DALLAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $9.92 million in financing for the acquisition of the Midwest Triple Net Portfolio, a restaurant portfolio comprising 18 properties located nationwide. All of the restaurants are subject to triple-net leases and a majority are backed by corporate credit. The financing package includes a $5.92 million fixed-rate mortgage and $4 million in preferred equity investment. The borrower is a partnership sponsored by Midwest Restaurant Group. The borrower purchased the portfolio from Spirit Master Funding. Scott Lynn and Sunny Sajnani of MCA arranged the financing package.
BERKELEY, CALIF. — Roessler Investment Group has handled the $3.1 million sale of an Adidas store at 2333 Telegraph Ave. in Berkeley. Located half a block south of Bancroft Way and Sproul Plaza at the University of California, the 4,450-square-foot store has traded at a 6.2 percent cap rate. Jim Roessler of Roessler Investment Group represented the seller, and Golden Pacific Realty’s Bernard Laffer represented the buyer.
ST. LOUIS — Seattle-based Nordstrom Inc. has plans to open its first Nordstrom Rack store in St. Louis. The 34,000-square-foot retail store will be located within the 200,000-square-foot Brentwood Square shopping center. Expected to open in fall 2010, the store will carry merchandise from Nordstrom stores and Nordstrom.com at 50 to 60 percent off original Nordstrom prices. Additionally, the store offers a wide selection of apparel, accessories and shoes from a variety of brands carried in traditional Nordstrom stores.
PHILADELPHIA — Levin Management Corp. has brokered the purchase of Morrell Plaza, a 103,244-square-foot shopping center located in Philadelphia, for $22 million. Located on Frankford Avenue, Morrell Plaza is anchored by a 60,726-square-foot ShopRite and a 12,718-square-foot RiteAid. Other tenants include Blockbuster, T-Mobile, Beneficial Mutual Savings Bank, Supercuts, Allstate Insurance, Jackson Hewitt and Dunkin' Donuts. The buyer, which was represented by Levin Management, was a joint venture partnership that includes Levin Properties. Richard Soloff of Colliers Lanard & Axilbund represented the seller, Midland Development Group.
HOUSTON — CB Richard Ellis (CBRE) has brokered the sale of Woodlake Collection, a 9,861-square-foot shopping center located in Houston. Situated at 2660 S. Gessner Rd., the retail property was sold out of receivership and had been controlled by the lender. Ryan West and Paula Foster of CBRE represented the selling entity. The buyer is a Houston-based private partnership. The acquisition price was not disclosed.
LONE TREE, COLO. — Developer and design-builder Opus Northwest has started construction on the 100,000-square-foot second phase of the Lincoln Commons Retail District at Ridgegate in Lone Tree. Sprouts Market will anchor the second phase upon completion in the summer of 2010. The Mulhern Group is the project architect, and the project owner is Lincoln Commons North Inc.
SAN DIEGO — Grubb & Ellis|BRE Commercial has presided over the $13.8 million sale of the 42,973-square-foot ground-floor retail space occupied by Albertson’s at Market Street Village in San Diego. Grubb & Ellis’s Chuck Klein, Tim Winslow, Kevin Held and Jason Kimmel represented the seller, EVALBS LLC. Douglas Hamm of Narven Enterprises Inc. represented the buyer, LIAD LLC.
FRUITA, COLO. — Stan Johnson Co. has brokered the sale of a Walgreens store in Fruita, located along Interstate 70, just 15 miles west of Grand Junction. An individual investor purchased the 14,490-square-foot store in a tax-deferred 1031 exchange. Stan Johnson Co.’s Ken Hedrick and Jerry Hopkins represented the seller, a merchant Walgreens developer, and the firm’s Jim Gibson represented the buyer. This constitutes the 17th drugstore transaction for the brokerage firm in 2009.
SAN CLEMENTE, CALIF. — A 1,300-square-foot The Flame Broiler restaurant recently opened at Centro Properties Group’s Ocean View Plaza, located between Camino de los Mares and Interstate 5 in San Clemente. NAI Capital’s Les Yamamoto represented The Flame Broiler, and Centro Properties Group was represented in house by Matthew Berger and Gavin Gray.
BOGART, GA. — Stelf LLC has purchased a 28,575-square-foot retail building from Capmark Finance for $1.15 million. The former Circuit City store is located on 3 acres at 4110 Atlanta Highway in Bogart. Kyle Stonis and Rob Whitmire of Bull Realty, the sole brokers involved in the transaction, represented the seller.