Glimcher Realty Trust closed on a $77 million mortgage for Town Center Plaza in Leawood, Kan. The loan features a 5 percent fixed interest rate and a 15-year term.
Glimcher used the proceeds from the transaction to retire a $70 million term loan it used to purchase the property in December of 2011. The rest of the proceeds went to reduce the outstanding borrowings on the company’s credit facility.
“We are quite pleased with the strong execution on this permanent financing for Leawood,” said Glimcher Executive Vice President and CFO Mark E. Yale in a statement. “These favorable terms further validate the quality of Leawood.”
Regency Buys its First Center in New York State for $72.5M
Regency Centers and First Washington Realty Inc. closed on the acquisition of Lake Grove Commons, a 141,382-sq.-ft. shopping center in Lake Grove, N.Y., from Lake Grove Enterprises LLC for $72.5 million. Lake Grove Commons will be Regency’s first property in New York State.
The asset is a class-A shopping center anchored by Whole Foods Market, LA Fitness and Petco. It was completed in 2008 and is currently fully leased.
“As the newest center in a fully developed market with high barriers to entry, Lake Grove Commons provides a strong foundation to expand Regency’s presence into one of the top retail markets in the country,” said Scott Porter, Regency’s senior manager of acquisitions, in a statement. “With an infill location, market-dominant anchors and affluent consumer base, Lake Grove Commons complements Regency’s premier portfolio and will allow us to pursue assets with similar qualities in the Greater New York area.”
Jeffrey Dunne and David Gavin, of CBRE, represented the seller in the transaction.
Garrison Investment Group Buys Palm Beach County Center For $31.4M
Garrison Investment Group bought the Shoppes at Southern Palms, a 200,889-sq.-ft. shopping center in Palm Beach County, Fla., from a joint venture of Panattoni Development Co. and a client advised by Invesco Real Estate for $31.4 million.
The Shoppes at Southern Palms opened in 2009. Kohl’s and Dick’s Sporting Goods anchor the property. It currently features 28,493 sq. ft. of available in-line space and three vacant pad sites that can accommodate up to 31,464 sq. ft. of additional retail.
CBRE represented the seller in the transaction.
HFF Refinances Madison Marquette Malls with $26M in New Loans
HFF arranged loans totaling $26 million on behalf of Madison Marquette Retail Enhancement Fund. The deals include a $10 million loan for Monroe Crossing, a 350,000-sq.-ft. regional mall in Charlotte, N.C. and a $16 million loan for University Mall, a 366,000-sq.-ft. property near Chapel Hills, N.C. The Monroe Crossing loan, provided by BB&T, features a five-year term and a floating interest rate. The University Mall loan came with a three-year term and a floating rate. PCCP LLC provided the financing.
Monroe Crossing is currently 83 percent occupied. Sears, JC Penney and Belk anchor the property. University Mall is 90 percent occupied. Harris Teeter, Dillards and Southern Season serve as anchors for the mall.
Mark Remington, of HFF, negotiated these transactions.
In a separate deal, HFF arranged a $5.1 million loan to refinance Cencor Realty Services’ Southcross Plaza, a 34,051-sq. ft. retail center in Austin, Texas. The loan features a five-year term and a 4.85 percent fixed interest rate. The interest rate will reset at the end of a five-year period for another five years. First National Bank & Trust of McAlester provided the financing. Travis Anderson, of HFF, negotiated this transaction.
Clark Street Development Sells Chicago Walgreens for $13M
Clark Street Development LLC, an affiliate of Mega Realty, sold a 16,047-sq.-ft. Walgreens in Chicago to a foreign private capital investor for $13 million. The price works out to $810 per sq. ft.
Walgreens signed an absolute-net, 75-year lease for the property.
Sean Sharko and Austin Weisenbeck, of Marcus & Millichap, represented both parties in the transaction.
Other Notable News
The Boulder Group negotiated the sale of a 15,120-sq.-ft. single tenant net leased Walgreens in Moore, Okla. for $3.482 million. The building was completed in 2011. Randy Blankstein and Jimmy Goodman represented the seller in the transaction. The Boulder Group also negotiated the sale of a 32,000-sq.-ft. single tenant net leased property in Sisseton, S.D. for $2.009 million. The building was completed in 2008 and is leased to Pamida. Randy Blankstein and Jimmy Goodman represented both parties in the transaction. The Boulder Group negotiated the sale of a 6,124-sq.-ft. single tenant net leased Advance Auto Parts store in Machesney Park, Ill. for $1.52 million. The building was completed in 2011. Advance Auto Parts has 14 years remaining on its lease. Randy Blankstein and Jimmy Goodman represented the seller in the transaction.
NorthMarq Capital LLC arranged a $6.8 million loan for Avalon Meydenbauer Shopping Center in Bellevue, Wash. The center was completed in 2007 and is anchored by a 55,000-sq.-ft. Safeway store. John M. Stewart and Brock Yaffe, of NorthMarq, negotiated this transaction. NorthMarq also arranged a $6 million loan on behalf of Pacific View Investments for Mayfair Plaza Shopping Center in Denver, Colo. A life insurance company provided the loan. Mayfair Plaza Shopping Center was completed in 1991 and is anchored by a 60,000-sq.-ft. King Soopers store. Steve Koeneke and Dan Luchessi, of NorthMarq, negotiated this transaction.
Aztec Group Inc. completed loans totaling $4.65 million on behalf of an affiliate of Suchman Retail Group for two retail centers in suburban Miami. The properties include the 32,665-sq.-ft. Dadeland North Shopping Center in Pinecrest and the 42,700-sq.-ft. Snapper Creek Shopping Center in Kendall. Both loans feature 10-year terms and fixed interest rates, and are non-recourse. Jason Shapiro and Kevin Miliffe, of Aztec Group, negotiated these transactions.
Larson Beach LLC sold a triple net lease for a 14,550-sq.-ft. freestanding Walgreens in McFarland, Wis. to SAS LLC for $4.04 million. As part of the transaction, Larson Beach assumed an existing loan on the property that expires in November 2017. The building was completed in 2007. Walgreens has 21 years remaining on its initial lease term. Tom Fritz, Mark Goldberg and Dan Cohen, of Mid-America Real Estate Corp., represented the seller in the transaction.
Upland Real Estate Group Inc. negotiated the sale of a Taco Bell in Minneapolis, Minn. for $1.1 million in an all cash transaction. Keith A. Sturm and Deborah K. Vannelli, of Upland Real Estate, represented the seller in the transaction.
The Hampshire Cos. acquired six freestanding CVS/pharmacy stores in Florida totaling 67,500 sq. ft. from the Sembler Co. The stores measure 11,200 sq. ft. each and are located in Orlando, Gainesville, Vero Beach, Sarasota and St. Petersburg. Lori Schneider, of Marcus & Millichap, represented the seller in the transaction.
Costco Wholesale Corp. purchased a 12-acre land site in Alexandria, Va. from National Amusements. Costco plans to open a new store on the site in the spring of 2013. David Ward, Marc Katz and Geoffrey Mackler, of H&R Retail, along with Daniel Venable, of Northwest Atlantic, represented Costco in the transaction. The seller represented itself.