HUGO, MINN. — NorthMarq Investment Services has completed the sale of Victor Marketplace, a 70,000-square-foot retail center located at 14775 Victor Hugo Blvd. in Hugo. The center is anchored by a 55,000-square-foot Festival Foods, and is 100 percent leased. Eric Bjelland and Leah Truax of NorthMarq represented the undisclosed seller; the property was acquired by Victor Hugo Boulevard LLC.
OAK LAWN, ILL. — Chicago-based First Western Properties has acquired Park Lawn Plaza, a 25,000-square-foot shopping center located in Oak Lawn. Tenants in the center include Lifesource, Nursefinders, Health Care Association, Lab Corp., Sleep Network of Illinois, Occu-Sport, The Seniors Club and Fantastic Sam’s. The acquisition price, as well as the seller, was undisclosed.
FORT WORTH, PLANO AND CROWLEY, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $28.9 million floating-rate mortgage loan, along with a $3.25 million mezzanine loan, for the acquisition of three shopping centers in Fort Worth, Plano and Crowley. The trio of Kroger-anchored shopping centers, Village at Los Rios, Altamesa and Stone Gate Plaza, were 96 percent leased at the time of sale. The loan was arranged on behalf of Margaux Development, which used the funds to recapitalize the partnership and buyout an existing partner.
AUSTIN, TEXAS — Dallas-based Henry S. Miller Commercial has brokered the purchase of South Lamar Business Park, a retail center located at 1700 S. Lamar Blvd. in Austin. A private Austin investor purchased the 53,000-square-foot property, which is situated on approximately 4.4 acres, from an undisclosed seller. John Collins IV of Henry S. Miller Commercial, Land Division of Dallas represented the buyer in the transaction.
VIRGINIA BEACH, VA. —Steven D. Bell & Co. has acquired Haygood Shopping Center, a 178,526-square-foot property in Virginia Beach, from Haygood SC, a partnership of Klaff Realty and Acadia Realty Trust, for $25 million. The retail center is located at 1021 Independence Blvd. and is anchored by Farm Fresh, Rite Aid and Michaels. Michael Divaris, Alex Divaris and Jason Oliver of Virginia Beach, Va.-based Divaris Real Estate were the sole brokers in the transaction.
COCONUT CREEK, FLA. — Regency Centers is developing Caligo Crossing, a 113,510-square-foot, 11-acre shopping center in Coconut Creek, located at the intersection of Highway 441 and Hillsboro Road. The center will include a Kohl’s, slated to open in October, and 10,800 square feet of additional retail shop space.
NEW YORK CITY — A new IKEA store is nearing completion in Brooklyn, New York City. The 346,000-square-foot store is situated on 22 acres along the Erie Basin waterfront in Red Hook, south of the BQE/Gowanus Expressway and southeast of the Brooklyn-Battery Tunnel. The store will feature 50 different room settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant. The project also features a 6.5-acre public waterfront esplanade. The store is slated to open this June.
NEW YORK CITY — iCap Realty Advisors of NY has arranged a $7.5 million loan for a 12-story commercial loft building in the Flatiron district in Manhattan, New York City. The facility comprises 45,000 square feet of space and it is currently 100 percent leased to a ground-floor retailer, residential loft tenants and a variety of office tenants. The permanent first mortgage loan was arranged by Harout Ghazarian of iCap for an undisclosed borrower.
SPRING, TEXAS — Marcus & Millichap has finalized the sale of Louetta Shopping Center located at 6370 Louetta Rd. in Spring. A Topeka, Kan.-based partnership acquired the 35,321-square-foot shopping center, which was at 100 percent occupancy at the time of sale, from a private Texas-based developer. The center, which was sold for an undisclosed amount, was constructed in 2007 and is situated on 2.94 acres. Don Stringham and Charles Lucenay of Marcus & Millichap’s Houston office represented the seller in the transaction.
LAS VEGAS — United Construction has broken ground for the construction of the 17,383-square-foot retail component of Cactus Plaza, which is located on the corner of Cactus Avenue and Rainbow Boulevard in Las Vegas. The first phase of the estimated $2.7 million center consists of a 5,353-square-foot tavern shell on 3.64 acres of land. Future plans include a 12,030-square-foot retail strip center, bank and convenience store with gas station. Completion of the first phase is slated for July. Tierra Development is developing the project, with Marc Lemoine Architecture serving as architect of record.