COMMERCE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $1.2 million refinance loan for Bogie Commerce, a 9,848-square-foot retail center in Commerce Township, approximately seven miles north of Novi. Dave Dismondy of Bernard Financial Group originated the loan for the borrower, Bogie Commerce Associates LLC. Stancorp Mortgage Investors LLC, a correspondent of Bernard Financial Group, was the lender in the transaction.
Retail
LOS ANGELES – The Swig Company has purchased a 72,500-square-foot building in Los Angeles that serves as the Disney Store’s western regional headquarters for $26.1 million. The building is located at 443 S. Raymond Ave. The historic building was originally constructed in 1922. The campus underwent extensive renovations that were completed in 2005. The seller, Karlin Real Estate, was represented by Bob Safai and Matt Case of Madison Partners.
HOUSTON — Marcus & Millichap has arranged the sale of Christian Brothers Automotive, a 4,921-square-foot, net-leased property in Houston. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Vitorino also represented the buyer, a local private investor. Farhan Kabani, of Mark One Capital’s Dallas office, arranged financing. The loan was structured with a 10-year term amortizing over 25 years with a fixed rate of 4.25 percent. Christian Brothers Automotive is located at 7937 Westheimer Road in Houston.
FARMVILLE, N.C. — Crayton Commercial has completed the redevelopment of Brightleaf Shopping Center, a 98,150-square-foot shopping center in Farmville, about 14 miles west of Greenville. The property is located at the intersection of East Marlboro Road and Main Street. Brightleaf’s tenant roster includes a 43,200-square-foot Roses Discount Store and an 8,470-square-foot Dollar Tree. Crayton Commercial is also launching Phase II of the project on an adjacent 7.8-acre tract of land that calls for an anchor structure and two outparcels. Mike Morton of Morton Commercial Inc. served as the general contractor on the redevelopment project, and Bank of North Carolina and BB&T provided construction financing for the project.
VIRGINIA BEACH, VA. — Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has purchased three development sites in Virginia and North Carolina for $4.2 million. Wheeler REIT purchased the sites from Development Fund I LLC, an affiliate of Wheeler REIT, and plans to develop the sites into future retail assets. The sites include a 52.9-acre tract in Edenton, N.C., suitable for a 300,000-square-foot development; a 1.3-acre tract in Moyock, N.C., suitable for a 9,000-square-foot property; and a 1-acre parcel in Courtland, Va., suitable for a 8,400-square-foot property.
SPRINGFIELD, ILL., TERRE HAUTE AND EVANSVILLE, IND. — Carrols Restaurant Group Inc. has signed definitive agreements to purchase 64 Burger King restaurants from certain subsidiaries of Heartland Food LLC for approximately $18 million excluding inventory. The restaurants include 11 restaurants in Springfield, Ill., 15 restaurants in Terre Haute, Ind., seven restaurants in Evansville, Ind., 27 restaurants in Nashville, Tenn. and four restaurants in other markets. The transaction is subject to certain closing conditions. In conjunction with the transaction, Burger King Corp. has also agreed to make a cash payment to Heartland at closing based on Carrols’ commitment to remodel 46 of the restaurants. Closing is expected to occur in late September or early October.
GURNEE, ILL. — The Boulder Group has completed the $2.2 million sale of a single-tenant IHOP property in Gurnee, approximately 40 miles north of Chicago. The property is located at 5670 Northridge Drive. The IHOP is an outparcel to Six Flags Great America, a 304-acre theme park. The restaurant is also near Gurnee Mills, a 1.8-million-square-foot indoor mall featuring Bass Pro Shops, Macy’s, Kohl’s, T.J. Maxx, Burlington Coat Factory and Sears. IHOP has approximately two years remaining its lease, which expires February 29, 2016. The lease is triple-net and features no landlord responsibilities. IHOP is a subsidiary of DineEquity. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Florida-based private individual. A Chicago-based real estate investor purchased the property in a 1031 tax-deferred exchange.
NORTHWOOD, OHIO — The Cooper Commercial Investment Group has brokered the $450,000 sale of an Arby’s located in Northwood, approximately eight miles southeast of Toledo. Bob Havasi of the Cooper Commercial Investment Group in Cleveland represented the seller, a New York partnership. A California-based private investor purchased the property in an all-cash transaction.
SAN DIEGO – A 35,000-square-foot restaurant space in Encinitas has sold to PS2 Pacific LLC for $6.5 million. The property is located at 2530 Highway 101 in the San Diego submarket. The buyer plans to operate a new restaurant on the property, which has been vacant for more than a year. The buyer also owns Pacific Coast Grill, which is adjacent to the property. PS2 was represented by Richard Lebert and Matt Zimsky of Colliers International. The seller was Avolencia Group LLC.
SAN JOSE, CALIF. – Gap and J. Crew have leased space at Westgate Center in San Jose. Gap Factory Store has leased 10,910 square feet. It is set to open later this year next to Old Navy. J. Crew has leased 5,750 square feet. That store is scheduled to open in spring 2015. Other new additions to Westgate Center include the Nike Factory Store and Skechers Factory Outlet. The center is owned by Federal Realty Investment Trust.