NORTH LAS VEGAS, NEV. — Craig Promenade, an 86,395-square-foot retail strip center in North Las Vegas, has received $7.2 million in financing. The center is located at 525-785 West Craig Road across from Craig Ranch Regional Park. It was built in 2005. The borrower was RREF II-KI, Promenade, LLC, a partnership between Kismat Investments and Rialto Capital. Financing was arranged by HFF’s John Chun and Sebastian Trujillo. The three-year, floating-rate loan was provided by RRA Capital Management. The borrower used the proceeds to acquire the property.
FRESNO, CALIF. – A 17,164-square-foot building in Fresno that is triple-net leased to Smart & Final has sold to a private San Pedro investor for $6.3 million. The building is located at 631 H. Street. The buyer purchased the property in a 1031 exchange and obtained third-party financing. It was represented by Sands Investment Group. The seller, a private San Diego investor, was represented by Eric P. Wohl and Edward B. Hanley of Hanley Investment Group.
CHICAGO — New York-based Acadia Realty Trust has acquired the retail space at the base of the 188-unit Waldorf Astoria Chicago, located at 11 E. Walton St. in Chicago, for $44 million. Tenants of the 6,738-square-foot space include Marc Jacobs and Saint-Laurent. Adam Secher and Janika Brenner of Baum Realty Group, along with Cushman & Wakefield, brokered the sale.
OSAGE BEACH, MO. — A 20,000-square-foot Bed, Bath & Beyond has opened at Lakeview Pointe Shopping Center in Osage Beach. With this opening, approximately 137,000 square feet of the 150,000-square-foot, Dierbergs-anchored shopping center will be occupied. The center is occupied by The UPS Store, JJ Twigs Plaza, Great Clips, Eyes on Missouri, All-Pro Realtors, Dick’s Sporting Goods, The St. Louis office of Capitol Realty Group is the leasing agent for the center.
LA VERNE, CALIF. – The La Verne Courtyard, an 84,796-square-foot shopping center, has sold to a private Beverly Hills investor for an undisclosed sum. The center is located at 2204-2278 Foothill Blvd. in La Verne. Notable tenants include Orchard Supply Hardware, Office Depot, Citi Financial, Pizza Hut, Rubio's Baja Grill, Quiznos and Magic Wok. Both the buyer and seller, a private San Clemente investor, were represented by Edward B. Hanley, William B. Asher and Kevin T. Fryman of Hanley Investment Group.
COSTA MESA, CALIF. – A 4,830-square-foot retail center in Costa Mesa has sold to a private San Clemente investor for $3 million. The center is located at 2800 Harbor Blvd., next to Orange Coast College. It is fully leased to Yoshinoya, AT&T and GoldMax. The buyer was represented by Dennis Vaccaro of Faris Lee Investments. The seller, a private Wyoming investor, was represented by Edward B. Hanley and Eric P. Wohl of Hanley Investment Group.
LIVONIA, MADISON HEIGHTS, FERNDALE AND BIRMINGHAM, MICH. — Pizza Hut has signed four leases for restaurant space in Southeast Michigan. Totaling 5,566 square feet, the leases are located at Wonderland Village in Livonia; a new development at 14 Mile and John roads in Madison Heights; Ferndale Avenue Shoppes in Ferndale; and a center on Woodward Avenue in Birmingham. Adam Goodman of Mid-America Real Estate-Michigan represented Pizza Hut in the transactions.
HOUSTON — Marcus & Millichap has brokered the sale of a 5,362-square-foot net-leased property in Houston occupied by Bikinis Sports Bar & Grill. The restaurant, located at 17117 Tomball Parkway, is in proximity to Willowbrook Mall. Jason Vitorino of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Jared Aubrey, also of Marcus & Millichap, secured and represented the buyer in the transaction, an institutional investor.
BOCA RATON, FLA. — Allen Edmonds, a U.S.-based manufacturer of premium men’s footwear and accessories, has signed a 10-year lease for retail space at The Shops at Boca Center, a 116,000-square-foot mixed-use lifestyle center in Boca Raton. The Shops at Boca Center, located at 5050 Town Center Circle, is fully leased to tenants including AT&T Wireless, Panera Bread, Starbucks Coffee, Morton’s, Brio Tuscan Grille, Total Wine & More and Verizon Wireless. Allen Edmonds has 47 stores in the United States. Lisa Ferrazza of CBRE represented the landlord in the lease transaction. Drew Schaul of Robert K. Futterman & Associates represented Allen Edmonds.
KANSAS CITY, MO. — Pine Tree Commercial Realty, in conjunction with Wanxiang America Corp. and Osprey Real Estate Capital, has acquired the Shoppes at Shoal Creek in Kansas City, Mo., for $17.6 million. The retail center is located along North Flintlock Road. Built in 2005, the 97,085-square-foot shopping center was 97 percent occupied at the time of sale. Best Buy and OfficeMax anchor the property, and a 15,600-square-foot La-Z-Boy is currently under construction and expected to open this summer. Associated Bank provided $12.75 million in acquisition and construction financing, which was arranged by Bill Barry of Draper & Kramer. Pine Tree Commercial Realty is based in Northbrook, Ill.