LAUDERHILL, FLA. — 440 University LP has borrowed $3.4 million in financing from a regional bank for its 120,390-square-foot Promenade at Inverrary. The un-anchored strip center, which is 78 percent leased, is located at 4400 University Dr. in Lauderhill. The 3-year loan carries a 6.95 percent interest rate and a 25-year amortization schedule. Joseph Hepp of Delray Beach, Fla.-based Dockerty Romer & Co. secured the loan.
Retail
NEW YORK CITY — A partnership of New York City investors has acquired the retail portion of the St. Regis New York hotel for $117 million. The space totals 24,700 square feet and is occupied by tenants such as Bottega Veneta, Pucci and De Beers. The buyer is GFC Fifth Avenue, a partnership that includes Crown Acquisitions, Goldman Properties and The Feil Organization. Darcy Stacom and Bill Shanahan of CB Richard Ellis represented the seller, Starwood Hotels & Resorts Worldwide. The St. Regis hotel is situated at 55th Street and Fifth Avenue in Manhattan and was constructed in 1904.
CLEVELAND, TENN. — Colliers International has brokered the sale of a 10,491-square-foot retail building between an institutional investment company and a private buyer for $1.17 million. The property, located at 138 Paul Huff Parkway in Cleveland, houses Ryan’s Grill, Buffet & Bakery. Financing for the transaction was secured through a local bank. Ian Schroeder and Maurice Nieman of Colliers’ Irvine, Calif., office brokered the sale.
SAN ANTONIO — San Antonio-based USAA Real Estate Co. has acquired an 80 percent interest in the Regency Retail Portfolio, which consists of eight grocery-anchored retail centers totaling 813,193 square feet. The properties are located in major markets across the country, including Los Angeles, San Francisco, Houston, Dallas/Fort Worth, Atlanta, Orlando, Fla., and Raleigh/Durham, N.C. At the time of closing, the portfolio was 94 percent leased to tenants that include Kroger, Safeway, Publix, the United States Postal Service, CVS/pharmacy, Hallmark Gold Crown and Subway. The other stakeholder in the portfolio, Regency Centers Corp., will retain a 20 percent interest in the portfolio.
NORTH LAS VEGAS, NEV. — Glencoe Properties Inc. has purchased from Virgin Territory LLC a 31,363-square-foot retail pad at Lowe’s Plaza, a 171,347-square-foot shopping center located at Craig Road and Jones Boulevard in North Las Vegas. The company plans to operate a Burger King restaurant on the site. Territory Inc.’s Nick Hannon represented the seller, and Dan Adamson of ROI Commercial Real Estate represented the buyer.
MARICOPA, ARIZ. — Avalon Investments Inc. has finished Phase I of Edison Place, which includes a new freestanding 5,392-square-foot Big O Tires building. Construction of Phase I of the 5-acre retail development in Maricopa started in July 2009, and Phase II is expected to begin construction in spring 2010.
DURHAM AND RALEIGH, N.C. — Berkeley Capital Advisors of Charlotte, N.C., have arranged two shopping center sales between private parties. The 134,295-square-foot Durham Festival Shopping Center has been sold for an undisclosed amount. Located at the corner of Hillsborough Road and North LaSalle Street in Durham, the Kroger-anchored property is 94 percent leased. The Lynnwood Collection shopping center, located at the intersection of Creedmoor and Lynn roads in Raleigh, has also been sold for an undisclosed amount. The 86,662-square-foot property is anchored by Kroger and is 95 percent leased. Rob Carter, David Webb and Alex Quarrier of Berkeley Capital arranged both transactions.
ST. AUGUSTINE, FLA. — Keene Construction Co. of Orlando, Fla., has completed a 45,600-square-foot Publix in St. Augustine. The store is located in Hallmark Partners’ 61,000-square-foot Shoppes at Mission Trace shopping center. Orlando-based Cuhaci & Peterson designed the property.
STONE MOUNTAIN, GA., AND GREENSBORO, N.C. — It’s Fashion Metro will open an 11,500-square-foot branch in Stone Mountain in February. The store will be located in the Memorial Bend Shopping Center, which houses Publix, Foot Locker and Dollar Tree. The Shopping Center Group’s Brett Fuller represented the undisclosed landlord in negotiations. CB Richard Ellis’ Miranda Walker represented It’s Fashion. The Shopping Center Group’s Drew Logan has represented Intrex Computers in its relocation to Northwest Centre in Greensboro. The store will open in March. The property, located on Battleground Avenue, is 100 percent leased and houses Ross Dress For Less and T.
BRODHEADSVILLE, PA. — Coldwell Banker Commercial (CBC) Pennco Real Estate has arranged the purchase of a 9,000-square-foot auto shop in Brodheadsville for $1.4 million. The property, which is situated at the intersection of Route 209 and Silver Valley Drive, was purchased by Somerset Tire Service. The buyer has opened its second STS Tire & Auto store at the location. CBC's Terri Mickens negotiated the transaction. Mickens also assisted Somerset Tire Service in the acquisition of its first STS Tire & Auto location earlier this year in Bartonsville, Pa.