DDR Corp. bought Brookside Marketplace, a 550,000-sq.-ft. power center in Tinley Park, Ill., from Ryan Cos. Inc. for $47.4 million. Anchors at the center include Best Buy, Dick’s Sporting Goods, HomeGoods, Old Navy, PetSmart, Michaels, Office Max and Ulta. Super Target and Kohl’s serve as shadow anchors.
Rick Drogosz and Joe Girardi, of Mid-America Real Estate Corp., represented the seller in the transaction.
HFF Negotiates $43M Loan for California Shopping Center
HFF negotiated a $43 million loan on behalf of Terramar Retail Centers for Encinitas Village, a 183,675-sq.-ft. retail center in Encinitas, Calif. Hartford Investment Management Co. funded the transaction. The loan features a fixed interest rate and a 10-year term. Encinitas Village is currently 98 percent leased. Ralph’s Supermarket anchors the property. In addition, the center houses CVS Pharmacy, Trader Joe’s, Citibank, US Bank, Chase Bank and Souplantation. Don Curtis, of HFF, negotiated this transaction.
In a separate deal, HFF arranged an $11.75 million refinancing on behalf of Mainardi Management Co. for Greentree Square, a 110,296-sq.-ft. grocery-anchored shopping center in Marlton, N.J. Allstate Investments Inc. provided the funding for the loan, which features a fixed interest rate and a 10-year term.
Greentree Square is 92 percent leased. Whole Foods anchors the property. Other tenants include TGI Friday’s and Citizen’s Bank.
Thomas Didio and Michael Cerulo, of HFF, negotiated this transaction.
Utica Shopping Center Sells for $14.1M
Katz Properties Inc. bought Hannaford Plaza, a 189,218-sq.-ft. grocery-anchored shopping center in Utica, N.Y., from Hannaford Station Inc. for $14.1 million. The price represents $74.52 per sq. ft. The deal closed at a cap rate of 9.26 percent.
Hannaford Brothers Inc. and Conway anchor the center. Other tenants at the property include Dollar Tree and Family Dollar.
Joseph C. French Jr. and Thomas C. Dalzell, of Marcus & Millichap Real Estate Investment Services, represented both parties in the transaction.
Cole Capital Buys West Marine Mega Flagship for $12.75M
Cole Capital bought a 50,000-sq.-ft. West Marine flagship store in Fort Lauderdale, Fla. from Stiles Corp. for $12.75 million. It is the largest store in West Marine’s portfolio. David Donnellan, Todd Weintraub, Charlie Manuel and Mark Drazek, of CBRE, represented the seller in the transaction.
Other Notable Deals
NorthMarq arranged a $9.6 million first mortgage for Heritage Plaza, a 139,903-sq.-ft. retail center in Port Charlotte, Fla. The loan, provided by a life insurance company, features a 15-year term and a 15-year amortization schedule. David Garfinkel and Robert Hernandez, of NorthMarq, negotiated this transaction. NorthMarq also negotiated a $5.5 million refinancing for 300 and 400 Market St., a 64,362-sq.-ft. mixed-use property in Chapel Hill, N.C. Genworth Financial provided funding for the transaction. The loan features a 10-year term and a 20-year amortization schedule. Todd Crouse, of HFF, negotiated this transaction.
Voyage-Largo LLC bought a net leased CVS Pharmacy in Largo, Fla. for $4.12 million. Mel Moss and Dan Spell, of NAI Capital, represented the buyer in the transaction.