GRAYSLAKE, ILL. — Marcus & Millichap brokers $1.25 million sale of Swanson Corners Retail Center, a multi-tenant retail center, located at 1276 N. Illinois Route 83 in Grayslake. Built in 1995, the 5,500-square-foot property is fully leased to 7-Eleven, Papa John's Pizza and Village II Cleaners. Demetrie Livaditis of Marcus & Millichap's Chicago office represented the undisclosed seller. The property traded at a cap rate of 8.34 percent. The buyer was not released.
Retail
HOUSTON — The Shops at Stone Creek LLC has purchased the 98,300-square-foot Shoppes at Stone Creek from a private buyer for an undisclosed price. The four-building property is located on FM 529 near Barker Cypress Road in Houston. Dollar City, Starlight Furniture, Fajita Rita and La Pasadita are some of the tenants housed in the center. Divergent Resources' Russ Krengel represented the buyer in the transaction. James Namken of The Weitzman Group represented the seller.
HIGH POINT, N.C. — Grandbridge has secured a $103.2 million loan for the nearly 3.5 million-square-foot International Home Furnishings showroom in High Point. NATIXIS funded the entire loan. Mike Ortlip, Josh Davis, Annie Martin, Chris Caison and John Gray of Grandbridge arranged the transaction.
WAKE FOREST, N.C. — Wake Forest Crossing LLC has sold the 87,654-square-foot Wake Forest Crossing I Shopping Center to a private investment group for $11.5 million. The 8-year-old center, which is anchored by Lowes Foods, is located on Capital Boulevard in Wake Forest. Hunter and Associates' Banks Hunter represented the seller.
PHILADELPHIA AND SWEDESBORO, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $9.84 million in permanent financing for two CVS pharmacy properties. In the first transaction, $6.4 million was secured for a Philadelphia CVS. The loan carries a 5-year term, a 30-year amortization schedule and a 6.3 percent fixed interest rate. In the second deal, a $3.44 million loan was secured for a CVS located in Swedesboro. The loan carries a fully amortizing 20-year term with a 6.25 percent fixed interest rate. Both loans feature a 70 percent loan-to-value ratio. James Conley of MMCC's Philadelphia office arranged the loans.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 17,720-square-foot retail property lease by Pep Boys that is located at 1941 Forest Ave. in Staten Island. The property traded for $5.77 million at a 7.69 percent cap rate. Scott Plansky of Marcus & Millichap's Manhattan office represented the seller, a fund manager. The buyer's name was undisclosed. Marcus & Millichap also arranged the sale of an 11-unit apartment building located at 535 E. 87th St. in Manhattan. Eight of the units were vacant at the time of closing and in need of renovation. The property traded for $2.75 million and was acquired by a local party completing a 1031 exchange. Joe Koicim and Peter Von Der Ahe of Marcus & Millichap's Manhattan office represented the out-of-state seller.
LAKE CITY, FLA. — Lake City Commons Retail has sold the 66,510-square-foot Lake City Commons shopping center to an affiliate of the Illinois-based Inland Group for $10.55 million. Located at the interchange of U.S. Highway 90 and State Road 247 in Lake City, the 2-year-old property is anchored by a 45,600-square-foot Publix. Cliff Taylor of CB Richard Ellis' Jacksonville, Fla., office and brokers in CBRE's Miami office represented the seller.
RESTON, VA. — Edens & Avant has purchased the 120,195-square-foot Hunters Woods shopping center from a private party for an undisclosed amount. The property is located at the intersection of Colts Neck Road and Glade Drive in Reston. The property, which is anchored by Safeway, will be redeveloped next year.
FAIRLAWN, OHIO — Bryn Mawr, Pa.-based WP Realty has acquired Fairlawn Town Centre in Fairlawn, Ohio, for an undisclosed price. The five-building, 447,0037-square-foot retail center is occupied by Giant Eagle, Target, Home Goods, Pet Supplies Plus, Marc’s, U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway and Radio Shack. The acquisition also included a vacant 39,840-square-foot junior anchor box, which was formerly occupied by Circuit City.
MIAMI — Simon Property Group and Institutional Mall Investors have borrowed $79 million in refinancing for The Shops at Sunset Place. Located at 5701 Sunset Drive in Miami, the property includes AMC Theaters, LA Fitness, Gameworks and Splitsville. Manny de Zarraga, Luis Castillo, Danny Finkle, Claudia Steeb and John Pelusi, Jr., of Holliday Fenoglio Fowler arranged the financing. JP Morgan Securities funded the 10-year, fixed-rate loan.