Las Vegas — Calmwater Capital has provided a $23.3 million loan for the acquisition of Decatur 215, a 126,678-square-foot shopping center located in Las Vegas. An entity doing business as Decatur Palm Plaza LLC was the borrower. Tenants at the property, which was fully leased at the time of financing, include Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmer’s Market, Sleep umber and Blaze Pizza. Zachary Novatt, Larry Grantham and DaJuan Bennett of Calmwater Capital originated the financing.
Los Angeles — Gantry has arranged a $21.6 million loan for the development of a grocery-anchored retail project in Los Angeles. Upon completion, the project will comprise 33,700 square feet. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the five-year financing, which one of the firm’s correspondent lenders provided, on behalf of the undisclosed borrower.
Marana, Ariz. — Gantry has arranged a $7.8 million permanent loan for the refinancing of a retail property located in Marana, roughly 20 miles outside Tucson. Comprising 26,387 square feet, the property is situated within the Shoppes at Continental Ranch and shadow anchors an independently owned Safeway building and four pad buildings. Tony Kaufmann and Alex Poulos of Gantry secured the 10-year financing on behalf of the borrower.
Petaluma, Calif. — Gantry has secured a $9.5 million loan for the refinancing of Plaza North Shopping Center in Petaluma on behalf of an undisclosed borrower. Lola’s Market, CVS/pharmacy, Starbucks Coffee, GNC and Club Pilates anchor the property, which comprises 101,000 square feet. Robert Slatt, Andrew Ferguson and Maria Zwick of Gantry arranged the financing through a life company lender to replace a maturing loan from 2013.
Sun City, Ariz. — Gantry has secured a $7.5 million permanent loan for the refinancing of Sun Shadow Square, a retail center located in Sun City, roughly 22 miles outside Phoenix. Tenants at the 84,000-square-foot property include Ace Hardware, H&R Block and Archwell Health. Tim Storey of Gantry secured the 10-year financing on behalf of the undisclosed borrower.
New York City — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network …
Beachwood, Ohio — SITE Centers Corp. (NYSE: SITC), a Beachwood-based owner of open-air shopping centers in suburban communities, has approved a plan to spin off its convenience retail assets into a separate publicly traded REIT to be named Curbline Properties Corp. (CURB). According to SITE Centers, the spin-off creates the first and only public REIT exclusively focused on convenience assets, which generally consist of a row of unanchored shops that are positioned on the curb line of well-trafficked intersections. The tenants within these centers cater to daily convenience trips. Examples include …
Camp Hill, Penn. — Rite Aid will sell an additional 92 store leases as part of its financial restructuring, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Ranging from 5,000 to 33,548 square feet, the stores are located in California, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania and Washington. A&G Real Estate Partners, real estate advisor to the company, will broker the transactions in the form of private sales. The leases comprise the second tranche to be sold, and more leases are expected to be …
New York City — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $22 million loan for the refinancing of a retail property located in Manhattan in New York City. According to commercialcafé.com, the property was built in 1931 and totals 34,600 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.
Rogers, Ark. — CBRE has secured financing for the construction of Pinnacle Springs, a mixed-use development located in Rogers. Upon completion, the project will comprise 362 apartments and 91,000 square feet of retail space. A 37,000-square-foot Whole Foods Market will anchor the property. Richard Henry, Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE arranged the financing on behalf of the borrower and developer, SJC Ventures. Arvest Bank provided uncrossed construction loans for the project, and Dome Equities provided both common and preferred equity investments in the multifamily component. The project …
