INDIANAPOLIS — Indianapolis-based NAI Olympia Partners has brokered the purchase of Raintree Plaza, a 61,718-square-foot shopping center located at 3702 N. Mitthoeffer Rd. in Indianapolis. Tracey Holtzman of NAI represented the undisclosed buyer in the acquisition from Investment Property Exchange. The acquisition price was not disclosed.
Retail
MURFREESBORO, TENN. — On behalf of the retailer Vitamin Shoppe, Nashville, Tenn.-based Baker Storey McDonald Properties has purchased the note for an 8,800-square-foot retail property from a local bank. Located near the intersection of North Thompson Lane and Medical Center Parkway in Murfreesboro, the property was in danger of foreclosure. Baker Storey plans to invest a total of $2.5 million into the space, an amount that includes the purchase price and renovation costs. The tenant will open its doors in early 2011.
LIBERTYVILLE, ILL. — MJK Real Estate Holding Co. has purchased the former Miller-Krueger Dodge dealership on Milwaukee Avenue in Libertyville for an undisclosed price. The buyer plans to re-tenant the property with Five Guys Burgers and Fries, Chipotle Mexican Grill, Dunkin’ Donuts, CD One Price Cleaners and T-Mobile. Steve Frishman and David Stensby of Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. represented the buyer and the seller, Liberty Auto City, in the transaction.
BOSTON — Boston-based Fantini & Gorga has arranged $23.75 million in first-mortgage financing for a CVS/pharmacy portfolio. The portfolio consists of 10 retail pharmacies located in 10 states across the country. Some of the properties are situated in strong suburban locations in major metropolitan markets such as Atlanta, Chicago, Dallas, Detroit and Phoenix. Keith Wentzel of Fantini & Gorga arranged the loan on behalf of the undisclosed borrower through one of the intermediary's national life insurance correspondents. Terms of the financing were not released.
MIDDLETOWN, CONN. — NorthMarq Capital has secured $3.3 million first-mortgage construction/permanent financing for a new 14,820-square-foot Walgreens located at the intersection of Main Street Extension and Saybrook Road in Middletown. The financing includes a 12-month construction loan followed by a 6-year permanent loan with a 30-year amortization schedule. Ernest DesRochers and Deanna Polizzo of NorthMarq's New York Metro Regional office arranged the loan on behalf of the borrower, Sound Middleton LLC. The lender was an undisclosed regional bank.
ATLANTA — Vince Hughes of Q10|iCap’s Atlanta office has arranged a $4.47 million loan for a retail refinance project. The 33,550-square-foot property is located in the Virginia-Highland neighborhood in Atlanta. The 9-year loan carries a 6.25 percent interest rate and a 25-year amortization schedule. A life insurance company provided funding for the loan.
FULTON, MD. — Calkain Cos. has brokered the $8.2 million sale of two triple-net-leased retail buildings between two undisclosed parties. The properties, a SunTrust Bank and an M&T Bank, are located in the Maple Law mixed-use development in Fulton. Rick Fernandez and Jeff Bogart of Calkain brokered the sale.
PHILLIPS EDISON & CO. COMPLETES $27 MILLION FINANCE DEAL FAIRFIELD TOWNSHIP, OHIO — Phillips Edison & Co. has completed a $27 million secured loan, which was collateralized by the regional shopping center Bridgewater Falls. Located in Fairfield Township, the 600,000-square-foot retail center is anchored by Target, JC Penney and Dick’s Sporting Goods. Phillips Edison & Co.’s Strategic Investment Fund acquired the property for $44 million in early October. The 4-year loan was provided by US Bank, N.A.
CITY OF INDUSTRY, CALIF. — For its first U.S. location, family entertainment center Round One has leased 59,000 square feet at Puente Hills Mall in City of Industry. Robert K. Futterman & Associates’ David Friedman represented Round One in the transaction.
KANSAS CITY, MO. — Ingredient is opening two new restaurant locations in the Kansas City. The first location, which opened in October, is located at in Town Pavilion at 12th & Main Street. The 5,600-square-foot restaurant occupies the former Mango Room space on the first floor of the 34-story office and retail complex. The second location, which is slated to open in mid-January 2010, will be located at 4807 Jefferson St. within the Country Club Plaza. The 5,034-square-foot property is currently under construction. Ingredient is a fast-casual restaurant serving customizable salads, brick-oven pizzas, sandwiches, wraps and fresh soups.