NEW BERLIN, WIS. —Walmart Real Estate Business Trust has purchased a 0.5-acre parcel in New Berlin, a western suburb of Milwaukee, for its new supercenter development. Highland Memorial Park Inc. sold the land, which is located at 15355 W. Greeenfield Ave. and includes a residential house. Kevin Barry and James Young of Cassidy Turley Barry represented Highland Memorial Park in the transaction. Yoni Zvi of EDG 18 represented Walmart Real Estate Business Trust in the transaction.
PELHAM MANOR, N.Y. — Acadia Realty Trust has sold Pelham Manor Shopping Plaza, a 228,000-square-foot retail property in Pelham Manor, for $58.5 million. Retail Properties of America Inc., a publicly traded REIT based in Chicago, purchased the property. BJ’s Wholesale Club anchors the property, which is located approximately 10 miles north of Manhattan. Developed in 2008 by Acadia, the center is 98 percent leased to a mix of national tenants, including Michaels, PetSmart, Five Below and Chase. Jeffrey Dunne and David Gavin of CBRE’s New York institutional group represented the seller and procured the buyer in the transaction.
FLORHAM PARK, N.J. — HFF has closed a sale-leaseback transaction involving two grocery-anchored retail centers totaling 220,431 square feet in New Jersey and suburban Philadelphia. HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Co. (A&P) and its affiliates. MCB Real Estate LLC, in conjunction with Alex Brown Realty Inc., purchased the two properties. A&P will continue to operate the Pathmark grocery stores at each of the sites. HFF closed the sale-leaseback of four freestanding Pathmark stores from this portfolio earlier this year and has sold more than 15 A&P/Pathmark-anchored supermarket centers in New Jersey and the surrounding markets for various owners during the last two years. The HFF investment sales team representing the seller was led by Jose Cruz and Andrew Scandalios, senior managing directors; Kevin O’Hearn and Jeffrey Julien, managing directors; as well as associate Marc Duval.
SAN ANTONIO — HFF has arranged $54.2 million in construction financing for the redevelopment of the historic Joske’s Building at RiverCenter Mall, a retail complex along San Antonio’s River Walk. The property, constructed in 1887 as the original location of Joske’s Department Store, is located at the corner of Alamo and Commerce streets, overlooking the historic Alamo Plaza in San Antonio’s central business district. Joske’s occupied the space for 100 years, after which Dillard’s occupied the space until 2008. The redevelopment will house retail, restaurant and entertainment tenants. TreyMorsbach, John Pelusi and Cullen Aderhold led the HFF team that represented the borrower, Ashkenazy Acquisitions Corp.
ARLINGTON, TEXAS — SkyWalker Property Partners has acquired a 41,680-square-foot retail property in Arlington’s entertainment district. The one-story building, previously used as an antique mart, has been vacant for nearly a decade. Iskander & Sons Inc., based in the United Arab Emirates, sold the property, which is located at 1715 E. Lamar Blvd and was originally constructed in 1984. SkyWalker purchased the asset on behalf of Hangover Opportunity Fund LLC. Mike Nix of ReMax Associates Commercial represented Iskander & Sons.
SHERWOOD, ORE. — Merlone Geier has purchased Sherwood Market Center, a 124,259-square-foot retail center in Sherwood, for $22.2 million. The grocery-anchored center is located at 16030 SW Tualatin-Sherwood Road just southwest of Portland. It was built in 1996 on 14 acres. Notable tenants at the center include Albertson’s, Chase Bank, Burger King, UPS and GNC. This was the largest retail transaction in Oregon’s Washington County so far this year, according to Scott Frank, Michael Horwitz and Kevin Adatto of Capital Pacific. The trio represented both the buyer and the seller, Regency Centers, in this transaction.
AVON, CONN. — Cronheim Mortgage has arranged $24 million in permanent financing for Avon Marketplace, a regional lifestyle center in Avon. The 10-year loan includes five years of interest only payment and a 30-year amortization schedule. Dev Morris and Andrew Stewart of Cronheim arranged the loan on behalf of Avon Marketplace Investors LLC. Avon Marketplace is owned and managed by an affiliate of David Adam Realty, a local operator of shopping centers. Built in the early 1990s, the property includes two freestanding buildings totaling 79,107 square feet on 17.3 acres. Avon Marketplace was fully occupied by 17 tenants at the time of sale, including ULTA, Gap, Eastern Mountain Sports, New Balance, Victoria's Secret, Starbucks Coffee and Verizon Wireless.
NORWALK, CONN. — Houlihan Parnes Realtors has arranged $5.1 million in permanent financing for a 25,000-square-foot retail center in Norwalk. The loan was used to acquire this property on behalf of a regional investor who completed a 1031 tax-deferred exchange. The five-year loan includes a fixed interest rate of 3.86 percent and a 25-year amortization schedule. The Rite Aid-anchored center also includes seven other local businesses. The lender is a New York-based commercial bank. Steve McCulloch of Houlihan Parnes Realtors arranged the financing on behalf of the borrower.
BARTLETT, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 32,580-square-foot Kentucky Fried Chicken/Taco Bell ground lease in Bartlett, a western suburb of Chicago. The property sold to a cash buyer from Illinois. A Chicago-based developer and property owner sold the property. The freestanding building is located at 960 Route 59 and is adjacent to The Home Depot. Chad Firsel of Quantum Real Estate Advisors Inc. represented the seller in the transaction.
TERRELL, TEXAS — The Retail Connection LP and Oakridge Investments plan the 225,000-square-foot first phase of the Crossroads at Terrell, a major regional shopping center planned for the interchange of Interstate 20 and U.S. Highway 80. TJ Maxx, Ross, Bed Bath & Beyond and Sam’s Club are among the proposed anchors for the power center component of the project, which will break ground in fall 2014 and open in late 2015. The development has been designed to expand to more than 1 million square feet, including office and multifamily uses in addition to retail. Separately, the City of Terrell has approved zoning for a 60,000-square-foot Buc-ee’s travel center adjacent to the Crossroads at Terrell site.