MADISON HEIGHTS, MICH. — Bernard Financial Group has arranged a $1.4 million loan for Farnum Plaza, a 24,400-square-foot retail property in Madison Heights. The shopping center is located at 27611-27651 John R Road, about 14 miles north of Detroit. Farnum Plaza LLC was the borrower. Kevin Kovachevich of Bernard Financial Group originated the loan. Symetra Life Insurance Co. was the lender.
MANSFIELD, CONN. — Washington Trust’s commercial real estate group has provided $6.9 million in construction financing for a 32,175-square-foot retail property and a 5,000-square-foot stand-alone retail building in Mansfield. Storrs Center Alliance LLC was the borrower. Price Chopper Supermarket will occupy the 32,175-square-foot property. The development is located in downtown Mansfield, across from the University of Connecticut and is the latest phase of the Storrs Center project that Leyland Alliance LLC is developing.
MENIFEE, CALIF. – A 4,000-square-foot property in Menifee that is net leased to Panera Bread has sold to a private investor for $2.1 million. The property is located at 30318 Haun Road. Panera entered into a new 15-year, triple-net sale leaseback with the buyer upon close of escrow. The buyer was represented by Ron Duong in Marcus & Millichap’s Newport Beach office. The seller, also a private investor, was represented by Glen Kunofsky and Don McMinn, also of Marcus & Millichap.
MONROE, LA. — Faris Lee Investments has brokered the $14.6 million sale of Pecanland Commons, a Target-anchored shopping center located at 4209-4299 Pecanland Mall Drive in Monroe. Other tenants include Ross Dress for Less, Bed Bath & Beyond and Petco. Target was not included in the sale. Richard Chichester, Matthew Mousavi and Thomas Chichester of Faris Lee Investments, along with Beezie Landry of Stirling Property Group, represented the seller. The buyer, Missouri-based TKG, was self-represented.
OKEMOS, MICH. — Mid-America Real Estate Corp. has brokered the sale of Meridian Towne Centre, an 86,891-square-foot shopping center in Okemos, Mich., for $11 million. Located at the intersection of Marsh Road and West Grand River Avenue approximately seven miles east of Lansing, the development includes tenants Marshalls, Five Below, Ulta, David’s Bridal, FedEx, Sally Beauty Supply and Stride Rite and is shadow-anchored by Target and Kroger. Joe Girardi, Ben Wineman and Daniel Stern of Mid-America represented the seller, Viking Partners. The buyer was a private real estate investment firm.
REDLANDS, CALIF. – A 96,997-square-foot portion of thePavilion at Redlands shopping center has sold to a Chinese private investor for $17.7 million. The portion that sold is located at 2054-1094 Redlands Blvd. This part of the property contains a 52,924-square-foot Food 4 Less, in addition to about 20 smaller retailers, including Payless Shoe Source, Verizon, GameStop, Little Ceasers, Metro PCS, H&R Block and Supercuts. The property is currently 99 percent leased. CBRE’s Dennis Zhangrepresented the all-cash buyer. The sellerwas an affiliate of Foothill Village Property, LP.
PHOENIX – A four-property, Phoenix-based Walgreens portfolio has sold to an unnamed buyer for $15.9 million. The Arizona properties were part of a larger transaction that included five additional Walgreens and one CVS drugstore located throughout the nation. The drugstores contained a mix of both long- and short-term, double- and triple-net leases. About half of the transactions were off-market deals, according to Ryan Barr and Ryan Bennett of Lee & Associates-North San Diego County’s Barr & Bennett Net Leased Group, who represented the buyer.
OCOEE, FLA. — Marcus & Millichap has brokered the $9.6 million sale of a retail building anchored by LA Fitness, located at 1560 E. Silver Star Road in Ocoee, about 13 miles west of Orlando. LA Fitness occupies 93 percent of the 51,160-square-foot center, which has an additional 3,526-square-foot vacant space. Lori Schneider of Marcus & Millichap's Fort Lauderdale office represented the seller, a private investor from Raleigh, N.C. Schneider also secured and represented the buyer, a REIT based in Boynton Beach, Fla.
MOUNT VERNON, ILL. — Pine Tree Commercial Realty LLC has arranged a lease of 52,729 square feet at Times Square Mall in Mount Vernon, Ill. for retailer Hobby Lobby. The new store, which is expected to open in the first quarter of 2014, will be the only Hobby Lobby location for 44 miles, the next closest being in Carbondale. Pine Tree Commercial owns the Times Square Mall development with St. Louis-based The Sansone Group and Elgin, Ill.-based Wanxiang America Real Estate Group. Mount Vernon is in southern Illinois.
HAMBURG, N.Y. — The Cooper Commercial Investment Group has sold three retail outparcels of McKinly Mall in Hamburg for $5.6 million. Hamburg is located about 14 miles south of Buffalo. Tenants of the fully leased outparcels include Olive Garden, Pier 1 Imports, FedEx Office, Aspen Dental, GameStop, Sprint, Beltone and Ichiban Sushi. Olive Garden and Pier 1 Imports are both single-tenant, freestanding buildings. Dan Cooper of Cleveland-based Cooper Commercial represented the seller, Beachwood, Ohio-based BG McKinley II LLC, in the transaction. The buyer was a private investor based in New York.
