The Largo Group of Cos. arranged an $87.23 million acquisition loan for a portfolio of grocery-anchored shopping centers totaling 1.3 million sq. ft. The loan features a three-year term with two extension options and an interest-only period.
The centers are anchored by Publix, Kroger, Harris Teeter, Bi-Lo, Winn Dixie, Walmart and Food Lion.
Largo Group’s Kevin Heiss negotiated this transaction.
Faris Lee Negotiates Sales of Six Walgreens in $33M’s Worth of
Faris Leenegotiated the sale of six Walgreens stores valued at more than $33 million.
The properties trading hands in one all-cash off-market transaction included 9307 Lee Highway in Ooltewah, Tenn.; 5104 Bobb Hicks Highway in Johnson City, Tenn.; 668 Main St. in Abingdon, Va.; 2191 Whiskey Road in Aiken, S.C. and 302 University Place in Durant, Okla.
Faris Lee’s Matt Mousavi and Patrick Luther represented both parties in this transaction.
In addition, LDW Palmview LLC bought a sixth Walgreens store at 2008 W. Palma Vista Drive in Palmview, Texas for $6.82 million.
ROIC BHP Buys Bernardo Heights Plaza in San Diego for $12.45M
ROIC BHP LLC bought Bernardo Heights Plaza, a grocery-anchored shopping center in San Diego, Calif., from MPC Bernanrdo Heights L.P. for $12.45 million.
The center was completed in 1983 and remodeled in 2006. It was 100 percent occupied at the time of the sale. Sprouts anchors the property. Other tenants include Tuesday Morning, Bernardo Heights Dental Group, Majestic Nails & Spa, Sports Clips and Wholesome Choice Pet Market.
William B. Asher and Edward B. Hanley, of Hanley Investment Group Real Estate Advisors, negotiated this transaction.
HFF Secures Loans for Centers in Iowa, Pennsylvania
HFF arranged a $9.2 million loan on behalf of Alex Brown Realty Inc. for Collins Road Square, a 168,104-sq.-ft. retail center in suburban Cedar Rapids, Iowa. Resource Capital Corp. provided funding for the loan, which features interest-only three-year term.
The center is 79 percent leased. Michael’s anchors the property. Other tenants include Collins Road Theaters, Pier One Imports and David’s Bridal.
HFF’s Matthew Schoenfeldt and Ed Halaburt negotiated this transaction.
In an unrelated announcement, HFF secured a $3.1 million loan on behalf of LCL Management LLC to refinance Uptown Shopping Plaza, a 150,000-sq.-ft. grocery-anchored shopping center in Harrisburg, Pa. Metro Bank provided funding for the loan, which features a 10-year term.
Save-A-Lot Supermarket anchors Uptwon Shopping Plaza. Other tenants at the property include Dollar Tree, Family Dollar, Subway, H&R Block, McDonalds and Rainbow Apparel.
HFF’s Michael Klein and Samuel Seiden negotiated this transaction.
Other Notable Deals
A publicly-traded REIT bought a CVS Pharmacy in Shippensburg, Pa. for $1.67 million. CVS has approximately 12 years remaining on the base term of its lease. Phil Sambazis, of Marcus & Millichap Real Estate Investment Services, represented both parties in the transaction.