OSHKOSH, WIS. — Minneapolis-based NorthMarq Capital has arranged $5.5 million in first mortgage financing for Oshkosh Center II, a 103,456-square-foot retail center located in Oshkosh. Anchor tenants at the center include Pick ‘n Save and OfficeMax. Financing was based on a 10-year term, with a 25-year amortization schedule. Jeff Frankel of NorhMarq’s Chicago office arranged the financing on behalf of the borrower, a Wisconsin limited liability company, through a Midwest-based life insurance company.
TURNERSVILLE, N.J. — Marcus & Millichap has brokered the sale of Peppercorn Plaza, a 22,930-square-foot retail center located at 5501 Black Horse Pike in Turnersville, for $4 million. The property is anchored by Sherwin-Williams. Dean Zang, Chris Munley and Mark Taylor of the Philadelphia office of Marcus & Millichap represented the seller, Streamwood Associates/Turnersville LLC. Marcus & Millichap, along with Ronald McGee of Robson Goldberg Real Estate, represented the 1031 buyer, Primo Properties LLC. The shopping center traded at a 6.58 percent cap rate and a price of $174.44 per square foot.
HENDERSONVILLE, TENN. — Capitol Development International is nearing completion on the first retail building at the 16-acre Creekside Shoppes at Indian Lake, located on Indian Lake Blvd. in Hendersonville. Contracts for five of the nine parcels, ranging from 1 to 4.6 acres, have already been signed, and a hotel chain is moving onto a 2-acre plot on the property. The building will be finished by the end of July.
HILLSIDE, ILL. — Elgin, Ill.-based Capital Lending Group has represented PAR Development in securing $47.5 million in construction financing — including Tax Incremental Financing — for a 400,000-square-foot retail development in Hillside. Tenants in the center, which is located at the intersection of Eisenhower Expressway/Interstate 90 and Mannheim Road, will include SuperTarget, Best Buy and Starbucks Coffee. The project is slated for completion in September 2009. Terms of financing were not disclosed.
FLINT, STURGIS AND HARTFORD, MICH.; AND CAMPBELL, OHIO — Marcus & Millichap has brokered the approximately $6.34 million sale of four Rite Aid Corp. stores in Michigan and Ohio. The portfolio includes an 11,180-square-foot store located at 1810 Maplewood Ave. in Flint, which sold for approximately $1.54 million; a 10,167-square-foot facility located at 102 N. Centerville Rd. in Sturgis, which sold for approximately $1.76 million; another 10,167-square-foot store located at 302 W. Main St. in Hartford, which sold for approximately $1.5 million; and a 10,363-square-foot store located at 693 McCartney Rd. in Campbell, which sold for approximately $1.54 million. Additionally, two Rite Aid facilities in West Virginia — totaling more than 22,000 square feet — were acquired as part of the portfolio transaction. Simon Jonna and Brandon Hanna of Marcus & Millichap’s Detroit office represented the seller; Cesar Talavera of the firm’s Las Vegas office represented the buyer, John Tsern, in the transaction.
CORAL GABLES, FLA. — Florida-based Venera Holdings recently sold the 59,155-square-foot Whole Foods Market, located in Plaza San Remo in Coral Gables, for $31.1 million. The retail space anchors the shopping center, located at 6705 Red Road. Colliers Abood Wood-Fay represented the seller, and information about the buyer was not released.
NEW YORK CITY — The Carlyle Group and Crown Acquisitions have acquired a controlling interest in the retail portion of 666 Fifth Avenue in New York City from Kushner Cos. for $525 million. The 90,000-square-foot property is positioned on Fifth between 52nd and 53rd streets, and contains 200 feet of uninterrupted retail frontage. Carlton Advisory Services negotiated the transaction, as well as the financing, which was provided by a lending syndicate that includes Barclays and SL Green. Prior to completion of the transaction, Abercrombie & Fitch leased 20,000 square feet of space at the property, where it will join the NBA Store and Hickey Freeman.
DENVER — Gart Properties LLC has partnered with ING Clarion Partners LLC to purchase Denver Pavilions, a 347,000-square-foot shopping center located along 16th Street Mall in downtown Denver. Denver Pavilions Real Estate Owner LLC sold the property for $94.5 million. Current tenants include Niketown, Barnes & Noble, Virgin Megastore, Maggiano’s Little Italy, Corner Bakery Café, United Artists theaters and Jazz at Jack’s. The buyers are planning to invest an additional $25 million on renovations and new tenant incentives.
MIAMI — Bilzin Sunberg Baena Price & Axelrod closed an $85 million construction loan for MBeach1’s redevelopment of 1111 Lincoln Rd. in Miami. Mellon United National Bank served as the loan’s lead arranger, with SunTrust Bank and KeyBank also participating. When completed, 11 11 will offer residential units, a bank, two restaurants and 40,000 square feet of retail space. The architecture firm Herzog & DeMeuron, responsible the main venue of the 2008 Summer Olympics, designed the building.
ORLANDO, FLA. — Michael Collard Properties tapped Pertree Constructors to build 25,000 square feet of retail space at Saxon Crossing Retail Center, a shopping center in Orange City, Fla., anchored by an L.A. Fitness, for $2.1 million. The extra square footage will make room for as many as 18 businesses.