HFF secured a $60 million loan on behalf of Retail Properties of America Inc. for Phase V of Southlake Town Square, a class-A entertainment and lifestyle center in Southlake, Texas. MetLife Real Estate Investments funded the loan, which carries a fixed interest rate, a five-year term and is cross-collateralized with the $90 million loan placed on Phases I, II, III and VII in 2010.
Phase V will feature 310,711 sq. ft. of space. Tenants at the property include Harkins Theatre, Cheesecake Factory, The Contain Sore, Banana Republic and Victoria’s Secret, among others. Kevin MacKenzie and Jim Curtin, of HFF, negotiated this transaction.
Kevin MacKenzie and Jim Curtin, of HFF, negotiated this transaction.
In a separate transaction, HFF arranged a $16 million refinancing on behalf of CT Retail Properties Finance III LLC, an affiliate of Kimco Realty Corp., for Fire Mountain Center, a 92,000-sq.-ft. class-A neighborhood shopping center in Oceanside, Calif. PNC Bank N.A. funded the loan, which came with a fixed interest rate and a five-year term.
Fire Mountain Center is currently 98 percent leased. Tenants at the property include Trader Joe’s, Beverages & More, Aaron Brothers, AT&T Wireless, FedEx Kinko’s, Jack in the Box and Weight Watchers.
Zach Koucos and Robert Delitsky, of HFF, negotiated this transaction.
Linear Retail Buys Boston Condo for $4.9M
Linear Retail Properties purchased a 4,479-sq.-ft. retail condominium at 727-731 Boylston St. in Boston from Spencer Family LLC for $4.925 million. The unit is located on the ground floor of a six-story retail and office building. Uno Chicago Grill occupies the property.
Nick Herz, of Colliers International, represented the buyer in the transaction.
Other Notable Deals
Marabella Commercial Finance Inc. arranged a $2.8 million refinancing on behalf of tenant in common entity for a Walgreens in Beverly Hills, Calif. The quasi portfolio/institutional non-recourse loan featured a fixed 6.13 percent interest rate, a 10-year term and a 25-year amortization schedule. Marabella also arranged a $4.353 million loan on behalf of a 1031 exchange buyer for a Walgreens corporate-leased pharmacy. The CMBS loan featured a fixed 4.9 percent interest rate, a 10-year term and a 30-year amortization schedule. In a third transaction, Marabella arranged a $4.5 million permanent acquisition loan for a Walgreens traded in a 1031 exchange deal. The CMBS loan featured terms similar to the ones describe above.
The Shopping Center Group negotiated the sale of a 15,000-sq.-ft. freestanding Walgreens in Canton, Ga. to a California-based investor for $4.67 million. The sale closed at the asking price and a cap rate of 6.75 percent. The building carries a lease through July 2010. Mark Cooley and Neal Pringle, of The Shopping Center Group, represented the seller, an Atlanta-based developer, in the transaction.
A joint venture of foreign entities bought Eastwood Festival Centre, a 300,280-sq.-ft. shopping center in Birmingham, Ala., from a public REIT. The center was completed in 1989. Tenants at the property include Burlington Coat Factory, Anna’s Linens, Dollar Tree, Honey Baked Ham, Radio Shack and Americas Best Contacts. Home Depot and Food Smart shadow anchor the center. Tim Giambrone, of Marcus & Millichap Real Estate Investment Services, represented the seller in the transaction.