ROCKY HILL, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.5 million loan for the refinancing of a retail center in Rocky Hill, located just south of Hartford. The address and square footage of the property, which houses a supermarket and a bank, were not disclosed. Gerald Kray of MMCC arranged the loan, which was structured with a five-year term, 7.1 percent interest rate and 65 percent loan-to-value ratio. The borrower and direct lender were also not disclosed.
TYLER, TEXAS — Houston-based investment and brokerage firm NewQuest Properties has arranged the sale of Shops at Shiloh, a 14,927-square-foot retail center in Tyler, about 100 miles east of Dallas. A CEFCO convenience store and gas station anchors the property, which was built on 2.4 acres in 2008 and was 95 percent occupied at the time of sale. Austen Baldridge of NewQuest and Marc Peeler, now with Partners Real Estate, represented the undisclosed seller in the transaction. Eliud Sangabriel of SVN Trinity Advisors represented the undisclosed buyer, which acquired the property via a 1031 exchange.
ATLANTA — Atlanta-based fast-casual brand Chick-fil-A will open four new restaurants in metro Miami. Chick-fil-A has broken ground on the first of the units, a Cutler Bay restaurant that will span 4,800 square feet. Dustin Griffiths of Chick-fil-A and David Emihovich of Katz & Associates represented Chick-fil-A in the lease negotiations. Michael Berkowitz of Berkowitz Development Group and Douglas Landsea of Landsea Development are the landlords. Development is scheduled to begin on three additional restaurants — which will be located in Miami Shores, Pinecrest and Princeton — later this year.
NEW YORK CITY — Marcus & Millichap has brokered the $9.4 million sale of a 6,250-square-foot retail building in Brooklyn’s Clinton Hill neighborhood that is leased to Bank of America. The financial institution has occupied the building since 2006, and the lease is corporately guaranteed through 2034 and includes multiple renewal options. Scott Plasky and Alexander Arustamian of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
CANTON, MICH. — First National Realty Partners has completed the lease-up of Premier Center in Canton, a western suburb of Detroit. The latest lease was with Michaels, which opened a 17,514-square-foot store in March. Additional tenants include Kroger, Home Depot, Dick’s Sporting Goods, Five Below, Ruby Tuesday, Great Clips and The UPS Store.
EATONTOWN, N.J. — New York City-based Kushner Cos. has begun the redevelopment of Monmouth Mall in Eatontown, roughly 50 miles outside New York City, a project that is valued at approximately $500 million. Under the current plans, the redevelopment will convert the mall into a mixed-use destination with 900,000 square feet of retail and restaurant space and 1,000 residential units. Whole Foods Market will anchor the retail component of the project, which will also feature public green spaces, pedestrian pathways and medical office space. Construction will include the demolition of 600,000 square feet of retail space at the site. According to its Wikipedia page, Monmouth Mall originally opened in 1960 and today features approximately 1.5 million square feet of shopping, dining and entertainment space.
LONG BEACH, CALIF. — Faris Lee Investments has negotiated the $5.4 million sale of Time Square Center, an 11,790-square-foot retail strip center in Long Beach. Located at the intersection of Clark Avenue and Spring Street, the property was fully leased at the time of sale, primarily to restaurant tenants on triple-net leases. Nick Miller of Faris Lee represented the buyer, an Orange County, Calif.-based investor, in the transaction. The seller was not disclosed. The Faris Lee team also secured acquisition financing through a local credit union.
COLUMBUS, OHIO — Steiner + Associates has unveiled the re-tenanting of the Fashion District at Easton Town Center in Columbus. Plans call for new and expanded national retailers, contemporary brands, and elevated food-and-beverage offerings. The re-tenanting of the Fashion District includes the transformation of approximately 100,000 square feet of retail and restaurant space. Noteworthy tenants include Louis Vuiton, Sephora, L’Occitane, Lululemon, Chanel Beauty, David Yurman, Golden Goose, BOSS, Alo Yoga, Jo Malone, Faherty, Buck Mason, Bluemercury, Tecovas and Breitling. Restaurant tenants include Mastro’s, PBR Cowboy Bar + Smokehouse and Cooper’s Hawk Winery & Restaurant. The Fashion District will be anchored by fine dining restaurant Del Mar, which is slated to open this spring. Easton Town Center is a shopping and dining destination that is home to more than 250 shops, restaurants and entertainment venues.
MACHESNEY PARK, ILL. — Marcus & Millichap has brokered the $4.2 million sale of a 14,490-square-foot retail property net leased to Walgreens in Machesney Park, just north of Rockford. Constructed in 2008, the building is located at 1680 W. Lane Road. Joe Sparano, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a limited liability company. Steven Weinstock of Marcus & Millichap assisted in closing the transaction. The asset sold to a local buyer completing a 1031 exchange.
GARDEN CITY, MICH. — Vera Bridal has signed an 1,800-square-foot retail lease in Garden City, a western suburb of Detroit. The storefront is located at the intersection of Ford and Middlebelt roads. Michael Murphy and Joel Karboske of Gerdom Realty & Investment represented the landlord, Garden City Holdings LLC.