Simon Property Group Inc. will host a franchise fair for prospective owners and franchise representatives on Aug. 18 at its Lincolnwood Town Center in Lincolnwood, Ill.
Leasing representatives from 12 Simon-owned centers in Illinois will be on-hand to discuss opportunities for franchise locations. The centers include Chicago Premium Outlets in Aurora, Huntley Outlet Center in Huntley, Bloomingdale Court in Bloomingdale, Northfield Square in Bourbonnais/Kankakee, River Oaks Center in Calumet City, Countryside Plaza in Countryside, Crystal Court in Crystal Lake, Gurnee Mills in Gurnee, Matteson Plaza in Matteson, Orland Square Mall and Lakeview Plaza in Orland Park and Forest Plaza in Rockford.
Franchisors represented at the fair will include Auntie Anne’s Pretzels, Cinnabon and Sports Clips, among others.
“For individuals interested in owning a business, franchise opportunities are often appealing because they can be replicated and frequently offer significant growth potential,” said Nadia Seniuta, director of mall marketing and business development for Lincolnwood Town Center. “The franchise fair is a one-stop shop for information gathering and a chance to make connections.”
NorthMarq Arranges $29.5M Loan for Philadelphia Project
NorthMarq Capital arranged a $29.5 million construction loan on behalf of TKMG Associates L.P. for Bakers Square Shopping Center, a to-be-built, 220,000-sq.-ft. grocery-anchored shopping center in Philadelphia.
Shop Rite and Ross Dress for Less will anchor the center.
A regional bank provided funding for the loan, which features a 20-year term and a 30-year amortization schedule.
Joseph J. Sweeney, of NorthMarq, negotiated this transaction.
Phillips Edison—ARC Joint Venture Buys Northtowne Square in $10.6M
Phillips Edison—ARC Shopping Center REIT Inc., through its joint venture PECO-ARC Institutional Joint Venture I LP, acquired Northtowne Square, a 113,372-sq.-ft. grocery-anchored shopping center in Gibsonia, Pa. for approximately $10.6 million.
The center is 100 percent leased. Giant Eagle anchors the property. Petco also recently signed a lease at the center.
Venice Shopping Center Sells for More Than $10M
Weingarten Realty Investors sold Venice Pines Shopping Center, a 97,300-sq.-ft. shopping center in Venice, Fla., to J.S. Karlton Co. Inc. for $10.35 million, free and clear of debt.
Sweetbay Supermarket anchors the property.
Brad Peterson and Doug Hazelbaker, of HFF, represented the seller in the transaction.
TNP Strategic Retail Trust Buys Assets in Florida,
TNP Strategic Retail Trust Inc. acquired Bloomingdale Hills, a 13-acre, 78,500-sq.-ft. retail center in Riverview, Fla., from Mimms Enterprises for $9.3 million, free and clear of debt.
The center is 100 percent leased. Wal-Mart Neighborhood Center anchors the property. Other tenants include Tampa Children’s Hospital Outpatient Facility, Happy’s Home Centers and Liberty Tax Service.
Brad Peterson and Michael Weinberg, of HFF represented the seller in the transaction.
In a separate transaction, TNP acquired Visalia Marketplace, a 200,794-sq.-ft. retail center in Visalia, Calif.
The center is 92 percent leased. Save Mart Supermarkets and Kmart anchor the property. Other tenants include Starbucks, Brandman University and Great Clips.
Other Notable Deals
Agree Realty Corp. acquired a newly construction Dollar General Market store in Cochran, Ga. and a fee interest in land underlying a Walgreens store in Ann Arbor, Mich. for the total price of $6 million. The Dollar General store has 15 years remaining on its lease.
Paragon Commercial Group sold a single-tenant, 21,600-sq.-ft. property occupied by Goodwill of Southern California in Santa Clarita, Calif. to 11730 Ventura Blvd LLC for $4.51 million in a 1031 exchange transaction. The transaction closed at a cap rate of 7 percent. Donald MacLellan and Christopher Tramontano, of Fars Lee Investments, represented the seller in the transaction. Illi Commercial Real Estate represented the buyer.