LOS ANGELES — A Southern California-based retail portfolio that is known as the DJM Retail Portfolio has received $60 million in mezzanine financing. The funds will be used to refinance and recapitalize the four-property, 962,000-square-foot portfolio, which mostly consists of grocery-anchored retail properties in Torrance, Lakewood, La Habra and Ventura. The portfolio has a 96 percent occupancy rate. The funds were provided by HFF’s Bryan Ley, John Crump, Michael Leggett and Peter Smyslowski on behalf of DJM Capital Partners.
BALDWIN PARK, CALIF. — NewMark Merrill Cos. and a New York-based real estate partner has begun the $2.5 million redevelopment of Park Plaza on Maine, a 165,000-square-foot retail center in Baldwin Park. The property was built in 1989 as part of an agreement with the City of Baldwin Park's redevelopment agency. Superior Grocers and CVS/pharmacy anchor the center, which includes other tenants such as Chase Bank, Little Caesers and O'Reilly Auto Parts. All of the stores are remaining open during the construction. Park Plaza on Maine will be upgraded with modern facades, monument signage, outdoor seating and a new water feature. The redevelopment will also make room for more street-front retailers along Maine Avenue and Ramona Boulevard. Luca Giovanardi of NewMark Merrill Cos. is overseeing the project.
IRONDALE, ALA. — Michael Randman of Birmingham, Ala.-based Southpace Properties has represented Mark Gold in the $2.2 million purchase of Grants Mill Station, a 226,837-square-foot shopping center in Irondale. CBRE Nashville represented the unlisted seller. Southpace Properties is Alabama’s largest independent commercial real estate firm.
COLUMBUS, OHIO — New York-based Schottenstein Property Group has sold two buildings totaling 1.3 million square feet of office and warehouse space in Columbus. The buildings, located in the Columbus International Air Center, are fully occupied and tenants include: DSW Inc. corporate headquarters and distribution facility and the Ohio Department of Jobs and Family Services. Brokerage firm Binswanger represented Schottenstein in the deal. The buyer was undisclosed.
LAKE ZURICH, ILL. — Sperry Van Ness has arranged the lease of a 5,704-square-foot retail space in Lake Zurich at North Lake Commons, north of Chicago. The tenant, Marvin Somlo, has partnered with SOMS Fitness Group LLC to operate a new fitness property called Title Boxing Club.
NEWINGTON, CONN. — Inland Real Estate Acquisitions has acquired Newington Fair, a 186,205-square-foot shopping center in Newington for $17.2 million. The center is fully occupied and anchored by Sam's Club and L.A. Fitness, both on long-term leases. The transaction also includes a parcel of land suitable for the development of an additional retail building. Lou Quilici of IREIT Business Manager & Advisor facilitated the sale. Concurrent with the deal, Inland also acquired a portfolio of Dollar General stores in Alabama, Georgia and Tennessee for $8.3 million.
PHILLIPSBURGH, N.J. — Pennsylvania Real Estate Investment Trust has completed the sale of Phillipsburgh Mall for $11.5 million. The 547,000-square-foot mall is anchored by Kohl's, Sears, Bon Ton and JC Penney. As of Sept. 30, 2012, sales at the center were approximately $235 per square foot and non-anchor occupancy was 66.1 percent. Mason Asset Management was the buyer.
NEW YORK CITY — Hair Club, the hair restoration company, has opened its 100th center with a new flagship location in New York City. The company signed a lease for 16,400 square feet on the 5th and 6th floors of 551 Madison Ave. Hair Club began construction of its center in May 2012, which includes 25 styling and treatment rooms and a two-story employee lounge and cafe. The center also features environmentally sustainable elements, including LED lighting and Energy Star-rated HVAC systems and equipment. Cassidy Turley is the property management.
LAGO VISTA, TEXAS — SRS Real Estate Partners, a Dallas-based retail real estate brokerage firm, has arranged the sale of the 66,230-square-foot Lago Vista Village, a mixed-use development located at 20900 FM 1431 in Lago Vista. The development includes 55,085 square feet of retail space and 11,145 square feet of second-story office space. The development is 100 percent vacant. Jason Middlebrook of SRS represented the seller in the transaction.
LOS ANGELES — A Southern California-based retail portfolio that is known as the DJM Retail Portfolio has received $60 million in mezzanine financing. The funds will be used to refinance and recapitalize the four-property, 962,000-square-foot portfolio, which mostly consists of grocery-anchored retail properties in Torrance, Lakewood, La Habra and Ventura. The portfolio has a 96 percent occupancy rate. The funds were provided by HFF’s Bryan Ley, John Crump, Michael Leggett and Peter Smyslowski on behalf of DJM Capital Partners.