SAN ANTONIO — Canyon Capital Realty Advisors (Canyon Realty) has provided a $55.2 million senior construction loan for the 253,606-square-foot fifth phase of the RIM, a power center property in San Antonio. The phase, located at the interchange of I-10 and Loop 1604, is 91 percent pre-leased to tenants including Hobby Lobby, PetSmart, Total Wine & More, Toby Keith’s I Love This Bar & Grill and Bowl & Barrel. RIM V, as it is known, is located in the center of the other four phases, which are fully occupied and house such retailers as Target, Bass Pro Shops, Dick’s Sporting Goods, Best Buy, T.J. Maxx, Lowe’s and Michael’s. Canyon realty arranged the financing on behalf of an affiliate of Thomas Land and Development LLC.
Retail
NEWPORT BEACH, CALIF. — Newport Center Anacapa Associates has received a $7-million loan to acquire Beacon Bay Auto Wash, a car wash that sits on 1.26 acres of developable land in Newport Beach. The transaction was valued at $12 million. The car wash is located at 150 Newport Center Drive across from Fashion Island. It has been in operation since 1970. The new owner plans to re-entitle the property for a boutique hotel. The hotel is anticipated to open by the end of 2014. The loan was provided by Karlin Real Estate. Newport Center Anacapa Associates is composed of a trio of prominent local developers.
LOS ANGELES — The Great Frog, a London-based handcrafted jewelry store, has signed a three-year lease for 910 square feet in the Beverly Grove district of Los Angeles. The space is located at 7955 Melrose Ave. Ed Sachse and Michael Pakravan of Kennedy Wilson Brokerage Group represented both The Great Frog and the landlord, John Jannick, in this lease transaction.
EVANSVILLE, IND. — Summit Real Estate Services has arranged the $1.4 million sale of 6,120-square-foot retail building in Evansville, a city in southern Indiana. Scott Hyatt of Summit Real Estate Services represented the seller, Virginia & Cullen LLC, in the transaction. The buyer was a local private investor. The property, located at 5201 E. Virginia St., serves as the local campus for Regency Beauty Institute.
PEARLAND, TEXAS — HFF has arranged joint venture equity and construction financing for the Center at Pearland Parkway, a 165,000-square-foot retail development in the Houston suburb of Pearland. The property, a power center, will be located on a 27-acre site at the intersection of FM 518 and Pearland Parkway, in close proximity to a 146,000-square-foot Lowe’s and a new HEB grocery store set to open this spring. TJ Maxx and Ross Dress for Less have pre-leased space at the project, which is slated for completion in the fourth quarter of this year. Matt Kafka, Colby Mueck and Will Crawley of HFF worked on behalf of the developer, Stream Realty Partners, to both arrange a joint venture with Dallas-based Thackeray Partners and secure a construction loan through Bank of the Ozarks.
DENVER — H&M has signed a lease for 20,000 square feet of space at The Orchard Town Center, a 914,000-square-foot, open-air regional retail center in the Denver submarket of Westminster. The center is located on the northwest corner of Interstate 25 and 144th Avenue. It is anchored by Macy’s, JCPenney, SuperTarget, AMC Theatres, REI and Lifetime Fitness. Other notable tenants include Forever 21, Chico’s, Victoria's Secret, Eddie Bauer, Old Navy, ULTA Beauty and Ross Dress for Less. Vestar acquired the center two months ago for $123.5 million in an all-cash transaction.
DEKALB, ILL. — Millennium Properties has arranged the sale of a 41,400-square-foot retail center partially leased to Dollar General. The center, located at 1401 S. Fourth St. in DeKalb, is situated on 5.6 acres, providing the new owners the opportunity to develop a 25,000-square-foot outlot building. Dollar General has more than six years remaining on its current lease and several renewal options. Millennium Properties represented the buyer and the seller, both private investors, in the transaction.
NORTON SHORES, MICH. — Di’s Hallmark has signed a 5,892-square-foot retail space at Harvey Ellis Shopping Center in Norton Shores, a city located 39 miles northwest of Grand Rapids. Richard Ludwig and Fred Seeley of Colliers International represented the landlord, Harvey Ellis Associates LLC, in the transaction. Ludwig also represented the tenant, Di’s Hallmark. The tenant will join Salon Centric at the shopping center, which is located at 5025 Harvey St.
NEWARK, DEL., AND PHILADELPHIA – Marcus & Millichap Capital Corp. (MMCC) has arranged $25 million of debt for two East Coast retail properties, for two sponsors. One property is located in Newark, Del., and the other is in Philadelphia. The owner of the 115,000-square-foot retail strip center in Newark received a $17.9 million, 12-year loan for the refinancing of the property. The non-recourse loan includes a seven-year fixed interest rate plus a five-year option to extend and amortizes over 30 years. The loan-to-value is 75 percent. The borrower’s goal of enhancing the cash flow of a 24,688-square-foot neighborhood retail center located in Philadelphia was accomplished through the refinancing of an existing mortgage. MMCC arranged a $7.1 million, 10-year loan that includes a fixed interest rate and amortizes over 30 years. The loan-to-value is 70 percent. James Conley in MMCC’s Philadelphia office arranged the loans.
COTUIT, MASS. – Margulies Perruzzi Architects has provided retail design services for Eastern Bank’s newest branch location in Cotuit, a city located in southern Massachusetts. The 2,100-square-foot branch serves as a new model for interactive technology for Eastern Bank. The layout for the Cotuit location updates the traditional teller counter, opting instead for multiple kiosk type stations on the branch floor. The kiosks are staffed with employees who can assist customers with all their banking needs or direct them to a virtual expert in a private room for more information on a banking product or service. An interactive table with a touch-screen keyboard is available to customers who want to independently complete a transaction. A community wall with multiple touch screens offers alternate access points to information on banking products, tips for setting up banking apps, local news feeds, and video games like “Design a Dollar” for children accompanying their parents to the bank. The project team included general contractor Development Concepts Inc., exhibit designers Main Street Design Inc., multimedia designers Boston Productions Inc. and MEP consultants BLW Engineers.