HFF arranged a $58.7 million loan on behalf of an
affiliate of AVR Realty Company LLC for a 510,092-sq.-ft.
portion of The Forum at Olympia Parkway, a power retail
center in Selma, Texas. Northwest Mutual provided funding
for the loan, which features a fixed interest rate.
The Forum at Olympia Parkway was completed in 2000. The portion
involved in the transaction is currently 99 percent leased to
tenants including Bed Bath & Beyond, Ross Dress for Less, Best
Buy, PetSmart, Office Max, Old Navy, TJ Maxx and Toys
‘R’ Us.
Greg LaBine, Andy Scott and Campbell Roche negotiated this
transaction on behalf of HFF.
In a separate transaction, HFF secured a $7 million loan
on behalf of SunCoast Properties to refinance Interlaken
Shopping Center, a 113,228-sq.-ft. grocery-anchored shopping
center in Big Bear Lake, Calif. A correspondent life insurance
company provided the loan. It features a fixed interest rate and a
10-year term, with a two-year extension option.
Interlaken Shopping Center is 92 percent leased. Vons Grocery
anchors the property. Other tenants include DIY Home Center and
Dollar Tree. Aldon Cole and Husayn Hasan, of HFF, negotiated this
transaction.
Walker & Dunlop Arranges $16.25M Loan for Maryland Shopping
Center
Walker & Dunlop LLC arranged a $16.25 million loan
for Chesapeake Square Shopping Center, a 212,345-sq.-ft.
retail center in Glen Burnie, Md. The loan features a 10-year term
and a 25-year amortization schedule.
The center was completed in 1984 and underwent an extensive
renovation in 2010. It is currently more than 90 percent leased.
Tenants at the property include Advance Auto Parts, Subway, Five
Below, ShopRite and Best Buy.
Kite Buys Florida Shopping Center for $15.2M
Kite Realty Group Trust acquired a 138,000-sq.-ft.
shopping center in Vero Beach, Fla. for $15.2 million, excluding
closing costs. As part of the transaction, the company will assume
a $7.9 million mortgage on the property. The mortgage features a
fixed 5.67 percent interest rate and an August 2013 maturity
date.
The center is currently 99 percent leased. Publix Supermarket
and Stein Mart anchor the property.
Other Notable Deals
Marcus & Millichap Capital Corp. arranged an $8
million CMBS loan for a 47,511-sq.-ft. retail space in Houston,
Texas. The loan features a 75 percent LTV ratio, a 4.9 percent
interest rate, a 10-year term and a 30-year amortization schedule.
Peter Dunn, of Marcus & Millichap, negotiated this
transaction.
Cooper Commercial Investment Group negotiated the sale of
a 16,000-sq.-ft. CVS pharmacy in Palm Bay, Fla. to a private
investor group for $5.59 million in a 1031 exchange transaction.
The price works out to $344.6 per sq. ft. The transaction featured
a cap rate of 6.15 percent. CVS holds an absolute triple net lease
for the property with 25 years still remaining on its term. Dan
Cooper, of Cooper Commercial, represented the seller in the
transaction.
CBRE|Raleigh negotiated the sale of a fee simple ground
lease in the Triad area of North Carolina for $2.25 million in a
1031 exchange transaction. Sheetz Inc. occupies the property with a
lease that runs out in 2024 and has 20 years of extension options.
Joe Graham, of CBRE, represented the seller in the transaction.
Beauty Basics bought a 2.4-acre outparcel adjacent to
Cool Springs Galleria in Nashville, Tenn. from Richland
South LLC for $2.2 million. The site includes a 16,900-sq.-ft.
building. Brian Forrester, of The Shopping Center Group,
represented the seller in the transaction. Lynn Barrington, of
Christian Commercial Inc., represented the buyer.
Rossmoor Retail Partners LLC, a venture of Tallen
& Keshen Holdings, Citivest Commercial and an
account managed by BlackRock acquired Rossmoor Town
Center, a 106,281-sq.-ft. shopping center project in Walnut
Creek, Calif. from an institutional pension fund. Safeway and CVS
currently anchor the property. Future plans for the center include
repositioning it with additional retailers, restaurants, medical
office space and other amenities. CBRE represented the
seller in the transaction.
Donahue Schriber closed escrow on Del Mar Heights
Village Center, a 107,846-sq.-ft. shopping center in Del Mar,
Calif. Vons and CVS pharmacy anchor the center.