SAN DIEGO — Liberty Station Marketplace, a 152,495-square-foot, dual grocery-anchored retail center in the San Diego submarket of Point Loma, has received $47 million in permanent financing. The center is located at 2640 Historic Decatur Road. It is 93 percent leased. Vons and Trader Joe’s anchor the center, which is also occupied by Starbucks, Sammy’s Woodfired Pizza, Five Guys, Verizon Wireless, Panera Bread, Cold Stone Creamery, Tender Greens and Luna Grill. The loan was secured by HFF’s Tim Wright, Nick Psyllos and Zack Holderman on behalf of The Corky McMillin Companies. The loan was placed with a major fund advisor.
KANSAS CITY, MO. — American Realty Capital – Retail Centers of America Inc. has purchased the Tiffany Springs Market Center, a retail power center in Kansas City, for $53.5 million. The 240,000-square-foot retail property was 88 percent leased to 28 tenants at the time of the sale. Three tenants, Best Buy, The Sports Authority and PetSmart, represent 48 percent of the annualized rental income of the property. Best Buy occupies 46,000 square feet and The Sports Authority leases 42,000 square feet, both have 10-year lease terms, which expire in January 2019. PetSmart occupies 25,000 square feet and has a 10-year lease term, which expires in July 2018. The purchase of the Tiffany Springs Market Center represents ARC Retail's third acquisition of a retail power center with multiple credit tenants. ARC Retail's portfolio now exceeds $107 million in purchased assets.
STATEN ISLAND, N.Y. — Hollister Construction Services has begun a renovation and new construction project for RiverCrest Realty’s Tottenville Shopping Center in Staten Island. Hollister will add a 20,000-square-foot building to an existing 45,000-square-foot facility, which is located at 7001 Amboy Road. Hollister is completing the exterior and interior renovation, as well as the new construction, within a 10-month deadline, while the shopping center remains open. Site work includes new paving, curbs, access points and drainage and 206 parking spaces.
NEW YORK CITY — NorthMarq Capital has arranged $3 million in refinancing for 802 Manhattan Ave., a 10,000-square-foot retail building in the Greenpoint neighborhood of Brooklyn. Associated Foods fully leases the property. Financing was based on a five-year term with one seven-year renewal option and a 12-year amortization schedule. A life insurance company provided the loan. Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, arranged the financing.
PLANO, TEXAS — NorthMarq has arranged a $13.9 million refinancing loan for Preston Creek Shopping Center, a 79,770-square-foot neighborhood retail center in Plano. The property comprises six buildings located at 8300-8412 Preston Road. Current tenants include Pei Wei Asian Diner, Mi Chula’s Good Mexican and Ultimate Pilates. NorthMarq arranged the non-recourse, fixed-rate loan through a CMBS lender.
LOWRY CROSSING, TEXAS — The Mansour Group of Marcus & Millichap has brokered the sale of Spec’s Wine Spirits and Distribution Center, a 14,261-square-foot net-leased property in Lowry Crossing, approximately 35 miles northeast of Dallas. The building is one of more than 190 Texas locations of Spec’s Family Partners, which was founded in 1962 and ranked as the fifth largest wine retailer in the U.S. in 2010. Alvin Mansour of The Mansour Group represented the seller, a developer. A California investor purchased the property as part of a 1031 tax-deferred exchange.
CHICAGO — The Boulder Group has arranged the $6.9 million sale of a net-leased Bank of America property at 2163 N. Clybourn Ave. in the Lincoln Park neighborhood of Chicago. Bank of America is the sole occupant of the 9,471-square-foot retail building, which was developed in 2004. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The seller was a high net-worth individual based in the Midwest. The buyer was a Miami-based private individual. Bank of America had 12 years remaining on its lease at the time of sale. The property features a 24-car parking lot.
NEW YORK CITY — Meridian Capital Group LLC has arranged $45 million in construction financing for the development of a 133,000-square-foot retail property in Brooklyn. The three-year construction loan features interest-only payments and a LIBOR-based floating rate. Located at 240-242 Bedford Ave. in the Williamsburg neighborhood, the property spans the entire block of North 4th Street from Bedford Avenue to Berry Street and will be home to a Whole Foods Market. Aaron Birnbaum, executive vice president, and Tal Savariego, vice president at Meridian Capital Group’s New York City headquarters, arranged the financing. Construction of the retail property is slated for a mid-2014 completion.
ARLINGTON, TEXAS — United Commercial Realty (UCR) has brokered the sale of Plaza at the Parks, a 216,368-square-foot retail asset in Arlington. The shopping center was 85 percent leased at the time of sale to tenants including Michaels, Sam Moon, Chair King and Sun & Ski Sports. Adam Howells, Tommy Tucker, Kevin Catalani, Jessica Donnelli and Tim Axilrod of UCR represented the seller, the Dallas-based commercial real estate developer Hunt Properties. Regional Management Co. purchased the property, which is located in close proximity to the 1.5 million-square-foot Parks at Arlington mall.
HOUSTON — The Boulder Group has brokered the sale of a single-tenant net-leased retail property occupied by Walgreens at 9350 Highway 6 South in Houston for approximately $5.2 million. Completed in 2001, the building totals 15,020 square feet and is situated in close proximity to Home Depot and LA Fitness. More than 17 years remain on Walgreens’ lease of the space. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest investor, in the transaction. A high-net worth individual based in Texas purchased the property.