Crow Holdings purchased Scottsdale Horizon, a
154,766-sq.-ft. neighborhood shopping center in Scottsdale, Ariz.,
from Hart Realty Advisers for $38 million.
The center was completed in 1999 and is currently 95 percent
leased. Safeway and CVS anchor the property.
Ryan Schubert, Michael Hackett and Dan Wald, of Cassidy
Turley, represented the seller in the transaction. Torrey
Briegel and Cameron Warren, of Phoenix Commercial Advisors,
also assisted in the deal.
Alison Co. Helps Refinance Creekside Village Shopping Center in
California With $12.8M Loan
The Alison Co. arranged a $12.8 million permanent loan
for Creekside Village Shopping Center in Calabasas, Calif. A
life insurance company provided funding for the loan, which
features a 10-year term and a fixed 3.6 percent interest rate. The
loan was structured with a forward rate lock. Owners of the center
used proceeds from the transaction to pay off a maturing CMBS loan
and to cover closing costs.
Creekside Village Shopping Center is currently 100 percent
occupied. Albertsons anchors the property. Other tenants include
Starbucks, GNC and Cleaners.
Shaun Moothart, of The Alison Co., negotiated this
transaction.
Meridian Capital Arranges CMBS Loan for Walgreens and Sports
Authority Stores
Meridian Capital Group LLC negotiated an $11.7 million
refinancing for four triple net leased retail properties in
Southeastern and Southwestern U.S. on behalf of Gary Solomon
& Co.Citigroup Global Markets Inc. provided the
10-year CMBS loan.
The properties, which total 88,328 sq. ft. of space, are located
in Pasadena and Marshall, Texas, Little Rock, Ark. and Palm Beach
Gardens, Fla. They are occupied by Walgreens and Sports
Authority.
Ronnie Levine and Jack Coopersmith, of Meridian Capital,
negotiated this transaction.
Westwood Sells Safeway-Anchored Center to TNP in $11.5M
Transaction
Westwood Financial Corp. sold Willow Run Shopping
Center, a 95,791-sq.-ft. grocery-anchored shopping center in
Denver, Colo., to TNP Acquisitions LLC for $11.5
million.
The property was completed in 1999 and is currently 88 percent
leased. Safeway anchors the center. Other tenants include Willow
Run Liquors, McDonald’s, the Dollar Store, Advance America,
Allstate Insurance, Subway and Dojo Martial Arts.
Patrick Devereaux and Jason Schmidt, of Cushman &
Wakefield, represented the seller in the transaction.
Other Notable Deals
Aztec Group negotiated a $2 million loan for a PNC Bank
under construction in Davie, Fla. and a $2.7 million loan for a
Walgreens pharmacy in Neptune Beach. Fla. The loan for PNC Bank,
arranged on behalf of Gold Capital LLC, features a 10-year
term, a fixed interest rate and a line of credit facility. The
Walgreens loan, arranged on behalf of Tan Capital LLC,
features a five-year term and a full recourse facility. Howard Taft
and Charles Penan, of Aztec Group, negotiated these
transactions.
Golden Corral sold a 10,020-sq.-ft. former Golden Corral
restaurant building at South Square Shopping Center in
Durham, N.C. to State Employees’ Credit Union for $2
million. Charlie Coyne and Barry Bowling, of CBRE|Raleigh,
represented the seller in the transaction.