NORMAL, ILL. — Faris Lee Investments has arranged the $18 million recapitalization of a 200,000-square-foot shopping center in Normal, on behalf of the owner, The Dial Companies Schnucks Grocery and a 14-screen Starplex Theater anchor the center, which is currently 70 percent leased. The recapitalization allowed Faris Lee to represent Thompson National Properties in a joint venture with The Dial Companies to acquire the note on the property. Thompson acquired the developed portion of the center and The Dial Companies has been established as the owner of the center's 12 unfinished outparcels.
WOOD RIVER, ILL. — NorthMarq Capital has secured $1.6 million in non-recourse financing for a 45,500-square-foot retail property currently leased to Shop N Save, located at 1900 E. Edwardsville Rd. in Wood River. The fully amortizing loan was arranged with Ohio National.
LA PORTE — Marcus & Millichap Real Estate Investment Services has brokered the sale of a 2,686-square-foot Jack in the Box location at 9629 Fairmont Pkwy. in La Porte. Marcus & Millichap’s Chris Cunning represented the seller, a limited liability company, and the buyer, a private investor, was secured and represented by Marcus & Millichap’s Jack Hopkins and Jimmy Slusher. Marcus & Millichap’s Tim Speck assisted in closing the transaction. Jack in the Box has 18 years left on its 20-year lease at the location.
HOLLY SPRINGS, GA. — Colliers International has arranged the $8.8 million sale of the 128,667-square-foot Village Shoppes at East Cherokee, located on Old Highway 5 in Holly Springs. Publix anchors the center, which went into foreclosure in September 2010. Joe Montgomery and Tony D'Ambrosio of Colliers International's Shopping Center Investment Sales Team in Atlanta represented the undisclosed seller. The buyer was a locally-based private equity group.
ARLINGTON HEIGHTS, ILL. — A variety of new tenants have signed leases in Arlington Heights, to occupy a total of more than 200,000 square feet of currently empty space. The retailers include: hhgregg, Ross Dress for Less, True Value Hardware, Dollar Tree, Binny's Beverage Depot, Savers, Smashburger, Jersey Mike's, Caribou Coffee, Party City and Cooper's Hawk Winery & Restaurant. All of the stores are anticipating a fall 2011 opening. The Village of Arlington Heights, Centro Properties Group, AmCap, Visconsi Cos. and others secured the tenants.
FORNEY — Tabani Acquisitions has purchased a 39,039-square-foot retail center at Mustang Crossing, located at 351-501 FM 548 in Forney from Wells Fargo Bank. Tabani will manage and lease the retail center, and CB Richard Ellis (CBRE) will list the center’s outparcel portion — including GameStop and Starbucks — for sale. CBRE’s Jennifer Pierson and Beth Pierson represented Wells Fargo Bank in the transaction.
TEMECULA, CALIF. — Faris Lee Investments has sold a 14,500-square-foot retail property at the entrance of the Promenade Temecula regional mall for $5.65 million. The building is fully occupied by the Tilted Kilt Pub & Eatery, Jamba Juice, Ming’s Restaurant, Pacific Pita and Promenade Dental Care. Faris Lee’s Jeff Conover and Rich Walter represented the seller, Temecula Pad PQ, LLC. IRN Realty’s Jackson Chang represented the all-cash buyer, SZ Prosperity Investment. The property closed at a 7.61 percent cap rate.
ORLANDO, FLA. — Marcus & Millichap has arranged the $3.6 million sale of the three-building, 43,813-square-foot International Drive Portfolio, a retail portfolio of properties located at 6454 and 6464 International Dr. in Orlando. Mark Thompson of the firm's Orlando office represented the seller, a private investor. The buyer a private investor procured by Southeast Commercial Development.
WOMELSDORF, PA. — Marcus & Millichap Real Estate Investments has arranged Outer Banks’ $2.13 million purchase of two absolute net ground leases in Womelsdorf. The tenants, Fulton Bank Corp. and Turkey Hill LP — located at 2400 and 2600 Conrad Weiser Park, respectively — are subject to a 15-year absolute net ground lease with rent increases through the base term for each tenant at the time of the transaction. Approximately 13 years remained on the base term for Fulton Bank and Turkey Hill at the time of the sale. Marcus & Millichap’s Derrick Dougherty, Mark Taylor and Dean Zang represented the seller, Womelsdorf I, LP. Marcus & Millichap’s Michael Shover, Thomas Gorman, Matthew Gorman, Dougherty, Taylor and Zang also procured Outer Banks in the transaction.
SCOTTSDALE, ARIZ. – NorthMarq Capital has arranged $5 million in first-mortgage financing for the 25,612-square-foot North Scottsdale Gateway shopping center. Financing includes a 10-year term and a 25-year amortization schedule. NorthMarq obtained the financing for the borrower through its correspondent relationship with Thrivent Financial for Lutherans. James DuMars, senior vice president and managing director of NorthMarq Phoenix regional office, arranged the financing.