HFF arranged $35 million in acquisition loans on behalf of IRA Capital LLC for a portfolio of four Lowe’s stores totaling 523,735 sq. ft. of space in southeastern United States. Cantor Commercial Real Estate provided funding for the loans, which feature a fixed 4.3 percent rate and five-year terms.
The stores were all built between 1997 and 1999.
Kevin MacKenzie, John Chun and Bill Ireland, of HFF, negotiated this transaction.
Aztec Group Secures $18M Loan for Miami Beach Property Portfolio
Aztec Group secured an $18 million loan on behalf of Scott Robins and Philip Levine for a portfolio of eight commercial properties in Miami Beach, Fla. The loan features a fixed interest rate and a 10-year term.
The portfolio totals more than 60,000 sq. ft. of space and includes the Sunset Harbour Shops, a 30,000-sq.-ft. retail and restaurant property and a 430-space parking garage. Also included in the deal is a development parcel at 17th Street and Michigan Ave.; 1919, 1929 and 1798 Purdy Ave.; 1916 and 1930 Bay Road; 1935 West Ave. and 1850 Bay Road.
Jason Shapiro and Jim Fried, of the Aztec Group, negotiated this transaction.
Isram Group Affiliate Buys Bayside Bridge Plaza in Florida for Over $17M
An affiliate of Isram Group of Cos. purchased Bayside Bridge Plaza, a 172,596-sq.-ft. grocery-anchored shopping center in Clearwater, Fla. from an affiliate of Dalfen America Corp. for $17.25 million.
The center was completed in 1989 and updated in 2004 and 2010. A 42,112-sq.-ft. Publix supermarket anchors the property. Bayside Bridge Plaza in 91 percent leased, with tenants including Family Fitness, Dollar Tree, Pet Supplies Plus, Ace Hardware and Gatti Town Restaurant.
Casey Rosen, Dennis Carson and Nikolas Kozy, of CBRE, represented the seller in the transaction.
Other Notable Deals
The Boulder Group negotiated the sale of a 12,500-sq.-ft. single tenant Trader Joe’s store at Underwood Crossing in Brookfield, Wis. to a California-based private investment firm for $4.78 million. The transaction closed at a cap rate of 5.75 percent, the lowest cap rate paid for a freestanding Trader Joe’s in 2012. Randy Blankstein and Jimmy Goodman, of The Boulder Group, represented the seller in the transaction.
FJH Whitehall LLC bought 500 Mount Pleasant Avenue, a 14,000-sq.-ft. retail building in Dover, N.Y., from Plaza K Realty-Dover LLC for $2.6 million. A Lazy Boy Furniture Store recently opened at the property. Mark Handwerker, of The Goldstein Group, negotiated this transaction.