PORTLAND, ORE. — Morrison Street Fund IV has closed three separate investments that were made in the forms of preferred equity, joint venture equity and the purchase of a mezzanine loan. The fund’s total invested equity for the three transactions totaled $11.4 million. This includes a $4.3-million mezzanine loan on the 135,000-square-foot Potrero Business Center in San Francisco; $3.5 million in joint venture equity to recapitalize the 240-unit Tualatin Meadows Apartments in Tualatin, Ore.; and $3.6 million of preferred equity to facilitate a partner’s acquisition of the 256-unit Palm Court Apartments in Phoenix. NBS Real Estate Capital, LLC closed all three investments on behalf of Morrison Street.
TORRANCE, CALIF. — In-N-Out Burger has purchased a retail pad on the northeast corner of the Hawthorne and Del Amo intersection in Torrance for an undisclosed sum. The existing structure will be demolished to accommodate a new In-N-Out Burger location. Best Plaza, the shopping center surrounding the future home of the burger joint, was represented by MEI Real Estate Services.
MILWAUKEE — Micro Center has purchased a 5.7-acre former car dealership, located at 11221 and 11333 W. Burleigh St. in Milwaukee, from Michael S. Polsky, the court-approved receiver of the property, for $1.35 million. Don Zien of CBRE's Milwaukee office along with Joel Schneider of Atlas Partners' Chicago office represented the seller in the transaction.
ALTON, ILL. — NorthMarq Capital has arranged a $1.15 million, 2-year construction loan for a 2,714-square-foot Burger King, located at Homer Adams Parkway and Gold Road in Alton. Jeff Chaney, David Garfinkel and Mike Afentoullis of NorthMarq's St. Louis office secured the loan on behalf of the borrower, KS Real Estate. The property is fully leased to Burger King for 20 years.
NEW YORK CITY — White Plains, N.Y.-based Houlihan-Parnes Realtors has provided $2.5 million in first mortgage financing for a 10,000-square-foot retail center, located at 172-178 Dyckman St. in Manhattan. The property features six stores. The loan has a 5-year term.
FORT WORTH — Bright Realty has arranged the sale of a 17,150-square-foot retail center, located at 5750 W. Vickery at Bryant Irvin Blvd. in Fort Worth. Tony Albanese and Kerry Assa of Bright Realty brokered the REO sale of the partially built retail center.
CHICAGO — The 105,000-square-foot Village Market, located at 333 Benton Pl. in Chicago, has opened its two anchor tenants — a 55,000-square-foot Mariano’s Fresh Market, and a 13,000-square-foot III Forks Prime Steakhouse. Additional tenants to open in 2012 include Maison A Brasserie, Eggy’s and Cuticle Nail Salon. Magellan Development Group and Hanwha Engineering & Construction were the joint venture developers on the project. Loewenberg Architects designed the property for LEED Silver certification and McHugh Construction built it.
SUGAR LAND — NorthMarq Capital has arranged $1.2 million in first mortgage financing for the 3,745-square-foot Taco Cabana, located at 16770 Southwest Freeway in Sugar Land. Bart Dickinson of NorthMarq's Dallas office arranged the financing based on a 10-year term with a 25-year amortization schedule through StanCorp Mortgage Investors.
BOWIE, MD. — Inland Private Capital Corp. has sold a 26,170-square-foot retail building, located at 4500 Mitchelville Rd. in Bowie, to 4500 Mitchelville Road, Inc., for $5.1 million. The property is fully leased to PetSmart. Stan Johnson Co. represented the seller in the transaction and Addison-Herring represented the buyer.
NEW BRUNSWICK, N.J. — WNC & Associates has provided $10 million in financing for the $103 million development of New Brunswick Wellness Plaza, a 1.6-acre retail development in downtown New Brunswick. The development will include a 49,000-square foot The Fresh Grocer, a 62,000-square-foot RWJ Fitness & Wellness Center and a 1,275-space parking structure. Financing was provided through Wells Fargo's New Market Tax Credit for the development. The development is part of an effort to rehabilitate New Brunswick, a city that the U.S. Department of Agriculture has deemed a a food desert. Ferren Urban Renewal Associates is the developer, which is partnership between New Brunswick Development Corp. and Pennrose Properties.