ROCHESTER AND MINNEAPOLIS, MINN. — Minneapolis-based NorthMarq Capital has arranged two Minnesota loans totaling more than $8.5 million. Brian Hennen of NorthMarq Capital’s Minneapolis office has arranged $6 million in first-mortgage financing for Northwest Plaza retail center located in Rochester. Gander Mountain is a major tenant in the 75,294-square-foot development. Financing was based on a 10-year term, with a 25-year amortization schedule. The loan was arranged for the undisclosed borrower, through NorthMarq’s relationship with Thrivent Financial. Also in NorthMarq’s Indianapolis office, Daniel Trebil has arranged $2.66 million in first-mortgage acquisition financing for Apple Square Apartments. The 73-unit multifamily community is located at 1818 14th Ave. South in Minneapolis. Financing was based on a 10-year term with 2 years interest-only, and a 30-year amortization schedule. The loan was arranged for the borrower, a two-member tenants-in-common entity, through AmeriSphere Multifamily Finance.
VIRGINIA BEACH, VA., AND TAMPA, FLA. — West Palm Beach, Fla.-based The Goodman Company is currently developing two retail projects in the Southeast totaling 1.3 million square feet. In October, Goodman and Cleveland-based Forest City Enterprises will open the 750,000-square-foot Shops at Wiregrass in the 5,022-acre Wiregrass Ranch, located at the intersection of S.R. 56 and Bruce B. Downs Boulevard in Tampa. The center is anchored by Macy’s, Dillard’s and JC Penney. The final phase of the 509,192-square-foot retail center Landstown Commons, located at the intersection of Princess Anne and Dam Neck roads in Virginia Beach, will deliver in the third quarter. The center is 85 percent leased and will be anchored by Kohl’s, Bed, Bath & Beyond, Best Buy, OfficeMax, PetsMart, Ross Dress For Less, A.C. Moore and Books-A-Million.
PICKERINGTON, OHIO — Marcus & Millichap Real Estate Investment Services has brokered the sale of Cross Creek Shopping Center, a retail center located on Crosscreeks Boulevard in Pickerington. Tenants at the 9,785-square-foot development, which is 100 percent occupied, include Graeter’s, W.g. Grinders and Skyline Chili. The strip center was acquired by an undisclosed buyer for $1.85 million, based off of a cap rate of 7.92 percent. Erin Wiles-Patton and Scott Wiles of Marcus & Millichap’s Wiles Group represented the seller Arsh Investments in the transaction.
WICHITA FALLS, TEXAS — Marcus & Millichap has brokered the sale of Pyramid Center, a 39,991-square-foot retail property located at 2924 Kemp Blvd. in Wichita Falls. Situated on approximately 3 acres, the two-story facility is 85 percent occupied by a tenant roster that includes Blockbuster Video, Quizno’s, Sprint and Papa John’s Pizza. A freestanding Starbucks Coffee also is located on the property. Jason Vitorino and Philip Levy of Marcus & Millichap’s Dallas office, along with Chris Keenan of the firm’s Phoenix office, represented the undisclosed seller. The property was acquired by a Texas-based limited partnership participating in a 1031 exchange.
NAPLES, FLA. — Clint Frease of Wells Fargo’s Commercial Mortgage Group has originated a $26 million loan to refinance the 111,403-square-foot boutique retail center Village on Venetian Bay, located at the intersection of Park Shore Drive and Gulf Shore Boulevard in Naples. The 5-year loan carries a 30-year amortization.
MADISON, WIS. — Minneapolis-based Upland Real Estate Group has arranged the sale of a Camping World net-leased investment property located in Madison. The facility was acquired by a 1031 exchange buyer for $4.4 million at an 8.5 percent cap rate. Keith Sturm and Deborah Vannelli of Upland Real Estate Group are representing the developer in the sale of 15 Camping World properties located throughout the United States. FreedomRoads, which owns 60 stores in 30 states, and Camping World, which owns 77 stores in 30 states, have merged, providing a national network of local dealerships and retail parts and accessories stores.
WATERBURY, CONN. — R. Calabrese Agency has completed the sale of Fair Oaks Center, a 47,000-square-foot inline retail center located at 708 Wolcott St. in Waterbury, for $4.57 million. The property is anchored by Aaron’s Rents Furniture Store; additional tenants include Hertz Rent-A-Car, American Automobile of Connecticut, FYE and Play It Again Sports. Bob Bowden of R Calabrese Agency negotiated the transaction between the seller, Waterbury-based Deeken Associates, and the buyer, Long Island, N.Y.-based Malachite Group Ltd.
OGDEN, UTAH — Ogden Utah Holding Co. LLC has purchased Three Tenant Shopping Center, a 60,220-square-foot retail center in Ogden. Robertson Family Trust sold the property for $2.8 million. Barry Higgins and Danny Bahng of Marcus & Millichap represented the seller; the buyer was self-represented in the transaction.
BENBROOK, TEXAS — The Dallas office of Marcus & Millichap has arranged the sale of a 7,250-square-foot retail strip center located at the intersection of Interstate 20, Loop 820 and Benbrook Boulevard in the Fort Worth suburb of Benbrook. Situated on more than a half acre, the property is tenanted by Blockbuster Video and Trendsetters. It is surrounded by several national retailers, including Wal-Mart Supercenter and The Home Depot. Philip Levy of Marcus & Millichap represented the Texas-based seller and brought the Dallas-based buyer to the table. The acquisition price was not disclosed.
FORT MYERS, FLA. — Cincinnati-based North American Properties has opened its 480,000-square-foot power center at The Forum at Fort Myers, a 706-acre site located between Colonial Boulevard and State Route 82 in Fort Myers. Anchor tenants include Target, Best Buy, Ross Dress For Less, Bed Bath & Beyond, Staples, Books-A-Million, Petco, Rack Room Shoes, The Home Depot and Mattress Giant. An additional five tenants will open shop in the next few months, and SunTrust Bank will move into an outparcel in early 2009. The master-planned Forum at Fort Myers, which features 850,000 square feet of office space and 1,300 residential units, will deliver in 2010.