SPARTANBURG, S.C. — Centro Properties Group has borrowed $18.5 million for its 384,306-square-foot Hillcrest Shopping Center. The Publix-anchored center, which is 76 percent leased, is located on East Main Street in Spartanburg. Quadrant Real Estate Advisors funded the 5-year loan. Dustin Stolly, Jere Lucey and Bryan Jonas of Jones Lang LaSalle secured the loan.
Retail
ROY, UTAH — Marcus & Millichap has brokered the $3.55 million sale of the 30,860-square-foot Roy Crossroads, located at 5647 South 3500 West in Roy. The two-building retail complex was fully occupied by seven tenants at the time of the sale. Marcus & Millichap’s Russell Packer represented the seller, a developer, in the transaction, and the brokerage firm’s Michael Beckstead and Jeff Dopp of Utah Executive Real Estate represented the buyer, a private investor, which was involved in a 1031 exchange.
NORTH ARLINGTON, VA. — Rick Fernandez of Calkain Cos. represented an undisclosed party in its $7.3 million sale of a Walgreens store to an undisclosed buyer. The NNN property, which is located in North Arlington, sold at a 6.8 percent cap rate.
DEVON, PA. — WP Realty has broken ground for Phase II of the Devon Village mixed-use project. The Shops at Devon will consist of a 3,300-square-foot restaurant building and a 12,800-square-foot retail building. The Shops at Devon will be connected to Phase I of the project, which totals 80,000 square feet and is anchored by Whole Foods. Ignarri Lummis is the project architect for The Shops at Devon, and Brubacher Excavating is the general contractor.
NEW YORK CITY — CPEX Real Estate and Kalmon Dolgin have brokered the acquisition of a Brooklyn retail property for $1.64 million. The 14,000-square-foot, freestanding building is located at 1760 Eastern Pkwy. The property traded at a 5.53 percent cap rate. The buyer was an undisclosed investment fund. The seller's name was also not released.
WHITTIER, CALIF. — Cole Real Estate Investments has acquired the 686,241-square-foot Whittwood Town Center, located in Whittier where Los Angeles County borders Orange County, from Morgan Stanley in an $83.5 million, all-cash transaction. Completely redeveloped from 2004 to 2006 and 97 percent leased at the time of sale, the community shopping center includes tenants such as Target, Sears, JC Penney, Kohl’s, PetSmart and CVS/pharmacy. Cushman & Wakefield's Marc Renard represented the seller in the transaction, and Cole’s Scott Holmes handled matters on the acquisition side.
BOCA RATON, FLA. — DB Five Grill has sold a 7,683-square-foot Romano's Macaroni Grill restaurant to Cocozella for $3.39 million. The property is located at 2004 Executive Center Circle in Boca Raton. CB Richard Ellis' Dave Donnellan, Bill Strauss and Todd Weintraub brokered the sale.
ALLENTOWN, PA. — A joint venture between The Hampshire Companies and MCB Real Estate has acquired an 84,000-square-foot shopping center in Allentown from an affiliate of The Rosen Group. Airport Plaza Shopping Center is located on more than 11 acres at 1135 Airport Road. Its anchor is a 56,000-square-foot Redner's Warehouse Market. Additional tenants include Rent-a-Center and Enterprise Rent-a-Car. Occupancy was 95 percent at the time of closing. Hampshire represented the buyer in lease negotiations. Gil Neuman of KLNB Retail Sales & Special Assets represented the seller.
HOUSTON — New Tuscany Development has borrowed a $4.8 million loan for the 26,355-square-foot West University Corner. The shopping center, which is anchored by Walgreens, is located near Rice University at 5220 – 5280 Buffalo Speedway in Houston. Nationwide Life Insurance Co. funded the 15-year loan, which retired a maturing CMBS loan. Colby Mueck of Holliday Fenoglio Fowler secured the financing.
MOUNTAIN BROOK, ALA. — Bayer Properties has sold the 115,282-square-foot Cahaba Village shopping center to ING Clarion Partners for an undisclosed amount. Located at 2800-3100 Cahaba Village Plaza in Mountain Brook, the property houses Charles Schwab, LensCrafters and Mountain High Outfitters, among others. Cahaba Village is 98 percent leased. Barry Brown, Ryan Shore and Jim Hamilton of Holliday Fenoglio Fowler represented the seller in the transaction. Bayer Properties will stay on as Cahaba's property manager and leasing agency.