HFF arranged a $58.7 million loan on behalf of an affiliate of AVR Realty Company LLC for a 510,092-sq.-ft. portion of The Forum at Olympia Parkway, a power retail center in Selma, Texas. Northwest Mutual provided funding for the loan, which features a fixed interest rate.
The Forum at Olympia Parkway was completed in 2000. The portion involved in the transaction is currently 99 percent leased to tenants including Bed Bath & Beyond, Ross Dress for Less, Best Buy, PetSmart, Office Max, Old Navy, TJ Maxx and Toys ‘R’ Us.
Greg LaBine, Andy Scott and Campbell Roche negotiated this transaction on behalf of HFF.
In a separate transaction, HFF secured a $7 million loan on behalf of SunCoast Properties to refinance Interlaken Shopping Center, a 113,228-sq.-ft. grocery-anchored shopping center in Big Bear Lake, Calif. A correspondent life insurance company provided the loan. It features a fixed interest rate and a 10-year term, with a two-year extension option.
Interlaken Shopping Center is 92 percent leased. Vons Grocery anchors the property. Other tenants include DIY Home Center and Dollar Tree. Aldon Cole and Husayn Hasan, of HFF, negotiated this transaction.
Walker & Dunlop Arranges $16.25M Loan for Maryland Shopping Center
Walker & Dunlop LLC arranged a $16.25 million loan for Chesapeake Square Shopping Center, a 212,345-sq.-ft. retail center in Glen Burnie, Md. The loan features a 10-year term and a 25-year amortization schedule.
The center was completed in 1984 and underwent an extensive renovation in 2010. It is currently more than 90 percent leased. Tenants at the property include Advance Auto Parts, Subway, Five Below, ShopRite and Best Buy.
Kite Buys Florida Shopping Center for $15.2M
Kite Realty Group Trust acquired a 138,000-sq.-ft. shopping center in Vero Beach, Fla. for $15.2 million, excluding closing costs. As part of the transaction, the company will assume a $7.9 million mortgage on the property. The mortgage features a fixed 5.67 percent interest rate and an August 2013 maturity date.
The center is currently 99 percent leased. Publix Supermarket and Stein Mart anchor the property.
Other Notable Deals
Marcus & Millichap Capital Corp. arranged an $8 million CMBS loan for a 47,511-sq.-ft. retail space in Houston, Texas. The loan features a 75 percent LTV ratio, a 4.9 percent interest rate, a 10-year term and a 30-year amortization schedule. Peter Dunn, of Marcus & Millichap, negotiated this transaction.
Cooper Commercial Investment Group negotiated the sale of a 16,000-sq.-ft. CVS pharmacy in Palm Bay, Fla. to a private investor group for $5.59 million in a 1031 exchange transaction. The price works out to $344.6 per sq. ft. The transaction featured a cap rate of 6.15 percent. CVS holds an absolute triple net lease for the property with 25 years still remaining on its term. Dan Cooper, of Cooper Commercial, represented the seller in the transaction.
CBRE|Raleigh negotiated the sale of a fee simple ground lease in the Triad area of North Carolina for $2.25 million in a 1031 exchange transaction. Sheetz Inc. occupies the property with a lease that runs out in 2024 and has 20 years of extension options. Joe Graham, of CBRE, represented the seller in the transaction.
Beauty Basics bought a 2.4-acre outparcel adjacent to Cool Springs Galleria in Nashville, Tenn. from Richland South LLC for $2.2 million. The site includes a 16,900-sq.-ft. building. Brian Forrester, of The Shopping Center Group, represented the seller in the transaction. Lynn Barrington, of Christian Commercial Inc., represented the buyer.
Rossmoor Retail Partners LLC, a venture of Tallen & Keshen Holdings, Citivest Commercial and an account managed by BlackRock acquired Rossmoor Town Center, a 106,281-sq.-ft. shopping center project in Walnut Creek, Calif. from an institutional pension fund. Safeway and CVS currently anchor the property. Future plans for the center include repositioning it with additional retailers, restaurants, medical office space and other amenities. CBRE represented the seller in the transaction.
Donahue Schriber closed escrow on Del Mar Heights Village Center, a 107,846-sq.-ft. shopping center in Del Mar, Calif. Vons and CVS pharmacy anchor the center.