Retail

MARKET AT VILLAGE CENTER SELLS FOR $17M

by admin February 1, 2012

CINCO RANCH — Palm Beach, Fla.-based Sterling Organization and Canada-based RioCan have acquired the 97,761-square-foot The Market at Village Center, a Class A retail power center located at the northwest corner of Grand Parkway/Highway 99 and Westheimer Parkway in the 7,600-acre master-planned Cinco Ranch. Sterling purchased the center for $17 million from Houston-based Property Commerce in an off-market transaction. The property is 97 percent leased to tenants such as HomeGoods, Michaels, OfficeMax, Mattress Giant, Massage Envy, RadioShack, Supercuts, Sally Beauty Supply and Which Wich.

February 1, 2012

B OF A PROPERTY IN STUDIO CITY RECEIVES $6.6M REFI

by admin February 1, 2012

STUDIO CITY, CALIF. — A single-tenant building in Studio City that is currently leased to Bank of America has received $6.6 million in permanent refinancing. The 14,245-square-foot building was constructed in 1973 and resides at 12223 Ventura Blvd. Bank of America has 11 years remaining on the lease, with two five-year extension options. The hybrid loan has a 10-year term, a 30-year amortization schedule and a 54 percent loan to value. It has a 4.6 percent fixed interest rate for the first five years, after which it converts to an adjustable rate. The loan was originated by J.M. Grimaldi of Continental Funding Group.

February 1, 2012

Retail Texas

TOOL STORE OPENS AT PEARLAND PLAZA

by admin January 31, 2012

PEARLAND — Harbor Freight Tools has opened a 14,330-square-foot store at Pearland Plaza, located at East Broadway Street and Barry Rose Road in Pearland. Brixmor Property Group, the landlord, was self-represented by Dianne Colella in the lease transaction. Branson Edwards of Grubb & Ellis' Chicago office represented the tenant.

January 31, 2012

Retail Western

WALGREENS IN SANTEE SELLS FOR $8.7M

by admin January 31, 2012

SANTEE, CALIF. – A 14,758-square-foot building that is currently occupied by Walgreens has sold to Santee CL, LLC with Mabie & Mintz as a general partner. The property was sold for $8.7 million from its original developer, Interra-Vision, LLC c/o Interra Development Partners, LLC. The acquisition was included as part of an exchange from the buyer’s sale of the Colima Linda Apartments in San Diego. Santee CL was represented by Cassidy Turley BRE Commercial’s Chris Rink. Daniel Hyman of Millennium Properties represented Interra-Vision in this transaction.

January 31, 2012

Restaurant Texas

PIZZA RESTAURANT OPENS 5TH LOCATION

by admin January 31, 2012

DALLAS — Pie Five Pizza Co. has opened its fifth location, a 2,100-square-foot restaurant located at 15250 North Dallas Parkway in Dallas. The restaurant is the fifth restaurant in the chain's 7 months of operation. There are currently two other Pie Fives in construction in Carrollton and Arlington, and the company hopes to have eight locations by its 1-year anniversary in June.

January 31, 2012

Retail Southeast

PCCP PROVIDES $16M RETAIL LOAN

by admin January 30, 2012

CHAPEL HILL, N.C. — PCCP has provided a $16 million senior loan to recapitalize the 367,623-square-foot University Mall, located at the intersection of Route 15/501 and South Estes Drive in Chapel Hill, which is owned by Madison Marquette. Dillard's, Rose's, Harris Teeter and A Southern Season anchor the shopping center, which is 89 percent leased. Madison Marquette plans to invest an additional $7.5 million in capital to continue the property's repositioning and value enhancement strategy. Mark Remington and Jordan Lex of HFF's Washington, D.C., office arranged the financing.

January 30, 2012

Midwest Retail

STRUCTURED LEASES SPACE FOR NEW RETAIL DEVELOPMENT ON CHICAGO'S NORTH SIDE

by admin January 30, 2012

CHICAGO — Chicago-based Structured Development has signed leases with PetSmart and buybuyBaby to occupy 45,000 square feet at 1415 N. Kingsbury St., a 2.3-acre retail development that will break ground early this year in Chicago. The Kingsbury Center project will also include an additional 8,500 square feet of retail space for lease. Structured Development moved forward with the project after its partner, Commonfund of Wilton, Conn., withdrew from the LLC. Structured paid off the existing PNC loan through a refinancing provided by The Private Bank in the amount of $14 million.

January 30, 2012

Midwest Retail

NEW BAR LOUIE LOCATION OPENS IN CHICAGO

by admin January 30, 2012

CHICAGO — BL Restaurant Operations will open a new Bar Louie location in Chicago's River North neighborhood on Feb. 1. The 11,591-square-foot restaurant and bar will be the eleventh Bar Louie in the Chicago area. Located at 333-335 N. Dearborn St., Bar Louie will seat about 260, with an additional 73 seats on the patio. The bar opens Feb. 1.

January 30, 2012

Northeast Retail

ARMY TRANSFERS ADMIRAL'S ROW TO NYC, PAVES WAY FOR RETAIL CONSTRUCTION

by admin January 30, 2012

NEW YORK CITY — The final hurdle has been cleared for the construction of a 74,000-square-foot supermarket and 79,000-square-foot retail center at the Brooklyn Navy Yard. The U.S. Army has agreed to transfer the navy yard's six-acre Admirals Row site to New York City. The city plans to turn the property over to Brooklyn Navy Yard Development Corp. for redevelopment. Plans for the project also include new industrial space and the rehabilitation of long-neglected buildings. The historic timber shed and residential home, will be used for retail or office space. The project will break ground this year.

January 30, 2012

Northeast Retail

G.S. WILCOX SECURES $6M IN FINANCING FOR NEW JERSEY'S WATCHUNG COMMONS

by admin January 30, 2012

WATCHUNG, N.J. — G.S. Wilcox & Co. has arranged $6 million in financing for Watchung Commons, a 32,696-square-foot, multi-tenanted retail building in Watchung. The borrower will use the 10-year loan to recoup construction costs for upgrading the property and adding Party City as its largest tenant.

January 30, 2012

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