Vintage Real Estate acquired The Mall at Whitney Field, a 700,000-sq.-ft. regional center in Leominster, Mass.
The Mall at Whitney Field was last sold in 2007 for $82 million. The lender on its $74.5 million loan foreclosed on the property in November 2010, with a $72.2 million loan balance remaining.
The mall was completed in 1967 and underwent a renovation in 2001. Macy’s, Sears, J.C. Penney, Market Basket, Toys ‘R’ Us and Old Navy anchor the property. Concurrently with the acquisition, Vintage signed a 10-year lease with the Burlington Coat Factory for a 66,000-sq.-ft. store. The retailer will open in the first quarter of 2014.
“The Mall at Whitney Field remains a dominant retail center in the area. Our ability to immediately fill a large and long-vacant space is a testament to the strength of the market and our leasing and management team that is overseeing the property,” said Vintage Real Estate Chairman Fred Sands in a statement.
National Lender Provides $45M Mortgage for Five Towns Shopping Center
Houlihan-Parnes Realtors LLC and Q10 New York Realty Advisors LLC placed a $45 million first mortgage on Five Towns Shopping Center, a 500,000-sq.-ft. shopping center in Woodmere, N.Y. A national lender provided the non-recourse loan, which features a fixed 3.425 percent rate and a 10-year term.
Tenants at the center include Lowe’s, K-Mart, T.J. Maxx, Conway, The Children’s Place, T-Mobile, Applebee’s, Walmart Marketplace and Modell’s.
Houlihan-Parnes’ Jim Houlihan, Mike O’Neill and Bryan Houlihan negotiated this transaction.
Cohen Financial Secures $39.9M in Equity for Legends Outlets Kansas City
Cohen Financial, in affiliation with Artis Advisors, secured $39.9 million in equity financing on behalf of Red Development for the acquisition of Legends Outlets Kansas City, a 1.2-million-sq.-ft. open-air mall in Kansas City, Kan. A New York-based private equity firm provided funding for the transaction.
Legends Outlets is 94 percent leased. It is located in the local entertainment and retail district that draws an estimated 10 million visitors annually.
Cohen Financial’s Kevin O’Grade and Matt Grant negotiated this transaction.
Hollywood Walgreens Sells for $13.6M
Marcus & Millichap Real Estate Investment Services negotiated the sale of a 13,387-sq.-ft. net leased Walgreens in Hollywood, Calif. for $13.6 million.
The store was built in 2011. It features a new 75-year triple net lease with additional income from a dual-sided billboard leased to CBS Outdoor.
Marcus & Millichap’s Mark Thiel and Lane Schwartz negotiated this transaction.
Other Notable Deals
AEW Capital Management L.P. acquired The Summit Louisville, a 365,000-sq.-ft. lifestyle center in Louisville, Ky., on behalf of AEW Core Property Trust, from a fund advised by Prudential Real Estate Investors. The Summit Louisville was completed in 2011. Earth Fare anchors the property. Other tenants include Bed Bath & Beyond, Barnes & Noble, Office Depot, The Gap, Pier One, Ulta and DSW. Stone Real Estate and Trio Commercial Property Group will act as exclusive leasing agents for the center. M&J Wilkow Properties LLC will serve as property manager. Eastdil Secured’s Eric Zimmerman and Miles Theodore represented the seller in the transaction. Lainey Jurich and Craig Collins, of Commercial Kentucky Inc., provided support to the buyer.
Baceline Investments LLC purchased Clocktower Square, a 142,356-sq.-ft. neighborhood shopping center in West Des Moines, Iowa, for $6.9 million. The price represents 43 percent of the center’s prior value. Clocktower Square is currently 68 percent leased to tenants including T.J. Maxx, Office Max, Starbucks and Tires Plus.
Agree Realty Corp. acquired a 20,353-sq.-ft. Petsmart in Rapid City, S.C. and a 1,562-sq.-ft. Starbucks in Manchester, Conn. for the aggregate price of approximately $5.4 million.
Verdugo South LLC purchased Shops at the Spring, a triple-net leased retail center in Dripping Springs, Texas, from CVC DS for approximately $3.9 million. The property is 100 percent occupied. Michael B. Rubin, of NAI Capital, represented the buyer in the transaction.
Crosby Square Inc. bought Crosby Square, a 13,414-sq.-ft. retail property with two apartment units in downtown San Diego from Lee Family Trust for $3.85 million. The property was completed in 1989 and is 100 percent occupied. Justin Mendelson, Darrell Levonian and Fred Sheriff, of Charles Dunn Co., represented the seller in the transaction.
Wal-Mart Stores Inc. purchased an 18-acre site at Case Grande Power Center in Casa Grande, Ariz. From Florence & 1-10 LLC for an undisclosed price. Wal-Mart plans to break ground on a Sam’s Club store on the property this summer. Mark Bramlett, of Cassidy Turley Arizona, represented the seller in the transaction. Wal-Mart represented itself.
Viking Partners LLC acquired Chesterfield Village Square, a 350,000-sq.-ft. retail center in Macomb County, Mich., through a fee-simple title. The center was completed between 1995 and 2003. Current tenants include Target, Staple’s, Dunham’s Sporting Goods, Panera Bread, Radio Shack, Hallmark, Applebee’s and Famous Footwear.
WP Realty acquired the Plaza at the Pointe, a 149,016-sq.-ft. retail center in Pittsburgh. The property was completed in 1998. Bed, Bath & Beyond, Old Navy, La-Z-Boy and Party City anchor the center.