MINNEAPOLIS, INDIANAPOLIS AND MIDLOTHIAN, ILL. — Viking Partners has acquired three shopping centers in the Midwest as part of its Fund II portfolio. Viking acquired a fee simple ownership in the 28,289-square-foot Kensington Park in Minneapolis, and tenants include Starbucks, Chipotle and Sprint. The company also acquired a fee simple interest in Indian Creek Commons, a 59,782-square-foot center in Indianapolis. Tenants include FedEx Kinko's, Deals and GameStop. Additionally, Viking bought a non-performing loan secured by Mid Oak Shopping Plaza, a 77,249-square-foot property in Midlothian, 20 miles south of Chicago.
Retail
ALBANY, ORE. — Vintage Real Estate LLC has acquired the 406,500-square-foot Heritage Mall, an underperforming shopping center in Albany, from a consortium of lenders for an undisclosed sum. Albany is one of the fastest growing cities in Oregon. A major shopping destination for the city and Linn County, Heritage Mall features 52 major retailers, boutiques and restaurants. Among the retailers are Target, Sears, Ross Dress for Less and Old Navy, Maurices, rue21, Zumiez, Famous Footwear, GameStop and Bath & Body Works. Heritage Mall is located on 33 acres west of Interstate 5 and just north of Corvallis, home of Oregon State University and its more than 26,000 students. The mall, which opened in 1988, was remodeled in 2006 and currently is 50 percent occupied. This transaction removed $38 million in debt from the property.
LOS ANGELES — Westwood Center, a 34,136-square-foot shopping center in Los Angeles, has received $5.5 million in financing. The center is located at 2180 Westwood Blvd. It is fully occupied by tenants such as Subway, Fast Frame, Beauty Supplies and MB Nails. The seven-year loan was used to refinance existing debt. It boasts a 5 percent fixed interest rate. The loan was arranged for Westwood Center, LLC by HFF’s James Fowler.
LOS ANGELES — DJM Capital Partners has received $185 million that will be used to recapitalize its four-property Southern California retail portfolio. The Class A shopping centers that received loans include La Habra Marketplace in La Habra for $70.6 million;Village Del Amo in Torrance for $40.2 million;Montalvo Squarein Ventura for $42.2 million; and Lakewood Square in Lakewood for $32 million. The portfolio loan allowed DJM to secure long-term, fixed-rate financing on these core assets. The funds will be used to pay off existing senior loans, mezzanine loans and defeasance costs. The funds were arranged by Steve Bram, David Pascale and Ari Shram ofGeorge Smith Partners.
ORLANDO AND FERNANDINA BEACH, FLA. — The Shopping Center Group has brokered the sale of two retail properties in Orlando and Fernandina Beach. The 100,385-square-foot Millenia Crossing in Orlando sold for $34.5 million. The Orlando retail property was built between 2009 and 2012, and is anchored by Nordstrom Rack. It is situated in front of the only IKEA store in the Orlando MSA and is 100 percent leased. The Shopping Center Group represented the seller, an affiliate of Madison, Wis.-based EJ Plesko and Associates. An affiliate of The Morris Companies of New Jersey acquired Millenia Crossing. Additionally, the 53,144-square-foot The Shops at Amelia Market in Fernandina Beach in the Jacksonville, Fla., area sold for an undisclosed price. The retail property is located in the heart of Amelia Island and anchored by the only Harris Teeter grocery store in Florida. It was built in 2000 and is 91 percent leased. The Shopping Center Group represented the seller, EDENS. An Atlanta-based affiliate of The Simpson Organization acquired The Shops at Amelia Market.
HANOVER COUNTY, VA. — Rutland Commons, an approximately 110,000-square-foot, Kroger-anchored shopping center at 9351 Atlee Rd. in Hanover County, has sold for $7.1 million. The Rebkee Company purchased the retail property, and Connie Jordan Nielsen and Nicki Jassy of Cushman & Wakefield/Thalhimer represented the company in its purchase. It was purchased from Crosland Rutland LLC as an investment. Jassy and Pam Strieffler, also with Cushman & Wakefield/Thalhimer, have been selected by Rebkee as the exclusive leasing agents for the shopping center.
SHIPPENSBURG, PA. — WRDC has acquired the Shippensburg Shopping Center, a 142,965-square-foot property on Walnut Bottom Road in Shippensburg. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the seller, Hill Management, in the transaction.
LOS ANGELES — DJM Capital Partners has received $185 million that will be used to recapitalize its four-property Southern California retail portfolio. The Class A shopping centers that received loans include La Habra Marketplace in La Habra for $70.6 million; Village Del Amo in Torrance for $40.2 million; Montalvo Square in Ventura for $42.2 million; and Lakewood Square in Lakewood for $32 million. The portfolio loan allowed DJM to secure long-term, fixed-rate financing on these core assets. The funds will be used to pay off existing senior loans, mezzanine loans and defeasance costs. The funds were arranged by Steve Bram, David Pascale and Ari Shram of George Smith Partners.
SAN DIEGO — Bridgeworks Retail, an 18,569-square-foot retail condominium located in San Diego’s Gaslamp Quarter, has sold to Paragon Real Estate Fund for an undisclosed sum. The property is located at 224-238 5thAve. It is fully leased to tenants like Lou & Mickey’s restaurant, MAC, Toscana Caf
ATLANTA — Phillips Edison-ARC Shopping Center REIT Inc. has purchased six grocery-anchored shopping centers totaling 507,668 square feet in metro Atlanta for approximately $60.5 million. The retail portfolio includes five Kroger-anchored properties and one Publix-anchored property. The six properties are Butler Creek in Acworth, Ga.; Fairview Oaks in Ellenwood, Ga.; Grassland Crossing in Alpharetta, Ga.; Hamilton Ridge in Buford, Ga.; Mableton Crossing in Mableton, Ga.; and Shops at Westridge in McDonough, Ga. The REIT is co-sponsored by Phillips Edison & Co. and AR Capital LLC, a real estate investment program sponsor.