HFF arranged $100 million loan on behalf of Northwood Investors for a portion of The Shops at Park Lane, a 1.2-million-sq.-ft. mixed-use development in Dallas. ING Investment Management provided funding for the loan. The property was previously unencumbered by debt.
The Shops at Park Lane was completed in 2009. Retail tenants at the center include Whole Foods, Dick’s Sporting Goods, Nordstrom Rack, Saks Off Fifth, Bloomingdale’s—The Outlet Store, HomeGoods, Old Navy and Gordon Biersch, among others.
Travis Anderson and Jim Curtin, of HFF, negotiated this transaction.
IKEA Pays $31.5M for Future Development Site
Procacci Development Corp. sold a 14.6-acre parcel of land next to Dolphin Mall in Sweetwater, Fla. to IKEA for $31.5 million. The retailer plans to build a 417,000-sq.-ft. store on the site.
Barry Slatt Mortgage Helps Arrange $13M Loan for Cupertino Retail Center
Barry Slatt Mortgage arranged a $13 million loan on behalf of Browman Development Co. for an anchored retail center in Cupertino, Calif. Thrivent Financial for Lutherans provided funding for the loan, which features a fixed interest rate and a 20-year term.
Greg Gray, of Barry Slatt Mortgage, negotiated this transaction.
Marcus & Millichap Broker Negotiates $11.75M in New Jersey Transactions
Marcus & Millichap Real Estate Investment Services negotiated the sales of three retail centers for a combined price of $11.75 million. Brad Nathanson, of the firm’s Philadelphia office, represented the sellers in all three transactions.
A New Jersey-based personal trust bought 611 Cross Keys Road, a triple-net leased strip center in Sicklerville, N.J., from a Pennsylvania-based developer for approximately $378 per sq. ft.
A Chicago-based real estate fund bought 445 Terrill Road, a net-leased Advance Auto Parts store, from a Florida-based developer, for $482 per sq. ft. Advance Auto Parts has 10 years remaining on its lease. Kevin Limbert, of Marcus & Millichap, represented the buyer in this transaction.
A Maryland-based 1031-exchange investor bought 330 West Spruce Ave., a newly constructed Wawa Convenience Market store in North Wildwood, N.J., for $1,059 per sq. ft. Wawa signed a 20-year lease for the property, with built-in rent increases every five years. Andrew Fallon, of Calkain Cos., represented the buyer in the deal.
Other Notable Deals
An affiliate of Mason Asset Management Inc. bought DeSoto Square Mall, a 678,377-sq.-ft. enclosed regional mall in Bradenton, Fla., from a wholly owned subsidiary of Simon Property Group Inc. The mall was completed in 1973. Macy’s and JC Penney anchor the property. Peter Stevens, Dave Conn, Casey Rosen and Nik Kozy, of CBRE, negotiated this transaction.
CIM Group and Open Realty Advisors acquired 28 buildings containing 130,000 sq. ft. of retail, restaurant and commercial space along Henderson Avenue in Dallas.
Global Fund Investments bought Sanibel Beach Place, a 74,286-sq.-ft. Publix-anchored shopping center in Fort Myers, Fla., from Sanibel Beach Place LLC for $7 million. The property was 75 percent occupied at the time of the sale. Mike Milano and Ron Schultz, of Colliers International, represented the seller in the transaction. The buyer represented itself.
Quantum Real Estate Advisors Inc. negotiated the sale of a 14,490-sq.-ft. Walgreens store in Chicago for $6.98 million in a 1031 exchange transaction. Walgreens has 23 years remaining on its initial lease term for the property. Chad Firsel and Jordan Kaufman, of Quantum Real Estate, represented the seller in the deal.
Paradise Ventures Inc. purchased Keene Plaza, a 78,982-sq.-ft. grocery-anchored shopping center in Largo, Fla., from Anchor Keene Plaza Ltd., an entity affiliated with Century Retail LLC, for $6.2 million. Keene Plaza is 88.4 percent leased. Tenants at the property include Save-A-Lot, Bealls Outlet and Dollar General. Danny Finkle and Luis Castillo, of HFF< represented the seller in the transaction.
Hanley Investment Group Real Estate Advisors negotiated the sale of a 4,229-sq.-ft. strip center in Torrance, Calif. for $4.62 million. The price works out to $1,064 per sq. ft., the highest price per sq. ft. paid for a multi-tenant strip center in Los Angeles County in 2012. 7-Eleven and The Coffee Bean & Tea Leaf occupy the property. Paul Lee, of Pacific Gold Coast Realty, represented the buyer in the transaction. Kevin T. Fryman and Carlos J. Lopez, of Hanley Investment Group, represented the seller.
Davlyn Investments bought Wall Street Plaza, a 35,000-sq.-ft. retail building in La Jolla, Calif., from 7863 Girard Avenue Holdings LLC for $3.7 million in an all cash transaction through Auction.com. The property is currently 18 percent occupied by Panera Bread and Lawrence Poon Jewelry. Michael Zampetti, of Rockwood Realty, represented the seller in the deal. Davlyn Investments represented itself.
Westport Capital Partners LLC purchased Marketfair Mall, a 250,000-sq.-ft. retail complex in Fayetteville, N.C., for an undisclosed amount. Carmike Cinema anchors the property. Other tenants include Gander Mountain Outdoor World and hhgregg. Colliers International represented the seller in the transaction.