Retail

TWO SELF-STORAGE PROPERTIES ACQUIRED FOR $9.6 MILLION

by admin June 4, 2009

ALPHARETTA AND MARIETTA, GA. — Strategic Storage Trust, a $1 billion REIT, has purchased two Atlanta-area self-storage properties totaling $9.6 million. The company purchased a 76,500-square-foot facility in Alpharetta from Storage Partners of Alpharetta for $5.1 million. Located at 11640 Jones Bridge Rd., the store contains 670 units. Strategic Storage also purchased a 500-unit property in Marietta from Storage Partners of Powers Ferry Road for $4.5 million. The self-storage store spans 52,000 square feet at 2035 Powers Ferry Rd. Charles LeClaire of Marcus & Millichap’s Denver office and Michael Mele of the firm’s Tampa, Fla., office brokered the sale.

June 4, 2009

MARKETPLACE SQUARE SHOPPING CENTER SOLD

by admin June 4, 2009

PORTSMOUTH, VA. — FT Associates Co. has sold the 12,461-square-foot Marketplace Square Shopping Center to Victoria Holding Co. for $1.1 million. The property, located at 5915 High St. West in Portsmouth, houses Subway, Albano Cleaners and Reactions Hair Design. Alex Divaris and Jason Oliver of Virginia Beach, Va.-based Divaris Real Estate represented the seller. Troy Parker of Thalhimer’s Norfolk, Va., office represented the buyer.

June 4, 2009

Retail Texas

INLAND WESTERN PICKS HFF TO ASSIST IN RETAIL LOAN REFINANCING

by admin June 4, 2009

DALLAS, TEXAS, AND OAK BROOK, ILL. — Oak Brook, Ill.-based Inland Western Retail Real Estate Trust, a REIT sponsored by The Inland Real Estate Group of Companies, has selected the Dallas office of Holliday Fenoglio Fowler (HFF) to assist the company in the refinancing of its maturing debt for retail properties located across the country. HFF has been working with Inland since the fourth quarter of 2008 and has already closed 10 loan transactions for a total of approximately $120 million. Assets already refinanced include Preston Trail Village in Dallas, Texas; Southlake Town Square Block 22 in Southlake, Texas; The Shops at Park Place in Plano, Texas; The Village Shoppes at Simonton in Lawrenceville, Ga.; Shoppes of New Hope in Dallas, Ga.; and Hickory Ridge in Hickory, N.C. HFF currently has secured approximately $75 million in committed financing, which is expected to close in the next 30 to 60 days, and $300 million in debt is in various stages of negotiations for refinancing and long-term extensions.

June 4, 2009

Midwest Restaurant

RESTAURANT SPACE SELLS FOR APPROXIMATELY $2 MILLION

by admin June 4, 2009

DES PERES, MO. – Marcus and Millichap has brokered the sale of El Torito Restaurants dba Casa Gallardo in Des Peres for approximately $1.98 million. The property, located at 12796 Manchester Rd., is a single-tenant restaurant totaling 9,709 square feet. Marcus and Millichap’s Gregory Tobben, based in the firm’s St. Louis office, represented the seller, a limited liability corporation.

June 4, 2009

Retail Southeast

FLORIDA BANK BUILDING FETCHES $4 MILLION

by admin June 3, 2009

NORTH PALM BEACH, FLA. — Urban Realty Partners has acquired the 20,770-square-foot Enterprise National Bank Building from an undisclosed seller for $4 million. The building is located at 11811 U.S. Highway 1 in North Palm Beach and is occupied by Enterprise National Bank and a Melting Pot restaurant. Scott O’Donnell and Dominic Montazemi of CB Richard Ellis’ Boca Raton, Fla., office represented the seller.

June 3, 2009

Midwest Retail

WELSH CAPITAL ARRANGES LOAN OF NEARLY $3 MILLION

by admin June 3, 2009

MINNETONKA, MINN. – Welsh Capital has secured a loan of $2.75 million for Corner Shoppes, a retail center in Maplewood, Minn. The center is a 16,582-square-foot multi-tenant location, and the financing for the property was provided by local commercial banks.

June 3, 2009

Northeast Retail

EAGLEBRIDGE CAPITAL ARRANGES $5.4 MILLION IN FINANCING

by admin June 3, 2009

TIVERTON, R.I. — EagleBridge Capital has arranged $5.4 million in acquisition and permanent mortgage financing for CVS Plaza located at 500 Main Rd. in Tiverton. A new free-standing 13,500-square-foot CVS pharmacy is slated to be constructed on the site, and a retail strip currently located on the site will be fully renovated. The existing retail strip contains 5,000 square feet of space and is being redeveloped for multi-tenant use. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing, which was provided by a multi-state commercial bank. Zachary Darrow, Esq., of DarrowEverett, represented the borrower in negotiating the lease with CVS and at the loan closing.

June 3, 2009

Northeast Retail

DAVID CRONHEIM MORTGAGE ARRANGES $15 MILLION IN FINANCING

by admin June 3, 2009

HAWTHORNE, N.J. – Anna McGivaren and Andrew Stewart of David Cronheim Mortgage have arranged $15 million in permanent financing for Hawthorne Discount Plaza, a retail center located at 111 Wagaraw Rd. in Hawthorne. Hawthorne Discount Plaza is set on 7.7 acres and consists of a 110,285-square-foot retail center anchored by Value Village. Other notable tenants include CVS, Dollar Tree, Ace Hardware, Payless Shoe Source and Mandee's. The loan has a 10-year term and a 30-year amortization.

June 3, 2009

Retail Southeast

PARK PLACE SHOPPING CENTER SOLD FOR $28.5 MILLION

by admin June 2, 2009

ATLANTA — An affiliate of Greensboro, N.C.-based Bell Partners has sold the 82,097-square-foot Park Place retail center to Coro Realty Advisors for $28.5 million. The property is located across the street from Perimeter Mall at 4505 Ashford-Dunwoody Rd. in Atlanta. Tenants include Talbot’s, Jared Galleria of Jewelry, Alon’s Bakery and McKendrick’s Steakhouse. Chris Decoufle and Kevin Reavey of CB Richard Ellis’ Atlanta office and Casey Rosen of the firm’s Miami office brokered the transaction.

June 2, 2009

Retail Southeast

KEENE BREAKS GROUND ON PUBLIX-ANCHORED SHOPPING CENTER

by admin June 2, 2009

MIAMI — Orlando, Fla.-based Keene Construction Co. has broken ground on the 74,031-square-foot Eureka Promenade shopping center for Orlando-based Brandon Structures. The property, located at the intersection of S.W. 184th St. and S.W. 147th Ave. in Miami, will be anchored by a 46,031-square-foot Publix. The project, which was designed by Coral Gables, Fla.-based Alleguez Architecture, is set to deliver in December.

June 2, 2009

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