Marcus & Millichap Real Estate Investment Services negotiated the sale of Town Square Shopping Center, an 88,380-sq.-ft. institutional quality retail property in Mount Laurel, N.J., for $19 million. The price represents $215 per sq. ft.
Town Square Shopping Center was completed in 1996. ShopRite supermarket anchors the property and has 10 years remaining on its lease.
Brad Nathanson, of Marcus & Millichap, represented both the buyer and the seller in the transaction.
Hanley Investment Negotiates Two Sales in California
Agins Development Corp. bought Marketplace on Hamner, a 12,835-sq.-ft. retail center in Norco, Calif., from Marketplace on Hamner LLC for $5 million in an all-cash 1031-exchange deal. The transaction closed at a cap rate of 7.4 percent. Marketplace on Hamner was completed in 2004. Tenants at the property include Chipotle Mexican Grill, Sprint, Nutrishop and Jersey Mike’s, among others. The center was 100 percent occupied at the time of the sale.
Woodrow Harpole, of Calvert Properties, represented the buyer in the transaction. William B. Asher and Patrick G. Kent, of Hanley Investment Group Real Estate Advisors, represented the seller.
Asher and Jeremy S. McChesney also represented Palm Lake Properties LLC in the sale of Winston Plaza, a 34,850-sq.-ft. retail center in Lake Elsinore, Calif., to Fan Family Trust for $4.3 million. The center was completed in 1991 and houses A&M Auto, Brake Masters, Carniceria Lucio, Pay Day Advance and Team Auto Aid. It was 95 percent occupied at the time of the sale.
Richard Lee, of R&L Properties-Cerritos Inc., represented the buyer in the transaction.
NorthMarq Arranges Loans for Centers in Florida, Arizona
NorthMarq Capital arranged a $4.81 million loan to refinance the Shoppes of Fishhawk, a 59,895-sq.-ft. retail center in Lithia, Fla. Sweetbay Supermarket anchors the center. The loan features a 10-year term and a 25-year amortization schedule. UBS—CMBS Platform provided the funding for the transaction. Alison Williams, of NorthMarq, negotiated the deal.
NorthMarq also negotiated a $2.5 million first mortgage refinancing for Marcos De Niza, a 66,625-sq.-ft. retail center in Tempe, Ariz. Goodwill Industries anchors the property.
RiverSource provided the loan, which features a 10-year term and a 25-year amortization schedule. James V. DuMars, of NorthMarq, negotiated this transaction.
In addition, NorthMarq arranged a $2.098 million first mortgage financing for Royal Palm Plaza, a 72,120-sq.-ft. retail center in Tempe, Ariz. Tempe Theater anchors the center. RiverSource provided this loan as well. James V. DuMars negotiated the transaction.
Other Notable Deals
Eleven Investments LLC purchased Santan Gateway South, a 57,038-sq.-ft. shopping center in Chandler, Ariz., from a special servicer for $6.2 million. Sam’s Club anchors the property. Other tenants include Starbucks, Subway and The Mattress Firm. Darren Tappen, Troy Nelson and Pete Beauchamp, of Voit Real Estate Services, represented the seller in the transaction. Matthew Olson, of Property Resources Group LLC, represented the buyer.
Karlin Real Estate acquired Black Mountain Marketplace, a 44,373-sq.-ft. neighborhood shopping center in Henderson, Nev., through a lender-owned/REO sale from a special servicer. The center was completed in 2005 and is currently 79 percent leased. Karlin also provided a $5 million senior credit facility to Newmark Merrill Mountain States for the acquisition of Twin Peaks Mall, a 466,838-sq.-ft. regional mall in Longmont, Colo. The current acquisition price represents a significant discount to the 2007 purchase price of $33.6 million for the center.
Linear Retail Properties purchased 926-950 South Willow St., a 9,870-sq.-ft. shopping center in Manchester, N.H., for $4.385 million. Tenants at the center include Chipotle Mexican Grill Mattress Giant, US Cellular and Hannoush Jewelers. Rick Rostoff, of Spectra Realty, represented the buyer in the transaction.
Trademark Property, in a joint venture with Institutional Mall Investors LLC, purchased two retail centers in Corpus Christi, Texas. The company bought the 15.53-acre Staples Center and the 3.81-acre Mt. Vernon Center. It plans to redevelop the properties into a 200,000-sq.-ft. shopping center named The Shops at La Palmera.