Garrison Investment Group acquired Louisiana Boardwalk, a 562,520-sq.-ft. mixed-use development in Bossier city, La. Garrison plans to convert the center into The Outlets at Louisiana Boardwalk and has appointed EWB Development LLC to lease and market it as an outlet property.
The project, located on the waterfront, opened in 2005. Bass Pro Shops serves as the retail anchor for the center. Louisiana Boardwalk also includes 69,000 sq. ft. of office space and a Marriott Courtyard Hotel. A 400-room Margaritaville Hotel and Casino is scheduled to open this summer.
“Our focus and experience in retail redevelopment, and study of market trends, has led us to the conclusion that outlet retail is the highest and best use for this exciting regional destination,” said Mitchell Salmon, senior vice president and director of Garrison Investment Group, in a statement. “We are making a significant commitment of time and resources to that end.”
Songy HighRoads, Carlyle Group Buy Houston’s Galleria Plaza
A joint venture of Songy HighRoads LLC and The Carlyle Group bought Galleria Plaza, a 428,285-sq.-ft. mixed-use complex in Houston, from Chase Merritt and PCCP for an undisclosed amount.
As part of the transaction, HFF secured an acquisition loan through Bank of America Merrill Lynch—. The loan features a three-year term and LTV of 75 percent.
Galleria Plaza contains five components, including two office towers totaling 395,473 sq. ft. and three retail assets totaling 32,812 sq. ft. of space. Two of the retail buildings are 100 percent leased. The third is 64 percent leased.
HFF’s Dan Miller and Martin Hogan represented the seller in the sale transaction. Wally Reid arranged the financing.
In an unrelated transaction, HFF arranged a $10.5 million loan on behalf of North American Development Group for University Plaza, a 77,918-sq.-ft. grocery-anchored shopping center in Winter Park, Fla. Prudential Mortgage Capital Co. provided funding for the loan, which features a fixed interest rate and a 15-year term.
University Plaza is 95 percent leased. Publix anchors the property.
HFF’s Chris Drew, Paul Stasaitis, Danny Finkle and Jose Carrazana negotiated this transaction.
NorthMarq Arranges $13.9M Loan for Roanoke Crossing Shopping Center
NorthMarq Capital arranged a $13.9 million loan to refinance Roanoke Crossing Shopping Center, a 78,222-sq.-ft. retail property in Roanoke, Texas. The center was completed in two phases in 2004 and 2007. Inline tenants include Dickey’s BBQ Pit, Payless Shoesource and Subway. There are also seven pad sites leased to JP Morgan Chase, Wells Fargo Bank, Sonic and Wendy’s, among others. NorthMarq’s John J. Stewart and Ilan Reissner negotiated this transaction.
Cohen Financial secured a $7.7 million loan on behalf of Delaware Statutory Trust to refinance a portfolio of nine single tenant retail properties located in Arizona, Ohio, South Carolina and Texas. The portfolio includes eight Family Dollar Stores and one Dollar General Store. Basis Investment Group, a CMBS lender, provided funding for the loan, which features a fixed interest rate, a 10-year term and a 30-year amortization schedule. Cohen Financial’s Brandon Harrington negotiated this transaction.
Johnson Capital arranged a $4.2 million loan to refinance Mayfair Shopping Center, a 64,935-sq.-ft. retail property in Broken Arrow, Okla. Morgan Stanley provided funding for the loan, which features a fixed interest rate in the mid-4 percent range, a 10-year term and a 30-year amortization schedule. Mayfair Shopping Center was completed in 1984 and underwent a repositioning in 2008. Johnson Capital’s Jason Pumpelly and Brett Patrick negotiated this transaction.
Bernard Financial Group arranged a $2.45 million loan on behalf of Fabian Properties LLC for a 14,820-sq.-ft. freestanding Walgreens store in Savannah, Tenn. Citigroup Global Markets Realty Corp. provided funding for the loan. Bernard Financial Group’s Kevin Kovachevich negotiated this transaction.
Realty Income purchased a 27,500-sq.-ft. retail building in Stone Mountain, Ga., from Summit Investments for $1.15 million. ABRA Auto Body & Glass occupies the building. Sean Patrick and Jason Powell, of Ackerman & Co., represented the seller in the transaction. Ackerman also negotiated the sale of a 14,820-sq.-ft. single-tenant net-leased Walgreens in Panama City, Fla. to an affiliate of Moinpour Investments LLC for $4.66 million. The sale included the assumption of an existing CMBS loan. Jason Powell and Andrew Murphy represented the seller in the deal.