PLANO — Dallas-based Metropolitan Capital Advisors (MCA) has closed a $10 million loan for the acquisition of Pitman Corners Shopping Center, a 192,267-square-foot, grocery-anchored retail center located at the southwest corner of West 15th Street and Custer Road in Plano. Albertsons anchors the center, which includes other merchants such as Tuesday Morning and McDonald's. Todd McNeil of MCA arranged the loan with a 30-year amortization schedule through a local bank.
AUGUSTA, GA., AND SARASOTA, FLA. — Phillips Edison-ARC Shopping Center REIT has acquired the 178,167-square-foot Richmond Plaza, located in Augusta, for $19.5 million and the 65,320-square-foot Publix at Northridge, located in Sarasota, for $11.6 million. Publix anchors both centers, which were acquired through the REIT's PECO-ARC Institutional Joint Venture I.
LARGO, FLA. — EDENS has sold the 99,000-square-foot Barclay Square, a shopping center located in Largo, to an affiliate of The Sterling Organization for $10.8 million. A 42,000-square-foot Walmart Neighborhood Market anchors the center, which is 82 percent leased. Tenants include Tuesday Morning, Beef 'O' Brady's, H&R Block and Goodyear Tires. Anthony Blanco, Lenard Williams and Mallory Ham of The Shopping Center Group represented the seller in the transaction.
ST. LOUIS — Taubman has closed on its purchase of a 50-acre parcel near the Boone's Crossing exit off Highway 40 in St. Louis. The company plans to develop a 450,000-square-foot retail center on the site that will include approximately 65 stores. More than 40 retailers have already committed to space including Banana Republic Factory Store, Gap Outlet, J. Crew Factory and Furla. David Biales and John Langa of Jones Lang LaSalle represented Taubman in the transaction. The company also recently broke ground on the project, which is expected to be complete in the fourth quarter of 2013.
RICHMOND HEIGHTS, OHIO — Milano Menswear has signed a 15,000-square-foot retail lease at Richmond Town Square Mall in Richmond Heights, Ohio. The men's upscale fashion store will join JCPenney, Macy's and Regal Cinemas this October. Greg Guyuron of Kowit & Passov Real Estate Group represents Milano Menswear in Northern Ohio.
ORLAND PARK, ILL. — Quantum Real Estate Advisors has arranged the $6.2 million sale of a 15,000-square-foot Walgreens building, located at 11981 W. 143rd St. in Orland Park. Walgreens has 22 years remaining on its lease. Chad Firsel of Quantum Real Estate Advisors represented the buyer, a private investor from Illinois, in the transaction. He also represented the seller, a partnership based in Chicago.
RAPID CITY, S.D. — Columbus Pacific Properties (CPP) has purchased Rushmore Crossing, a 550,392-square-foot center in Rapid City. The power center is anchored by Target, Sam's Club, Bed Bath & Beyond, Michaels, T.J. Maxx and Gordman's. The purchase included an additional 198,320 square feet of planned retail development and 14 outparcels. Jim Batjer of HFF represented the buyer and seller in the transaction.
DULUTH, MINN. — Marcus & Millichap Capital Corp. has arranged a $6.1 million acquisition loan for a 13,325-square-foot Walgreens drugstore in Duluth, built in July 2012. Dean Giannakopoulos of Marcus & Millichap arranged the 25-year loan through a national life insurance company. The loan contains a 25-year amortization schedule.
BUFFALO GROVE, ILL. — Electronic Recycling Services, a global e-waste manager and electronics recycler, has acquired a 53,300-square-foot industrial building at 1500 Busch Parkway in Buffalo Grove. Robin Stolberg and Kurt Sarbaugh of Jones Lang LaSalle represented the seller, ECD Co., in the transaction. Greg Block and Daniel Hyman of Millenium Properties represented the buyer.
SOUTH PLAINFIELD, N.J. — WP Realty and Angelo, Gordon & Co. have acquired Oak Park Commons, a one-story, 136,939-square-foot community shopping center in South Plainfield. The center is located in Middlesex County, approximately 22 miles southwest of Manhattan. A 60,025-square-foot A&P Supermarket anchors the property. Oak Park Commons is 76 percent occupied, with 33,508 square feet of available space. The center includes a mix of national, regional and local tenants.
