PRINCETON, N.J. — Cantor Commercial Real Estate has provided $8.2 million in financing for 5-13 Witherspoon St. in Princeton. Gideon Gil, Alexander Hernandez and Sridhar Vankayala of Cushman & Wakefield arranged the 10-year loan for Jeffrey Siegel and an affiliate of ML7. The 17,000-square-foot mixed-use property was renovated shortly after the current ownership purchased the property in 2010. Agricola Eatery, a farm-to-table restaurant, opened at the location in March.
BELLEVUE, WASH. — Northwest developer Kemper Development Co. announced Monday plans for a $1.2 billion mixed-use expansion to its shopping and dining complex, The Bellevue Collection, in downtown Bellevue. Plans for the project include 2 million square feet of additional retail, office, hotel and residential space covering more than a block of prime real estate at Northeast Fourth Street and Bellevue Way Northeast. Construction is expected to begin in early 2014 and wrap up by fall 2016. Kemper Freeman, chairman and CEO of Kemper Development Co. is pitching the project in Las Vegas at a gathering of the International Council of Shopping Centers and says he is talking with lenders and expects to secure financing soon, according to the Seattle Times. Freeman also says he believes he can pre-lease much of the space during the next few months and has no plans to build on speculation. Located 10 miles east from downtown Seattle, the regional shopping destination draws more than 22 million shoppers annually from a six-state region and Canada. The Bellevue area is home to corporations such as Microsoft, Expedia and T-Moblie and boasts an average household income of $120,000. Noting the area’s growing concentration of affluent shoppers, Kemper …
WOODBRIDGE, N.J. — TG Acquisitions LLC has purchased a 74,618-square-foot shopping center, located at 755-789 St. Georges Ave. in Woodbridge, for $6.3 million. Currently 24 percent occupied, the two-story shopping center is situated on 7.5 acres. Constructed in 2001, the property includes 403 surface parking spaces and is located on Route 35 with direct access to Route 1 and 9. Tenants at the property include Subway, Papa John’s and Rita’s, among others. NAI James E. Hanson assisted in arranging the purchase of the property, and NAI DiLeo Bram & Co. represented the buyer, TG Acquisitions, in the transaction.
LOUISVILLE, KY. — Cinemark Holdings Inc. has opened a new 10-screen, all-digital movie theater at the Mall St. Matthews in Louisville. The theater, located at 5000 Shelbyville Road, will feature wall-to-wall and floor-to-ceiling screens, enhanced sounds systems and digital presentation in every auditorium. The theater will also feature a Cinemark XD: Extreme Digital Cinema, which will include the latest sound technology, as well as a Barco DLP digital projector, which offers the brightest light standards in the industry, according to Cinemark. A lobby bar will serve beer and wine along with a concession stand, which will serve popcorn, fountain beverages and candy brands.
KANSAS CITY, KAN. — Red Development has received $39.9 million in equity financing for the acquisition of Legends Outlets Kansas City. The property is a 1.2 million-square-foot outdoor mall located 12 miles west of downtown Kansas City, and is 94 percent leased. Kevin O’Grady and Matt Grant of Cohen Financial, working with Artis Advisors, secured the financing from a New York private equity firm.
DES MOINES, IOWA — Denver-based Baceline Investments LLC has purchased Clocktower Square, a 142,356-square-foot retail center in West Des Moines for $6.9 million. Clocktower Square is currently 68 percent leased and includes tenants T.J. Maxx, Starbucks, Office Max and Tires Plus. Situated on 11 acres, the shopping center is located on 28th St. and University Ave. The property was originally constructed in 1983 and renovated in 1997.
MACOMB, MICH. — Mid-America Real Estate-Michigan Inc. has arranged a 3,580-square-foot lease in the Shops at Macomb Park in Macomb. The Kroger-anchored shopping center is located at 26 Mile and Romeo Plank roads. Gabe Schuchman and Karen Mullane of Mid-America represented the landlord, Macomb Park 2 LLC, in the transaction. The tenant is Henry Ford.
MANCHESTER, CONN. — Agree Realty Corp. has acquired two single-tenant properties leased to PetSmart and Starbucks for $5.4 million. Starbucks occupies 1,562 square feet in Manchester and PetSmart occupies 20,353 square feet on Disk Road in Rapid City, S.D
AUSTIN, TEXAS — A joint venture partnership between Austin-based Cielo Realty Partners and MIMCO Inc. recently purchased a 47,050-square-foot retail property at the intersection of Highway 71 and U.S. Highway 290 in Austin. The property is currently leased to Planet Fitness and Goodwill, and marketing for the remaining 13,050 square feet is underway.
NEWARK, CALIF. – The NewPark Mall in Newark has received a $71.5-million refinance. The mall is located at 2086 NewPark Mall. It contains nearly 1.2 million square feet of retail space and serves the tri-cities of Newark, Fremont and Union City in the East Bay area. The mall is anchored by Macy’s, jcpenney, Sears and Burlington Coat Factory. The non-recourse, floating-rate mortgage loan features an initial interest rate of 4.3 percent. The loan’s initial funding is $66.5 million. The remaining $5 million will be earned out once the mall achieves certain milestones, according to its owner, Rouse Properties. The bank loan has a four-year term and a one-year extension option.