Retail

Cronheim Secures $26.9M in Financing for Four Properties

by Amy Works August 4, 2015

JERSEY CITY, BRICK AND NEPTUNE, N.J., AND COBLESKILL, N.Y. — Cronheim Mortgage has secured $26.9 million in financing for four individual properties located in Jersey City, Brick, Neptune and Cobleskill. Each loan was structured on a 10/30 basis for affiliated entities of New York-based National Realty & Development Corp. The properties include Old Colony Square, a 100,073-square-foot retail center in Jersey City owned by Grand Street Realty; LHOP Holding LP’s 13-building Lions Head Office Park in Brick; two retail pads in Neptune owned by Red Baron Property Resources LP; and C.P. Plaza LP’s 24,500-square-foot retail center in Cobleskill. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the financing.

August 4, 2015

Northeast Pennsylvania Retail

The Shopping Center Group Brokers Sale of Scranton Regional Mall

by Amy Works August 4, 2015

SCRANTON, PA. — The Shopping Center Group has brokered the sale of The Mall at Steamtown, located at 300 Lackawanna Ave. in Scranton. Steamtown 300 LLC purchased the property for an undisclosed sum. Situated adjacent to the Steamtown National Historical Site, a railroad museum, the 558,816-square-foot enclosed regional mall was developed in the early 1990s as part of the revitalization of downtown Scranton. The mall is anchored by Boscov’s Department Store. The Shopping Center Group represented the undisclosed seller in the transaction.

August 4, 2015

New Jersey Northeast Retail

HFF Arranges Sale of 140,000 SF Retail Center in New Jersey

by Amy Works August 4, 2015

LIVINGSTON, N.J. — HFF has brokered the sale of Livingston Shopping Center located at 530 W. Mount Pleasant Ave. in Livingston. The two-building, 140,000-square-foot power center is 97 percent leased to six national tenants that include Nordstrom Rack, TJ Maxx, Buy Buy Baby, DSW, Cost Plus World Market and Ulta Beauty. Situated on 20 acres, the property was fully repositioned in 2014. A partnership between KABR Group and G&G Investors sold the property to Kite Realty Group for an undisclosed price. Jose Cruz, Kevin O’Hearn and Michael Oliver of HFF represented the seller in the transaction.

August 4, 2015

Illinois Midwest Retail

J.C. Anderson Inc. Selected to Complete Renovation for DePaul’s University Loop Cafeteria

by Jonathan Mehall August 3, 2015

CHICAGO — J.C. Anderson Inc. has been selected to complete a 9,000-square-foot build-out to DePaul University’s Chartwells Cafeteria on the Loop Campus located at 1 E. Jackson St. Renovations on the 11th floor cafeteria space include an all new dining area, new equipment and food prep stations. Construction is scheduled for completion in September. Nvironment Architecture is providing the architectural services. Katrina Latendorf from DePaul University is coordinating construction management responsibilities.

August 3, 2015

Loans Michigan Midwest Retail

Integra Real Estate Capital secures $5.6M loan for Shopping Center in Wayland, Mich.

by Jonathan Mehall August 3, 2015

WAYLAND, MICH. — Integra Real Estate Capital has secured a $5.6 million acquisition loan for Chambers Corners, a neighborhood shopping center located at Reno Drive off Highway 131 in Wayland, approximately 21 miles south of Grand Rapids. Meyer Perlman of Integra Real Estate Capital negotiated the 10-year, non-recourse loan provided by an undisclosed lender. Built in 2000, the 99,600-square-foot Chambers Corners is anchored by Harding’s Market and Family Dollar.

August 3, 2015

California Loans Retail Western

NorthMarq Capital Arranges $10M Refinance of Livermore Valley Shopping Center

by Nellie Day August 3, 2015

LIVERMORE, CALIF. — NorthMarq Capital has arranged the $10 million refinance of Livermore Valley Shopping Center, a 78,377-square-foot retail property located in Livermore. Dennis Williams of NorthMarq secured the loan, which is structured with a 10-year term and 30-year amortization schedule. Tenants of the center include Dollar Tree, Fitness 19 and O’Reilly Auto Parts.

August 3, 2015

Massachusetts Northeast Retail

Bierbrier Development Sells Montello Plaza in Brockton for $18.7M

by Amy Works August 3, 2015

BROCKTON, MASS. — Bierbrier Development has completed the disposition of Montello Plaza, a freestanding retail property located at the intersection of routes 28 and 37 in Brockton. VEREIT, successor to American Realty Capital, acquired the 64,500-square-foot property for $18.7 million. The property is occupied by Stop & Shop. Frank Giso and David Currie of Choate, Hall & Stewart represented Bierbrier Development. VEREIT handled the transaction on behalf of the entity owner, Cole Credit Property Trust IV Inc. Todd Trombley and Robert Horwath of Marcus & Millichap brokered the transaction.

August 3, 2015

Retail Utah Western

New Starbucks Debuts Near Intermountain Medical Center in Murray

by Nellie Day August 3, 2015

MURRAY, UTAH — A new 5,000-square-foot Starbucks location has debuted in Murray. It is located at 5141 South State St. The building is situated across from Intermountain Medical Center. Wadsworth Development Group developed the center.

August 3, 2015

Retail Southeast Tennessee

Ziff Properties Acquires Shopping Center in Metro Memphis for $7.4M

by John Nelson August 3, 2015

COLLIERVILLE, TENN. — Ziff Properties Inc. has purchased The Shops at Collierville, a 60,000-square-foot retail center located in Collierville, a Memphis suburb, for $7.4 million. The property’s tenant roster includes Starbucks Coffee, Medpost Urgent Care, Back Yard Burgers, Pizza Hut, Baskin Robbins and The UPS Store. Sheldon Griffin of Baker Storey McDonald Properties represented Ziff Properties in the transaction.

August 3, 2015

Florida Retail Southeast

Westwood Financial Corp. Acquires Shopping Center Near Pensacola

by John Nelson August 3, 2015

GULF BREEZE, FLA. — Westwood Financial Corp. (WFC) has purchased Tiger Point Shopping Center, a 147,400-square-foot shopping center located at 3303 and 3371 Gulf Breeze Parkway in Gulf Breeze near Pensacola. WFC purchased the Winn-Dixie-anchored shopping center from Moulton Properties for an undisclosed price. Built in 1984, the retail property was 87 percent leased at the time of sale. WFC plans to construct 9,000 square feet of new retail shop space at Tiger Point. In addition to Winn-Dixie, the shopping center’s tenant roster includes Beall’s, Papa Murphy’s Pizza and The UPS Store. WFC represented itself in the transaction, and Fain Hicks of DTZ represented the seller.

August 3, 2015

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