HFF Negotiates $100M Loan for Portion of The Shops at Park Lane

Staff ReportsPenton Business Media

HFF arranged $100 million loan on behalf of NorthwoodInvestors for a portion of The Shops at Park Lane, a1.2-million-sq.-ft. mixed-use development in Dallas. INGInvestment Management provided funding for the loan. Theproperty was previously unencumbered by debt.

The Shops at Park Lane was completed in 2009. Retail tenants atthe center include Whole Foods, Dicks Sporting Goods,Nordstrom Rack, Saks Off Fifth, BloomingdalesTheOutlet Store, HomeGoods, Old Navy and Gordon Biersch, amongothers.

Travis Anderson and Jim Curtin, of HFF, negotiated thistransaction.

IKEA Pays $31.5M for Future Development Site

Procacci Development Corp. sold a 14.6-acre parcel ofland next to Dolphin Mall in Sweetwater, Fla. to IKEAfor $31.5 million. The retailer plans to build a 417,000-sq.-ft.store on the site.

Barry Slatt Mortgage Helps Arrange $13M Loan for CupertinoRetail Center

Barry Slatt Mortgage arranged a $13 million loan onbehalf of Browman Development Co. for an anchored retailcenter in Cupertino, Calif. Thrivent Financial for Lutheransprovided funding for the loan, which features a fixed interest rateand a 20-year term.

Greg Gray, of Barry Slatt Mortgage, negotiated thistransaction.

Marcus & Millichap Broker Negotiates $11.75M in New JerseyTransactions

Marcus & Millichap Real Estate Investment Servicesnegotiated the sales of three retail centers for a combined priceof $11.75 million. Brad Nathanson, of the firms Philadelphiaoffice, represented the sellers in all three transactions.

A New Jersey-based personal trust bought 611 Cross KeysRoad, a triple-net leased strip center in Sicklerville, N.J.,from a Pennsylvania-based developer for approximately $378 per sq.ft.

A Chicago-based real estate fund bought 445 Terrill Road,a net-leased Advance Auto Parts store, from a Florida-baseddeveloper, for $482 per sq. ft. Advance Auto Parts has 10 yearsremaining on its lease. Kevin Limbert, of Marcus & Millichap,represented the buyer in this transaction.

A Maryland-based 1031-exchange investor bought 330 WestSpruce Ave., a newly constructed Wawa Convenience Market storein North Wildwood, N.J., for $1,059 per sq. ft. Wawa signed a20-year lease for the property, with built-in rent increases everyfive years. Andrew Fallon, of Calkain Cos., represented thebuyer in the deal.

Other Notable Deals

An affiliate of Mason Asset Management Inc. boughtDeSoto Square Mall, a 678,377-sq.-ft. enclosed regional mallin Bradenton, Fla., from a wholly owned subsidiary of SimonProperty Group Inc. The mall was completed in 1973.Macys and JC Penney anchor the property. Peter Stevens, DaveConn, Casey Rosen and Nik Kozy, of CBRE, negotiated thistransaction.

CIM Group and Open Realty Advisors acquired 28buildings containing 130,000 sq. ft. of retail, restaurant andcommercial space along Henderson Avenue in Dallas.

Global Fund Investments bought Sanibel BeachPlace, a 74,286-sq.-ft. Publix-anchored shopping center in FortMyers, Fla., from Sanibel Beach Place LLC for $7 million.The property was 75 percent occupied at the time of the sale. MikeMilano and Ron Schultz, of Colliers International,represented the seller in the transaction. The buyer representeditself.

Quantum Real Estate Advisors Inc. negotiated the sale ofa 14,490-sq.-ft. Walgreens store in Chicago for $6.98 million in a1031 exchange transaction. Walgreens has 23 years remaining on itsinitial lease term for the property. Chad Firsel and JordanKaufman, of Quantum Real Estate, represented the seller inthe deal.

Paradise Ventures Inc. purchased Keene Plaza, a78,982-sq.-ft. grocery-anchored shopping center in Largo, Fla.,from Anchor Keene Plaza Ltd., an entity affiliated withCentury Retail LLC, for $6.2 million. Keene Plaza is 88.4percent leased. Tenants at the property include Save-A-Lot, BeallsOutlet and Dollar General. Danny Finkle and Luis Castillo, ofHFF< represented the seller in the transaction.

Hanley Investment Group Real Estate Advisors negotiatedthe sale of a 4,229-sq.-ft. strip center in Torrance, Calif. for$4.62 million. The price works out to $1,064 per sq. ft., thehighest price per sq. ft. paid for a multi-tenant strip center inLos Angeles County in 2012. 7-Eleven and The Coffee Bean & TeaLeaf occupy the property. Paul Lee, of Pacific Gold CoastRealty, represented the buyer in the transaction. Kevin T.Fryman and Carlos J. Lopez, of Hanley Investment Group,represented the seller.

Davlyn Investments bought Wall Street Plaza, a35,000-sq.-ft. retail building in La Jolla, Calif., from 7863Girard Avenue Holdings LLC for $3.7 million in an all cashtransaction through Auction.com. The property is currently18 percent occupied by Panera Bread and Lawrence Poon Jewelry.Michael Zampetti, of Rockwood Realty, represented the sellerin the deal. Davlyn Investments represented itself.

Westport Capital Partners LLC purchased MarketfairMall, a 250,000-sq.-ft. retail complex in Fayetteville, N.C.,for an undisclosed amount. Carmike Cinema anchors the property.Other tenants include Gander Mountain Outdoor World and hhgregg.Colliers International represented the seller in thetransaction.