COCKRELL HILL, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $8.78 million in construction financing for Plaza Del Oro, a planned 84,600-square-foot shopping center located in Cockrell Hill. The project is already 55 percent pre-leased; it will be anchored by El Rancho SuperMercado. Todd McNeill of MCA originated the loan with Wachovia Bank. He also secured $2.19 million in new market tax credit equity financing to cover the total cost of construction. The loan has a term of 7 years with a floating interest rate. The borrower was a partnership sponsored by Donald Silverman, principal of Dallas-based Margaux Development.
SAN DIEGO — Icon LLC has completed the disposition of a ground-level retail space located in the Icon building at 315 10th Ave. in downtown San Diego. Shi Liang Zhu and Li Jun Chen purchased the property, Suites 101 and 102, for $2.2 million. Icon is a four-tower mixed-use project that contains approximately 330 condominiums and nearly 16,000 square feet of retail space. Danny Fitzgerald, Linville Martin and Michael Burton of Grubb & Ellis|BRE Commercial represented the seller; Eva Liew of Emperor Realty Group Inc. represented the buyer in the transaction.
ATLANTA — Tampa, Fla.-based Amprop Development Corp. has sold a nine-property portfolio to an Atlanta-based investment group for $16.77 million. Each property encompasses 6,300 to 10,500 square feet and is leased to Flowers Bakery. The buildings are located in Perrine, Fla.; Sweetwater, Fla.; Pompano Beach, Fla.; Jacksonville, Fla.; Pembroke Park, Fla.; Opa Locka, Fla.; Sunrise, Fla.; Riviera Beach, Fla.; and Brunswick, Ga. Tulsa, Okla.-based Stan Johnson Co.’s Greg Bond of Team Bond and David Clary of Team Hughes represented the seller and the buyer, respectively.
CHICAGO — On behalf of Chicago-based Newcastle Limited, Cohen Financial has secured a $13 million acquisition loan for a three-property portfolio in Chicago. Two properties are located within the city’s Lincoln Park neighborhood at 2200 Clark St. and 801 Diversey St., and the third property is located at 4071 Milwaukee St. The portfolio contains 44,310 square feet of retail space, as well as 28 apartment units. The fixed-rate, 70 percent loan-to-value non-recourse loan is based on a 5-year term, with a 30-year amortization schedule priced on the 5-year U.S. Treasury. An undisclosed national life insurance company funded the transaction for the borrower, Newcastle Limited. Steve Roth and Steve Kundert of Cohen Financial arranged the financing.
TAYLOR, TEXAS — The Weitzman Group has arranged the purchase of Storefront Taylor Marketplace, a 2.82-acre development parcel located at the intersection of FM 397 and Highway 95 in Taylor. Taylor Retail LP acquired the site and has enlisted Noble Capital Real Estate to develop it into an 18,000-square-foot retail center with a pad site. Graham Carter of Weitzman and Kirk Slack of Noble negotiated the transaction.
DALLAS AND ROWLETT, TEXAS — Dallas-based Quantum First Capital (QFC) has secure a total of $10.8 million in financing for two Texas shopping centers. In Dallas, QFC closed on a $7.5 million loan for Northlake Shopping Center, a 99,920-square-foot retail property located at the corner of East Northwest Highway and Ferndale Road. The center is occupied by a tenant roster that includes Tuesday Morning, Dollar Tree and the U.S. Post Office. The bridge loan carries a 3-year term with a LIBOR-priced floating rate. Stuart Wernick and Eli Gershenson of QFC originated the transaction. In Rowlett, Gershenson originated a $3.3 million loan for the acquisition of Bank of America Lakeview Center, a 19,160-square-foot shopping center located at 2409 Lakeview Pkwy. The center is shadow-anchored by The Home Depot and Wal-Mart Supercenter. Major tenants include Bank of America, Cato Fashions, Check ‘n Go, H&R Block and Garland Dental Group. The loan carries a 5-year term with a fixed interest rate in the low 6 percent range. An Oklahoma-based financial institution provided the loan to an overseas investor.
LAS VEGAS — The PENTA Group has completed construction of the third building and parking structure at the 57-acre World Market Center Las Vegas complex. Located at 495 S. Grand Central Pkwy. in Las Vegas, the $550 million project offers 2.1 million square feet of space. Designed by JMA, the 16-story, steel-framed structure features contemporary architectural design with state-of-the-art amenities and technology. Additionally, the building features 34 escalators and 16 elevators. The project was awarded to PENTA by World Market Center LLC.
WEST POINT, MISS. — Mississippi CVS Pharmacy LLC has sold a 1.86-acre, 11,945-square-foot CVS/pharmacy, located at 750 W. Main St. in West Point, to Florida-based El Cid 60 LLC for $3.73 million. The property has a new 25-year NNN lease with 25 years remaining and options every 5 years. Boca Raton, Fla.-based Realty Associates represented the buyer, and the seller was represented by Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office.
GLENVIEW, ILL. — The investment sales group of Mid-America Real Estate Corp. has brokered the sale of Glenbrook Market Place, a 62,815-square-foot retail center located at the northeast corner of Willow Road and Pfingsten Road in Glenview. Additional tenants at the development, which is anchored by Walgreens, include Cartridge World USA, Jimmy John’s Gourmet Sandwiches and MB Financial Bank. Chicago-based Newport Capital Partners acquired the center for $16.2 million. Mike George and Joe Girardi of Mid-America represented the seller, Chicago-based Centrum Properties, in the transaction.
THE WOODLANDS, TEXAS — Houston-based Hunington Properties Inc. (HPI) has brokered the sale of a 14,613-square-foot retail property located at the intersection of Woodlands Parkway and FM 2978 in The Woodlands. Jamie Bouterie and Sandy Aron of HPI represented the seller, Shops at Terramount Ltd. The retail property was acquired by a Houston-based limited liability corporation for an undisclosed amount.