East Windsor and Garwood, N.J. — Cronheim Mortgage has secured $17.5 million in financing for two shopping centers in New Jersey. Andrew Stewart, Dev Morris and Allison Villamagna arranged the financing on behalf of the borrower, a New Jersey-based real estate firm that specializes in the development and acquisition of retail properties in the state. Southern Farm Bureau Life Insurance Co. provided the financing for the first property, Town Center Plaza in East Windsor. The $11 million, long-term loan features a step-down prepayment structure in the final 10 years of the …
Yale Realty Services Corp. Acquires 294,617-Square-Foot Shopping Center in Concord, North Carolina for $49.2 Million
Concord, N.C. — An affiliate of Yale Realty Services Corp., in partnership with an international family office, has acquired Afton Ridge, a 294,617-square-foot shopping center located in Concord, roughly 25 miles northeast of Charlotte. Robert Altman of Altman Warwick Inc. and Bat Barber of Medalist Capital arranged the $49.2 million acquisition on behalf of the buyer. Mike Burkard and Steve Shields of CBRE represented the undisclosed seller in the transaction. MetLife financed the acquisition with a $29.6 million mortgage. A Super-Target anchors the property, which was 97 percent occupied at the …
Allentown, Pa. — Marcus & Millichap has brokered the $12.5 million sale of Parkway Shopping Center, a 133,314-square-foot retail center located in Allentown. Colin Reder, Derrick Dougherty and Scott Woodard of Marcus & Millichap arranged the sale on behalf of the undisclosed seller. Neil Campbell and Ian Nordfors of IPA Capital Markets, a division of Marcus & Millichap, secured debt financing on behalf of the buyer. Metro Commercial and KW Commercial will continue to manage and lease the property on behalf of the new ownership.
Anthropologie, FP Movement Sign Leases Totaling 10,125 Square Feet at The Mall at Rockingham Park in Salem, New Hampshire
Salem, N.H. — Retailers Anthropologie and FP Movement, the activewear branch of Free People, have signed leases at The Mall at Rockingham Park in Salem. Anthropologie will occupy 8,000 square feet, and FP Movement will occupy 2,125 square feet. Scheduled to open this fall, the stores will mark the first in the state for both brands. Simon is the owner and landlord of the property.
East Ridge, Tenn. — Urban Story Ventures will redevelop a 160,000-square-foot retail center located in East Ridge, roughly 10 miles outside Chattanooga. The developer purchased the property — which features a 38,000-square-foot space formerly occupied by Food City, five retail outlet buildings and parking — last year. A roster of food-and-beverage, professional services and apparel retailers currently occupy a portion of the center. Plans call for a combination of renovations to existing suites, as well as new construction. Urban Story Ventures will reposition the property as a mixed-use development and plans to …
Houston —NewQuest Properties has arranged the sale of a 139,538-square-foot retail building in West Houston. The vacant building, which is part of a larger development anchored by Target, Burlington and Marshalls, sits on 12 acres and was formerly owned and occupied by Sam’s Club. John Nguyen of NewQuest Properties represented the buyer, an entity doing business as SSS Marketplace on Eldridge LLC, in the transaction. James Namken and Kyle Knight of Weitzman represented the seller.
Frisco, Texas — Three Pillars Capital has acquired Shops at The Gate, a 16,000-square-foot shopping center located north of Dallas in Frisco. Built in 2021, the property comprises two buildings situated on two acres. The center, which was fully occupied at the time of sale, is an outparcel to Domain at The Gate, a luxury apartment development. Mike Kennedy and Darrell Betts of Avison Young represented the seller, an undisclosed foreign investment group, in the transaction.
Eight Food-and-Beverage Concepts Sign Leases at 324-Acre Realm at Castle Hills Development in Metro Dallas-Fort Worth
Lewisville, Texas — Eight new food-and-beverage concepts have signed leases at The Realm at Castle Hills, a 324-acre mixed-use development currently underway in Lewisville in the Dallas-Fort Worth metro. Upon completion, the project will feature 1.5 million square feet of retail, office and restaurant space, in addition to multifamily units, a boutique hotel and an outdoor entertainment district. The new tenants include a dual Marble Slab Creamery/Great American Cookies shop, which will occupy 1,600 square feet, as well as Voodoo Brewing Co., which will occupy 4,346 square feet. Cocinero Mexican Restaurant, …
Alpharetta, Ga. — Japanese ramen chain Kyuramen has opened a new restaurant in Alpharetta, a suburb of Atlanta. Totaling 4,200 square feet, the space can accommodate up to 110 guests. This marks the third location in the state for the brand, which currently operates 26 stores throughout the U.S., with plans to open 100 more restaurants by the end of 2024.
Marcus & Millichap Secures $96 Million Refinancing for Three Shopping Centers in Southern California
Bakersfield, North Hollywood and Ventura, Calif. — Marcus & Millichap Capital Corp. (MMCC) has secured a $96 million loan for the refinancing of three shopping centers located in Southern California. Tenants at the properties — which are located in Bakersfield, North Hollywood and Ventura — include 24 Hour Fitness, Dollar Tree, Starbucks Coffee, Wells Fargo and Tractor Supply. Zack Metzner, Daizy Gomez and Linsey Farrahi of MMCC secured the five-year financing on behalf of the borrower, a private investor. The interest-only loan carries a fixed interest rate of 5.8 percent.