HYANNIS, MASS. — The Boston office of iCap Realty Advisors has secured $12.25 million in first-mortgage financing for Capetown Retail Plaza in Hyannis. Built in 1969, the retail center comprises more than 237,000 square feet of space. Anchors include K-Mart and Filene’s Basement. Jennifer Caruso and Max Rans of iCap Boston arranged the loan with an international bank. Terms of the financing include a 55 percent loan-to-value ratio. The borrower was also not disclosed.
WAYNE, N.J. — Tattoo Nation LLC has signed letters of intent to open two locations in the New York/New Jersey region, in addition to a lease the company recently signed for a location at Queens Center in New York City. The company currently operates one location within Willowbrook Mall in Wayne. The new locations are part of a nationwide expansion effort for the company; letters of intent have been signed for seven additional locations — four in Florida and three in Los Angeles. All of the locations will operate under the Inked brand. Tattoo Nation plans to open the stores in leading suburban shopping malls and upscale locations, in an effort to differentiate the brand from many independently owned tattoo studios.
LOS ANGELES — Ory Schwartz of the Los Angeles Regional office of NorthMarq Capital Inc. has arranged a $13.2 million first mortgage for Midtown Shopping Center in Los Angeles. The 142,355-square-foot retail center is occupied by Ralphs, CVS/pharmacy and OSH. Financing was based on a 5-year term with interest only for the first year and then a 15-year amortization schedule.
SAN FRANCISCO AND TEMECULA, CALIF. — Forest City Enterprises Inc. has recently received loans, totaling $142.5 million, for two projects in California. The company received a $75 million construction loan for the expansion of The Promenade in Temecula. The loan will fund the 127,000-square-foot, main-street style expansion of the existing 1.1 million-square-foot retail center. The New York State Teachers’ Retirement System, which holds the permanent financing on the existing property, provided the new loan. The financing will convert to a permanent loan upon completion of construction. Additionally, Forest City received $67.5 million in construction financing for Presidio, a 161-unit adaptive reuse apartment community that is part of the historic former military base located at the foot of the Golden Gate Bridge in San Francisco. The financing was provided by Wachovia, RBS Citizens N.A. and the National Electrical Benefit Fund.
INDIAN TRAIL, N.C. — Charlotte, N.C.-based Crosland has broken ground on the first phase of the 19-acre retail component to its Austin Village mixed-use development. Located at the intersection of Potter Road and Chestnut Lane in Indian Trail, the first phase calls for 65,206 square feet of retail space, including a 48,756-square-foot Harris Teeter. Myers & Chapman will serve as general contractor of the space, which is expected to deliver late next year. When complete, the 100-acre Austin Village will boast 375,000 square feet of retail and office space and 40 acres of residential development.
NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin Affiliates (KDA) has arranged a 49-year ground lease for a 23,000-square-foot retail property located at 22-44 Church Ave. in the Flatbush neighborhood of Brooklyn. The property is currently occupied by a closed White Castle restaurant; it will soon house a new International House of Pancakes location, along with 9,000 square feet of retail space. Completion of the renovation is scheduled for mid-2009. KDA’s Allison Chambers represented the lessee, a locally based and investor, and Bob Klein, also of KDA, represented the landlord, Richard Ull.
WESTPORT, CONN. — Retailer Crate & Barrel has opened a new 38,000-square-foot location at 1200 Post Rd. in Westport. The lease transaction was arranged on behalf of Crate & Barrel by Eric Goldschmidt of Scarsdale, N.Y.-based Goldschmidt & Associates. The new store represents the retailer’s first location in Fairfield County. Building ownership was represented by Steven Crowley of SCA Realty.
MATAWAN, N.J. — CB Richard Ellis (CBRE) has secured $3.5 million in permanent financing for the acquisition of Town Square Shopping Center, a 38,836-square-foot retail property located at 343-351 Matawan Rd. in Matawan. Town Square is a retail strip center located opposite a 212,000-square-foot, Class A office building. Major tenants include Party & Play, Pizza Hut and Dunkin’ Donuts. James Gunning and Donna Falzarano of CBRE Debt & Equity Finance arranged the loan on behalf of the borrower, T & JK Associates. The lender and the terms of the loan were not disclosed.
WYLIE, TEXAS — Dallas-based Henry S. Miller Brokerage (HSMB) has completed the acquisition of a 1.45-acre pad site, located at the intersection of FM 544 and Highway 78 in Wylie. The parcel is located directly across from an Albertson’s, east of a Chili’s and west of a post office. It was subsequently split into a 50,000-square-foot tract and a 13,000-square-foot tract, the latter of which was immediately sold to an adjacent property owner to accommodate a parking lot expansion. Tom Grunnah of HSMB represented the buyer, Dallas-based Wylie Commerce Ltd. The seller, the Unites States Postal Service, was represented by Rick Tiller of the Dallas office of Grubb & Ellis. Future plans for the site were not disclosed.
SCOTTSDALE, ARIZ. — Emerson Properties Inc. has purchased a two-building retail property, which is located at 15425 and 15435 N. Scottsdale Rd. in Scottsdale. Scottsdale Place LLC sold the 26,595-square-foot property for $16.75 million. Cathy Jones, Paul Miachika, Logan Schrumpf, Jason Miszuk and Brad Spies of Sun Commercial Real Estate Inc. represented the buyer; Ari Spiro of Sperry Van Ness represented the seller in the transaction.