CANTON, LANSING AND OKEMOS, MICH. — Bernard Financial Group has arranged a $4.1 million loan for a four-property retail portfolio in Michigan totaling 39,409 square feet. Two of the four shopping centers are located in Canton and the other two are located in Lansing and Okemos. Dave Dismondy of Bernard Financial arranged the loan on behalf of the borrower, GK Retail Portfolio Inc.
Retail
DAVIS, CALIF. – A 4,022-square-foot property in Davis that is net leased to IHOP has sold to a partnership for $3.5 million. The building is located at 1745 Cowell Blvd. IHOP has about 13 years remaining on the lease. Steve Sauter of Marcus & Millichap’s Palo Alto office represented both the buyer and seller, an individual/personal trust, in this transaction.
FLOWOOD, MISS. — UCR Properties has arranged the $2.6 million sale of Flowood Plaza, a 28,000-square-foot shopping center located in Flowood, a suburb of Jackson. The property’s tenant roster includes HobbyTown USA, Papa John’s Pizza and Anytime Fitness, and it is shadow-anchored by Walmart. The asset was 77 percent leased at the time of the sale. Micah McCullough and Brett Bailey of UCR Properties represented the seller, Wells Fargo Bank, and procured the buyer, a Louisiana-based private investor.
ROCK HILL, S.C. — Westwood Financial Corp. has signed Publix to anchor Cherry Road Crossing, a 78,890-square-foot shopping center on Cherry Road in Rock Hill, a suburb of Charlotte. Publix will occupy the 63,241-square-foot store formerly occupied by Bi-Lo. This marks the seventh former Bi-Lo location that Publix has replaced in the past year. Cherry Road Crossing is 90 percent leased to Publix, Jackson Hewitt Tax Services, The Wireless Co., Sally Beauty Supply and Americash.
NEW YORK — Related Cos., Oxford Properties Group and Neiman Marcus Group Inc. plan to open a flagship Neiman Marcus store on Manhattan’s west side at Hudson Yards. The 250,000-square-foot, multi-level store is scheduled to open in 2018 and will be the first for the brand in New York City. The three-level Neiman Marcus will anchor the 1 million-square-foot Shops at Hudson Yards. Related Cos. and Oxford Properties Group developed the 28-acre Hudson Yards, which includes more than 17 million square feet of commercial and residential space. The property also features more than 100 shops and restaurants, approximately 5,000 residences, a 750-seat public school and a 175-room luxury hotel.
COMMACK, N.Y. — Stein Mart has signed a 30,800-square-foot- lease at the Mayfair Shopping Center in Commack. Jake Frantzman of Levin Management negotiated the transaction. SRS Real Estate Partners represented the tenant. Stein Mart will move into the space formerly occupied by MJM Designer Shoes. A 60,000-square-foot Waldbaum's supermarket anchors the 221,000-square-foot Mayfair Shopping Center.
HIGHLAND HEIGHTS, OHIO — Osborne Capital Group has arranged a 10-year, $4 million financing with Ladder Capital Finance for the company's Brainard Crossing retail center in Highland Heights, a suburb approximately 15 miles east of Cleveland. Brainard Crossing is located on Wilson Mills Road between Brainard Road and Interstate 271. Brainard Crossing will comprise of the redevelopment of a long-vacant supermarket into a 40,000-square-foot shopping center anchored by Fitworks. The small shop space includes TNT Tanning, Highland Wellness and Grind Burger.
GILBERT, ARIZ. — ZK Grill has leased 2,347 square feet of space at Gilbert Crossing. The center is located at the northeast corner of Guadalupe and Gilbert roads. Other notable tenants include Power MMA & Fitness, Firestone, Meridan Bank and Tots Unlimited. This will be ZK Grill’s fourth location in the valley. ZK Grill was represented by Scott Ellsworth of SRS. The landlord, Tri Gate Capital, was represented by Cliff Johnson of Cassidy Turley.
OKLAHOMA CITY – CBRE’s National Retail Investment Group has arranged the sale of Centennial Plaza, a 23,797-square-foot power center in Oklahoma City. CBRE worked on behalf of Kimco Realty Corp., which sold the property to American Realty Capital-Retail Centers of America Inc., a publicly registered, non-traded REIT. Centennial Plaza is 100 percent occupied and anchored by retailers including Home Depot, Best Buy, Gordmans and Guitar Center. The property is located at 5801 N. May Ave. near Oklahoma City’s Nichols Hill and Meadowbrook Acres neighborhoods. It was built in 1992. Chris Cozby, Chris Gerard, Mark Inman and Kevin Holland with CBRE represented the seller.
AUGUSTA, GA. — Bernard Financial Group has arranged a $7.5 million loan to refinance a freestanding, 192,394-square-foot Walmart Supercenter in Augusta. Neil Gorosh of Bernard Financial originated the loan through Ameritas Life Insurance Corp. on behalf of the borrower, BC Investments-Augusta LLC.