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Central Pacific Bank Sells Lahaina Gateway Out of REO for $32M

Central Pacific Bank sold Lahaina Gateway, a 137,000-sq.-ft. grocery-anchored shopping center in Lahaina, Maui, to Thompson National Properties for $32 million in an off market transaction. The sale closed at a cap rate of 5.62 percent, representing a record for a leasehold sale of this size in the state of Hawaii.

At the time of the sale the asset was in REO. Lahaina Gateway was completed in 2008. Tenants at the property include the largest Barnes & Noble in Hawaii, Foodland Farms, Office Max, Outback Steakhouse and State Farm Insurance, among others.

Rick Chichester and Matt Mousavi, of Faris Lee Investments, represented the buyer in the transaction. Central Pacific Bank represented itself.

Kite Realty Closes on $18.4M Loan for Rangeline Crossing Project in Indiana

Kite Realty Group Trust closed on an $18.4 million construction loan for the redevelopment of Rangeline Crossing in Carmel, Ind. Associated Bank provided funding for the loan, which features an interest rate of LIBOR plus 225 basis points, a two-year term and a three-year extension option. The interest rate is set to decrease to LIBOR plus 210 basis points upon extension and achievement of a 1.25x service coverage ratio.

Rangeline Crossing is approximately 90 percent pre-leased to tenants including Earth Fare, Walgreens, Old National Bank, Panera Bread and Verizon Wireless.

NorthMarq Arranges $16M First Mortgage for California Shopping Center

NorthMarq Capital arranged a $16 million first mortgage for Castro Village, a 157,006-sq.-ft. community shopping center in Castro Valley, Calif. A life insurance company provided funding for the transaction, which features a 20-year term and a 20-year amortization schedule.

Tenants at Castro Village include Ross Dress for Less and Walgreens.

HFF Helps Refinance College Plaza with $12M Loan

HFF arranged a $12 million loan on behalf of HP Investors to refinance College Plaza, a 92,538-sq.-ft. grocery-anchored shopping center in Oceanside, Calif. Guggenheim Commercial Real Estate Finance provided the loan, which features a fixed interest rate.

College Plaza was completed in 1975. It is currently 97 percent leased. Tenants at the property include Dick’s Sporting Goods, Grocery Outlet, Starbucks and Verizon Wireless.

Tim Wright and Zack Holderman, of HFF, negotiated this transaction.

In an unrelated deal, HFF arranged acquisition financing on behalf of Northwood Investors for Southlands Town Center, a 900,000-sq.-ft. mixed-use property in Aurora, Colo. CIBC World Markets provided the five-year loan. Southlands Town Center combines 730,000 sq. ft. of retail space with 170,000 sq. ft. of office space. The center opened in 2005. Travis Anderson and Eric Tupler, of HFF, negotiated this transaction.

UCR Negotiates Four Retail Sales in Dallas-Fort Worth

UCR Investment Sales negotiated the sale of four shopping centers located in the Dallas-Fort Worth area for a combined price of $33.58 million.

The properties total 223,749 sq. ft. of space. They include South Towne Crossing, a 59,986-sq.-ft. shopping center in Burleson; Lake Forest Crossing, a 29,897-sq.-ft. center in McKinney; McDermott Towne Crossing, a 42,700-sq.-ft. center in Allen and Beach Western Commons, a 91,116-sq.-ft. center in Fort Worth, Texas.

TriGate Capital Buys Four Centers in Metro Phoenix

TriGate Capital acquired four retail centers in the Greater Phoenix area, including Ahwatukee Mercado, Elliot Plaza, The Crossings at Fountain Hills and Ventana Lakes Village Center, from C-III Asset Management for $28.3 million. The centers contain a total of 306,959 sq. ft. of space.

Lane Neville, Brad Ranly, Barbara Lloyd and Hunter Null, of NAI Horizon, along with C-III Realty Services, represented the seller in the transaction.

Other Notable Deals

Westwood Financial Corp. purchased, through its affiliated entities, East Pointe Marketplace, a 58,000-sq.-ft. grocery-anchored shopping center in Milwaukee, Wis., from an affiliate of Northwestern Mutual. East Pointe Marketplace was completed in 1994 and is currently 100 percent leased. Pick ‘n Save anchors the property. Other tenants include Starbucks, Einstein Bagels, Sally Beauty, Noodles & Co., Guaranty Bank, UPS Store, Five Guys Burgers, Carriage Cleaners and Accelerated Health Systems. Daniel Kaufman, Jim Batjer and Barry Brown, of Holiday Fenoglio Fowler, represented the seller in the transaction.

WVP Cactus LLC purchased Cactus Crossings, a 91,563-sq.-ft. neighborhood shopping center in Glendale, Ariz., from EC Cactus Crossings LLC for $7.8 million. Cactus Crossings was completed in 1987 and was 92 percent occupied at the time of the sale. Big Lots anchors the center, with other tenants including Anytime Fitness, Edward Jones, Ultra Cleaners and Century 21 Realty. Ryan Schubert and Michael Hackett, of Cassidy Turley, represented the seller in the transaction.

Kleban Darien LLC bought 987 Boston Post Road, a 9,837-sq.-ft. retail building in Darien, Conn., from Brooks Darien LLC, a DeBartolo Development-related entity, for $7.5 million. The property was completed in 2008 and is 97 percent occupied. Al Mirin, Kate Schwartz and Andrew Merin, of Cushman & Wakefield, represented the seller in the transaction.

An affiliate of BMD Management purchased a 15,120-sq.-ft. single-tenant net-leased Walgreens in West Palm Beach, Fla. for $4.635 million. The property was completed in 2001. Jason Powell and Sean Patrick, of Ackerman & Co., represented the seller in the transaction. Mark Myers, of Park Place Realty, represented the buyer.

The Flintkote Corp. bought a McDonald’s fee simple ground lease in Durham, N.C. from a group of private investors for $1.371 million. McDonald’s recently signed a 20-year lease for the property. Joe Graham, of CBRE|Raleigh, represented the buyer in the transaction. Steve Horvath and Jay Levell, of Berkeley Capital Advisors, represented the seller.

VVDAZ LLC bought a Jiffy Lube property in Phoenix from DLH Val Vista LLC for $1.15 million. The deal closed at a cap rate of 10.43 percent. The building was fully leased at the time of the sale. Ben Johnson, of Daum Commercial Real Estate Services, represented the seller in the transaction. Henry Falkstein & Associates represented the buyer.

USS Realty LLC sold six acres of land in Cincinnati, Ohio to Net Lease Realty | Inc. for the development of a 14-screen Cinemark Theatre. Net Lease Realty already begun construction on the project, which is scheduled for completion in the fall of 2013. Melissa Ruther and Mike Halonen, of Edge Real Estate Group, represented the seller in the transaction. Net Lease Realty represented itself.

Nightingale Properties bought Palm Aire Marketplace, a 140,000-sq.-ft. shopping center in Pompano Beach, Fla. Winn Dixie anchors the property. Fortis Net Lease represented the buyer in the transaction.

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