Cohen Financial secured a $52 million loan on behalf of Bristol Group Inc. and La Caze Development Co. to refinance Rolling Hills Plaza, a lifestyle center in Torrance, Calif. containing 350,000 sq. ft. of retail space and 58,000 sq. ft. of office space.
A life insurance company provided funding for the loan, which features a fixed interest rate, a 10-year term and a 30-year amortization schedule.
Rolling Hills Plaza is more than 92 percent leased. Anchors at the property include Trader Joe’s, Bed Bath & Beyond, Rite Aid, BevMo, 24 Hour Fitness and an AMC movie theater.
Don C. Trossman and Ryan Porter, of Cohen Financial, negotiated this transaction.
HFF Negotiates $27M Loan for Boston Property
HFF secured $27 million in financing on behalf of Samuels & Associates for 1249 and 1255 Boylston St., a 70,330-sq.-ft. two-building office/retail property in Boston. Boston Private Bank & Trust Co. provided funding for the transaction.
The buildings were completed in the 1920s and renovated in 1990. Both are fully leased to tenants including CVS, Partners Healthcare, Guitar Center and Nextel.
Greg LaBine, Porter Terry and Robyn King, of HFF, negotiated this transaction.
Hampshire Real Estate Buys Town Crossing Shopping Center for $13.55M
J.S. Hovnanian and Sons sold Town Crossing Shopping Center, a 91,494-sq.-ft. power center in Burlington, N.J., to Hampshire Real Estate Cos. for $13.55 million. The price works out to $148 per sq. ft.
The center was built in 1999. Anchor tenants at the property include Dick’s Sporting Goods, OfficeMax and TGI Friday’s.
Brad Nathanson, of Marcus & Millichap Real Estate Investment Services, represented both parties in the transaction.
Other Notable Deals
Laburnum Investment LLC sold White Oak Village, a 439,740-sq.-ft. grocery-anchored shopping center in Richmond, Va., to Cole Real Estate Investments. Martin’s Food, JC Penney, OfficeMax and PetSmart anchor the property. PK Kamath, of CBRE|Charlottesville, and R. William Kent and Gary S. Lawrence, of CBRE’s Washington, D.C. office, represented the seller in the transaction.
Brixmor Property Group sold Midway Village shopping center in Douglasville, Ga. to Vishal Midway Village LLC and the Village at Southlake in Morrow, Ga. to Brothers Properties Mount Zion LLC for undisclosed amounts. Midway Village contains 74,728 sq. ft. of retail space, 10 acres of excess land and un-developed outparcels. The Village at Southlake contains 53,384 sq. ft. of space. Drew Fleming and Mark Joines, of Cassidy Turley, represented Brixmor in both transactions, while Watson Bryant represented Brother Properties Mount Zion. Vishal Midway Village represented itself.
Capital Advisors arranged a $2.175 million acquisition loan on behalf of Second Florida BS Investments LLC for a 6,200-sq.-ft. Romano’s Macaroni Grill restaurant in Huntsville, Ala. StanCorp Mortgage Investors LLC provided funding for the loan, which features a 5.25 percent interest rate that is fixed for 20 years, a 25-year term and a 25-year amortization schedule. After 20 years, the interest rate will be reset to the market rate.
Westwood Financial Corp. purchased Carrollton Retail Center, a 14,500-sq.-ft. shopping center in Carrollton, Texas. Tenants at the property include Buffalo Wild Wings, Einstein Bagels, Sports Clips and Not Just Soccer. Tommy Tucker, of UCR Investments, represented the seller in the transaction.
Hunington Properties Inc. negotiated the sale of Crossroads Retail Center, a 10,484-sq.-ft. shopping center in Houston, Texas, to a local non-profit organization. The property was 100 percent occupied at the time of the sale. Todd A. Carlson and Larry Riklin, of Hunington Properties, represented the buyer in the transaction.