ORO VALLEY, ARIZ. — Oro Valley Marketplace, a 521,000-square-foot power center, has received $48.4 million in refinancing. The center is located at the southwest corner of Tangerine Road and Oracle Road in Oro Valley. It is currently 93 percent leased to tenants like Walmart Supercenter, Cinemark Theatre, Dick’s Sporting Goods, Petco, Best Buy and Big Lots. The center had been encumbered with a floating-rate construction loan that had about two years left on its term and loan amounts that exceeded a 65 percent loan-to-value ratio. The loan recapitalization allowed Vestar to right-size the center’s debt while securing long-term, fixed-rate debt. The seven-year permanent loan was provided by the Massachusetts Mutual Life Insurance Company through its subsidiary, Cornerstone Real Estate Advisors, LLC.
POMONA – The Shops at Indian Hill, a 58,485-square-foot shopping center in Pomona, has sold to a private Los Angeles investor for $14 million. The center is located at 631-641 Indian Hill Blvd. and 1541-1575 Holt Ave. It’s fully occupied by tenants like El Super, ACE Cash Express, Adriana’s Insurance, AT&T, Baskin Robbins, Liberty Tax and Mattress Xpress. The buyer was represented by Edward B. Hanley of Hanley Investment Group Real Estate Advisors. The seller, Red Mountain Retail Group, was represented by Carlos J. Lopez and Kevin T. Fryman, also of Hanley.
OAK BROOK, ILL. — Inland Real Estate Corp. has entered into an agreement with the New York State Teachers’ Retirement System (NYSTRS) to acquire a 13-property Midwest retail portfolio for $121 million. Inland will acquire NYSTRS’ 50 percent ownership in the IN Retail Fund LLC, a portfolio that consists of 11 neighborhoods, community and power shopping centers located in the Chicago area, one neighborhood retail center in a suburb of Minneapolis and one community retail center located near Racine, Wis. The properties total about 2.3 million square feet of gross leasable area, with an estimated fair value of approximately $395.6 million, according to Inland. Major properties in the portfolio include the 592,495-square-foot Orland Park Place in Orland Park, Ill.; the 216,485-square-foot Randall Square in Geneva, Ill. and the 207,452-square-foot Woodfield Commons in Schaumburg, Ill. The top five retail tenants based on annual base rent include: Roundy’s (5.8 percent); Safeway (3.8 percent); AB Acquisitions (3.0 percent); CarMax (2.9 percent); and TJX Cos. (2.8 percent)
EVANSTON, ILL. — Baum Realty Group LLC has arranged the relocation and grand reopening of a Starbucks at 1734 Sherman Ave. in downtown Evanston, a northern suburb of Chicago. Adam Secher and Jonathan Feld of Baum Realty arranged the retail lease on behalf of Starbucks. The specialty coffee retailer reopened the larger store after 21 years in its original Evanston location. With more than 3,000 square feet of space, the new store is nearly three times the size of the original location.
NEWARK, N.J. — Wakefern Food Corp., the merchandising and distribution arm for ShopRite grocery stores, has signed a 67,000-square-foot lease to open a new supermarket at Springfield Avenue Marketplace in Newark. . As anchor tenant, ShopRite will service approximately 280,000 Newark residents, 180,000 members of the city’s workforce and 60,000 college students and faculty. Springfield Avenue Marketplace, a project of Tucker Development Corp., will include 125,000 square feet of retail space and approximately 150 residential apartments. The development is located on an 11-acre site at the northeast corner of Springfield Avenue and Jones Street. Groundbreaking on the development is slated to take place this fall.
ONTARIO, CALIF. — Ontario Gateway Center, a 220,930-square-foot power center, has received $25.2 million in financing. The center is located at 4420 Ontario Mills Parkway in Ontario. The 10-building property is fully occupied. Anchors include Toys “R” Us and Babies “R” Us. Ross is scheduled to open at the center in late 2013. The loan features a 10-year term and a 3.75 percent fixed interest rate. Financing was arranged by HFF’s Paul Brindley and Steven Paskhover on behalf of an affiliate of Zelman Development Company and Grayburn Properties. The funds were provided by Deutsche Bank.
NEW YORK CITY — Rocco’s Tacos and Tequila Bar has signed a 15-year lease to occupy 14,500 square feet at 339 Adams St. in Brooklyn. The location is the first in New York City for the Florida-based chain, which offers Mexican food and several brands of tequila. Ross Spitalnick of Muss Development and RKF’s Ariel Schuster and Brian Segal represented the landlord, Muss Development LLC. The Shopping Center Group represented Rocco’s Tacos in the transaction.
ONTARIO, CALIF. — Ontario Gateway Center, a 220,930-square-foot power center, has received $25.2 million in financing. The center is located at 4420 Ontario Mills Parkway in Ontario. The 10-building property is fully occupied. Anchors include Toys “R” Us and Babies “R” Us. Ross is scheduled to open at the center in late 2013. The loan features a 10-year term and a 3.75 percent fixed interest rate. Financing was arranged by HFF’s Paul Brindley and Steven Paskhover on behalf of an affiliate of Zelman Development Company and Grayburn Properties. The funds were provided by Deutsche Bank.
ALBANY, ORE. — Hobby Lobby has finally entered the Oregon market. The arts and crafts chain recently leased a 61,000-square-foot outpost at the Heritage Mall in Albany. It will occupy the former Gottschalks building. Hobby Lobby is expected to open in the first quarter of 2014. It will join fellow mall tenants such as Target, Sears, Ross Dress for Less, Old Navy, Maurice’s, rue 21, Zumiez, Famous Footwear, Game Stop and Bath & Body Works. The mall is owned by Vintage Real Estate. It is currently undergoing a renovation and repositioning.
HARRISONBURG, VA. — Morgan Property Group (MGP) has acquired land for the development of a new freestanding 7-Eleven store in Harrisonburg. MPG acquired the 1.1 acres from Trenton Inc. for $1 million. 7-Eleven Inc. will lease the project and develop a 2,940-square-foot convenience store with six pumping stations. MPG will break ground on the new store in June. The store is expected to open this fall.