LEAWOOD, KAN. — Glimcher Realty Trust has closed on a $77 million mortgage loan secured by Town Center Plaza in Leawood. The 15-year loan has a fixed interest rate of 5 percent. The loan proceeds were used to retire the $70 million term loan in connection with completing the purchase of Leawood in December 2011. The remaining proceeds were used to reduce outstanding borrowings on the company's credit facility.
EASTPOINTE, MICH. — American Realty Capital Properties has acquired a Walgreens drug store in Eastpointe for $3.8 million. The property consists of a 15,120-square-foot, freestanding building. Walgreens Co. has a 20-year lease, with about seven years remaining.
CYPRESS — Hunington Properties has arranged the sale of the 39,757-square-foot Shoppes at Fry Road Shopping Center, located at the southeast corner of Highway 290 and Fry Road in Cypress. Philip Mullett of Houston-based Hunington Properties represented the undisclosed buyer.
MARCO ISLAND, FLA. — A 15,000-square-foot Walgreens, located in Marco Island, has sold for $5.7 million. Walgreens is on a 50-year, double-net lease, with 8 years remaining on the original term. Dougall McCorkle of Naples, Fla.-based Premier Commercial represented the seller in the transaction and Rainer Filthaut of Naples-based International Realty Co. represented the buyer, a private investor.
OMAHA, NEB., SIOUX CITY, IOWA — Dunkin' Donuts has signed a multi-unit store development agreement with existing franchisee, Savoureux Corp., for 12 new restaurants in North Omaha, Neb. and Sioux City, Iowa. The first restaurant is slated to open in 2013. Savoureux Corp. is led by NFL greats and former University of Nebraska football players Kris Brown and Zach Wiegert, who have teamed up with Jeff Woodbury, a principal of Woodbury Corp., and David Scott, CEO of Tetrad Corp. In April 2011, Savoureux Corp. committed to develop five Dunkin Donuts in North Kansas City.
CHICAGO — Clark Street Development LLC, an affiliate of Mega Realty, has sold a 16,047-square-foot Walgreens drugstore in Chicago for $13 million. Sean Sharko and Austin Weisenbeck of Marcus & Millichap's Oak Brook, Ill. office represented Clark Street in the transaction. They also represented the buyer, an overseas-based private capital investor. Walgreens signed an absolute-net, 75-year lease for the property, which is located at 5440 N. Clark St.
MOORE, OKLA. — The Boulder Group has arranged the $3.48 million sale of a 15,120-square-foot Walgreens, located at 1229 N. Eastern Ave. in Moore. Randy Blankstein and Jimmy Goodman of The Boulder Group's Northbrook, Ill., headquarters represented the seller, an Oklahoma-based developer, in the transaction. The buyer was a Midwest-based investor. Walgreens has 10 years left on the 20-year lease term.
SPRING — Marcus & Millichap has brokered the sale of the 26,876-square-foot Cypresswood Shopping Center, located at 17500 Kuykendahl Rd. in Spring, for $1.85 million. James Bell of Marcus & Millichap's Houston office represented the seller, a private investor, in the transaction. Justin Miller of Marcus & Millichap's Houston office represented the buyer, a Houston-based investment group.
MORGANTON, N.C. — Mount Pleasant, S.C.-based WRS has broken ground on a 450,000-square-foot power center, located on the former site of the Henredon manufacturing facility at 400 Henredon Dr. in Morganton. A 177,000-square-foot Walmart, T.J. Maxx, Ross Dress For Less and PetSmart will anchor the center, which is 75 percent pre-leased. Phase I is slated for completion in the summer of 2013. WRS will manage development and leasing/sale activities on behalf of the owner, Morganton Retail Investment.
GLENDALE HEIGHTS, ILL. —Benjamin Kadish of Maverick Commerical Mortgage Inc. has secured a $5.8 million construction and mini-per loan for Kelly Moon Properties LLC. The loan will finance a new, 40,000-square-foot Dodge Chrysler Jeep dealership to be built in Glendale Heights. Maverick secured the 21-year loan from an East Coast lending institution. The construction loan converts to a mini-perm loan after construction is completed. Charles River Development is building the dealership and the property is being designed by Northbrook, Ill.-based Interwork Architects. The building is slated for completion in mid-2012.