INVER GROVE HEIGHTS, MINN. — Phillips Edison – ARC Shopping Center REIT Inc., through a wholly-owned subsidiary, purchased Cahill Plaza, a 69,000-square-foot shopping center in Inver Grove Heights, for $8.4 million. SCP PE Cahill LLC, a Minnesota-based limited liability company, sold the grocery-anchored shopping center. Cahill Plaza is 96 percent leased to seven tenants, including a Cub Foods grocery store, which occupies approximately 75.4 percent of the property.
SMITHFIELD, R.I. — Washington Trust’s commercial real estate group has provided $7.2 million in financing to Linear Retail Smithfield LLC for tenant improvements to Smithfield Commons in metro Providence. The 35,130-square-foot shopping center is located at 400 Putnam Pike in Smithfield. During the past several years, the building has been renovated to provide space to new tenants such as Starbucks Coffee and Sienna Restaurant. Other major tenants include: Papa Gino’s, Concentra, Verizon Wireless, Sprint, H&R Block, UPS and Sovereign Bank.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 167,961-square-foot grocery-anchored shopping center in Fort Worth. The property, located at 3510 Altamesa Blvd., was 98 percent leased at the time of the sale. Kroger headlines a list of tenants that also includes Church’s Chicken, GameStop, LA Fitness, Office Depot, Sally’s Beauty Supply and Subway. The grocer recently added a gas station to its site. Jay Vitorino of Marcus & Millichap’s Dallas office represented the seller, a Dallas-based developer, in the transaction. Ray Turchi and Christopher Travis of the firm’s Orlando office represented the buyer, an international company.
RANCHO CUCAMONGA, CALIF. — Fit Development, LLC has purchased The Monet at Victoria Gardens Mall, a 31,407-square-foot retail center in Rancho Cucamonga, for $13.2 million. The outparcel to Victoria Gardens is located at 12455 Victoria Gardens Lane. Victoria Gardens is a 1.9-million-square-foot mall. Notable tenants at The Monet include Destination XL, Destination Maternity, Shakey’s Pizza and Pacific Dental. Fit Development was represented by Jeff Conover and Matt Mousavi of Faris Lee Investments. The seller was Monet in Rancho Development, LLC.
WEST HOLLYWOOD, CALIF. — Hollywest Promenade, a 120,173-square-foot retail center in West Hollywood, has received $27 million in financing. The promenade is located at the intersection of Hollywood Boulevard and Western Avenue just west of Highway 101. It is 95 percent leased to tenants like Ross Dress for Less, Ralph’s, Quizno’s Subs and Jamba Juice. The 15-year, fixed-rate loan was arranged for Shooshani Developers, LLC by HFF’s Brad Black and Jeff Sause. It was placed with Aegon USA Realty Advisors, LLC, the commercial real estate investment and management arm of the AEGON Asset Management companies. Shooshani was represented by managing member Tony Shooshani.
PANORAMA CITY, CALIF. — Festival Development Corporation has purchased the leased-fee interest under The Windsor Center, a multi-tenant retail property in Panorama City. The purchase price was not disclosed. The 22,500-square-foot land parcel is located at 13750-13758 Roscoe Blvd. Both the buyer, a Festival affiliate, and the seller, an individual/personal trust, were represented by Steven Schechter and Brandon Michaels of Marcus & Millichap’s Encino office.
ST. TAMMANY, LA. — Gulf States Real Estate Services has commenced the development of Copperstill Marketplace, a 60,000-square-foot neighborhood shopping center in St. Tammany, located across Lake Pontchartrain from New Orleans. A 35,000-square-foot Ralph’s Market will anchor the center, located at the southeast corner of Highway 1077 and Highway 1085. Gulf States is developing the center in conjunction with MMABE LLC. The development will include 9,000 square feet of specialty shops and two outparcels for a bank or restaurant. Austin, Texas-based Stone 6 Group is designing the Ralph’s, and Mobile, Ala.-based Zito Architects is designing the shops. The project team includes civil engineer Scalfano Engineering and landscape architect Reich & Associates. The development is expected to open in early fall 2014.
EDEN PRAIRIE, MINN. — Cypress Equities has acquired Eden Prairie Center, a 1.1-million-square-foot retail property in Eden Prairie, a suburb of Minneapolis. General Growth Properties listed the property for $99 million, according to the Minneapolis Star Tribune. Eden Prairie Center is a two-level, enclosed shopping center that has served the southwest suburbs of the Twin Cities since its opening in 1976. The mall features more than 100 shops and restaurants and boasts annual shopper visits exceeding 12 million. Completely renovated and expanded in 2001, the mall is anchored by Von Maur, Target, Kohl’s, Sears and JC Penney. The property also features an 18-screen AMC Theatres, Barnes & Noble Booksellers, Wildfire Steaks, Chops & Seafood, Biaggi’s Ristorante Italiano, Panera Bread and the new Prairie Tap House. Matthew Friday, senior vice president and market leader for SRS Real Estate Partners in Minneapolis, assisted Cypress Equities with the acquisition.
ST. LOUIS, MO. — BMC Capital has arranged $3.9 million in acquisition financing for a single-tenant property in St. Louis. Patrick Short of BMC Capital’s Austin, Texas office arranged the financing for an out-of-state buyer. The 10-year loan includes a 5 percent fixed interest rate with a 25-year amortization schedule. QuikTrip fully occupies the building located at 8583 St. Charles Rock Road.
McALLEN, TEXAS — The Boulder Group has brokered the sale of a net-leased Walgreens property in McAllen for $2.3 million. The property, built at the northwest corner of Pecan Boulevard and North 23rd Street in 1993, totals 13,029 square feet. Five years remain on Walgreens’ original 25-year lease term, and the tenant also has five renewal options of five years each. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an East Coast-based institution, in the transaction. The buyer is a Midwest-based investor.