Deerwood Real Estate Capital closed on an $18.5 million loan to refinance Belvedere Plaza Shopping Center, a 275,000-sq.-ft. retail property in Decatur, Ga. The non-recourse loan features a 10-year rate and a 30-year amortization schedule.
Belvedere Plaza was completed in 1956. Kroger anchors the property and recently signed a 10-year lease extension. Other tenants include CW Price, Dollar Tree, and Hibachi Grill.
David Rosenberg and Mark Silbersher negotiated this transaction.
Agree Realty Completes $25M Financing Transaction
Agree Realty Corp. closed a $25 million secured loan with PNC Bank National Association. The loan is secured by 11 single tenant properties. It features a fixed interest rate of 2.49 percent, a five-year term and no recourse.
Proceeds from this transaction will be applied to amounts outstanding under the company’s unsecured credit facility.
Marcus & Millichap Capital Corp. Helps RefinanceStrip Centers
Marcus & Millichap Capital Corp. arranged two loans totaling $17.9 million to refinance strip centers in Santa Clarita and Simi Valley, Calif. The Santa Clarita loan features a five-year term, a 30-year amortization schedule and a 65 percent LTV. The Simi Valley loan features a rate of LIBOR plus 2.75 percent, a 10-year term, a 25-year amortization scheduled and a 65 percent LTV.
Anita Paryani Rice, Jake Roberts and Jerry Wise, of Marcus & Millichap, negotiated these transactions.
HFF arranged a $9.2 million loan on behalf of Avalon Development to refinance The Plaza at Milltown, a 30,135-sq.-ft. commercial center in Oahu, Hawaii. UBS Investment Bank—CMBS provided funding for the loan, which features a 5.25 percent fixed interest rate and a 10-year term. The Plaza at Milltown was completed in 2008. It is currently fully leased to tenants including Ohana Well Care and Liberty Dialysis. Aldon Cole and Husayn Hasan, of HFF, negotiated this transaction.
A private investor purchased a 12,096-sq.-ft. Petco store in Bellingham, Wash. for $4.05 million and an 8,000-sq.-ft. Pier One Imports store in Tacoma, Wash. for $3.225 million in two 1031 exchange transactions. The Petco store was completed in 2003 and is located across from Bellis Fair Mall. Ronnie Issenberg, of Marcus & Millichap Real Estate Investment Services, represented the seller in the transaction. The Pier One store sits on an out parcel at Tacoma Mall. Joe Blatner and Justin Poor, of Marcus & Millichap, represented the seller in that deal. Bruce Kemp, of Compass Commercial Real Estate Services, represented the buyer in both transactions.
Centercorp Retail Properties bought a 12,080-sq.-ft. retail center in Framingham, Mass. from Crosspoint Associates for $1.85 million. TD Bank anchors the property. Other tenants include The UPS Store, Lapels Dry Cleaning and four additional retailers. Bob Horvath and Todd Tremblay, of Marcus & Millichap Real Estate Investment Services, represented both parties in the transaction.
Old Royal LLC purchased Parkway Plaza, a 42,739-sq.-ft. shopping center in Port St. Lucie, Fla., from Quality Properties Asset Management Co. for $1.8 million, or $42.12 per sq. ft. Parkway Plaza was completed in 2007 and is currently 39 percent occupied. William Strauss, of CBRE, negotiated this transaction.
Quantum Real Estate Advisors negotiated the sale of an 8,000-sq.-ft. Family Dollar store in Killeen, Texas to a private investor for $1.35 million. The transaction closed at a cap rate of 8 percent. Family Dollar has 10 years remaining on its lease. Jordan Kaufman, of Quantum Real Estate, negotiated this transaction.
Prosperity Bank sold an 82,868-sq.-ft. freestanding retail building in Houston, Texas to a local investor. The property formerly housed a Home Depot. Todd A. Carlson, of Hunington Properties Inc., negotiated this transaction.