BATAVIA, ILL. — Marcus & Millichap has arranged the sale of a State Farm-anchored retail center for approximately $1.3 million. The 5,994-square-foot retail property is located at 1906-1928 W. Wilson St. in Batavia, a western suburb of Chicago. The center is fully occupied by three tenants that operate under long-term net leases. Hanson Family Chiropractic and Elliff Dental occupy 74 percent of the center. The remainder of the space is leased to State Farm, which recently executed a new 10-year lease. Austin Weisenbeck, Adrian Mendoza and Sean Sharko of Marcus and Millichap listed the property for the seller, a local developer. Marcus & Millichap’s team also represented the buyer, an undisclosed partnership.
Retail
BARTONSVILLE, PA. — Aztec Group Inc. has secured a $10.2 million first-mortgage loan for Bartonsville Plaza, a shopping complex located in Bartonsville, a city in northeast Pennsylvania. Bartonsville Plaza is a 49,000-square-foot, four-building retail center anchored by Lowe’s Home Improvement and Kohl’s. Developed by an affiliate of Legend Properties in 2009, Bartonsville Plaza is currently 94 percent leased. Tenants include Sleepy’s, Verizon Wireless, GameStop, Pocono Medical Center, Moe’s Southwest Grill, Great Clips, Sonic and Advance Auto Parts. Ladder Capital, a New York City-based conduit lender provided the 10-year loan, which includes a fixed interest rate and several years of interest-only payments. Howard Taft and Charles Penan of Aztec Group Inc. secured the financing. David Rosenberg of Maverick Capital Partners co-originated the transaction.
SAN ANTONIO — CBRE has brokered the sale of Westover Marketplace Shopping Center, a 242,664-square-foot retail property in San Antonio. The Class A power center is located at the intersection of Loop 410 and Highway 151, in proximity to Lackland Air Force Base, Sea World, Hyatt Hill Country Resort and Northwest Vista College. The asset was 93.4 percent leased at the time of the sale to tenants including Gander Mountain, Ross Dress for Less, PetSmart, Office Depot and Melrose. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, New York-based Coventry Real Estate Advisors. Inland American purchased the property.
HONOLULU — Hawaii is set to receive two new Long’s Drugs stores this year. The first Long’s will be a 20,114-square-foot store situated on 1.57 acres at King and Young streets in Honolulu. Construction should be complete in May. The store is scheduled to open in June. The second will be a 23,008-square-foot Long’s Drugs situated on 3.61 acres at Kuhio Highway and Aleka Loop in Kapa’a, Kaui. This store is projected to open in the fourth quarter of this year. Though CVS/pharmacy acquired Long’s Drugs in 2008, the two stores will retain the Long’s name due to its high brand awareness on the islands. The two stores are being developed by KZ DevCo, L.P.
CORAL SPRINGS, FLA. — CBRE has brokered the sale of North Hills Square, a 63,829-square-foot shopping center at 4650 University Drive in Coral Springs. A 52,024-square-foot Walmart Neighborhood Market anchors the asset, which sold for approximately $11.1 million. The property was 98 percent leased at the time of sale to tenants including Manhattan Bagel, Little Caesars and Wendy’s. Inland Income Real Estate Trust purchased the property from an affiliate of the Dizengoff Group. Casey Rosen and Dennis Carson of CBRE co-represented the seller with Avison Young.
BOSSIER CITY, LA. — UCR Investment Sales has arranged the sale of a 15,000-square-foot Nike Factory Story in the Louisiana Boardwalk, a mixed-use development in Bossier City, part of the Shreveport MSA. A 26,881-square-foot land parcel adjacent to Regal Cinemas was also included in the transaction. Adam Howells, Kevin Catalani and Jessica Donnelli represented the seller, O&S Holdings, in the transaction. The buyer, Garrison Investment Group, purchased the Nike Factory Store for an undisclosed amount.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (Q10 | KDH) has arranged $7.5 million in refinancing for a portfolio of four retail properties in Houston. The assets include two multi-tenant strip shopping centers and two CVS/pharmacy ground leases. Matt Franke and Ray Driver III of Q10 | KDH negotiated the terms of the fixed-rate, 20-year refinancing on behalf of the property owner. Advantus Capital Management, a life insurance company affiliate lender, provided the refinancing.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of II Creeks Plaza, a 63,592-square-foot retail property in the Dallas suburb of Richardson. Constructed in 1975 and recently renovated, the development is located on more than seven acres at 2700 Custer Parkway. The property was 90 percent occupied at the time of the sale by tenants including Slate Venues, Crull Fitness, Sting Soccer, Sway Dance Center, Tannery & Co. and The Spa at II Creeks. Philip Levy of Marcus & Millichap marketed the asset on behalf of the seller, a partnership, and also secured the buyer, a limited liability company.
LONG BEACH, CALIF. — KZ DevCo, L.P., has completed construction on two CVS/pharmacies in Long Beach. The first is a 17,043-square-foot store situated on 1.2 acres at Pacific Coast Highway and 2nd Street. The second is a 14,576-square-foot outpost situated on 1.5 acres at Pacific Coast Highway and Los Coyotes Diagonal.
DALLAS — HFF has arranged a $65 million refinance loan for a portfolio of 99 Burger King properties in six states. Dallas-based HFF, which represented affiliates of Jaylor Services, secured a 10-year, fixed-rate, non-recourse loan through Ladder Capital. Burger King locations in the portfolio include four in Missouri, three in Kansas, 57 in Louisiana, 22 in Alabama, four in Florida and nine in Mississippi. All properties are leased on a long-term, absolute triple-net-lease basis to an affiliate of Strategic Restaurants, a subsidiary of Ceberus Capital Management. The HFF team included Mark West and Brandon Chavoya.