HAMMOND, IND. — Marcus & Millichap has brokered the $1.9 million sale of a two-property retail portfolio in Hammond, about 30 miles southeast of Chicago. The properties are located at 2739 169th Street and 902 Roby Drive. The property on Roby Drive is home to three tenants and a drive-thru and is situated near the Horseshoe Hammond Casino. The property on 169th Street is located near the Purdue University Hammond Campus. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the Indiana-based seller, which was the original developer of both properties. The duo also procured the buyer, a private investor based in the Southwest Chicago suburbs.
STERLING HEIGHTS, MICH. — Skin Diva Spa has signed a 2,000-square-foot retail lease at Brookside Village in Sterling Heights, a northern suburb of Detroit. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed landlord. Located at the northwest corner of 15 Mile and Schoenherr roads, Brookside Village has one space remaining available for lease.
TUSTIN, CALIF. — Guthrie Development Co. has acquired Pacific Tustin Commercenter, a Class A, multi-tenant, retail/industrial business park in Tustin. In this transaction, Guthrie purchased the buildings and land from two different sellers for $19.7 million, then combined the assets into one business park. The retail and industrial property offers 69,930 square feet of space. Pacific Tustin Commercenter features two multi-tenant industrial buildings and a restaurant, Citrus Café. The industrial buildings are currently 100 percent occupied under long-term leases. The asset is located at 1421, 1451 and 1481 Edinger Ave. in Tustin. Chuck Wilson, Brian Chastain and Clyde Stauff of Colliers International represented Guthrie Development in the transactions.
EL DORADO, CALIF. — Gantry has secured a $16.7 million permanent loan for the refinancing of Market Place at Town Center in El Dorado. Situated at the intersection of Highway 50 and Latrobe Road, Market Place at Town Center features 134,600 square feet of retail space. Current tenants include Nugget Markets grocers and a wide range of retail, restaurant, convenience, beauty and professional services tenants. Robert Slate and Andrew Ferguson of Gantry’s San Francisco office secured the 10-year, fixed-rate, nonrecourse loan through a regional bank lender for the borrower, a private real estate investor.
MIAMI — SRS Real Estate Partners’ National Net Lease Group (NNLG) has facilitated the $14.4 million sale of a single-tenant retail property located 3595 Coral Way in Miami. Comprising 16,285 square feet, the property is occupied by the seller, Walgreens, which has signed a new 15-year, corporate guaranteed, triple-net lease. Sean Lutz, Dan Elliot, Matthew Mousavi and Patrick Luther of SRS represented the buyer, a Nevada-based private investor, in the 1031, all-cash transaction.
PARKVILLE, MD. — Neuman Commercial Group has arranged the sale of a 21,200-square-foot shopping center located at 1901‐7 E. Joppa Rd. in Parkville, roughly 10 miles northeast of Baltimore. Gil Neuman of Neuman represented the seller, Besche Realty, in the $4.5 million transaction. Originally built in 1965, the property was fully occupied by three tenants at the time of sale. The buyer was not disclosed.
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) projects that total commercial and multifamily mortgage borrowing and lending is expected to fall to $700 billion in 2023, a 5 percent decline from an expected volume of $740 billion in 2022. Multifamily lending volume alone is expected to drop to $393 billion in 2023, an 11 percent decline from an expected total of $439 billion in 2022. The projected drop in borrowing and lending reflects current market conditions. Jamie Woodwell, head of commercial real estate research for MBA, which is based in Washington, D.C., underlined that the forecast matched what the association had been hearing from commercial and multifamily mortgage finance professionals, with many indicating the Federal Reserve’s multiple interest rate increases in rapid succession have been a key factor in the projected decline in lending and borrowing activity. At its December meeting, the Federal Reserve raised the benchmark federal funds rate by half a percentage point, a smaller increase than the four consecutive three-quarter-point hikes earlier in 2022. The Fed is showing no sign of slowing rate hikes in 2023, with Chairman Jerome Powell announcing after the meeting that the central bank will continue to raise rates for quite some …
PEARLAND, TEXAS — Floor & Décor has opened an approximately 75,000-square-foot store at 3350 Business Center Drive in Pearland, a southern suburb of Houston. The store, which opened with a team of 50 full- and part-time employees, is the 12th in the greater Houston area for the Atlanta-based home improvement retailer. Founded in 2000, Floor & Décor operates 178 warehouse-style stores and five design studios across 35 states.
DENVER — Riverfront Shops LLC has completed the disposition of The Shops at Riverfront Park located in the Riverfront Park neighborhood of downtown Denver. A local private partnership acquired the property for $11.8 million, or $370 per square foot. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction. The Shops at Riverfront Park features 31,898 square feet of retail space along the ground floors of Riverfront Tower, Park Place Lofts and Promenade Lofts, all of which are at the base of the Millennium Bridge.
DOWNINGTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Ashbridge Square, a 386,248-square-foot retail power center in Downingtown, a western suburb of Philadelphia. Built in 2000, Ashbridge Square was 88 percent leased at the time of sale to tenants such as The Home Depot, Ashley Furniture, Dollar Tree, Jo-Ann Fabrics, Christmas Tree Shops, Staples, Chick-fil-A, Patient First and Wine & Spirits. Brad Nathanson of IPA represented the undisclosed seller in the transaction and procured the buyer, a partnership between regional firms E. Kahn Development Corp. and J. Loew & Associates.