Retail

HILL PLAZA SOUTH TO RECEIVE MULTIMILLION-DOLLAR FACELIFT

by admin August 7, 2013

STATE COLLEGE, PA. — The remodeling of Hills Plaza South, an 111,000-square-foot shopping center in State College, is under way. Construction started with the project’s anchor tenant, Weis Markets, which underwent interior renovations in December and exterior renovations with an expansion in June. The shopping center owner, South Canadian Pacific Realty Co., hired architect Albert A. Drobka to design a remodeling for the remainder of the retail center. Veronesi Construction was awarded the construction contract. Vita & Vita Realty Corp. recently signed several tenants at the property including Huntington Learning Center, Pella Windows, Cosmo Prof and H2O To Go, totaling 6,725 square feet. A grand re-opening is planned for November.

August 7, 2013

NETCO ACQUIRES 259,000 SF SHOPPING CENTER IN LUBBOCK

by admin August 7, 2013

LUBBOCK, TEXAS — Real estate investment and development company NetCo Investments Inc. has acquired the 259,000-square-foot Caprock Shopping Center in Lubbock. The property, located on 19 acres at 50th Street and Boston Avenue, currently houses tenants Ross Dress for Less, Beall’s and Dollar Tree, among others. NetCo plans to renovate the center, which was built in 1959.

August 7, 2013

Retail Western

HOME DEPOT BUILDING IN COMMERCE RECEIVES $8M REFINANCE

by admin August 7, 2013

COMMERCE, CALIF. – A 105,000-square-foot building in Commerce that is leased to Home Depot has received a $7.9-million refinance. The property is located at 7015 Telegraph Road. The seven-year loan features a 3.6 percent interest rate and a 25-year amortization schedule. Financing was arranged by Blake Melstrom of Pacific Southwest Realty Services through an undisclosed life insurance correspondent.

August 7, 2013

Retail Western

TEMECULA RETAIL BUILDING SELLS FOR $3.5M

by admin August 6, 2013

TEMECULA, CALIF. – A 13,630-square-foot retail building in Temecula has sold to Aro Partners for $3.5 million. The free-standing building is located at 40810 Winchester Road. It is 75 percent leased to Hallmark and Beauty One Cosmetics Supply store. The property fronts the Promenade Temecula. The 1031 exchange buyer was represented by Nick Frasco of Voit. The seller, Temecula Pad H LLC, was represented by Jeff Conover of Faris Lee Investments.

August 6, 2013

Retail Texas

UCR BROKERS SALE OF SAN ANTONIO’S CAMELOT PLAZA

by admin August 6, 2013

SAN ANTONIO — United Commercial Realty (UCR) has brokered the sale of Camelot Plaza in San Antonio. The retail property, located on the southwest corner of Walzem Road and FM 1976, totals 79,161 square feet and includes two spaces with potential drive-thru capability. UCR’s Craig Garansuay represented the seller in the transaction.

August 6, 2013

Retail Western

TEMECULA RETAIL BUILDING SELLS FOR $3.5M

by admin August 6, 2013

August 6, 2013

Retail Southeast

Q10NY ARRANGES $1.8M LOAN FOR RITE AID IN HICKORY, N.C.

by admin August 5, 2013

HICKORY, N.C. — Q10 | New York Realty Advisors (Q10NY) has closed a $1.8 million first mortgage loan on a free-standing Rite Aid drug store in Hickory. Q10NY worked with Q10 | Professional Mortgage of North Carolina, which represented the lender, an insurance company. Jeanne Cronin of Q10NY arranged the 15-year, self-liquidating loan on behalf of the borrower, a Midwest-based real estate family with a portfolio of single-tenant properties. Rite Aid's lease expires during the loan term. The lease has four five-year renewal options. Q10NY is a member of Q10 Capital LLC, a commercial mortgage banking company.

August 5, 2013

Midwest Retail

SHOPPING CENTER IN METRO CHICAGO SELLS FOR $24M

by admin August 5, 2013

NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of an 82,453-square-foot shopping center located in Naperville, a western suburb of Chicago, for $24 million. The property includes four single-tenant restaurants on long-term ground leases including Zapatistas, Maggiano’s Little Italy, White Chocolate Grill and Morton’s Steakhouse. The property also features four multi-tenant buildings leased to tenants including Subway, Einstein’s Brothers Bagels, Scottrade, Jason’s Deli, Athletico and others. An institutional investment firm purchased the property, which was 95 percent leased at the time of sale. A Lemont, Ill.-based development company was the seller. Chad Firsel and Daniel Waszak of Quantum Real Estate Advisors Inc. represented the buyer and the seller in the transaction.

August 5, 2013

Midwest Retail

6,760 SF NET-LEASED PROPERTY CHANGES HANDS FOR $2.9M

by admin August 5, 2013

MAYFIELD HEIGHTS, OHIO — Marcus & Millichap has arranged the sale of a 6,760 square-foot net-leased property in Mayfield Heights for $2.9 million. Glen Kunofsky, executive vice president investments, and Russell Wachtler, investment associate at Marcus & Millichap marketed the property on behalf of the seller, a private investor. Michael Glass, also of Marcus & Millichap, assisted in the transaction. 7-Eleven Gas and Convenience leases the property, located at 6680 Mayfield Road.

August 5, 2013

Retail Texas

FRESH MARKET IS NEW ANCHOR AT LANTERN LANE

by admin August 5, 2013

HOUSTON — A new anchor store, The Fresh Market, has opened at Lantern Lane shopping center, located at 12500 Memorial Drive in Houston’s affluent Memorial neighborhood. The specialty grocer replaces former anchor Rice Epicurean, also a specialty grocery store. The center, which totals 79,501 square feet and is 100 percent leased, is owned by AmREIT Monthly Income & Growth Fund III Ltd., an advised fund of AmREIT Inc.

August 5, 2013

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