MARLTON, N.J. — New York City-based Meridian Capital Group has secured $9.5 million in financing for a 154,000-square-foot retail center located at 101 S. Route 73 in Marlton. Tenants at the property include Burlington Coat Factory, Homegoods and Supercuts. Seth Grossman of Meridian originated the loan on behalf of the undisclosed borrower. The loan was placed with a local bank. Terms of the financing include a fixed interest rate with 2 years of interest-only payments.
CHULA VISTA, CALIF. — GE Real Estate has provided a $55 million loan to Sudberry Properties Inc. for the refinancing of Village Walk at EastLake in Chula Vista. The 156,552-square-foot open-air retail center is anchored by Henry’s Marketplace, Borders Books & Music, Petco, Pier 1 Imports and Trader Joe’s. The 3-year, fixed-rate loan is the first transaction between GE Real Estate and the San Diego-based developer and manager of retail shopping centers and urban mixed-use communities.
SAN ANTONIO — New York-based Ashkenazy Acquisition Corp. (AAC) has acquired the Joske’s building, a historic, 500,000-square-foot building located at Rivercenter Mall in San Antonio, from Dillard’s. AAC had previously purchased Rivercenter Mall, and plans to redevelop the mall in three phases. This summer, redevelopment work will commence with the renovation of the mall’s lagoon area along Commerce Street. New retail and restaurant venues will be added, including San Antonio’s first Fogo de Châo restaurant. The final phase of the redevelopment will also include updates to the existing mall interior. AAC is currently working with locally based architecture firm S.A. Partnership to create conceptual plans for the Joske’s building. The historic design review process is expected to begin this fall, with construction beginning as early as summer 2009. The Dillard’s that currently occupied the Joske’s building will remain open through August.
SANTEE, CALIF. — San Diego-based Sudberry Properties Inc. is developing The Marketplace at Santee, a 71,530-square-foot neighborhood shopping center located in Santee. Located at Mission Gorge Road and Carlton Hills Boulevard, the $28 million project will be anchored by Henry’s Farmers Market. Other confirmed tenants include Starbucks Coffee, T-Mobile, FedEx, Kinko’s, Sport Clips Haircuts, Jack in the Box, San Diego National Bank, Sleep Train, Glamour Nails and Cazadora’s Mexican Restaurant. Designed by CSHQA Architects, the project offers tenant spaces ranging in size from 1,200 to 5,000 square feet. Santee Retail LP is the property owner; Centre Builders is serving as general contractor for Henry’s Farmers Market; and C.W. Driver is the project’s overall contractor. Completion is slated for November 2008.
OCEANSIDE, CALIF. — Grubb & Ellis|BRE Commercial has brokered two transactions in Oceanside. John Orlando of Grubb & Ellis|BRE Commercial represented Plaza Blvd. LLC in the disposition of a 9,400-square-foot retail center. Ken and Ban Yako acquired the property, which is located at 2640-2642 Oceanside Blvd., for $2.7 million. Additionally, Bradley D’Angelo LLC purchased a six-unit multifamily investment property, which is located at 1318 S. Pacific St. Kirk and Laila Bottomly sold the 2,600-square-foot property for $1.1 million. Ray Adams of Grubb & Ellis|BRE Commercial represented the sellers in the transaction.
FAIRVIEW, N.C. — Thomas D. Wood and Co. has secured $3 million in financing for Fairview Crossings Shopping Center in Fairview. StanCorp Mortgage Investors provided the 25-year loan at a fixed rate of 6.10 percent with a 25-year amortization with a loan to value of 70 percent. The 43,120-square-foot, Food Lion-anchored retail center is located at 1350 Charlotte Hwy.
CHICAGO — Geoffrey Kasselman of Op2mize has represented the National Association of Realtors in the long-term lease of 14,713 square feet of retail space within The Realtor Building on the Magnificent Mile to Charles Schwab & Co. The National Association of Realtors owns the property, which is located at 430 North Michigan Ave., and has leased the space to Charles Schwab through the year 2019 for an undisclosed amount. Kasselman was assisted on the project by KB Real Estate; Charles Schwab was represented by David Burden at Cushman & Wakefield of Illinois. Charles Schwab’s new space features a 50-foot high street-level entry, a private 13,105-square-foot mezzanine and a two-story, wrap-around window line that fronts Michigan Avenue.
CREVE COEUR AND FLORISSANT, MO. — Tom Gershman of NorthPoint Capital – Chicago, has arranged $7.5 million in financing for the owner of two St. Louis area retail centers. Westgate Centre is located at 12316-12392 Olive Blvd. in Creve Coeur, and Flower Valley Shopping Center is located at Lindbergh Boulevard and New Halls Ferry Road in Florissant. The 60,000-square-foot Westgate Centre includes two strip retail buildings occupied by 20 tenants and a freestanding T.G.I. Friday’s. Flower Valley is a 100,000-square-foot property with three strip retail buildings anchored by a freestanding Shop ’n Save. Southern Farm Bureau Life Insurance Co. has provided the 10-year fixed rate loans, which have a 25-year amortization schedule.
BEE CAVE, TEXAS — Phoenix-based Opus West Corp. has announced 11 new retail tenants for Hill Country Galleria, a 1.3 million-square-foot mixed-use project located in Bee Cave. Last month, a 10,000-square-foot Backwoods joined the tenant roster. This month will see the opening of Baby Birgitte, The Walking Company, Oriental Rug Gallery, Merle Norman Cosmetics, and Toni & Guy’s. July will see the opening of James Avery Craftsman, Panera Bread, Tony C’s and Zinger’s Sports Bar & Grill. Finally, a 55,000-square-foot Dick’s Sporting Goods will open in August. Hill Country Galleria, which opened in October 2007, contains 650,000 square feet of retail space, 300,000 square feet of for-rent residential space, 145,000 square feet of Class A office space, 100,000 square feet of residential condominiums, 80,000 square feet of retail pad space and 50 acres of green space. Opus developed the project with Lincoln Property Co. International Development Management and Robert Baldwin Interests.
DAVENPORT, FLA. — The second phase of Ovation Town Center in Polk County is underway. Orlando, Fla.-based Cuhaci & Peterson Architects has been awarded the design contract for 60,000 square feet of space. The property is located at the southwest corner of CR 532 and Lake Wilson Road in Polk County. Included in the design is a 45,000-square-foot Publix. A.G. Armstrong is developing the property.