Retail

12-PROPERTY 7-ELEVEN PORTFOLIO IN OHIO SELLS FOR $30M

by admin January 24, 2014

CINCINNATI — Marcus & Millichap has arranged the $30 million sale of a 12-property, 7-Eleven store and gas station portfolio located throughout Ohio. Glen Kunofsky and Russell Wachtler in Marcus & Millichap’s Manhattan office represented the buyer and seller, both large institutions, in the transaction. Michael Glass, vice president and regional manager of the firm’s Cincinnati, Cleveland and Columbus offices, is Marcus & Millichap’s broker of record in Ohio. 7-Eleven operates, franchises and licenses 8,600 stores in the United States and Canada. Of the approximately 7,600 stores the company operates and franchises in the U.S., close to 5,700 are franchised.

January 24, 2014

CBRE ARRANGES $11M ACQUISITION LOAN FOR FORT WORTH POWER CENTER

by admin January 24, 2014

FORT WORTH, TEXAS — CBRE has arranged an $11 million loan for the acquisition of Ridge Rock Plaza, a 114,495-square-foot power center in Fort Worth. Thackeray Partners purchased the property, which is located on Overton Ridge Boulevard in close proximity to Hulen Mall. The center was fully occupied at the time of the loan closing with a tenant roster including Bed Bath & Beyond, Michaels, Pier 1 Imports, Sun & Ski Sports and Sleep Experts. The eight-year loan includes a fixed rate for the first five years and a floating rate based on LIBOR for the remainder of the term.

January 24, 2014

Retail Western

KW BUYS VICTORY PLAZA, ADJACENT MULTIFAMILY SITE IN LA

by admin January 24, 2014

LOS ANGELES — Kennedy Wilson has purchased Victory Plaza, a 132,995-square-foot retail center in Los Angeles. The acquisition also included an adjacent 2.4-acre site that is zoned for multifamily. The plaza is located on Victory Boulevard near Coldwater Canyon Avenue. Kennedy Wilson purchased the debt on the properties this past December from an Irish financial institution for $30 million. It invested $12 million of equity into the transaction, while Pacific Western Bank provided $18 million of financing. The company obtained the title to the properties via foreclosure subsequent to its debt purchase.

January 24, 2014

Midwest Retail

THE SILVER GROUP ARRANGES $22.6M SALE OF CARMAX IN INDY

by admin January 23, 2014

INDIANAPOLIS — The Silver Group has arranged the $22.6 million sale of a single-tenant property leased to CarMax Inc. in northern Indianapolis. CarMax, a publicly traded, Fortune 500 company, is under a 21-year lease for the 16-acre site, located at 9750 N. Gray Road. A partnership purchased the property. Barry Silver and Greg Cunha of The Silver Group arranged the sale.

January 23, 2014

Midwest Retail

QUANTUM ARRANGES $1.3M SALE OF 7,500 SF RETAIL PROPERTY

by admin January 23, 2014

CARPENTERSVILLE, ILL. — Quantum Real Estate Advisors Inc. has arranged the $1.3 million sale of a 7,500-square-foot AutoZone property in Carpentersville. The property sold to a cash buyer based in California. AutoZone has operated at the location for more than four years and recently signed an 11-year lease. Jordan Kaufman and Daniel Waszak at Quantum Real Estate Advisors Inc. represented the seller, a Chicago-based investor. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer.

January 23, 2014

Retail Texas

CHURCHILL ARRANGES $7.5M LOAN FOR RETAIL CENTER IN LITTLE ELM

by admin January 23, 2014

LITTLE ELM, TEXAS — Churchill Capital Co. has arranged a $7.5 million permanent first mortgage for Lake Shore Crossing, a 42,530-square-foot retail property in the Dallas suburb of Little Elm. Constructed in two phases in 2002 and 2011, the strip center is located along Eldorado Parkway. The fixed-rate, 10-year CMBS loan, which includes one year of interest-only payments and an amortization schedule of 30 years, allowed the undisclosed Dallas-based borrower to exit existing SBA and USDA loans. Brad Donnell arranged the financing through Jamie Ruggiero of MC Five Mile.

January 23, 2014

Retail Western

FURNITURE CONNEXION TO ANCHOR BURNSIDE COMMONS IN GRESHAM

by admin January 23, 2014

GRESHAM, ORE. — Furniture Connexion has signed a 22,108-square-foot lease at Burnside Commons in Gresham. The family operated furniture retailer will open a new showroom at the center, which is located at1776 NW Fairview Drive. Furniture Connexion was represented by the Stalick Company. The landlord, FMK Properties – Burnside, LLC, was represented by Jack Gallagher and Chris Schneider of NAI Norris, Beggs & Simpson.

January 23, 2014

Retail Southeast

SEMBLER/FORGE FUND BUYS ITS FIRST NORTH CAROLINA SHOPPING CENTER

by admin January 22, 2014

NORTH RALEIGH, N.C. — A joint venture between Forge Real Estate Partners III (FREP) and East Coast Acquisitions has purchased Tarrymore Square for an undisclosed purchase price. FREP is an investment fund between The Sembler Co. and Forge Capital. Tarrymore Square is a 256,805-square-foot shopping center that was 65 percent occupied at the time of sale. Tenants at the center include Walgreens, Rugged Warehouse, Rent-A-Center and Miller-Motte Technical College. The joint venture plans to renovate the shopping center and is working with a regional grocer, as well as a fashion retailer. These leases will boost occupancy to about 85 percent by year-end. The Sembler Co. will serve as the property's manager and leasing agent. This is FREP's second acquisition and its first in North Carolina. The joint venture is seeking additional grocery-anchored shopping centers throughout the Southeast.

January 22, 2014

Midwest Retail

MMCC ARRANGES $10.6M ACQUISITION LOAN FOR ILLINOIS RETAIL CENTER

by admin January 22, 2014

JOLIET, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged $10.6 million in debt for the acquisition of North Ridge Plaza, a 238,000-square-foot retail center in Joliet, located about 45 miles southwest of Chicago. Richard Lynn, a director in MMCC’s Oak Brook, Ill., office, arranged the four-year loan, which includes a fixed interest rate of 4.5 percent and a 25-year amortization schedule. Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office represented the buyer, North Windham Properties LLC. Scott Wiles, Craig Fuller, Sean Sharko, Erin Patton and Austin Weisenbeck, also of Marcus & Millichap, represented the seller in the transaction. Current tenants at the retail center include Ultra Foods, OfficeMax, Hobby Lobby, Burlington Coat Factory, GameStop, Fashion Bug, Home Choice and Sally Beauty and Supply.

January 22, 2014

Northeast Retail

PROHEALTH TO OPEN URGENT CARE FACILITY IN QUEENS

by admin January 22, 2014

NEW YORK CITY — ProHealth has signed a lease to occupy 10,913 square feet at the Glen Oaks Shopping Center, located at 259-27 Union Turnpike in Queens. The agreement brings the center to 99 percent occupancy. The medical services provider will lease space at the east endcap of the 187,650-square-foot center and is expected to open in March. ProHealth is renovating the façade and expanding the existing space to increase its frontage on Union Turnpike. Nicholas Forelli, director of leasing, represented the Feil Organization, the center’s owner and manager, in-house. Todd Cooper of Ripco Real Estate represented ProHealth.

January 22, 2014

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