DAVENPORT, FLA. — PREP Property Group Inc. (PREP) has purchased Posner Commons, a 460,565-square-foot shopping center in Davenport, seven miles south of Disney World’s main entrance. Built in 2008, Posner Commons is home to national tenants such as Dick’s Sporting Goods, Ross Dress for Less, JC Penney, Best Buy, PetSmart, Michaels and Cinepolis Theatre. The sales price and seller were undisclosed.
SOUTHEAST, N.Y. — Urstadt Biddle Properties Inc. has acquired Lakeview Plaza Shopping Center in the town of Southeast for $12 million. The 177,000-square-foot property is anchored by a 54,000-square-foot Acme Supermarket and consists of five buildings on a 23-acre site. Lakeview Plaza is currently 73 percent leased to a mix of local, regional and national tenants including Rite-Aid, JPMorgan Chase, Supercuts, Subway, M&T Bank, KeyBank and Burger King. Urstadt Biddle purchased the shopping center from a lender who had foreclosed its loan on the property.
COLORADO SPRINGS, COLO. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant restaurant property, located at 1410 Jamboree Drive in Colorado Springs. A private, Minneapolis-based 1031 exchange investor acquired the asset for $5.7 million. Red Robin Gourmet Burgers occupies the 7,221-square-foot property, which was built in 1987. Brad Gibbs, Matthew Mousavi and Patrick Luther of SRS Real Estate represented the seller, a Midwest-based institutional investor, in the deal.
PHOENIX — Tremont Mortgage Trust has closed a $12.8 million first mortgage bridge loan to finance the acquisition of Mountainview Marketplace, a retail center located in Phoenix. Located at 3131 E. Thunderbird Road, the shopping center features 123,000 square feet of retail space. The floating-rate loan includes initial funding of $5.8 million and a future funding allowance of $7 million for property improvements and leasing capital. The loan is structured with a two-year initial term and two one-year extension options and has a loan-to-value ratio of 48 percent.
LOS ANGELES — CalBay Development has purchased a restaurant property located in Los Angeles’ Sylmar neighborhood. An undisclosed seller sold the freeway-oriented site for $1.7 million. A Denny’s restaurant occupies the property. Matt LoPiccolo of CBRE brokered the transaction.
HUMBLE, TEXAS — Floor & Décor will open a 79,864-square-foot store within Park Air 59, a 111-acre mixed-use development in Humble, located near Houston’s George Bush Intercontinental Airport. Construction of the space is expected to begin in January. Austin Alvis of NewQuest Properties and Preston Cunningham of Cunningham Ventures represented the developer, Archway Properties, in the negotiations. Jeff Kittleson and Matt Keener of CBRE represented Floor & Décor.
OLDSMAR, FLA. — Dallas-based Rainier Realty Investments LP has acquired Woodlands Square, a 315,000-square-foot power retail center in Oldsmar. The shopping center was 96 percent leased at the time of the sale to tenants such as Marshalls, PetSmart, Ulta Beauty, Dollar Tree, Beall’s, Earth Fare and AMC Theatres. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, RAM Realty Advisors, in the transaction. Dallas-based Metropolitan Capital Advisors provided acquisition financing on behalf of Rainier Realty. The sales price was undisclosed.
MANSFIELD, TEXAS — Trez Forman Capital Group has provided a $59.3 million construction loan for Shops at Broad, a 193,825-square-foot retail power center in Mansfield, a southwestern suburb of Dallas. Belk, T.J. Maxx and Aldi will anchor the property, which will be situated on 58 acres. Other tenants will include Starbucks, Five Guys and FLIX Brewhouse. The $59 million loan was arranged by Brett Forman and John Hutchinson, President of Trez Capital Group Texas, based in Dallas. Trez Forman Managing Director Russ Holland, based in Atlanta, was also part of the origination team. The loan’s sponsor is Clarke Coole of Geyer Morris, who was advised by Will James of NorthMarq Capital. A firm timeline for construction has not yet been established, but the development team believes the project could be complete within the next couple years.
PARK RIDGE, ILL. — Adelphia Properties has negotiated a 3,608-square-foot restaurant lease at the historic Pickwick Theater building in downtown Park Ridge, a suburb of Chicago. Pazzi di Pizza will occupy the space, which was formerly home to the Pickwick Restaurant. The property is located at 1 S. Prospect Ave. Simeon Spirrison and George Spirrison of Adelphia represented the undisclosed landlord.
CEDAR PARK, TEXAS — Alamo Drafthouse, a concept that combines movies, food and adult beverages, will open a 10-screen, 45,000-square-foot venue in the northwestern Austin metro of Cedar Park. The theater will be situated within Presidio, a master-planned community developed by Austin-based Riverside Resources. The development team expects to break ground in spring 2019 and open the theater, which will be the seventh Alamo Drafthouse in the region, in summer 2020.
