Kite Realty Group secured a $21 million long-term loan for International Speedway Square, a 230,000-square-foot power center in Daytona, Fla. The loan features a 10-year term and a fixed 5.77 percent interest rate. Kite used the net proceeds from the transaction to pay down its revolving line of credit.
Anchor tenants at International Speedway Square include Bed Bath & Beyond, Dick’s Sporting Goods, Michael’s, Old Navy, Staples and Stein Mart.
“This long term financing with Wells Fargo is one of many steps we are taking to strengthen our balance sheet,” said Dan Sink, CFO of Kite Realty Group, in a statement. “The terms of the loan reflect the strength of the real estate and the long term value created by a number of new and renewal leases we successfully executed at this property over the last eighteen months.”
Trademark Acquires Former Mervyn’s Store at Santa Fe Place Mall
Trademark Property Co. acquired a 67,000-square-foot former Mervyn’s department store at Santa Fe Place mall in Santa Fe, N.M.
Trademark is currently handling the remerchandising and redevelopment of the property on behalf of a private equity partner. Santa Fe Place, a 571,238-square-foot property which represents the only regional mall in Northern New Mexico, was acquired in the summer of 2010.
“This significant investment, which has been in the works since May of 2010, definitively secures our ownership and control of this prominent anchor space and marks a major milestone in the redevelopment of Santa Fe Place,” said Tommy Miller, president of Trademark Property Co., in a statement. “Remerchandising this side of the property, which fronts both Cerrillos and Rodeo Roads, with the right anchor tenancy, has been a key element of our transformation strategy. We now control our own destiny and can move forward with conviction.”
GBT Realty Buys Madison Site for Development for $6.3M
GBT Realty Corp., in partnership with the City of Madison, acquired a 28-acre site on U.S. Highway 72 is Madison, Ala. for $6.3 million. The company plans to develop a 260,000-square-foot shopping center on the site called The Shoppes of Madison.
When completed, the center will feature a 135,000-square-foot Target store, as well as additional 125,000 square feet of space. GBT Realty and the City of Madison already held the groundbreaking ceremony for the project on March 21. The center is scheduled to open in the spring of 2012.
Other Notable Deals
Capital Real Estate Investments Inc. negotiated the sale of Factory 2-U Shopping Center, a 30,625- square-foot retail property in San Ysidro, Calif., to NJ Units LLC for $4.25 million. The buyer also assumed the $3.4 million first trust deed from San Diego County Credit Union.
The one-story shopping center was completed in 1971 and sits on 1.83 acres of land. Tenants at the property include Factory 2-U, Baja Duty Free, El Progresso and Select Staffing.
Matt LoPiccolo, of Capital Real Estate Investments, represented the seller, Tom E. Dixon Trust, in the transaction. Justin Earley and Matt LoPiccolo, represented the buyer.
@properties Commercial negotiated the sale of an 11,702-square-foot strip shopping center in Des Plaines, Ill. from a Chicago-based retail developer to a local investor for an undisclosed price. The strip center is anchored by Advanced Auto Parts. Additional tenants include Cleaners Depot and Mattress Bargains. The listing price on the property was $3.435 million. Esther Yelen Berman, vice president, and Mike Levin, senior consultant with @properties Commercial, represented the seller in the transaction. David Berkson, principal of Berkson and Sons Ltd., represented the buyer.
Voit Real Estate Services negotiated the sale of a Jack in the Box restaurant in Mesquite, Texas from Mulvaney Financial LLC to Rico Family Trust for $1.152 million. The property contains 2,489 square feet of space.
Brian Mulvaney and Mark Swerling, of Voit Real Estate, represented the seller in the transaction. Tom Rico, of Prudential CA Realty, represented the buyer.