Savills negotiated the sale of Springhurst Towne Center, an 830,000-sq.-ft. shopping complex in Louisville, Ky., to an institutional investor for $78 million.
Springhurst Towne Center is the largest shopping complex in the surrounding area and has sales in excess of $200 million. Tenants at the center include Target, Meijer, Dick’s Sporting Goods, Kohl’s, Office Max, TJ Maxx, Home Goods, Old Navy and Cinemark Cinema.
The property last traded in 2009, when Centro Properties Group sold it to a partnership led by D. Talmage Hocker, of the Hocker Group, for $42 million.
Gerard Mason and John Williams, of Savills, represented the seller in the latest transaction.
“Talmage Hocker’s performance with this asset was impressive,” said Williams in a statement. “Not only was he able to buy the property when credit markets were frozen, he succeeded in leasing more than 60,000 square feet to new tenants and significantly strengthened the tenant roster and cash flow. Mr. Talmage has a long record of finding deals such as this and he and his staff did a remarkable job in a short period of time.”
Clarion Partners Buys Washington Shopping Center for $31M
Clarion Partners purchased a 187,000-sq.-ft. shopping center in Covington, Wash. for $31 million. The center is 98 percent leased. Home Depot anchors the property. Other tenants include Bank of America, Verizon Wireless, UPS, International House of Pancakes and Remax.
CBRE Sells Virginia Shopping Center for $28M
CBRE negotiated the sale of Haygood Shopping Center, a 165,000-sq.-ft. grocery-anchored shopping center in Virginia Beach, Va., from an affiliate of Bell Partners Inc. to an affiliate of North American Development Group for $28 million. The center is currently 95 percent occupied. Tenants at the property include Farm Fresh, Marshalls, Dollar Tree, Rite Aid, Chick-fil-A and Bank of America.
Casey Rosen, R. William Kent, Gary S. Lawrence and P.K. Kamath, of CBRE, represented the seller in the transaction.
PCCP Refinances Part of San Antonio’s Westover Marketplace
PCCP LLC provided a $22.55 million senior loan for Coventry Real Estate Advisors to refinance a 230,000-sq.-ft. portion of Westover Marketplace in San Antonio, Texas. The property was completed in 2005. The refinanced portion of the center is 71 percent leased to tenants including Ross, PetSmart and Office Depot.
Sterling, RioCan Buy Texas Shopping Center in $17M Transaction
Sterling Org., in partnership with RioCan, acquired The Market at Village Center, a class-A, 97,761-sq.-ft. power center in Cinco Ranch, Texas, from Property Commerce for $17 million in an off-market transaction.
The Market at Village Center was completed in 2004. A 174,000-sq.-ft. Super Target shadow anchors the property. Other large tenants include Home Goods, Michaels and OfficeMax.
Other Notable Deals
NBS Financial Services arranged a $10 million loan for Hilltop Mall Shopping Center, a 180,000-sq.-ft. Safeway-anchored shopping center in Oregon City, Ore. Allstate provided the financing for the transaction.
Morgan Property Group LLC sold a freestanding Walgreens in Denver, N.C. to Evans Denver Drugstore LLC for $6.5 million. Morgan Property Group completed the store in 2011. Walgreens opened at the site in the fourth quarter of last year. In a separate transaction, Morgan Property Group LLC acquired 1.602 acres of land for the development of a 12,144-sq.-ft. freestanding Walgreens in Richmond, Va. for $4 million. The company bought land parcels from two parties, Breez-In Associates LC and John J. and Ima M. Liesfeld Family LLC. Mid-Atlantic Real Estate Partners and Jones Realty and Construction represented Morgan Property Group in the deal.
The Boulder Group negotiated the sale of a single tenant, 10,125-sq.-ft. CVS property in Decatur, Ga. for approximately $2.85 million. The building was completed in 1999. CVS recently signed a new 25-year double net lease for the property. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented both parties in this transaction.
Donahue Schriber acquired The Crossings at Paso Robles in Paso Robles, Calif. and Mandalay Village Marketplace in Port Hueneme, Calif. as part of its acquisitions program targeting properties in coastal California and the Pacific Northwest. The Crossings at Paso Robles contains 310,161 sq. ft. of space. Tenants at the center include Target, Ross, OfficeMax, Orchard Supply Hardware, Michaels and Petco. Ellis Partners previously owned the property. Mandalay Village Marketplace contains 193,964 sq. ft. of space. Ralphs and CVS Pharmacy anchor the center. It was previously owned by Weston Communities. Phil Kyle and Mike Hieshima, of Epsteen & Associates, represented Donahue Schriber in the transactions. Craig Zarro, of Preferred Capital Advisors, served as a financial advisor.
VCG Bradville Square LLC purchased Bradville Square, a 90,435-sq.-ft. grocery-anchored shopping center in Rancho Cordova, Calif., from Passco Bradville Square LLC for an undisclosed amount. The center was completed in 1962 and was 64 percent occupied at the time of the sale. Tenants include AutoZone, Metro PCS, O’Reilly Auto Parts and Papa Murphy’s Pizza, among others. Kevin T. Fryman and Edward B. Hanley, of Hanley Investment Group Real Estate Advisors, represented both parties in the transaction.
KGI Properties and institutional investors advised by JP Morgan Asset Management entered a joint venture for Wayland Town Center, an under-construction grocery-anchored shopping center in Wayland, Mass. The institutional investors advised by JP Morgan will be the equity partners in the transaction. Stop & Shop anchors the property. Chris Angelone, Bill Moylan and Kyle Juszczyszyn, of CBRE/New England’s Capital Markets, represented KGI in the deal.
HFF arranged a loan on behalf of Gramor Development to refinance Murray Scholls Town Center, a 199,746-sq.-ft. mixed-use property in Beaverton, Ore. The loan features a 10-year term and a fixed interest rate. Lincoln Financial Group provided the financing. Casey Davidson and Lloyd Minten, of HFF, negotiated this transaction.
Transmark Co. acquired Broadridge Plaza, a six-building, 79,545-sq.-ft. neighborhood shopping center in Littleton, Colo. The property is currently 90.85 percent leased.
Viking Partners Fund I LLC acquired a non-performing note secured by McGalliard Mall Shops, a 54,090-sq.-ft. shopping center in Muncie, Ind. The property sits on an outparcel of Muncie Mall, which is owned and operated by Simon Properties Group. Tenants on the 5.16-acre site include Panera Bread, Buffalo Wild Wings, Subway, Rent-A-Center and Dairy Queens.