OLD SAYBROOK, CONN. — O,R&L Commercial LLC has arranged the 5,000-square-foot lease of the former Pat’s Kountry Kitchen in Old Saybrook, about 40 miles south of Hartford. The building will be the second location for Terra Nostra Ristorante Italiano and Steak House. The property is located at the corner of Boston Post Road and Mill Rock Road East. Richard Gold and Tim McMahon of O,R&L Commercial represented the landlord, Pat Brink, in the transaction.
LOS ANGELES — Barker Block, a multifamily community located in the Arts District of Downtown Los Angeles, has broken ground on its final phase. This phase will convert an old warehouse into 68 lofts and townhomes. Once the project is complete, the $150-million Barker Block will boast 309 condo units. They will be the first for-sale homes to hit the market in Los Angeles since the economic downturn. The project was developed by Blackstone and CityView in partnership with the Kor Group. It was designed by Nakada and Associates.
HUNTINGTON BEACH, CALIF. — Sampont Properties has received an $8.4-million acquisition loan for CVS Plaza, a 31,140-square-foot, multi-tenant retail center in Huntington Beach. The center is located on 2.54 acres at 18872-17922 Beach Blvd. It is fully leased to tenants including CVS/pharmacy, Starbucks, O’Reilly Auto Parts, Verizon Wireless and Bank of America.Sampont was represented by Jim Wellbaum of Triwell Properties. The seller, ValCenters, was represented by William B. Asher, Eric P. Wohl and Edward B. Hanley of Hanley Investment Real Estate Advisors. CVS Plaza was built in 2004 and remodeled in 2008. The total sales price for the property was $13.87 million. Financing was provided by Kenny Lim of Farmers & Merchants Bank.
SURPRISE, ARIZ. — Grand Village, a 25,653-square-foot retail center in Surprise, has received $2.15 million in financing. Bealls, the center’s major tenant, is expected to renew its lease shortly. Financing was arranged by Jim Cooper of NorthMarq Capital’s Phoenix regional office.
HONOLULU – A pair of Honolulu-based office buildings have sold to KZ DevCo LP for a total of $15.2 million. The buildings, which are located at 1026 & 1030 King Street, were purchased on behalf of Longs Drugs Stores. Longs plans to develop a 19,960-square-foot drugstore with a drive-thru on the sites. Construction began in April and should be complete by summer 2014.Longs also recently leased an 8,860-square-foot space at the Davies Pacific Center in Downtown Honolulu. This store is currently under construction and is scheduled to open in the fourth quarter of 2013. Finally, Longs is also completing construction on a 23,008-square-foot, free-standing drive-thru location in Waimea on the Big Island. It is scheduled to open this June. KZ DevCo also assisted with these lease negotiations and construction processes.
FRANKLIN, TENN. — Kite Realty Group Trust has acquired the 224,000-square-foot Cool Springs Market in Franklin for $37.5 million. The center is 95 percent occupied and anchored by Dick's Sporting Goods, Marshalls, JoAnn Fabrics, Staples and a non-owned Kroger. It is located near the intersection of I-65 and Cool Springs Boulevard. The average household income within a five-mile radius of the center is $124,000 per year, and the population density is 85,200. The purchase is part of Kite's strategy to grow its portfolio in cities in the Southeast, Midwest and Texas.
CHARLOTTESVILLE, VA. — A new Fresh Market grocery store has opened at Albemarle Square, located at 100 Albemarle Square in Charlottesville. The grand opening took place Feb. 6. Albemarle Square is located 70 miles west of Richmond, Va., along Route 29 North, and is home to a mix of local and national restaurants and retailers. Dumbarton Properties manages the property.
TULSA AND OKLAHOMA CITY, OKLA. — Stan Johnson Co. has secured the sale of two Garden Ridge stores in Oklahoma totaling $19.6 million. The properties are located at 11015 E. 51st St. S. in Tulsa and 701 S. Macarthur Blvd. in Oklahoma City. Ken Hedrick, Andrew Ragsdale and Jerry Hopkins of Stan Johnson Co. represented the seller, New York-based W.P. Carey Inc., in the transaction. The buyer was Arizona-based STORE Capital. Both properties have been fully leased by Garden Ridge Corp. since 1996. The two stores feature 11.5 years remaining of primary lease term, with four five-year renewal options.
FORT WORTH, TEXAS — NorthMarq Capital has arranged $18.25 million in first mortgage refinancing for the 200,000-square-foot Chapel Hill Shopping Center, located at Interstate 30 and Hulen Street in Fort Worth. Chapel Hill's tenants include H-E-B Central Market, The Container Store and World Market. Phillip Bankhead of NorthMarq's Dallas office arranged the 10-year, interest-only loan through a CMBS lender.
HONOLULU – A pair of Honolulu-based office buildings have sold to KZ DevCo LP for a total of $15.2 million. The buildings, which are located at 1026 & 1030 King Street, were purchased on behalf of Longs Drugs Stores. Longs plans to develop a 19,960-square-foot drugstore with a drive-thru on the sites. Construction began in April and should be complete by summer 2014. Longs also recently leased an 8,860-square-foot space at the Davies Pacific Center in Downtown Honolulu. This store is currently under construction and is scheduled to open in the fourth quarter of 2013. Finally, Longs is also completing construction on a 23,008-square-foot, free-standing drive-thru location in Waimea on the Big Island. It is scheduled to open this June. KZ DevCo also assisted with these lease negotiations and construction processes.
