PHOENIX — Steak 44 has signed a 10-year lease for a 7,700-square-foot restaurant space inside the Camelback Village in Phoenix. The space was previously occupied by Cork ‘N Cleaver Restaurant. The upscale steakhouse is scheduled to open by fall 2013. Steak 44 is operated by the Mastro family, which created the Mastro’s and Ocean Club restaurant chains. It also operates Michael Dominick’s Steakhouse at Scottsdale Quarter. Steak 44 was represented by Josh Gosnell of Commercial Properties. The landlord, Camelback and 44th OPCO LLC, was represented by Randy Banchik and Joe Hoye of Westwood Financial Corp.
BEDFORD, TEXAS — Twisted Root, a gourmet hamburger restaurant chain, plans to open a new restaurant this weekend in the 42,000-square-foot Bedford Meadows retail center in Bedford. Addison-based Legacy Alliance Holdings owns Bedford Meadows and recently engaged The Retail Connection to handle the center's leasing. Twisted Root purchased the pad site in June 2012 from Legacy Alliance for the new restaurant.
LOS ANGELES – A $44-million acquisition loan has been provided for Midtown Shopping Center, a 185,000-square-foot retail center in Los Angeles. Notable tenants at the center include Ralphs, CVS and OSH. Financing was based on a three-year, interest-only term. It was arranged by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through its relationship with a non-recourse bridge lender. The borrower was a private Los Angeles-based investor.
PHILADELPHIA — Five Below Inc., a Philadelphia-based retailer of extreme-value merchandise for teens and pre-teens, will expand its presence in Michigan by launching six new stores on April 12. The six new stores will add to Five Below’s current 18 Michigan locations. The six stores will open in the following locations: Fairplain Plaza at 970 E. Napier Ave. in Benton Harbor; Maple Hill Mall at 5210 West Main St. in Kalamazoo; Meridian Towne Center at 4904 Marsh Road in Okemos; West Valley at 3435 Tittabawassee Road in Saginaw; Crossings at Taylor at 23853 Eureka Road in Taylor; and Waterside Marketplace at 50579 Waterside Dr. in Chesterfield Township.
NEWARK, N.J. — Hollister Construction Services has completed a $5 million renovation for Damascus Bakeries’ 72,000-square-foot baking facility, located at 60 McClellan St. in Newark. Hollister gutted and rebuilt the existing facility, which was a former paper distribution center. The construction firm demolished warehouse partitions and equipment rooms and built ancillary rooms to support the baking operations. New offices, an employee locker room, break room and meeting room were also built. Damascus Bakery, a family-run, third-generation commercial baking company, had been located in Brooklyn before choosing to move to Newark.
LOS ANGELES – A $44-million acquisition loan has been provided for Midtown Shopping Center, a 185,000-square-foot retail center in Los Angeles. Notable tenants at the center include Ralphs, CVS and OSH. Financing was based on a three-year, interest-only term. It was arranged by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through its relationship with a non-recourse bridge lender. The borrower was a private Los Angeles-based investor.
CHARLOTTE — Cedar Ridge Group LLC has acquired the Markets at Cedar Ridge, a 27,920-square-foot retail center located at 7520 S. Tryon St. in Charlotte. Shane Buckner of NorthState Capital Partners and David Dupree of BCB Investments represented the buyer in the transaction. David Morris of Legacy Real Estate Advisors represented the seller. The center is less than 72 percent occupied, and the value-add deal falls under the company's strategy of buying “real estate assets in good locations that can be acquired below replacement cost,” says Buckner.
ORLANDO — Harvest Holdings has acquired Sand Lake Plaza, a 25,116-square-foot retail center in Orlando for $4.7 million. Built in two phases in 1995 and 2005, the property is fully leased and located at 1431 W. Sand Lake Road. The property is just east of South Orange Blossom Trail and across from the Florida Mall, the largest shopping mall in Central Florida. Daniel Baker of CBRE represented the seller, an affiliate of Ram Realty Services and Square Mile, in the transaction.
LOVELADY, TEXAS — Quantum Real Estate Advisors Inc. has arranged the sale of an 8,000-square-foot Family Dollar store, located in Lovelady. The store is a build-to-suit for Family Dollar and has a full 10 years remaining on its initial lease. Jordan Kaufman of Quantum represented the seller, a private developer based in Houston, in the transaction. The buyer, a New York-based REIT, purchased the store for $956,925.
PEMBROKE PINES, FLA. — 150 NW 180th Street LLC has acquired a retail property that is fully leased to Chase Bank in Pembroke Pines. The sale included a 1.8-acre site subject to a new 20-year, triple-net ground lease. A new 4,713-square-foot Chase Bank, with drive-thru lanes, will be completed on the site this year. Todd Weintraub and Dave Donnellan of CBRE represented the seller, Pembroke Pines Place, a Florida-based private developer, in the transaction.