PONTE VEDRA BEACH, FLA. — Grandbridge Real Estate Capital's Jacksonville, Fla., office has arranged a $4.15 million first mortgage loan for the 28,081-square-foot Azalea Plaza, a shopping center located at 2 Fairfield Blvd. in Ponte Vedra Beach. The CMBS loan has a 10-year term with a 30-year amortization schedule.
AUSTIN — Regency Centers has purchased the 187,529-square-foot Tech Ridge Center, located at the intersection of Interstate 35 and Parmer Lane in Austin. Tech Ridge is anchored by an 84,352-square-foot H-E-B and is 93 percent occupied by tenants including Office Depot, PETCO, Subway and Massage Envy. The property also includes a pad site that can accommodate 30,000 square feet of retail space. George Cushing of Jones Lang LaSalle's Houston office represented the seller in the transaction.
WINDCREST — Mattress FIRM has executed a lease for a pad site within the approximately 200,000-square-foot Windsor Park Centre, located at the intersection of Interstate 35 and Walzem Road in Windcrest. Mattress FIRM plans to develop a 4,000-square-foot store on the parcel. Whitestone REIT, the landlord, was self-represented by Dan Nixon and Richard Vaughan, and Brian Lent of Highline Real Estate Group's Dallas office represented the tenant. Mattress FIRM is expecting to open for business in the summer of 2012.
MIAMI — Equity One has entered into an agreement to sell 36 shopping centers, comprising 3.9 million square feet, for $473.1 million to Blackstone Real Estate Partners VII. These assets were encumbered by mortgage loans having an aggregate principal balance of approximately $177.4 million as of June 30, 2011. The shopping centers are located predominately in Atlanta, Tampa and Orlando, Florida, with additional properties located in North Carolina, South Carolina, Alabama, Tennessee and Maryland. Equity One intends to use the proceeds from the sale to retire debt, fund its redevelopment pipeline, for future acquisitions and other corporate purposes. Closing of the transaction is expected to occur in the 4th quarter. Lazard Freres & Co. is acting as the seller's financial advisor in the transaction and Eastdil Secured is acting as the buyer's financial advisor.
MIRAMAR, FLA. — Jacksonville, Fla.-based Winn-Dixie Stores has selected Deerfield Beach, Fla.-based SIKON Construction for the $3 million renovation of the 47,050-square-foot Winn-Dixie at Park View Square, located at 17101 Miramar Pkwy. in Miramar. Construction will include a new storefront, wider aisles and more. Completion is slated for February 2012.
LA QUINTA, CALIF. – A 5,479-square-foot, two-tenant building that is partially occupied by US Bank has sold for $3.3 million. The building sold at a 5.42 percent cap rate. US Bank occupies the 4,400-square-foot space, while the 1,079-square-foot space was vacant at the time of sale. Pacific Commercial Investments’ Jon Selznick and Chris Rodriguez represented the seller. The buyer was represented by James DeVincenti of Marcus & Millichap.
FORT LAUDERDALE, FLA. — SIKON Construction has completed a $5 million, 30,907-square-foot Publix at The Galleria Mall, located at 2414 E. Sunrise Blvd. in Fort Lauderdale. Clearwater, Fla.-based Fisher & Associates designed the property.
ROCKFORD, ILL. — Downers Grove, Ill.-based Cawley Chicago Commercial Real Estate has brokered the $9.85 million sale of the 122,092-square-foot Brynwood Square, located at 2615 Mulford Rd. in Rockford, from JTJ to Cincinnati-based Midland Atlanta. Dan O'Neill of Cawley Chicago represented both parties in the transaction.
HAMILTON, N.J. — Morristown, N.J.-based G.S. Wilcox & Co. has arranged $17.5 million in financing for the 175,000-square-foot Hamilton Square Plaza, a ShopRite-anchored shopping center located in Hamilton. David Fryer of G.S. Wilcox arranged the financing with a 25-year term on behalf of the owner and the management, Levin Management, through Northwestern Mutual Insurance Co. The property sits on 18 acres and has undergone renovations, including a redesigned 80,000-square-foot ShopRite.
DALLAS — NorthMarq Capital has secured permanent financing for the 48,901-square-foot Frankford Pavilion Shopping Center, located at 4520 Frankford Rd. in Dallas. Ronald Reese of NorthMarq's Dallas office and David Garfinkel of NorthMarq's St. Louis, Mo., office arranged the financing with a 10-year term and a 25-year amortization schedule through Minnesota Life Insurance Co. on behalf of the borrower, Bianco Properties.