CORPUS CHRISTI — La Palmera, a 1.02 million-square-foot super-regional mall located at 5488 S. Padre Island Dr. in Corpus Christi, has added five new retailers to its tenant roster. The new tenants include the 3,453-square-foot White House Black Market, the 2,313-square-foot Soma Intimates, the 4,885-square-foot 2b bebe, the 1,105-square-foot Traffic Shoes and the 6,350-square-foot Papaya. The mall will undergo a major redesign and renovation scheduled to begin in late 2012 and wrap up in 2013. The mall will be known as The Shops at La Palmera.
LOS ANGELES – A 33,000-square-foot retail center located at Grand and Cesar Chavez avenues in Downtown Los Angeles has received an $8.75-million refinance. The center is anchored by Wal-Mart. The loan was arranged by Quantum Capital Partners to a private limited partnership.
HOFFMAN ESTATES, ILL. — Hoffman Estates-based Sears Holding Corp. has completed the sale of 11 Sears locations to General Growth Properties for $270 million. The transaction includes three Midwest locations: 1481 Coral Ridge Ave. in Coralville, Iowa; 1751 Madison Ave. in Council Bluffs, Iowa; and 2000 N. Neil St. in Champaign, Ill. Sears has received the sale proceeds and the stores will continue to operate as Sears locations into 2013 or 2014. The final closing dates will be announced later this year.
KYLE — HFF has secured $4.7 million in refinancing for The Village at Kyle, a 26,000-square-foot shopping center located at 5695 Kyle Pkwy. in Kyle, a suburb of Austin. The retail center is leased to tenants including AT&T, Select Physical Therapy, SportsClips and Dickey's Barbecue Pit. Tyler Ford and Tucker Knight of HFF's Houston office arranged the 5-year, fixed-rate loan through Texas Exchange Bank on behalf of the borrower, SCC Development.
ROCK HILL, S.C. — Atlanta-based Halpern Enterprises has acquired the 50,000-square-foot Rock Hill Crossing, located at 4875 Old York Rd. in Rock Hill, from Bright-Meyers Rock Hill LP. for $8.07 million. The center is fully leased, and tenants include Dollar Tree, GNC, Verizon, T-Mobile, Shoe Show and Sports Clips. Zach Taylor and Don McMinn of Marcus & Millichap's Atlanta office represented the seller in the all-cash transaction. The buyer was self-represented.
PHOENIX — Faris Lee Investments has sold three free-standing properties in the Greater Phoenix area that are occupied by Pizza Huts for a total of $3.55 million. The properties were sold to individual, all-cash buyers from California and Arizona. The locations offered absolute NNN leases with either 15- or 20-year lease terms upon the close of escrow. The three acquisitions included 4708 South 48th Street in Phoenix that sold for $1,629,000; 2056 E. Baseline Road in Mesa that sold for $1,118,000; and 808 West Broadway Road in Tempe that sold for $800,000. Dennis Vaccaro and Matthew Mousavi of Faris Lee marketed all three properties on behalf of a Pizza Hut franchisee who operates 46 Pizza Huts throughout Arizona and Texas.
WEST HOLLYWOOD, CALIF. — A 5,700-square-foot retail building in West Hollywood has sold to Interior Illusions for $2,385,000. The upscale furniture retailer and interior design services company has occupied the single-tenant, three-story building for the past year. The property, which was constructed in 1929 and renovated in 2006, is located at 7335 Santa Monica Blvd. Trevor Belden of Lee & Associates-LA North/Ventura and Jay Martinez of J. Martin & Associates-KW Commercial represented both the buyer and the seller, VIA Lending Co., LLC/KAR Properties Inc., in this transaction.
INDEPENDENCE, MO. — CPH has sold a 50,092-square-foot retail center in Independence for $2.3 million. Tenants include Blockbuster, Goodwill and Papa Murphy's Pizza. The undisclosed buyer plans to redevelop the property and include a new CVS store. Keoni Fursse of Kokua Realty Co. represented the seller in the deal.
CHICAGO — Cohen Financial has arranged an $8.5 million loan for the refinancing of Addison Mall, located at 2921 W. Addison St. in Chicago. The 69,240-square-foot retail center is fully leased to tenants such as Casual Male, Dollar Tree and Foot Locker. Don Trossman of Cohen Financial's Chicago office arranged the 10-year, fixed-rate loan through AIG.
ALTON, ILL. — Marcus & Millichap has arranged the $1.8 million sale of a 3,011-square-foot Burger King, located at 1902 Homer Adams Parkway in Alton, located 15 miles north of St. Louis, Mo.. Edward Benton and John Pryzbyla of Marcus & Millichap's Houston office represented the seller, a developer.