OVERLAND PARK, KAN. — Omaha, Neb.-based Cormac Company has closed on $107.4 million in construction financing for all phases of its Corbin Park retail development in Overland Park. The 1.1 million-square-foot shopping center is located at the intersection of 135th Street and Metcalf Avenue, and will include department stores, big box retailers, restaurants, local boutiques and a theater. Construction is expected to begin immediately. Tenants that have signed up to take space at the center include Von Maur, JC Penney, Barnes & Noble, Sports Authority, Gordon Biersch, Off Broadway and Village Roadshow. Bank of America will serve as administrative agent for the lenders. The financing package was provided by institutions including US Bank, Tier One Bank, Regions Bank and Compass Bank. Dallas-based INVESCO Real Estate is an equity partner alongside Cormac in the development of Corbin Park.
Retail
OLMSTED FALLS, OHIO — The Luttner Retail Group of NAI Daus has negotiated the approximately $6.98 million disposition of the Mill River Plaza shopping center on behalf of a private merchant developer. Located in Olmsted Falls, the 83,190-square-foot, 98 percent occupied property is anchored by Discount Drug Mart and National City Bank. The approximately 28-year-old center was sold to an undisclosed buyer at an 8 percent cap rate.
ST. LOUIS PARK, MINN. — Daniel Trebil of NorthMarq Capital’s Minneapolis regional office has arranged $2.42 million in first mortgage financing for Knollwood shopping center. The two-building 11.765-square-foot strip center is located in St. Louis Park. Financing was based on a 10-year term, with a 25-year amortization schedule. The loan was arranged through NorthMarq’s relationship with a pension fund advisory firm.
HOFFMAN ESTATES, ILL. — Hoffman Estates-based Leopardo Construction has completed three CVS/pharmacy stores in Chicago, Lincoln and Moline, Ill., and is currently constructing two additional stores for the retailer that are located in Joliet and Oak Forest, Ill. In Chicago, Leopardo has completed a 9,300-square-foot interior build-out for CVS within the newly constructed Library Tower condo mid-rise at 511 S. Plymouth Ct. In Lincoln, the contractor built a 13,000-square-foot freestanding store at 530 Woodlawn Rd. It is expected to open next year. Leopardo also completed a 13,000-square-foot drugstore at 2250 41st St. in Moline, which is now open for business. Leopardo has worked on 82 CVS stores for the retailer across Chicagoland.
HOUSTON — Buena Park, Calif.-based Tawa Supermarket has signed a lease to open a 99 Ranch Market grocery store within Blalock Market Shopping Center, a retail project under development by Houston-based Weingarten Realty that is located on Katy Freeway between Loop 610 and Beltway 8 in Houston. The supermarket, which specializes in Asian foods, will anchor the shopping center with an 83,791-square-foot location. When the 99 Ranch Market opens in early summer 2009 it will mark the first Texas location for the grocer.
BILOXI, MISS., AND GULF BREEZE, FLA. — Ladera Ranch, Calif.-based Strategic Storage Trust, a new $1 billion real estate investment trust sponsored by U.S. Commercial, has purchased two storage properties totaling 146,000 square feet from U-Stor-It for $10.76 million. The properties, located in Biloxi and Gulf Breeze, together boast more than 1,300 storage units.
MCHENRY AND LAKE IN THE HILLS, ILL. — Chicago-based NorthPoint Capital has arranged $4.68 million in financing for two All-Safe Self Storage complexes located in McHenry and Lake in the Hills. The properties, which comprise more than 160,776 square feet, house 1,354 units. Financing was based on an 8-year term with a 23-year amortization schedule, at a rate of 5.78 percent. The loan was placed with Southern Farm Bureau Life Insurance Co., a correspondent life insurance company lender of NorthPoint Capital. Keith Volgman of NorthPoint Capital arranged the financing.
CHARLOTTE, N.C. — Charlotte-based Medalist Capital has secured $46.5 million in permanent, non-recourse financing for Collett & Associates’ Perimeter Woods Shopping Center, located off Interstate 77 at W.T. Harris Boulevard in Charlotte. The loan was placed with Chicago-based PPM Finance. Don Williams and Mary Neill Hagood arranged the transaction.
ASHEVILLE, N.C. — Thomas D. Wood & Co.’s Marshall Smith has secured a 15-year, $7.2 million loan for the 164,672-square-foot Forest Ridge Shopping Center, located at 1636 Hendersonville Rd. in Asheville. The loan comes with a 15-year amortization and a 6.25 percent fixed rate. The anchor tenant, Wal-Mart, is planning a 40,000-square-foot expansion. Additional tenants include RadioShack and Subway.
NAPLES, FLA. — Logan Fort Myers Associates has sold an Office Max to OLP Naples for $6.16 million. Dan O’Berski, Bill Young and Larry Foster of CB Richard Ellis’ Fort Myers, Fla., office brokered the transaction with the help of the company’s Atlanta office. The property is located at 3770 Ninth St. N. in Naples.