ROCHESTER, N.Y. — Sam Bearns of NorthMarq Capital has closed a $2.7 million loan for a PriceRite Grocery Store in Rochester. The non-recourse, 10-year loan has a 25-year amortization schedule and exceeded 80 percent loan-to-value. The fixed-rate loan was locked in at the low 7 percent range. The loan was placed through the firm’s relationship with a national real estate commercial credit company. The borrower was undisclosed.
PLYMOUTH, MASS. — Equibase Capital Group has arranged a $1.35 million bridge loan for Abbot Real Estate Development. The company plans to use the funds for the acquisition, zoning and redevelopment of a vacant Wal-Mart in Plymouth. The 5.8-acre property will be redeveloped into Abbott Residences at Cordage Park, a 150-unit apartment complex.
LUBBOCK, TEXAS — Portland, Ore.-based NBS Real Estate Capital has acquired a $4 million note from a national conduit lender secured by a grocery distribution facility in Lubbock. The 494,142-square-foot property is leased on a long-term basis to a strong credit tenant. The first mortgage is composed of a senior A note and a junior B note.
PRINCE WILLIAM COUNTY, VA. — Regency Centers is developing The Shops at Stonewall, a $52 million, 318,000-square-foot retail center in Prince William County, located at the intersection of Lee Highway and Old Carolina Road. The center is situated on 40 acres and will be anchored by a 140,000-square-foot Wegman’s supermarket, slated to open this fall. Other tenants include Staples, Ross Dress For Less, Bed Bath & Beyond and Suntrust Bank. Construction began last May and is projected to complete this summer.
POINCIANA, FLA. — South Florida-based Southeast Shopping Centers Development is building Solivita Marketplace, a 60-acre mixed-use project in Poinciana. The first phase is situated on 6.6 acres and includes five buildings totaling 41,000 square feet. First phase tenants include Revelations 21 Jewelry, Martin’s BBQ of Orlando, Quizno’s Subs, Gigi’s Beauty Salon and Poinciana Dry Cleaners. Walgreens, Wachovia Bank and Fifth/Third Bank occupy freestanding buildings. The project is located at the intersection of Cypress Parkway and Marigold Avenue.
WICHITA, KAN. — Sperry Van Ness (SVN) has completed the sale of Ken-Mar Shopping Center, a 73,757-square-foot retail center located at 4610 E. 13th St. in Wichita, for $2.21 million. The building is situated on 7.95 acres, and is 79 percent occupied. Jason Little of SVN’s Oklahoma City office and Michael Roberts of the firm’s Kansas City, Mo., office represented the seller, California-based Madison Property Group. Nick Esterline of Landmark Commercial Real Estate represented the undisclosed buyer, which has plans to redevelop the property.
SKOKIE, ILL. — Freeport, Maine-based outdoor retailer L.L. Bean will be opening its second Chicagoland store in Old Orchard Shopping Center in Skokie. The 30,000-square-foot location will be built to the U.S. Green Building Council’s LEED standards, and will include the creative use of recycled and reclaimed materials, as well as energy-efficient heating, cooling and lighting systems. It is scheduled to open in November. L.L. Bean has previously announced a new store to be located inside The Arboretum of South Barrington in South Barrington, Ill. The two stores are part of the retailer’s plans to open 32 stores nationally by 2012.
CATHEDRAL CITY, CALIF. — Gary Griggs and Brian Rissman of Marcus & Millichap have brokered the sale and acquisition of Palm Canyon Plaza in Cathedral City. Located at 68487 E. Palm Canyon Dr., the 23,681-square-foot office property sold for $2.15 million or $101 per square foot. The seller and buyer were not disclosed.
HENDERSONVILLE, TENN. — Harpoon of Hendersonville TN LLC has acquired 21 acres for the future development of Indian Lake Marketplace in Hendersonville, from Indian Lake Investors, for $8 million. The site is currently occupied by Cracker Barrel Old Country Store and Verizon Wireless. Harpoon will develop a 100,000-square-foot retail center on the property, inclusive of two outparcels. Zac Cypress and Charlotte Ford of NAI Nashville represented the buyer, and Terry Smith and Jason Powell, also of NAI Nashville, represented the seller.
OMAHA, NEB. — Phillips Edison & Co. has acquired Deerfield Plaza, a 129,914-square-foot retail center located in Omaha. The center is anchored by Baker’s Supermarket and Walgreens. The acquisition price, as well as the seller, was undisclosed.