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Westwood Financial Buys Chicago Center

Westwood Financial Corp., purchased the 136,219-square-foot Sanders Court Shopping Center in Northbrook, Ill., for $22 million. The center currently is 99-percent leased.

While Westwood Financial has been seeking out smaller, distressed strip centers as part of its newly expanded value-add platform, the Sanders Court acquisition reflects the company’s ongoing strategy of acquiring strong-performing grocery-anchored shopping centers in key regions.

“This property is well-established within its community and located on a strong intersection of an affluent infill suburb of Chicago,” Westwood Financial Executive Vice President Joe Dykstra said in a statement. “With vibrant leasing activity through the economic downturn, Sanders Court has maintained impressive historical occupancy with a strong anchor in Dominick’s, which recently upgraded to its lifestyle format and is reporting impressive sales.”

The 28-unit Sanders Court was built in 1972 and remodeled in 2007. Tenants there include Dominick’s, Goodwill, USA Vein Clinics, Fitness 19, Fred Astaire Dance Studio, Butterfield’s, Century 21, Sally Beauty, State Farm Insurance, United Self Defense and Subway. It is located at 4109-4195 Dundee Road.

Seller Sandee LLC was represented by Joe Girardi of Mid-America Real Estate Corp.

Cohen Financial Arranges $20M Equity Investment for Colorado Development

Cohen Financial advised Mariner Real Estate Management (MREM) in the purchase of the stalled Willits Town Center, multi-use community development located in Basalt, Colo.

Whole Foods Market will be the anchor tenant for the center. During the initial phase of development, more than 75,000 square feet of retail space will be constructed. The development project has the potential to construct another 200,000 square feet of buildings in the town center, which may include a hotel, retail, residential and office space.

Hudson Realty Capital Provides Acquisition Financing

Hudson Realty Capital LLC, based in New York City, has provided $13.1 million in note acquisition financing ultimately secured by a power retail center located in central Mississippi.

Hudson’s debt program also targets performing and non-performing debt acquisitions, new loan originations, DPO financing, DIP financing, good bank/bad bank and general partner recapitalizations.

Established in 2003, Hudson continues to focus on middle-market investments generally in the $2 million to $35 million per asset range. The company’s activities include originating, purchasing, participating in, servicing and restructuring special-situation debt. The company also invests directly in real estate and acquires under-performing assets and other real estate-related instruments.

HFF Closes Sale of South Carolina Center

HFF closed the sale of the 64,446s-square-foot Rice Creek Village grocery-anchored retail center in Columbia, S.C.

HFF marketed the property on behalf of the seller, Varner Properties LLC.

The property was developed in 2002 and is 96 percent leased to Publix, Great Clips, The UPS Store, Pizza Hut and Subway.

The HFF team representing Varner Properties LLC was led by directors Jim Hamilton and Richard Reid.

Coro Realty Refinances Dunwoody Center

Coro Realty Advisors LLC announced the $11 million refinancing of Georgetown Shopping Center in Dunwoody, a. Georgetown Shopping Center currently consists of 132,681 square feet and is anchored by Kroger, Tuesday Morning and Workout Anytime.

The $11 million loan will be used to refinance the existing indebtedness on the property and to fund various physical improvements. The improvements will consist of expanding the center to 144,360 square feet, expanding Kroger from its current 48,000 square feet to 70,500 square feet, relocating several tenants, improving the parking lot and aesthetic improvements.

Coro Realty's affiliates have owned Georgetown Shopping Center since 1977. The owner, Georgetown Shopping Center LLC, consummated the 10-year loan with the intent to hold the center for further long-term appreciation.

Debartolo Development Purchases Land in Chicago

DeBartolo Development LLC purchased approximately 3.5 acres of vacant land next to the Village of Tinley Park’s convention center, adding to the company's growing portfolio of commercial real estate properties in the Chicago area.

Acquired on behalf of DeBartolo Opportunity Fund I L.P., for an approximate 83 percent discount to the previous owner’s original basis, the Tinley Park development is the Fund’s seventh asset.

The site has five building pads, three of which are in a grassy area south of 183rd Street and east of Convention Center Drive and the remaining two pads are opposite the Convention Center.

The property at Tinley Park is the third DeBartolo acquisition in the Chicago area, joining Prairie Stone Crossing in Hoffman Estates, Ill., and Bradley Commons in Bradley, Ill.

Other Notable Deals

Faris Lee Investments, the nation’s largest retail investment advisory firm, has completed the $6.6 million sale of a single-tenant, net-leased 30,000 square foot property occupied by Best Buy located in Kenosha, Wisc. Built in 2008 as a new smaller, prototype store for Best Buy, the property is situated on 3.88 acres and is part of a regional shopping center surrounded by retail, dining and hotels. Jeff Conover, senior managing director of Faris Lee Investments represented the all-cash REIT buyer, Phoenix-based Cole Capital, as well as the seller GM Investors from Del Mar, Calif. The property closed at a 7.73 percent cap rate.

Stan Johnson Co. completed the sale of a 13,824-square-foot retail building 100 percent leased to CVS Pharmacy in Naples, Fla., to Lincoln, Neb.-based RTG LLC. The transaction is valued at $5.35 million or $387 per square foot. Mike Parker and Jim Gibson, both of Stan Johnson Co., represented the seller, Phoenix-based S3G Holdings LLC. The buyer represented itself.

Jeff Chaney, senior vice president and managing director of NorthMarq Capital’s St. Louis regional office, arranged non-recourse financing in the amount of $1.6 million for Shop N Save, a 45,500-square-foot retail property in Wood River, Ill. Financing was based on a 12.5-year term and a 12.5-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with Ohio National. In a separate deal, NorthMarq’s Denver regional office arranged permanent financing of $1.1 million for the 39,868-square-foot Applewood Shopping Center in Sterling, Colo. NorthMarq’s John M. Stewart, senior vice president; and Brock Yaffe, senior investment analyst, arranged the financing for the borrower.

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