MAGNOLIA, N.J. — Vantage Real Estate Services has brokered the sale of a 3,150-square-foot retail property in Magnolia, a southeastern suburb of Philadelphia. The property is located at 130 S. White Horse Pike near a Walmart store and several other retail and restaurant businesses. Monica Walsh, Aran Ploshansky and Bruce Goldstein of Vantage represented the seller, East Coast Enterprises LLC. The buyer was Makellos Cabinetry, a Philadelphia-based kitchen renovation company.
ST. LOUIS PARK, MINN. AND FISHERS, IND. — NorthMarq has arranged two separate loans with different life insurance companies for two retail properties in Minnesota and Indiana. First, NorthMarq arranged an $18.3 million acquisition loan for Park Place Plaza in St. Louis Park. The 87,975-square-foot property consists of four multi-tenant retail buildings. The center was fully leased at the time of closing. Major tenants include PetSmart and Office Depot. The 10-year loan features a 25-year amortization schedule. The second loan totaled $4.8 million for the refinancing of Fishers Gateway Shops in Fishers. The 21,330-square-foot neighborhood shopping center, located at 9001 E. 116th St., was also fully leased at the time of closing. The 10-year loan features a 25-year amortization schedule. David Garfinkel of NorthMarq arranged both loans. He also secured a $19.5 million acquisition loan for a property in Washington on behalf of the same borrower.
KENOSHA, WIS. — JLL Capital Markets has negotiated the $2.4 million sale of a 4,500-square-foot, single-tenant retail building net leased to Giordano’s restaurant in Kenosha. Completed in late 2019, the property is located at 7060 Green Bay Road. It is the first Giordano’s location in Wisconsin. Chicago-based Giordano’s, famous for deep dish pizza, opened in 1974 and operates nearly 70 locations. Alex Sharrin, Nicholas Kanich and Larry Kilduff of JLL represented the seller, Speedwagon Properties. JLL also procured the buyer, a Chicago-based family.
NOVI, MICH. — Milan Laser and US Mattress will soon join the tenant lineup at West Oaks Shopping Center in Novi. Milan Laser will occupy the 1,624-square-foot space formerly home to GameStop. US Mattress will take the 2,600-square-foot space formerly occupied by Art Van Pure Sleep. Tjader Gerdom, Larry Siedell and Michael Murphy of Gerdom Realty & Investment represented the landlord, RPT Realty. West Oaks is located at I-96 and Novi Road, directly across the street from Twelve Oaks Mall.
HOUSTON — Marcus & Millichap has brokered the sale of 7555 Bellaire, a 43,631-square-foot shopping center in Houston. The property was built in 2004 and houses tenants such as Family Thrift Center, Alegria Dental Care and Club Fit. Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, a Houston-based partnership, in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — The Federal Emergency Management Agency (FEMA) and the U.S. Army Corps. of Engineers (USACE) have begun a rapid conversion of the 1.8-million-square-foot Javits Convention Center in Manhattan into a 2,000-bed field hospital to treat coronavirus patients, according to a statement from New York Gov. Andrew Cuomo. FEMA is constructing four 250-bed temporary hospitals in the main showroom of the center, each approximately 40,000 square feet in size. A staff of 320 FEMA workers will be assigned to the facility. The USACE is constructing an additional 1,000-bed facility on the site. The makeshift hospital is slated for completion within a week. As of March 26, The Wall Street Journal tracked 33,033 cases of coronavirus in New York — nearly half the number of all cases in the country — and 366 confirmed deaths.
QUINCY, MASS. — Stop & Shop, a metro Boston-based regional grocer, will donate $1 million to support its food bank partners across the Northeast in their efforts to fulfill community needs amid the coronavirus outbreak. Proceeds will fund workers who may not be compensated during temporary work closures, as well as to support children without access to free meals at school and existing clients who currently face food insecurity. The donation will be divided among the grocer’s 13 partners, including Greater Boston Food Bank, Rhode Island Community Food Bank and Food Bank for NYC. Stop & Shop operates 415 stores across the Northeast, all of which have remained operational with reduced hours and other restrictions.
BEVERLY HILLS, CALIF. — Thorofare Capital has provided a $23.8 million loan for the acquisition of a mixed-use portfolio in Beverly Hills. Marc Schillinger and Eric Boucher of JLL advised the undisclosed borrower in the financing transaction. The acquisition includes two properties. The first is 415 North Camden Drive, a 17,936-square-foot building offering retail, medical and office space in the Beverly Hills Golden Triangle district. The second is a 10,884-square-foot medical office building located at 152-160 S. Lasky Drive.
SOUTH SALT LAKE CITY, UTAH — PMJ Cos. has completed the sale of Interpointe Shopping Center located at 200 W. 2100 South in South Salt Lake City. DBA Midtown National Group acquired the retail center for an undisclosed price. Situated on seven acres, Interpointe Shopping Center features 100,000 square feet of leaseable space. Current tenants include Best Buy and Office Depot. Chris Monson of Mountain West Commercial Real Estate represented the seller, while Lance Pendleton, also of Mountain West, represented the buyer in both transactions. Alongside the sale of Interpointe Shopping Center, Mountain West was able to broker the sale of a 3,399-square-foot retail pad located on the same property. Carl’s Jr occupied the property at the time of sale.
CHICAGO — Colliers International has negotiated the sale of 3101, a four-tenant retail property in Chicago’s Lakeview neighborhood, for $6.6 million. Anchored by CVS Pharmacy, the 23,000-square-foot property also features two restaurants, including Domino’s Pizza. Peter Block of Colliers represented the seller, Zimmerman Family Trust. Newcastle Properties purchased the asset.