the 709,690-square-foot Class A office and retail property took nearly 18 months to finish. RJM Construction converted the former four-story retail and food court space on the 3rd and 4th floors of the Nicollet Mall into a two-story atrium within the 40-story office tower located at 60 S. 6th St. New amenities include a state-of-the art conference center, fitness center with locker room, bike storage area, and meeting areas on the lower level and main lobby. The property also features two levels of retail stores and cafés, including D’Amico & Sons, Sprout Salad Company, Caribou Coffee, The Fresh Market, Affinity Federal Credit Union and management consulting firm Joern Samaha & Associates. KBS owns RBC Plaza, which is operated by KBS Capital Advisors. Mark Stevens of Cushman & Wakefield | NorthMarq represents RBC Plaza.
YORKVILLE, ILL. — Greenwood Global Inc. has acquired Kendall Marketplace, a 590,000-square-foot retail center located in Yorkville, approximately 50 miles southwest of Chicago. The purchase price was undisclosed. The Class A shopping center, which opened in 2008, is situated on 192 acres of land and is anchored by a Dick’s Sporting Goods, Marshalls and PetSmart. Other stores include The Home Depot, Kohl’s, and Super Target. Kendall Marketplace has the ability to add as much as 155,000 square feet of retail space through the development of multiple outparcels. Headed by Alex Berman, formerly CEO of EPN Group, Northbrook, Ill.-based Greenwood Global also has acquired residential land adjacent to Kendall Marketplace. The land is zoned for 192 single-family homes and town homes. Kris Cooper of JLL represented the seller, an American multinational banking and financial services corporation, in the transaction. Greenwood Global has selected CBRE as the property manager and leasing agent at Kendall Marketplace.
LAS VEGAS – Las Palmas Village, a 109,838-square-foot retail center in Las Vegas, has sold to Citywest Investments Joint Venture for $23.4 million. The center is located at 415-535 E. Windmill Lane. It is anchored by Vons. The Australian-based real estate company was represented by Chris Emanuel and Jeff Mitchell of Virtus Commercial. The seller, Donahue Schriber Realty was represented by DTZ’s Michael Hackett and Ryan Schubert.
MANAHAWKIN, N.J. — HFF has arranged the sale of Manahawkin Commons, a 318,100-square-foot retail center in Manahawkin. The Hampshire Companies, in a joint venture with MCB Real Estate and One Liberty Properties, purchased the property for $42.2 million from ACI Manahawkin LLC. The 95-percent-leased property is occupied by Kmart, TJ Maxx, Regal Cinemas, Staples, Michaels, Pier 1 Imports, Famous Footwear, Great Clips, Five Below, McDonald’s, Verizon Wireless, Game Stop, Subway and Dunkin’ Donuts. Mitchell Greene, Robert Sasloff and Lori Schwartz of Robinson Brog Leinwand Greene Genovese & Gluck provided legal counsel to ACI Manahawkin LLC during the transaction. Jose Cruz and Kevin O’Hearn of HFF represented the seller in the transaction.
PITTSBURGH — First Niagara’s Commercial Real Estate Group has closed a $40 million loan with PMC Property Group for a mixed-use property in downtown Pittsburgh. Proceeds of the loan will go to the continued redevelopment of the property, which will include 241 multifamily units, 133,000 square feet of office space and 6,200 square feet of retail space, including two restaurants and a coffee and juice bar. Located at 425 Sixth Ave., the 30-story skyscraper was originally built in 1953 as the headquarters of the Aluminum Company of America. Being developed by PMC Property Group, the property is slated for completion by March 2016. Strada is the architect of the project.
TIPP CITY, OHIO — Integra Real Estate Capital has secured a $6.7 million refinance loan through a Wall Street conduit lender for Tipp City Plaza. Russell Kimyagarov of Integra arranged the non-recourse, 10-year loan for the borrower, TCP Center. Located in Tipp City, 15 miles north of Dayton, the 114,850-square-foot shopping center was remodeled in 2004. Foodtown, CVS Pharmacy, and Family Dollar anchor the shopping center.
SCOTTSDALE, ARIZ. — DTZ has arranged the sale of The Summit at Scottsdale, a 190,408-square-foot shopping center located in Scottsdale, for $54.1 million. Safeway and Target anchor the center. Ryan Schubert, Michael Hackett and Dan Wald of DTZ worked on behalf of the seller. The center was 97 percent leased at the time of sale to tenants including CVS/pharmacy, Office Max, PetSmart, Starbucks Coffee, Bath & Body Works, Verizon Wireless and Chico’s.
NEW JERSEY — Winick Realty Group has brokered five new leases for Jersey Mike’s Subs in new markets across New Jersey. The restaurant is leasing 1,800 square feet at 1350 Galloping Hill Road within Galloping Hill Shopping Center in Union; 1,427 square feet at 757 Bloomfield Ave. in West Caldwell; 1,600 square feet at Shoppes at Raider Boulevard in Hillsborough; 1,300 square feet at 2100 Route 35 in Ocean Township; and 1,200 square feet at 1260 Springfield Ave. in New Providence. Gary Krauss of Winick Realty Group represented various Jersey Mike’s Subs franchisees in each transaction.
