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WS Capital Pays $52M for Non-Performing Loans on Hilldale Shopping Center

WS Capital Partners, the institutional investment arm of WS Development, acquired Hilldale Shopping Center, a 474,000-sq.-ft. retail property in Madison, Wis. by buying both the senior and junior non-performing loans on the property at a sheriff’s sale for $52 million, all cash.

Macy’s, Metcalfe’s Market, Sundance Cinemas and Target anchor the center.

“This was an ideal transaction for WSCP—a fundamentally solid property in a distressed situation,” said Gambhir Kaushek, managing director of WSCP, in a statement. “During the two years that we pursued this deal, WSCP applied its retail expertise, diligence and capital resources to secure and close the Hilldale transaction.”

NorthMarq Arranges $28.25M Loan for Arizona Shopping Center

NorthMarq Capital arranged a $28.25 million first mortgage to refinance Rooney Ranch, a 212,529-sq.-ft. retail center in Oro Valley, Ariz.

Tenants at the center include Sports Authority, Dollar Tree, Pier 1, Ross Dress for Less, Office Max, PetSmart and Planet Fitness.

A CMBS lender provided the loan, which features a 10-year term and a 30-year amortization schedule. James DuMars negotiated this transaction.

HFF Negotiates $27.6M Loan to Refinance Torrance Promenade

HFF arranged a $27.6 million loan on behalf of KIR Torrance L.P. to refinance Torrance Promenade, a 269,000-sq.-ft. power center in Torrance, Calif. A life insurance company provided funding for the loan, which features a fixed interest rate and a 10-year term.

Torrance Promenade is currently 99 percent leased. Tenants at the center include Trader Joe’s, Office Depot, Marshalls, Ross Dress for Less, Tuesday Morning and Party City, among others.

John Crump and Robert Delitsky, of HFF, negotiated this transaction.

Ramco-Gershenson Buys out Equity Interest in Shoppes of Lakeland

Ramco-Gershenson Property Trust acquired a 93 percent equity interest in the Shoppes of Lakeland in Lakeland, Fla. from its joint venture partner for $26 million.

The Shoppes of Lakeland is a 183,842-sq.-ft. community center, which is currently 96.4 percent leased. Michaels, Staples, Ashley Furniture, Petco and Target anchor the property.TJ Maxx recently signed a lease at the center as well.

Phillips Edison—ARC Completes $21.6M Deal with Regency Centers

Phillips Edison—ARC bought Baker Hill Center, a 135,355-sq.-ft. grocery-anchored shopping center in Glen Ellyn, Ill. from Regency Centers Corp. for $21.6 million.

Dominick’s anchors the center. Other tenants include Cardinal Fitness, Gymboree, American Mattress, Learning Express, Sola Salon Studios and Jimmy John’s.

Joe Girardi, of Mid-America Real Estate Corp., represented the seller in the transaction. The buyer represented itself.

Edens Sells Barclay Square in Florida for $10.8M

Edens sold Barclay Square, a 99,000-sq.-ft. grocery-anchored shopping center in Largo, Fla. to an affiliate of The Sterling Org. for $10.8 million.

The property was completed in 1988 and renovated in 2008 and is currently 82 percent leased. A 42,000-sq.-ft. Walmart Neighborhood Market anchors the center. Other tenants include Tuesday Morning, Beef ‘O’ Brady’s, H&R Block and Goodyear Tires.

The Shopping Center Group represented the seller in the transaction.

Other Notable Deals

Quantum Real Estate Advisors Inc. negotiated the sale of a freestanding 15,000-sq.-ft. Walgreens Pharmacy in Orland Park, Ill. for $6.24 million. The retailer has 22 years remaining on its initial 25-year term. Chad Firsel, of Quantum Real Estate Advisors, represented both parties in the transaction.

Agree Realty Corp. bought a Family Dollar store in Spartanburg, S.C., a USAA Financial Services Center in Jacksonville, N.C. and an AutoZone store in Springfield, Ill. for an aggregate price of $5.25 million. Jess Long, of Birchin Lane Realty Advisors, represented the company in the Family Dollar transaction. Jay Levell, of Berkeley Capital Advisors, represented Agree in the USAA transactions and Kyle Stonis, of SRS Real Estate Partners, worked on the AutoZone deal.

RLR Investments LLC bought the Promenade at Bonita Springs, a 106,454-sq.-ft. shopping center in Bonita Springs, Fla., in an online auction for $5 million, and Island Park Shopping Center, a 108,575-sq.-ft. shopping center in Fort Myers, for $4.125 million. Karen Johnson-Crowther, of Colliers International, represented the seller in this transaction. Donald DeLuca, of Royal Shell Real Estate, represented the buyer.

Bernard Financial Group arranged a $4.3 million loan on behalf of Chesterfield Commons LLC for Chesterfield Crossing Center, a 41,520-sq.-ft. retail property in Chesterfield, Mich. Archetype Mortgage Funding provided the loan. Kevin Kovachevich negotiated this transaction.

WP Realty Inc. purchased Oak Park Commons, a 136,939-sq.-ft. grocery-anchored shopping center in South Plainfield, N.J., from an institutional investor advised by PNC Realty Investors Inc. for an undisclosed amount, free and clear of debt. The property was completed in 1999 and is 76.5 percent leased. A&P Supermarket anchors the center. Other tenants include CVS, McDonald’s, Radio Shack, Wells Fargo and Fitness 19. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver, of HFF, represented the seller in the transaction.

Mid-America Real Estate Corp. negotiated the sales of three net lease properties in Indiana, including CVS Pharmacy buildings in Indianapolis and Portland and a Rally’s Hamburgers drive-in in Kokomo, for an undisclosed amount. The Indianapolis CVS contains 12,827 sq. ft. of space and has 9.5 years remaining on its lease. The Portland CVS has 10,529 sq. ft. of space. Rally’s Hamburger contains 1,000 sq. ft. Bill Wright, Tom Fritz and Mark Goldberg, of Mid-America, in cooperation with Sitehawk Retail Real Estate, represented the sellers in the transactions.

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