MIAMI — Aztec Group Inc. has arranged a $30 million construction loan for the Shoppes at Civica, a two-story, 50,000-square-foot retail and entertainment complex located in Miami’s Health District. The property, located at 1050 N.W. 14th St., will feature international retailers, food and beverage options and entertainment venues. Phase I of the development is slated to open in mid-2015. Demolition of the existing property has begun, and vertical construction of the project will begin in early 2014. Howard Taft and Charles Penan of Aztec arranged the loan through Sabadell United Bank on behalf of the borrower, the Swerdlow Group.
MARIETTA, GA. — HFF has arranged the sale of Shallowford Falls, a Kroger-anchored shopping center located in Marietta’s East Cobb neighborhood. The retail center is located at the intersection of Johnson Ferry and Shallowford roads, about 15 miles northwest of downtown Atlanta. The property’s other tenants include Ace Hardware, Subway and The UPS Store. Jim Hamilton, Richard Reid, Mike Allison and Pete Anastasi of HFF represented the seller in the transaction. Branch Properties LLC was the buyer.
NAPERVILLE, ILL. — The Boulder Group has completed the $3.8 million sale of a net-leased Brunswick Zone XL property located at 1515 West Aurora Ave. in Naperville. Brunswick Zone XL has operated at this location since 1997 and recently extended its lease through June 2018. The 80,425-square-foot building is situated on a 6.9-acre parcel, about 34 miles west of Chicago. Brunswick Zone XL offers 40 lanes of bowling, 16 billiard tables, event rooms, game zone arcade, laser tag, bumper cars and a bar. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Maryland-based private partnership, in the transaction. The purchaser was a 1031 exchange buyer.
HOFFMAN ESTATES, ILL. — GiGi’s Playhouse has leased 10,539 square feet of retail space at Barrington Square Town Center in Hoffman Estates, a northwest suburb of Chicago. The company will lease the space for 10 years as the national prototype for Down Syndrome Achievement Centers. Albert Lindeman and Wayne Caplan, senior vice presidents at Sperry Van Ness Chicago Commercial, represented the landlord in the transaction. Town Center shopping center spans more than 100,000 square feet and is located across from St. Alexius Medical Center. Existing tenants include McDonald’s, Buona Beef, Fred Astaire Dance Schools, Garibaldi's Restaurant and Advance Pre-School Daycare.
LOS ANGELES — The Balcony at Beverwil, a 75,000-square-foot retail center in Los Angeles, has received a $28-million loan. The center is located on the southeastern corner of Pico Boulevard and Beverwil Drive. It was built in 1996. The current owner acquired the asset in 2007. It assumed a $30-million securitized loan from PNC Bank upon acquisition. The new 10-year loan has a 30-year amortization schedule and an interest rate in the mid-4 percent range. It was provided by Allstate. The loan was originated by Pacific Southwest Realty Services.
SUNRISE, FLA. — HFF has brokered the $16.1 million sale of The Gateway at Seagrass, a 40,136-square-foot retail center in Sunrise. The retail center’s tenant roster includes Starbucks Coffee, Chipotle Mexican Grill, GameStop, Mattress Firm and Subway. South Florida’s only IKEA store shadow anchors the property. Danny Finkle, Luis Castillo and Rob Saracco of HFF represented the seller, Stiles, in the transaction. Karen Reiter, Michael Matluck and Adam Freeman of ICS Realty represented the buyer, Gateway at Sawgrass Investments LLC. Alex D. Sirulnik Esq. was the buyer’s legal counsel.
PARKVILLE, MD. — The Greysteel Co. has arranged the sale of Joppa-Perring Retail Center, a 39,500-square-foot property fully leased to Savers Thrift Superstore, the largest for-profit thrift store chain in North America. The store, which sold for approximately $6.9 million, is located in Parkville, about seven miles northeast of Baltimore. The property also includes a Checker’s restaurant. Gil Neuman of Greysteel represented the seller, Heritage Properties Inc., and procured the buyer, Joppa Mart LLC, in the transaction.
KANSAS CITY, MO. — Block & Co. Inc. has arranged the sale of the Shoppes at Shoal Creek in Kansas City. The purchase price was undisclosed. An entity owned by Pine Tree Commercial Realty LLC, in partnership with Wanxiang America Corp., purchased the 130,000 square-foot property. Shoppes at Shoal Creek is located at the northwest corner of 152 Highway and Flintlock Road. Best Buy and Office Max anchor the center. David Block, president of Block & Co., represented the sellers, Shoal Creek Center BWG LLC and Shoal Creek BW Five LLC, in the transaction. Block and Becky Goodman of Block & Co. Realtors are serving as the leasing agents for the property.
BRIDGEWATER, MASS. — Paul V. Profeta & Associates has purchased a 132,984-square-foot property occupied by Home Depot in suburban Boston for more than $24 million. Gvest Partners LLC sold the property, which is located on 27 acres in Bridgewater. The purchase price for the property includes a first mortgage loan of more than $14 million, a mezzanine loan of $7.6 million and an equity investment of more than $3 million. Home Depot has 24 years remaining on its 30-year lease term. Sterling Champ, executive vice president at CBRE, represented Paul V. Profeta & Associates in the transaction.
LOS ANGELES — The Balcony at Beverwil, a 75,000-square-foot retail center in Los Angeles, has received a $28-million loan. The center is located on the southeastern corner of Pico Boulevard and Beverwil Drive. It was built in 1996. The current owner acquired the asset in 2007. It assumed a $30-million securitized loan from PNC Bank upon acquisition. The new 10-year loan has a 30-year amortization schedule and an interest rate in the mid-4 percent range. It was provided by Allstate. The loan was originated by Pacific Southwest Realty Services.