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.
Retail
PENSACOLA, FLA. — KeyBank Real Estate Capital has secured a $15.5 million loan to refinance Park Place Promenade, a 172,086-square-foot retail center in Pensacola. The total collateral for the property is 83,902 square feet. Park Place Promenade was constructed in 2003-2004 and is comprised of five in-line buildings. The property has averaged above 91 percent occupancy since 2008. The unnamed borrower used the loan to pay off an existing CMBS loan that KeyBank originated in 2004.
BEAR, DEL. — CBRE Inc. has brokered the sale of Eden Shopping Center in Bear. MCB Real Estate purchased the 235,508-square-foot shopping center from Bellevue Holdings for an undisclosed price. Giant Food Store and Lowe’s Home Improvement Warehouse anchor the center. Kevin McClernon and George Schmitt of CBRE represented the seller in the transaction.
FALL RIVER, MASS., HALFMOON, N.Y., AND LATROBE, PA. — Marcus & Millichap has brokered two separate retail property transactions totaling $14.8 million in Massachusetts, New York and Pennsylvania. In the first transaction, Pentucket Motor Lodges Inc. acquired a 3,844-square-foot McDonald’s property located within the newly developed Crossroads at 24 in Fall River for $2.2 million. The asset includes a new 30-year McDonald’s ground lease with four five-year options and 10 percent rental increases scheduled every five years throughout the base term and option periods. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the sellers, First Bristol Corp. and Marshal Properties, and the buyer in the transaction. Additionally, Horvath and Tremblay completed a 1031 exchange for Yarmouth Mayflower. The company purchased two Walgreens locations in Halfmoon and Latrobe for $12.6 million.
SAN DIEGO – SR Commercial has acquired the Mark II Portfolio, an industrial and office portfolio in San Diego that contains a total of 228,061 square feet, for $35.1 million. The portfolio includes 9450, 9484, 9530, 9537, 9557, 9705, 9707, 9779 Candida Street; 9474, 9524 and 9545 Kearny Villa Road; 9550 Miramar Road; and 9606, 9636, and 9663 Tierra Grande Street. The portfolio is 94 percent leased. About 65 percent of this space will become available over the next three years. All of the properties were built between 1982 and 1999. The portfolio’s largest tenant is 24 Hour Fitness, which occupies the full 31,000-square-foot building at 9550 Miramar Road. Other tenants include White Labs, S&R Sports Inc., Secure Transportation and John Deere Landscapes. Rick Reeder, Brad Tecca, Bryce Aberg and Brant Aberg of Cassidy Turley represented both the buyer and seller, TA Associates Realty, in this transaction. The Abergs will continue to provide leasing services to the new ownership.
HOUSTON — Houston-based Baker Katz has arranged the lease of a 40,000-square-foot Dave & Buster’s in Houston. The property is located in the Baybrook Mall expansion project and will be the third Dave & Buster’s location in the Houston area. Jamie Weaver and Jason Baker of Baker Katz, along with Ross McCook and Larry Leon of Venture Commercial, represented the tenant. Greg Sullivan represented the landlord. Dave & Buster’s was founded in Dallas in 1982.
MISSOURI CITY, TEXAS — Bellomy & Co. has brokered the sale of Bankers Mini Storage in Missouri City. The 479-unit facility includes 92,733 square feet of rentable space. The property has climate-controlled, non-climate, boat and RV storage units. Bankers Mini Storage is located on FM 1092 about 18 miles southwest of Houston. Bill Bellomy, Michael Johnson and John Owens marketed the property on behalf of a Houston-based family partnership. The same group also procured the buyer, a Corpus Christi-based storage operator.
PINEHURST, N.C. — Argus Development Group LLC, a Charlotte-based developer, has broken ground on PineCroft, a 98,220-square-foot shopping center located at the intersection of U.S. Highway 211 and Main Street in Pinehurst. PineCroft will be anchored by a 76,000-square-foot Harris Teeter and includes 22,200 square feet of specialty shops along with four outparcels. The center is scheduled for completion in fall 2015. The design team includes project architect One on One Design, project engineer BBM Associates and general contractor Montgomery Development. Stanford Garnett of Argus Development Group will handle the leasing for PineCroft.
LATHAM, N.Y. — CBRE/New England’s Debt & Structured Financing team, on behalf of Realty Financial Advisors and Grossman Development Group, has secured $45 million in construction first mortgage financing for The Shoppes at Latham Circle. Located at 800 New Loudon Road in Latham, the 370,000-square-foot shopping center will be anchored by a 188,000-square-foot Walmart Supercenter and will offer a mix of lifestyle tenants, including restaurants and fitness. Grossman Development Group is developing the center, which is owned by Realty Financial Advisors. Additionally, CBRE/Grossman Retail Advisors is handling the leasing of the center. Kyle Juszczyszyn, Carlos Febres-Mazzei and Taylor Shepard of CBRE/NE Debt & Structured Finance negotiated the transaction for the owner.
SPRING LAKE HEIGHTS, N.J. — Marcus & Millichap has arranged the ground lease sale of Investors Bank, a net-leased property in Spring Lake Heights. The 3,921-square-foot property sold for $3.2 million. The property has a 20-year corporately guaranteed ground lease with 10 percent rental increases every five years. Additionally, the property is an absolute-net ground lease with no landlord management. Michael Shover and Matthew Gorman of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller. Shover and Gorman also secured and represented the buyer, a limited liability company, in the transaction. Michael Fasano, also of Marcus & Millichap, assisted with the transaction.