LOS ANGELES – Cotti Foods has received a $39.4-million loan to acquire 39 Wendy’s Restaurants throughout Los Angeles and Hawaii. Some of the funds will also be used to remodel existing units, as well as to develop new units. The acquisition includes 32 restaurants in the Greater Los Angeles market and seven in Hawaii. The restaurants were sold by Wendy’s International Inc. So far, the company has disposed of 418 Wendy’s restaurants across 13 U.S. markets. Most of these dispositions occurred out West. The loan was provided by GE Capital’s Franchise Finance business.
Retail
HOUSTON — Progressive Real Estate Partners has brokered the sale of a 24,000-square-foot former PetSmart building for $5 million. The freestanding building is located at 10500 Katy Freeway in Houston. Built in 1992, the 1.8-acre property is shadow-anchored by Home Depot, Hobby Lobby and Sam’s Club. The site is near Interstate 10 and Beltway 8 in Houston’s Memorial City District.
ATLANTA — Westbridge Partners has acquired the retail component of a new mixed-use building located at 691 14th St. in Atlanta’s West Midtown neighborhood. Completed in 2014, the property features 197 apartment residences and 10,980 square feet of retail space. Patterson Real Estate Advisory Group arranged acquisition financing through Hamilton State Bank on behalf of Westbridge. Westbridge purchased the retail portion from Greystar and has executed leases with Cooks and Soldiers (4,625 square feet), Kane Boutique (1,192 square feet) and an unnamed national coffee/tea company (1,700 square feet).
NEW SMYRNA BEACH AND TALLAHASSEE, FLA. — HFF has arranged the $23 million sale of two Publix-anchored shopping centers in Florida. The properties include the 118,451-square-foot New Smyrna Beach Regional in New Smyrna Beach and the 71,526-square-foot Forest Village in Tallahassee. Publix Super Markets Inc. purchased New Smyrna Beach Regional (90 percent leased) for $16 million and Forest Village (79 percent leased) for $7 million. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Equity One Inc., in the transaction.
MORRIS PLAINS, N.J. — A joint venture between Baltimore-based MCB Real Estate and ARC Property Trust has acquired a freestanding retail building in Morris Plains, which is approximately 30 miles east of New York City. The 32,450-square-foot asset was purchased for $2.6 million and is currently leased to ACME Supermarkets. Lawrence Anderson of Anderson Realty Services represented the seller in the transaction.
HOUSTON — NorthMarq Capital’s Houston office secured acquisition financing for Lakewood Town Square, a 32,000-square-foot retail property in northwest Houston. The bridge loan was secured with a 10-year term fully amortizing and was arranged for the borrower, a local private buyer, through NorthMarq’s relationship with, Symetra, a life insurance company. The interest rate was 4 percent. Warren Hitchcock, vice president of NorthMarq’s Houston office, secured acquisition financing in the transaction.
EL CAMPO, TEXAS — Marcus & Millichap has arranged the sale of El Campo Town Center, a 25,100-square-foot retail property located in El Campo. The asset had a list price of $3.6 million. Watt Harrison and James Bell with Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a developer. The buyer, a limited liability company, was represented by Ahmed Kabani with Marcus & Millichap’s Miami office.
ROUND ROCK, TEXAS — CBRE has arranged the sale of Boardwalk Shopping Center in Round Rock on behalf of Greenwood Village, a Colorado-based capital management firm. A private real estate fund advised by Crow Holdings Capital Real Estate of Dallas purchased the center for an undisclosed price. The 184,598-square-foot center, built in 1996, is 98.6 percent occupied with tenants including Ross Dress for Less, PetSmart, OfficeMax, Party City, Walmart and The Home Depot. The center is located near the intersection of Interstate 35 and State Highway 45. Chris Cozby, Chris Gerard and Kevin Holland with CBRE listed the asset on behalf of the seller.
SNELLVILLE, GA. — Olshan Properties has acquired The Shoppes at Webb Gin, a 351,000-square-foot retail center located in Snellville, an eastern suburb of Atlanta. The property, located at the intersection of Scenic Highway 124 and Webb Gin House Road, features 333,795 square feet of retail space and 17,210 square feet of office space. Olshan purchased the project from a joint venture between institutional investors advised by J.P. Morgan Asset Management and Bayer Properties. Eric Zimmermann and Miles Theodore of Eastdil Secured represented the seller in the transaction.
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $13.8 million sale of Plaza Del Mar, a 32,079-square-foot shopping center located at 1451 N. Federal Highway in Fort Lauderdale. The property was 84 percent leased at the time of the sale to Lime Fresh Mexican Grill, Jimmy John’s, Joe’s Crab Shack, Sally Beauty Supply and MetroPCS. Douglas Mandel of Marcus & Millichap’s Fort Lauderdale office represented the seller, South Florida Residential LLC, in the transaction. The buyer is a private investor based in Brazil.