VALPARAISO, IND. — Colliers Turley Martin Tucker has brokered the sale of a 24,049-square-foot Staples Office Superstore located at 2106 Morthland in Valparaiso. Brauvin Net Lease LLC has acquired the store from JRAN Co. of Valparaiso Ltd. for $3.52 million. Robert Taylor of the Colliers Investment Services Group and Giorgio Karras in the Cincinnati office of Colliers represented the seller in the transaction.
EGG HARBOR, N.J. — Port Washington, N.Y.-based Cedar Shopping Centers has taken out a $21 million bridge loan for Shore Mall, a 626,133-square-foot retail property located in Egg Harbor. Situated on 73.27 acres, Shore Mall consists of an enclosed regional shopping center anchored by Boscov’s Department Store and Burlington Coat Factory. The property also includes an adjacent 50-acre land parcel located at the intersection of The Garden State Parkway and Blackhorse Pike. The financing is for a 36-month term and carries an adjustable interest rate. The transaction was originated by John Taylor and Jim Cardranell with the New Jersey office of Holliday Fenoglio Fowler. The lender was Oritani Savings Bank, which was represented by David Garcia.
SOUTH GATE, CALIF. — Buchanan Street Partners has been selected to structure all the capital for El Portal Entertainment Center, a $218 million retail project in South Gate. Developed by Red Mountain Retail Group and Allied Retail Partners, the 498,880-square-foot, entertainment and multimedia-themed development will be anchored by Target, Ross Dress For Less and Regency Theatres. The project is located at the intersection of Atlantic Avenue and Firestone Boulevard.
WINCHESTER, VA. — Vienna, Va.-based NVRetail and Reston, Va.-based Tetra Partners recently opened the 400,000-square-foot Rutherford Crossing, a retail center located on U.S. Route 11 in Winchester. The property, which is anchored by Target and Lowe’s Home Improvement Warehouse, will welcome 12 new tenants during the third quarter of this year. Retailers moving into the square include Chick-fil-A, McDonald’s, Hair Cuttery, ProTel, Daily Grind, Beach Bum Tanning and Tropical Smoothie.
FREEPORT, MAINE — The L.L. Bean Hunting & Fishing Store, a specialty store located on the retailer’s Freeport campus adjacent to the L.L. Bean Flagship Store, has been awarded LEED-Silver certification from the U.S. Green Building Council. Sustainable features include recycled construction materials, stormwater management systems, energy-efficient windows and low-flow fixtures. In 2006, L.L. Bean committed to build all of its new projects to LEED standards; The Hunting & Fishing Store marks the retailer’s sixth LEED-registered project and the first to be awarded certification. The project is also the first LEED-certified retail project in the state of Maine.
ROSENBERG, TEXAS — Cincinnati-based The Kroger Company has announced that its Kroger Marketplace brand will be joining the tenant roster at Brazos Town Center, a 550-acre, master-planned community under development in Rosenberg by Houston-based NewQuest Properties. The 123,000-square-foot Kroger Marketplace features a full-service grocery, a pharmacy, expanded perishables and general merchandise, such as outdoor living products, electronics, home goods and toys. The multi-department concept is twice the size of a typical Kroger supermarket. Brazos Town Center comprises 940 multifamily residences, a medical/professional office park and 220 acres of retail space — all interconnected with a parks and trails system. Retail anchor tenants include Target, The Home Depot, Hobby Lobby, Academy, JC Penney, Ross Dress For Less, Petco, Best Buy, Famous Footwear, Cinemark, Palais Royal, Kohl’s, Conn’s, OfficeMax, Walgreens and Spec’s.
SOLANA BEACH, CALIF. — Pinnacle Solana LP, an affiliate of Pinnacle Hotels USA, has purchased a 34,840-square-foot property in Solana Beach for $3.4 million. Located at 647 N. Highway 101, a portion of the property is currently occupied by Parioli’s Italian Bistro; the balance is zoned for commercial use. Joseph Balla and Steve Bruce of Lee & Associates Carlsbad office represented both parties in the transaction. The seller was TMD LLC.
FAIRVIEW HEIGHTS, MO. — St. Louis-based Koman Properties is redeveloping Commerce Plaza, a retail center, which was severely damaged by a tornado in 2006, and is located near Highways 50 and 159 in Fairview Heights. The project includes the development of a 40,600-square-foot retail center, which will be anchored by Monkey Joe’s and Jo-Ann Fabrics & Crafts, which is relocating from its current building across the street. Additionally, 8,800 square feet of retail product, as well as the potential for an outlot building, are being considered for the project. Construction of Commerce Plaza is currently underway, with completion slated for November. The retail shop and entertainment venue are both expected to open in the spring of 2009.
WAUKESHA, WIS. — Marcus & Millichap has brokered the sale of Silvernail Center, a 6,857-square-foot retail center located in Waukesha. The multi-tenant center had a sale price of $1.9 million. A local Chicago investor acquired the property from an undisclosed developer in a 1031 exchange. Jason Ladner of Marcus & Millichap’s National Retail Group in Chicago represented the seller; Melissa Glick, also of Marcus & Millichap’s National Retail Group in Chicago, represented the buyer in the transaction.
NEW YORK CITY — CBRE Capital Markets has secured $10.2 million for the refinancing of a retail condominium and a three-property retail condo portfolio located in New York City. The first retail condo is located at 170 Fifth Ave.; it totals 2,833 square feet and is occupied by Zales Jewelers. The Village Retail Portfolio totals 9,843 square feet; it comprises 355 and 361 Greenwich St., and 496 Laguardia Place. The properties are occupied by The Harrison, Flor de Sol, and Five Guys Burgers and Fries, respectively. Terms of the loan include a 5-year terms with a 30-year amortization schedule priced over the 5-year U.S. Treasury Security, as well as a 65 percent loan-to-value ratio. Keith Braddish and Jason Gaccione of CBRE Capital Markets arranged the loan on behalf of the undisclosed borrower through a commercial bank.