Wheaton, ILL. — Newmark Grubb Knight Frank’s Real Estate Finance Group has arranged $22 million in acquisition financing for Danada Square East, a 202,036-square-foot retail center in Wheaton, a western suburb of Chicago. The largest tenant, Dominick’s, a grocery store, occupies 77,155 square feet at the center, which was 96 percent occupied at closing. The borrower, a Chicago-based institutional investor, acquired the center in June for $32 million from the Orange County California Employees Retirement System. The 5-year, nonrecourse loan includes two years of interest-only payments followed by a 25-year amortization schedule. Ben Greazel, senior managing director at Newmark Grubb Knight, arranged the financing between the borrower and the lender, a Chicago-based bank.
SOUTH HAVEN, MICH. — Reichle | Klein Group has arranged the $2.3 million sale of Phoenix Square, a 40,040-square-foot retail center in South Haven, located about 35 miles west of Kalamazoo. Tenants at the retail center, which is located at 1220 Phoenix Road, include Dunham’s Sports and Dollar Tree. Joe Belinske of Reichle | Klein Group represented the buyer, DFG-South Haven LLC. CBRE-Detroit
APPLETON, WIS. — Maurices Inc. has leased 4,664 SF of space at 3825 E. Calumet St. in Appleton, about 30 miles southwest of Green Bay. Duluth, Minn.-based Maurices is an American clothing retail chained that has more than 850 stores nationwide, and was founded in 1931 by E. Maurice Labovitz. Ascena Retail Group Inc. (NASDAQ: ASNA) owns the retail chain. CBRE arranged the lease. Eisenhower Properties LLC is the landlord of Horizon Plaza.
EDGEWATER, N.J.— Capstone Realty Group has acquired the Edgewater Marketplace, an 80,000-square-foot retail center, for more than $20 million. The center is located at 715 and 725 River Road in Edgewater, minutes from the George Washington Bridge and Hoboken. The property includes tenants such as Trader Joe’s, JP Morgan Chase, Red Mango, Verizon Wireless and Harmon Drug. Capstone plans to upgrade the seating and dining areas that are situated along the Hudson River boardwalk.
MIRAGE, CALIF. — The Silver Group has arranged the sale of eight single-tenant buildings, seven of which are occupied by AmeriTitle Inc. and one that is leased by Roy's Hawaiian Fusion Cuisine. The AmeriTitle properties are located in McCall, Idaho; and Ashland, Albany, Medford, Prineville, Redmond and Salem, Ore. The 7,780-square-foot Roy's Hawaiian Fusion Cuisine is situated on about 1.6 acres in Mirage, Calif. Roy's has 19 years remaining on its lease, which is guaranteed by Roy's parent company, Bloomin' Brands Inc. Barry Silver with The Silver Group represented the sellers in the transactions. The Silver Group is also marketing for sale 22 single-tenant properties leased to AmeriTitle that are located throughout the Pacific Northwest.
FORT WORTH, TEXAS — Ricky Bobby Sports Saloon, a new restaurant and sports bar with a Nascar racing theme, is set to open at 2200 N.E. Loop 820 in Fort Worth near the Texas Motor Speedway. The restaurant is the latest member of the Rick’s Cabaret International Inc. restaurant group. The restaurant will feature two full service bars, flat screen televisions throughout, a 3,000-square-foot patio with fire pits, fountains and a stage for live band performances.
WAIMEA, HAWAII — KZ DevCo, LP has completed construction on a 23,008-square-foot Long’s Drugs in Waimea on behalf of CVS/pharmacy. The $10.3-million store was built on two land parcels totaling 2.27 acres. They are located at 65-1271 Kawaihae Road. The full-service pharmacy will replace a smaller, 1,424-square-foot Long’s Drugs that is located in an adjacent center. The store is expected to serve nearly 15,000 residents in the north Kohala upcountry coast of the Big Island. This is the ninth Long’s Drugs that KZ DevCo has completed in Hawaii in the past six years.
HEMET, CALIF. — Diamond Valley Plaza, a 58,034-square-foot shopping center in Hemet, has sold to Time Equities Inc. (TEI) for $5.8 million. The center is located on Diamond Valley Road. It is 94 percent leased to tenants like Crunch Fitness and Big Cheese Pizza. It is shadow anchored by Sprouts Farmers Market. This is TEI’s fourth shopping center purchase this year.
AUBURN, COLO. — Auburn Shopping Center, a 39,829-square-foot retail property, has sold to a limited liability company for an undisclosed amount. The center is located at 1801 Howard Road in Auburn. It is anchored by Jo-Ann Fabric and El Mercado Latino Grocery. The buyer was represented by Dino A. Christophilis of Marcus & Millichap’s Seattle office.The seller was also represented by Christophilis, along with Larry Corkins of the same office.
WAUWATOSA, WIS. — Premier Design + Build Group and HSA Commercial Real Estate have begun construction on a 255,000-square-foot retail redevelopment project near Milwaukee. Located two blocks north of Mayfair Mall, the retail space has been preleased to Dick’s Sporting Goods, Ulta Cosmetics, Old Navy and Nordstrom Rack. Plans for the large-scale development include demolishing portions of an old produce warehouse complex and removing a former water tower. Slated for a spring 2014 completion, the retail project will include space for up to 20 tenants. Phase I of the redevelopment project will complete the retail and warehouse segment of the Mayfair Collection in the Burleigh Triangle area.