HARRISON TOWNSHIP, MICH. — Landmark Commercial has arranged the $4 million sale of a single-tenant retail building in Harrison Township. The building is leased on a long-term basis to West Marine, a boating accessories retailer. Daniel Kukes and Kevin Baker of Landmark Commercial represented the buyer, a non-traded REIT, in the transaction. They also represented the seller, a local developer.
KUTZTOWN, PA. — Village Square, a 39,612-square-foot retail strip center in Kutztown, has sold to a Pennsylvania-based partnership for $4 million. Village Square is located at 45 Constitution Blvd. Tenants include CVS/pharmacy and Dollar Tree. Brad Nathanson of Marcus & Millichap's Philadelphia office represented the seller, a New Jersey-based shopping center operator. He also represented the buyer.
WASHINGTON, D.C. — Farmers Restaurant Group (FRG) and North Dakota Farmers Union have selected Artisan Partners Construction Services to oversee construction of the 10,000-square-foot Farmers, Fishers & Bakers restaurant in Georgetown at Washington Harbour in Washington, D.C. The $2.5 million project involves the build out of the former restaurant, which was destroyed in a flood in April 2011. Construction is expected to begin this month with completion slated for late fall 2012.
CHICAGO — Burlington Coat Factory has leased 60,096 square feet at a former Filene's Basement in Chicago. The new location, slated to open this fall, is located at the northeast corner of State and Madison streets. Bobby Melsher of Zifkin Real Estate represented the tenant in the transaction. Sharon Kahan and Dan Jacobson of CBRE represented the landlord. The store marks the retailer's 27th location in Illinois and is part of Burlington's broad plan to open more than 20 stores in 2012.
BOSTON — Linear Retail Properties has purchased a 4,497-square-foot retail condominium at 727-731 Boylston St. in Boston for $4.9 million. The condominium unit is located on the ground level of a six-story retail and office building.The space is currently occupied by Uno Chicago Grill, which has operated at the location since 1979. Nick Herz of Colliers International represented Linear Retail in the transaction. Spencer Family LLC was the seller.
PROSPECT PARK, PA. — NorthMarq Capital has arranged a $1.5 million loan for the first mortgage refinancing of 800 Chester Pike, a 3,560-square-foot retail property in Prospect Park. Tenants include BP Gas Station and McDonald's. Matthew Kohlhoss of NorthMarq's Washington, D.C. office arranged the 15-year loan through a correspondent life insurance company. The borrower was 800 Chester Pike Realty LLC.
SOUTHLAKE — HFF has arranged $60 million in financing for the 310,711-square-foot Phase V of Southlake Town Square, an 840,288-square-foot, Class A lifestyle center located between Texas Highway 114 and Southlake Boulevard in Southlake. The mixed-use center has a roster of more than 150 tenants, which include Harkins Theatre, Cheesecake Factory, The Container Store, Banana Republic, Gap, Victoria's Secret and Brooks Brothers. Kevin MacKenzie and Jim Curtin of HFF arranged the 5-year loan through MetLife Real Estate Investments on behalf of the borrower, Retail Properties of America.
PHOENIX – A 23,000-square-foot retail property in Phoenix called 38th Street Plaza has received a $3.1-million loan to refinance. The 17-tenant center was built in 1979. The non-recourse loan features a 10-year term and a 30-year amortization schedule. It was underwritten to a 75 percent loan-to-value. The cash-out refinance was arranged by Neal Churney and Don Burnes of Johnson Capital’s Phoenix office.
WINSTON-SALEM, N.C. — A 10,125-square-foot CVS/pharmacy, located in Winston-Salem, has sold for $3.75 million. CVS/pharmacy has a 22-year lease, which expires in 2023, on the property. Berkley Capital Advisors represented the seller, a local developer, in the transaction. National Net Lease Realty represented the buyer, a Pennsylvania-based private investor.
HATTIESBURG, MISS. — The 45,927-square-foot T.J. Maxx and Shops at Turtle Creek, a neighborhood shopping center located at 5024-5040 Hardy St. in Hattiesburg, has sold. T.J. Maxx anchors the center, which is 93 percent leased to tenants that include H&R Block, APM Subs, Pizza Inn, Oreck and Sweet Peppers. The Mansour Group of Marcus & Millichap represented the seller, a Texas-based private investment group, in the transaction.