U.S. Bank and Meridian CenterCal LLC closed on a $150 million syndicated construction loan for the Village at Meridian, an 827,196-sq.-ft. power/lifestyle center in Boise, Idaho. PNC Bank and Bank of the West provided funding for the loan, which will replace the initial $43.4 million loan U.S. Bank provided for the project.
The Village at Meridian is scheduled to be completed by the fall of 2013. Phase I tenants will include Big Al’s Family Entertainment Center, Toys ‘R’ Us, Marshalls, Gordmans, Petco, Nike Factory Outlet Store and Gap Outlet Store, among others.
Vestar Secures $63.5M in Financing for Arizona Power Center
Vestar secured a $63.5 million loan to refinance Queen Creek Marketplace, a 686,000-sq.-ft. power center in Queen Creek, Ariz. Bank of America provided funding for the transaction.
Queen Creek Marketplace was completed in 2008. It is 92 percent occupied. Tenants at the property include Kohl’s, Ross Dress for Less, Sport Chalet and Bed Bath & Beyond. In addition, Harkins Theatre plans to open a 14-screen megaplex at the center in 2014.
Urstadt Biddle Buys New Jersey Shopping Center for $34.85M
Urstadt Biddle Properties Inc. acquired The Village Shopping Center, a 110,000-sq.-ft. shopping center in New Providence, N.J., for $34.85 million. The property came with an in-place $18.98 million mortgage, which carries a fixed interest rate of 5.68 percent and matures in January 2022.
The Village Shopping Center was completed in 1965 and underwent a renovation in 1965. A&P, CVS, Radio Shack, Investor’s Bank and Smashburger anchor the property.
“We are very pleased that we have continued the process of investing capital raised from our stock offering in October 2012 into another grocery-anchored income producing property,” said Urstadt Biddle President Willing Biddle in a statement. “Coupled with other holdings in nearby Bergen County, including our recent investment in the Chestnut Ridge Shopping Center in Montvale, New Jersey, northern New Jersey is proving to be a high performance market for us.”
Other Notable Deals
Vanguard Associates acquired North Lake Plaza, an 85,325-sq.-ft. community shopping center in Leesburg, Fla., from Riverwood Properties for $3.4 million. North Lake Plaza was completed in 1985. Tractor Supply and Bealls Department Store anchor the property. CNL Bank provided an acquisition loan for the purchase. Daniel Baker and Craig Taylor, of CBRE, represented the seller in the transaction. CBRE’s David Borge also negotiated the financing.
A Pennsylvania-based partnership bought the Frankford & Cottman Center, a 17,088-sq.-ft. retail center in Philadelphia, from a New York-based LLC for $2.95 million. The center was 90 percent occupied at the time of the sale. Brad Nathanson, Matthew P. Gorman and Michael Shover, of Marcus & Millichap Real Estate Investment Services, represented the seller in the transaction. Nathanson, Shover and Gorman represented the buyer.
A private investor bought a 4,988-sq.-ft. PepBoys store in Clayton, N.C. for $1.55 million. The newly constructed property comes with a 12-year lease. Daniel Waszak, of Quantum Real Estate Advisors, represented both parties in the transaction.
The Boulder Group negotiated the sale of an 8,000-sq.-ft. Family Dollar in Jeffersonville, Ohio for $768,000. Family Dollar has four years remaining on its lease term. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the buyer in the transaction.
RCG Ventures acquired McMinn Plaza, a 107,200-sq.-ft. power center in Athens, Tenn., from Wheeler Interests for an undisclosed price. The center is 84 percent occupied, with tenants including Ingles Supermarket. Helen Putterman and Vera Thomas, of Cohen Real Estate, represented both parties in the transaction.
Battlefield Industrial Park LLC purchased a 9,014-sq.-ft. Dollar General store in Central Garage, Va. Martin Blum and Craige Pelouze, of CBRE|Richmond, represented the seller in the transaction.