Fantini & Gorga placed a $35 million permanent loan on behalf of Colangelo Massachusetts Real Estate LLC for Westborough Shopping Center, a 375,000-sq.-ft. community center in Westborough, Mass. Morgan Stanley Mortgage Capital Holdings provided funding for the loan.
Super Stop & Shop, Staples, Marshalls, Home Goods, Ruby Tuesdays and Starbucks anchor the center. The property also features 85,000 sq. ft. of office space.
Keith Wentzel, of Fantini & Gorga, negotiated this transaction.
Branch Properties Buys Two Georgia Assets for a Combined $37.30M
Branch Properties LLC purchased City Walk, a 168,000-sq.-ft. grocery-anchored shopping center in Sandy Springs, Ga. for $24.53 million and the shadow retail portion of Merchant’s Festival in East Cobb, Ga. for $13.17 million.
Branch Properties bought City Walk in a special-servicer-managed REO sale. The property is currently 71 percent leased. Prudential Mortgage provided financing for the transaction. Fain Hicks, of NAI Brannen Goddard, and C-III Realty Services, negotiated this transaction.
The company bought the shadow portion of Merchant’s Festival from Target Corp. The asset contains 53,600 sq. ft. of space in three buildings. Branch Properties represented itself in the transaction. Chris DeCoufle and Kevin Reavey, of CBRE, represented Target Corp. Mid-First Bank provided acquisition financing.
Vintage Real Estate Buys Oregon’s Heritage Mall from Lenders
Vintage Real Estate acquired Heritage Mall, a 406,500-sq.-ft. mall in Albany, Ore., from a consortium of lenders. The transaction removed $38 million in debt from the property.
Heritage Mall was remodeled in 2006 and is currently 50 percent occupied. Tenants at the center include Target, Sears, Ross Dress for Less, Old Navy, Maurice’s, rue 21, Zumiez, Famous Footwear, Game Stop and Bath & Body Works.
“Heritage Mall is well-located in the center of Albany, which is one of the fastest growing cities in Oregon,” said Vintage Real Estate Chairman Fred Sands in a statement. “We have the capacity, both in terms of capital and management, to reposition the mall and improve its performance by adding national tenants. It is a strong addition to our retail real estate portfolio.”
Trans World Entertainment Sells Miami Beach Walgreens for $30M
Trans World Entertainment Corp. sold a 22,857-sq.-ft. Walgreens store in Miami Beach, Fla. to an international investor for $30 million in an all-cash transaction. The price works out to $1.312 per sq. ft.
Sean Shahar Ziv, of Marcus & Millichap Real Estate Investment Services, negotiated this deal.
HFF Negotiates $17.2M Loan for Mixed-Use Asset in Miami
HFF arranged a $17.2 million loan on behalf of Dayco Development Co. to refinance 7400 and 7440 North Kendall Drive, a mixed-use property in Miami. Ladder Capital provided funding for the loan, which features a fixed interest rate. Proceeds from the transaction will be used to pay an existing loan held by Banco Popular.
The building contains 71,888 sq. ft. of medical office space and 24,999 sq. ft. of retail.
Manny de Zarraga, Chris Drew and Jorge Portela, of HFF, negotiated this transaction.
In an unrelated transaction, HFF arranged a $5.5 million loan on behalf of Westwood Center LLC for Westwood Center, a 34,136-sq.-ft. shopping center in Los Angeles. The loan features a fixed 5 percent interest rate and a seven-year term. Westwood Center is fully leased to tenants including Subway, Fast Frame, Beauty Supplies, MB Nails and a yoga studio. James Fowler, of HFF, negotiated this transaction.
Marcus & Millichap Capital Refinances Austin Strip Center in $14.3M Transaction
Marcus & Millichap Capital Corp. arranged a $14.3 million loan to refinance a 34-unit strip center in Austin.
The loan features a 4.86 percent interest rate, a 10-year term and a 30-year amortization schedule, as well as a 75 percent loan-to-value ratio.
Michael Laurencelle, of Marcus & Millichap, negotiated this transaction.
Other Notable Deals
George Smith Partners arranged a $7 million full cash-out loan for a 7,500-sq.-ft. property housing a Converse store on Third Street Promenade in Santa Monica, Calif. The loan features a fixed 4.98 percent rate, a 15-year term and a 30-year amortization schedule.
An affiliate of Baker Storey McDonald Properties, an X Team International partner, acquired Whitesburg Center, a 51,943-sq.-ft. shopping center in Huntsville, Ala., from an affiliate of Equinox Group for $6.7 million. Craig Taylor, of CBRE, represented the seller in the transaction, and CBRE also helped secure financing for the acquisition. BSM represented itself.
HFF arranged a $5.5 million loan on behalf of Westwood Center LLC for Westwood Center, a 34,136-sq.-ft. shopping center in Los Angeles. The loan features a fixed five percent interest rate and a seven-year term. Westwood Center is fully leased to tenants including Subway, Fast Frame, Beauty Supplies, MB Nails and a yoga studio. James Fowler, of HFF, negotiated this transaction.
Bellemore Center LLC purchased Bellemore Village Center, a 107,000-sq.-ft. retail property in Granite City, Ill., from Village Shopping Center Inc. for $5 million. The center was completed in 1956 and is currently 100 percent leased. St. Louis Bank provided acquisition financing for this transaction. Neland Investment Management represented the buyer in the deal. Nelson McBride Development has been appointed as the property manager for the center.
Baceline Investments LLC purchased MJ Crossing, a 49,125-sq.-ft. neighborhood shopping center in Mesquite, Texas, for $3.8 million as part of its No Debt Fund III portfolio. The transaction closed at a cap rate of 11 percent. Baceline bought the property out of foreclosure from a special servicer. The center was completed in 1995 and renovated in 2004. It is currently 100 percent leased, with tenants including K&G Men’s Store and Sears Outlet Store.
Public Enterprise Center LLC sold 955-965 South E Stree, a two-building, 40,500-sq.-ft. retail property in San Bernardino, Calif., to 2230 W Lincoln LLC for $3.8 million. The price works out to $94 per sq. ft. Tenants at the building include Chuck E. Cheese, Subway and LA Cash Advance. Frank Vora, of Progressive Real Estate Partners, represented the seller in the transaction. Tilak Chopra, of Cal-Top Realty and Investments, represented the buyer.
Hanley Investment Group Real Estate Advisors negotiated the sale of a 3,200-sq.-ft. single-tenant freestanding Carl’s Jr. property in Bakersfield, Calif. for $1.569 million. Patrick G. Kent and Jeremy S. McChesney, of Hanley Investment, negotiated this transaction.
Quantum Real Estate Advisors Inc. negotiated the sale of an 8,000-sq.-ft. Family Dollar store in Coleman, Texas for $912,000. Family Dollar has approximately 9.5 years remaining on its lease. Jordan Kaufman, of Quantum Real Estate, negotiated this transaction.
Opus Development Corp. sold Phase II of The Shoppes at Fox River, a 47,000-sq.-ft. retail center in Waukesha, Wis., to Ramco Gershenson Properties Trust for an undisclosed amount. Tenants at the property include TJ Maxx, Ulta Salon, rue21 and Charming Charlie’s. Ramco bought the 273,000-sq.-ft. Phase II from Opus in 2010.
Slate U.S. Opportunity Realty Trust bought Cambridge Crossings, a 238,963-sq.-ft. community shopping center in Troy,, Mich. from a joint venture of LaSalle Investment Management and Kimco Realty Corp. for an undisclosed amount. A Walmart store anchors the center. Other tenants include Marshalls, Dollar Tree, Bailey’s Pub & Grille, Sally Beauty Supply and Subway. Ben Wineman, of Mid-America Real Estate Corp., and Daniel Stern, of Mid-America Real Estate-Michigan, represented the seller in the transaction. The buyer represented itself.
An affiliate of Cole Real Estate Investments sold a 65,388-sq.-ft. CarMax dealership in Garland, Texas to a publicly traded REIT for an undisclosed amount. The property came free and clear of debt. Coler Yoakam, Brandon Chavoya and Mark West, of HFF, represented the seller in the transaction.