FORT WORTH, TEXAS —BMC Capital has arranged a $4.4 million acquisition loan for a multi-tenant retail property in Fort Worth. The loan featured a 10-year term, fixed interest rate of 5.25 percent and a 75 percent loan-to-value structure. The borrower and property name were not disclosed.
HOUSTON — Cushman & Wakefield has closed the sale of Bissonnet Corner, a 12,768-square-foot strip retail center in the Bellaire neighborhood of Houston. The property, which was built in 2008, includes a mix of local retailers, including Saltillo Mexican Kitchen and Bissonnet Dental. Chris Harden, Kris Von Hohn and Ryan Duffie of Cushman & Wakefield represented the private seller in the transaction. The buyer was an undisclosed private investor.
KING OF PRUSSIA, PA. — German discount grocer Aldi will open a 19,230-square-foot store at 197 E. Dekalb Pike in Montgomery County, Pa., this spring. The retail property will be situated at the 119,000-square-foot King of Prussia Center, about 20 miles northwest of Philadelphia. Jeffrey Cohen and Nelson Wax of CBRE represented the landlord, D&P Associates, in the lease negotiations. The family-owned business developed the mall beginning in the 1980s.
FRESNO AND PORTERVILLE, CALIF. — CBRE has negotiated the sales of two Smart & Final grocery stores in Central California. A private investor acquired the properties as corporate leasebacks for a combined total of $14.8 million. Matt LoPiccolo of CBRE and John Glass of Marcus & Millichap represented the seller, Smart & Final, a Los Angeles-based grocery chain with more than 300 locations in the western United States. Jerry Suyderhoud of Newmark Knight Frank represented the buyer in the deal. The properties are a 33,150-square-foot Smart & Final, located at 2425 Blackstone Ave. in Fresno, and a newly built, 31,341-square-foot property at 1419 W. Olive Ave. in Porterville. The Fresno asset was built in 1991 and renovated in 2018.
BURBANK, CALIF. — Los Angeles-based SBH Real Estate Group has completed the disposition of a retail property in Burbank. A private investor acquired the asset for $7.8 million. SBH originally purchased the property in the first quarter of 2018 and proceeded to renovate and improve the building. Renovations included a new roof, updated electrical and lighting systems, new restrooms and new HVAC system. Harbor Freight Tools occupies the 14,000-square-foot property. Adam Friedlander and Kien Tsoi of JLL represented the seller, while Jeff Gerlach from CBRE represented the buyer in the deal.
MERCED, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail asset, located at 360 W. 16th St. in Merced. Novato, Calif.-based Ares Commercial Properties acquired the property from a Bakersfield, Calif.-based private investor for $2.6 million. Built in 2016, the 3,700-square-foot pad building features a 1,900-square-foot Starbucks Coffee with drive-thru and an 1,800-square-foot T-Mobile store. Bill Asher, Jeff Lefko and William Ito of Hanley Investment Group represented the seller, while Mort Rothman of San Francisco-based Starboard Commercial Real Estate represented the buyer in the transaction.
CHICAGO — Englewood Construction has been named general contractor for two Chicago-area projects. The first is the conversion of a former meatpacking building in Chicago’s Fulton Market neighborhood for commercial use. Construction on the 19,000-square-foot, four-story building will begin this summer. Entrepreneur Aiman Humadieh is the developer. The second project is the construction of a new 6,000-square-foot retail building on the border of Chicago’s Uptown and Buena Park neighborhoods. The project, which is part of the development plans for the neighboring Eight Eleven Uptown residential tower, is a joint venture between Harlem Irving Co. and JDL Development. OKW Architects Inc. is the architect. Completion is slated for late this summer.
TROY, MICH. — Gerdom Realty & Investment has completed three retail lease transactions at Century Plaza in Troy. Quickly Tea, Michigan College of Beauty and Breakfast Club Restaurant together will occupy 6,942 square feet. The approximately 34,500-square-foot property is located at the intersection of Big Beaver and Rochester roads. Tjader Gerdom, Mike Murphy and Larry Siedell of Gerdom represented the landlord, Beztek Properties.
DENVER — Confluent Development and Kelmore Development have broken ground on The Boulevard at Lowry, a commercial mixed-use redevelopment project in Denver’s Lowry neighborhood. Situated on 1.5 acres, the infill development will feature 140,000 square feet of restaurant, retail and office space. A 25,000-square-foot Lucky’s Market will anchor the property. Additional tenants will include a 1,750-square-foot Logan House Coffee Co. Completion is slated for fourth-quarter 2020.
KYLE, TEMPLE, SAN ANTONIO AND GARLAND, TEXAS — Four retail centers spanning more than 634,000 square feet in Texas have sold for a combined $90.8 million. Elm Creek Real Estate and Reserve Development LLC purchased Kyle Crossing, a 121,485-square-foot center in Kyle, about 20 miles south of Austin. Target is the anchor tenant at the 16.8-acre property. SITE Centers was the seller. Dallas-based Clearview Investments Ltd. acquired Temple Towne Center in Temple, approximately 70 miles north of Austin. Kimco Realty Corp. sold the 274,799-square-foot property, which is situated on 26.8 acres. In San Antonio, Stonefield Investment Advisory & REATA Assets purchased Brooks Corner, a 173,041-square-foot center located at 3143 Southeast Military Drive. InvenTrust sold the asset, which is situated on 35.4 acres. Lastly, Los Angeles-based Shayan Holdings LLC acquired Firewheel Commons in Garland, about 20 miles northeast of Dallas. The 64,719-square-foot property is situated on 5.6 acres at 3046 Lavon Drive. Elm Creek Real Estate and Reserve Development LLC was the seller. Adam Howells, Tom Salanty and Caroline Binning of JLL represented the seller in each transaction. All four properties are located in high-growth markets backed by exceptional demographic fundamentals. The DFW metroplex topped the nation in population growth in …