TULLAHOMA, TENN. — NorthMarq Capital has arranged a $2 million loan for Jackson Circle Shopping Center, a 6,500-square-foot retail property located at 1603 N. Jackson St. in Tullahoma. Jackson Circle’s tenant roster includes Mattress Firm and AT&T. Randall Waddell of NorthMarq’s Louisville office arranged the seven-year, fixed-rate loan with a 25-year amortization schedule through a local community bank.
NEW YORK CITY — Citicore has arranged the sale of a two-building mixed-use portfolio in the Bronx. Steven Staz, a Bronx-based investor, acquired the 81,174-square-foot portfolio from Semper Fi Management 7 Corp. and Cavan Properties for $14.9 million. The portfolio consists of a seven-story, 67-unit apartment building with two commercial stores located at 340 E. 184th St. and a five-story, 34-unit apartment building with five retail units located at 899 E. 169th St. Timour Shafran, Gem Algan and Steven Benatar of Citicore represented the buyer and the seller in the deal.
CHICAGO — Novak Construction has finished work on a 30,000-square-foot Whole Foods Market at the City Hyde Park development. The store, located at 5118 S. Lake Park Ave., features a secret society theme and pays homage to the University of Chicago. The store features a dark blue and brass color scheme and other décor related to the university. The project also included installing a mechanical system and an underground parking garage. Jeanne Gang designed the City Hyde Park project.
HIGHLAND TOWNSHIP, MICH. — Friedman Integrated Real Estate Solutions has negotiated the sale of a 45,538-square-foot retail center in Highland Township, approximately 45 miles northwest of Detroit. CGMT 2006-C5 Retail 2880 LLC sold Highland Town Center to North Michigan Hospitality Inc. through Ten-X.com. The retail center, located at 2780-2880 E. Highland Road, is situated on a 7.7-acre site. The center is comprised of three buildings and features tenants such as Rite Aid and ACE Hardware. Rich Deptula of Friedman represented both parties in the transaction.
CHANUTE, KAN. — Block & Company Inc. has brokered the sale of a 15,447-square-foot strip center for $1.5 million in Chanute, approximately 110 miles east of Wichita. Bloomfield 2005 LLC and Metcalf Arlington SPE LLC sold the property, located at 2502-2510 Santa Fe Ave., to an undisclosed buyer. The 92 percent occupied center is anchored by a Walmart Supercenter and includes other tenants such as Shoe Department, Billy Sim’s BBQ, Maurices and GNC.
NEW YORK CITY — Madison Realty Capital has provided a $16.3 million loan to recapitalize a 26,965-square-foot retail condominium located at 68 Elizabeth St. in Manhattan’s Chinatown neighborhood. The retail condo is located on the lower floors of an 81,961-square-foot mixed-use building with 81 residential condominiums units on the upper floors. The retail space is currently occupied by Hong Kong Supermarket and Salon De Tops. The name of the borrower was not released.
NEW YORK CITY — The innovative and lifestyle products retailer Brookstone Inc. has retained New York-based RCS Real Estate Advisors to operate as its outsourced real estate department. RCS will work with Brookstone to manage its entire retail real estate portfolio and help the company develop growth strategies for its holiday pop-up stores and outlet locations. RCS will be responsible for all lease negotiations, site selection and implementation of Brookstone’s growth plans.
HANFORD, CALIF. — Fresno, Calif.-based developer 198/43 LLC has broken ground for a 150,000-square-foot Costco as part of the first phase of Hanford Marketplace in Hanford. Located on Lacy Boulevard, the Costco is slated to open in early November. The remainder of Hanford Marketplace’s first phase, including one to two freestanding pads and one to two multi-tenant pads, is scheduled for completion in mid-2017. The timing of the additional phases for the 450,000-square-foot, master-planned development will depend on initial lease up.
LAFAYETTE, LA. — Capital One Bank has provided a $47.7 million loan for Ambassador Town Center, a 430,000-square-foot, open-air retail center in Lafayette. The property is located on more than 60 acres at the southeast corner of Ambassador Caffery Parkway and Kaliste Saloom Road. Ambassador Town Center is currently 98 percent leased to Costco Wholesale, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes and PetSmart. The borrowers, Stirling Properties LLC and CBL & Associates Properties Inc., used the seven-year, fixed-rate loan to retire an existing construction loan.
TUCSON, ARIZ. — El Pollo Loco, a chicken restaurant chain based in California, has signed a franchise development deal with new partner PLM Restaurants L.C., which will open six new restaurants by August 2019 in the Tucson area. In addition, PLM Restaurants has also completed the acquisition of two existing El Pollo Loco restaurants in the Tucson market. Franchise partners David Harper and Stephan Ralston own PLM. Harper is also president and owner of Meridian Restaurants, which owns and operates 82 Burger King restaurants. El Pollo Loco has more than 435 company-owned and franchised restaurants in Arizona, California, Nevada, Texas and Utah.
