FLINT, MICH. — Farmington Hills, Mich.-based Agree Realty Corp. has received $11.4 million in financing. The financing consists of three non-recourse, self-amortizing notes, which each carry a fixed rate of 6.27 percent, that mature in July 2026. The loans were secured by mortgages on three of the company’s retail properties located in Flint. Agree Realty owns, manages and develops retail properties. The company currently owns and operates a portfolio of 72 properties, which offer a total of 3.5 million square feet of gross leasable space.
NEW YORK CITY — Construction is complete for the renovation and repositioning of Manhattan Mall, a 400,000-square-foot retail center located in Manhattan, New York City. Renovations to the mall, which fronts Avenue of the Americas from 32nd Street to 33rd Street, included a renovation of the core and atrium, the relocation and addition of escalators and stairs, and the recladding of a portion of the property's façade. In addition, a 153,000-square-foot JCPenney was added, marking the retailer's first Manhattan location. The property is owned by Vornado Realty Trust, which acquired it in 2007. It was designed by architecture firm GreenbergFarrow. The companies also recently worked together on the 600,000-square-foot retail component of Rego Park Mall II in Queens, which is just wrapping up construction.
TORRANCE, CALIF. — Marcus & Millichap has brokered the $4.685 million sale of Makena Plaza, a 9,512-square-foot retail property located at 17405 Crenshaw Blvd. in Torrance. The 1-year-old building is anchored by Wachovia and T-Mobile. Marcus & Millichap’s Scott Hook represented the seller, a limited liability company, and the brokerage firm’s John Susank represented the buyer, a private investor.
ELYRIA, OHIO — Centro Properties Group has leased 9,900 square feet of space to No. 1 Buffet Chinese Restaurant. The property is located at the corner of West River Road North and Midway Boulevard within Midway Crossing in Elyria. Avi Abroms provided in-house representation for Centro Properties Group, which owns the property. Terms of the lease were not released.
DAYTON, OHIO — Logan’s Roadhouse Restaurant has signed a lease for 6,500 square feet of space at South Towne Centre, which is located on Miamisburg-Centerville Road in Dayton. David Kozar of Indus Cos. represented the tenant; Elizabeth Houser provided in-house representation for the landlord, Centro Properties Group, in the transaction. Additional terms of the lease were not disclosed.
MANCHESTER AND PORTSMOUTH, N.H. — CB Richard Ellis/New England (CBRE) has brokered the $7 million sale of two former Circuit City locations in New Hampshire. The first property is a 33,110-square-foot building located at 1100 S. Willow St. in Manchester and the second is a 34,960-square-foot building located at 1700 Woodbury Ave. in Portsmouth. Roger Dieker of CBRE's Manchester office represented the seller in both transactions, Dicker-Warmington Properties, with Kent White of CBRE's Portsmouth office assisting in the Portsmouth transaction. Dieker also procured the buyer of the Manchester property, Quirk Automotive Group. The buyer of the Portsmouth property was Ocean State Job Lot of Portsmouth LLC.
FORT WORTH, TEXAS — A new Kroger Marketplace will open this quarter at Alliance Town Center in Fort Worth. The 123,000-square-foot supermarket will be situated at the corner of Heritage Trace Parkway and Riverside Drive. It will feature expanded grocery and deli sections, a fuel center, a Nature's Market natural foods section, a drive-through pharmacy, a Fred Meyer Jeweler store and a home furnishing section featuring Ashley furniture. The new Kroger Marketplace is the fourth in Texas and the first in Tarrant County. Alliance Town Center is a 300-acre mixed-use development that is part of the AllianceTexas master-planned development, which is being developed jointly by Trademark Property Co. and Hillwood.
AMARILLO, TEXAS — Houston-based Weingarten Realty Investors has disposed of Wolflin Village, a 159,502-square-foot community retail center located in Amarillo. Situated on approximately 10 acres at the intersection of Wolflin Avenue and Georgia Street, the property is currently 92 percent leased to a tenant roster that includes Office Depot, Talbots, Starbucks Coffee, GNC and Cold Stone Creamery. Weingarten was represented by Doug Hazelbaker, Jim Batjer and Ryan Shore of Holliday Fenoglio Fowler. Dunhill Partners was the buyer and purchased the property for an undisclosed amount free and clear of debt.
CINCINNATI — The Cooper Commercial Investment Group of Cleveland has brokered the ownership interest sale of a Dollar Tree/Deal$ ($5 and Less), which is located at 4224 Glenway Ave. in Cincinnati. The 15,925-square-foot property is situated within a retail corridor and receives additional rent for a parking lot lease with U-Haul. The asset sold for $2.08 million with an 8.94 percent CAP rate. Dan Cooper and Floyd Trillis III represented the owners, Cincinnati-based BDTR Properties, in the transaction.
GILBERT, ARIZ. – CB Richard Ellis (CBRE) has negotiated the $13.2 million sale of Val Vista Towne Center, a 93,372-square-foot community shopping center located at the intersection of Val Vista Drive and Warner Road in Gilbert. Built in 2000, Val Vista Towne Center was 96 percent leased at the time of sale and includes tenants such as Target, Ross Dress for Less, Staples and Petco. CBRE’s Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham represented the seller, Houston-based Weingarten Realty Investors, in the transaction. The buyer was North American Development Group.