PARK CITY, UTAH – An 8,775-square-foot retail condo at the Park City Mountain Resort has received a $2-million refinance. The condo is situated at the base of the resort, which is located at 1345 Lowell Ave. in Park City. The condo features commercial units on its ground floor and seasonal residential units on its upper level. It is occupied by four long-term tenants. The loan features a 10-year fixed term, 25-year amortization schedule and 4.85 percent interest rate. It was arranged by Jeff Meierhofer of the Madison Group.
Retail
POMPANO BEACH, FLA. — Sterling Organization has executed a 10-year lease agreement with Chuck E. Cheese’s for 15,324 square feet at Pompano Citi Centre, a 908,000-square-foot retail center at 1955 N. Federal Highway in Pompano Beach. Other tenants include J.C. Penney, Ross Dress for Less, Big Lots and Office Depot. Originally built in 1970 as Pompano Fashion Square, the asset was redeveloped into an open-air shopping center in 2006. Chuck E. Cheese’s is expected to open its doors in the fourth quarter of this year. Jonathan Schuemann of Bluerock Real Estate brokered the lease transaction.
BURNSVILLE, MINN. — Marcus & Millichap has arranged the $11.5 million sale of a 14,490-square-foot Walgreens drugstore in Burnsville, a suburb approximately 20 miles south of downtown Minneapolis. The sale equates to $794 per square foot. The Walgreens is located at 950 County Road 42 W. The property is an outparcel to a Super Target-anchored retail center and a newly constructed Costco. Walgreens is operating this property under a corporate-guaranteed 75-year absolute net lease that has 21 years remaining. The store moved to its current location in 2009. Sean Doyle of Marcus & Millichap’s Minneapolis office represented the undisclosed seller. Brandon Hanna of the firm’s Detroit office represented the buyer, a Florida-based private investor.
ST. LOUIS, MO. — McGrath & Associates recently completed construction of a $1 million retail building at Lindbergh Commons in South St. Louis County. Starbucks and Sleep Number are the tenants of the 4,300-square-foot building located at Lindbergh Boulevard. and Lemay Ferry Road. Irving Sherman Trust developed the property. Dawdy & Associates was the architect. The project was completed on schedule in May, despite a winter of extremely harsh weather. The Starbucks store at Lindbergh Commons is one of just a few in the country that opened by its original schedule despite the challenging winter conditions. McGrath previously built an adjacent 7,000-square-foot building at Lindbergh Commons. Tenants include Maytag, AT&T and Imo’s Pizza.
SAN ANTONIO — CBRE has brokered the sale of Potranco Village Shopping Center in San Antonio to an unnamed buyer. Texas-based Barshop & Oles Co. sold the asset for an undisclosed price. Potranco Village, located at 430 W. Loop 1604 in the Far West San Antonio submarket, is near the intersection of Highway 90 and Loop 1604. The center includes 18,000 square feet of space and is 100 percent occupied. Tenants include Pei Wei Asian Diner, Wingstop and GNC. Academy Sports + Outdoors shadow-anchors the property. Barshop & Oles Co. will continue to lease and manage the asset for the new owner. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller in an off-market transaction.
CLERMONT, FLA. — Forness Properties has arranged the $9.5 million sale of Golden Eagle Village, a 64,050-square-foot Publix-anchored shopping center located at 2430 U.S. Highway 27 in Clermont. Constructed in 2009, Publix occupies approximately 45,600 square feet at Golden Eagle Village, which was 85 percent leased at the time of the sale. Other tenants include Great Clips, AT&T, Bamboo Garden and a dry cleaner. Drew Forness of Forness Properties, along with Bob Barkett of Barkett Realty Group, represented the seller, Battaglia Group Management LLC, the developer of the shopping center. The buyers include Golden Eagle Ridge I and Equinox Development Properties.
BURLINGTON, MASS. — Burlington-based KeyPoint Partners has added 16 Boston retail properties to its property management portfolio. The properties, which are owned by Linear Retail, total more than 104,000 square feet and include four Newbury Street locations. KeyPoint currently manages 38 properties throughout New England for Linear Retail, ranging from small suburban properties to grocery-anchored shopping centers. With the new assignments, KeyPoint will manage 54 properties for Linear Retail totaling nearly 1.3 million square feet.
WESTLAND, MICH. — Bernard Financial Group has arranged a $2.8 million loan to refinance the Bayview Market Place Center, a 21,024-square-foot shopping center in Westland, located approximately 20 miles west of Detroit. The complex consists of two buildings situated on nearly one acre. Dave Dismondy of Bernard Financial Group arranged the loan for the borrower, Westland Associates Partners LLC, with a CMBS lender.
LUBBOCK, TEXAS — CBRE has brokered the sale of Northpark Village in Lubbock. Cincinnati, Ohio-based Phillips Edison & Co. bought the grocery-anchored center for an undisclosed price. Lubbock-based United Supermarkets anchors the 70,479-square-foot Northpark Village at the intersection of 4th Street and Slide Road. Texas Tech University is two miles from the center. The complex is 96.8 percent occupied. Other tenants include Starbucks and GNC. Chris Cozby, Chris Gerard and Kevin Holland with CBRE represented the unnamed seller in an off-market sale.
WORCESTER, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Price Chopper Supermarket located at 50 Cambridge St. in Worcester. H&R REIT sold the 69,000-square-foot property to The Federated Companies for $16 million. Built in 2003, the Worcester Price Chopper serves as the flagship store in Worcester, one of Price Chopper’s primary markets. Price Chopper operates 10 stores in the Greater Worcester market and has more than 130 locations throughout the Northeast. Nat Heald, Chris Angelone, Bill Moylan and Bruce Lusa of CBRE/New England represented the seller and buyer in the transaction.