REEDLEY, CALIF. — Nashashibi Family Trust has acquired Reedley Place Shopping Center, which is located at 1721-1761 E. Manning in Reedley. The two-building, 22,222-square-foot center sold for $7.72 million. The center is anchored by a Rite-Aid and the Educational Employees Credit Union. Baycal Realty represented the buyer; Reg Kobzi, Sam Aliso and Dan Riley of CB Richard Ellis represented the seller, Sterling Development Corp., in the transaction.
CHELSEA, ALA. — Grubb & Ellis Realty Investors has acquired a 14,800-square-foot Walgreens building in Chelsea on behalf of a private investor, from Chelsea Corners LLC, for an undisclosed amount. The property is situated on 1.7 acres of land at 164468 Block US Highway 280 and is 100 percent leased to Walgreens. Grubb & Ellis Realty Investors represented the buyer, and the seller was represented by Lior Regenstreif of Marcus & Millichap’s Encino, Calif., office.
ST. LOUIS — Swansea, Ill.-based Holland Construction Services has begun construction of the $16 million Dave Mungenast Lexus of St. Louis, located at the corner of Mason and Manchester roads in St. Louis. The 70,000-square-foot car dealership will replace the current Mungenast Lexus located on Manchester Road. The LEED-certified project will include a large showroom, a service department, a customer lounge and office space. Green features include preferred parking for fuel-efficient vehicles, a reflective roofing system, and the use of recycled and renewable materials. Chesterfield, Mo.-based HDA Architects is providing design services. Completion is scheduled for early 2009. Holland recently completed the new Dave Mungenast Alton Toyota/Scion dealership, located in Alton, Ill.
READING, PA. — NorthMarq Capital has provided a $9.1 million in first mortgage financing for Exeter Plaza in Reading. The 128,000-square-foot neighborhood shopping center includes tenants such as Blockbuster and is anchored by a Giant Grocery Store. David Henrich of NorthMarq Capital’s Philadelphia office arranged the financing for the borrower, Exeter Plaza Associates. The loan was base done a 10-year term with a 30-year amortization schedule.
NEW YORK CITY — Jerry Houlihan of Houlihan-Parnes/iCap Realty Advisors has brokered the $1.9 million sale of a retail building in the Bronx, New York City. The supermarket features 8,300 square feet of selling space and a full basement for refrigerated and dry food storage. Situated on the corner of 183rd and Jerome Avenue at 2262 Jerome Avenue, the facility is under a 45-year lease with A&P until July 2015. The undisclosed buyers, local grocers based in Manhattan and the Bronx, are subleasing the store from A&P under the Pioneer supermarket flag.
HOUSTON — Paul Gardaphe of iCap's Houston office has arranged a $5 million bridge loan for a 103,000-square-foot retail property in Houston. Gardaphe arranged the loan through affiliate Amegy Mortgage. The retail center, which sits on more than 7.8 acres of land, is 83 percent occupied. The five-building property was built in 1985.
TEMPLE, TEXAS — The Houston office of Live Oak Capital has arranged $1.15 million in fixed financing for two restaurant ground leases in Temple. The restaurants Cracker Barrel and Jack in the Box sit on a combined 5.7-acre site located at the southeast corner of the intersection of Interstate 35 and Loop 363. Morris Development, the borrower, purchased the site in March 2004. Greg Young with Live Oak Capital worked on behalf of the borrower to capitalize the commercial real estate with Ohio National Insurance Co.
HOLLY SPRINGS, GA. — Baltimore-based Prime Retail is developing Prime Outlets – Holly Springs, a $120 million, 450,000-square-foot outlet center, located approximately 30 miles north of Atlanta along Interstate 575. The center will open in 2010 and is expected to house 120 stores.
CHICAGO — Jones Lang LaSalle (JLL) has arranged $12.5 million in financing to assist in the acquisition of a 50,664-square-foot Dominick’s grocery store located with the CityFront Plaza mixed-use development at 225 E. Grand Ave. in Chicago. The borrower was Sandor Development, which purchased the property for $22.5 million. Sandor was represented by Steve Skok of JLL; the lender in the transaction was an undisclosed life insurance company.
LAS VEGAS — Las Vegas-based Danoski Clutts Building Group has been selected to build the second phase of Desert Marketplace in Las Vegas. Located at Warm Springs and Durango, the project includes ground-up construction for 107,000 square feet of retail space. Tenants of the project will include TJ Maxx, Big 5 Sporting Goods, Petco and other major retailers. With completion slated for October, the project will feature steel, wood and masonry structures.
