Mechanicsville, Va. — WEDGE Acquisitions LLC has purchased a 1.73-acre parcel in Mechanicsville for $690,000 for the development of a retail strip center. Upon completion, the property will comprise 6,500 square feet. Dunkin’ Donuts will anchor the center. Nathan Shor represented WEDGE in the transaction and Douglas Tice, III represented the seller, Lisa Waitman. It should be WEDGE, yes?
Brookfield, Wis. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $6.2 million loan for the acquisition of Shoppes of Brookfield Commons, a retail center located in the Milwaukee suburb of Brookfield. The two-building property totals 42,356 square feet. At the time of loan closing, the center was 54 percent leased. Ryan Morris of BWE arranged the loan on behalf of the borrower, CapRock Real Estate. Ameritas Investment Partners provided the three-year loan, which features a fixed interest rate along with $1 million of future funding for capital improvements …
Delray Beach, Fla. — PEBB Enterprises has signed new leases totaling 27,099 square feet at Delray Landing, a shopping center the company is currently redeveloping in Delray Beach. Retro Fitness will occupy 17,299 square feet at the property and Crown Wine will lease 4,100 square feet. Keke’s Breakfast Café and a dentist office will also open at the center, leasing 4,200 and 1,500 square feet, respectively. Sprouts Farmers Market anchors the property, which is also leased to Burger King and Taco Bell. PEBB acquired the shopping center in June 2021 …
Riverhead, N.Y. — JLL Capital Markets has arranged the sale of Riverhead Centre, a 395,000-square-foot retail center located on Long Island in Riverhead. ShopRite and The Home Depot anchor the property, which comprises nine buildings and was 99 percent leased at the time of sale. Other tenants include Best Buy, Petco, Michaels, DSW, Famous Footwear, Barnes & Noble, Ashley Home Store and IHOP. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Mark Belenky of JLL brokered the transaction on behalf of the seller, an entity doing business as AFL-CIO Building Investment …
Roswell, Ga. — iBorrow has provided a $15.6 million loan for the acquisition of a retail center located in Roswell, roughly 20 miles north of Atlanta. Totaling 56,921 square feet, the property is leased to 13 tenants. The borrower was not disclosed.
Louisville, Ky. — Brookfield Properties has completed a 30,000-square-foot addition and renovations to Oxmoor Center, a regional mall in east Louisville. The project, which also included the addition of 27 acres of surface parking, is the redevelopment of a big box space formerly occupied by Sears. Topgolf recently opened within the space, which features room for nine additional tenants. The development team for the project included Hoar Construction, Strong Tower Exterior Envelope Wall Systems, Louisville Paving & Construction Co. and Hobbs+Black Architects. Oxmoor Center spans nearly 900,000 square feet and …
Port Chester, N.Y. — Simone Development Cos. has signed three new tenants to Post Road Plaza in Port Chester. Together, the leases total more than 4,000 square feet. Nothing Bundt Cakes has signed a long-term lease for 1,760 square feet at the property, and Nailed It Spa and European Wax Center will occupy 1,000 and 1,534 square feet, respectively. Joanna Simone, Hannah Coyman and Rob Carinci of Simone negotiated leases on behalf of the ownership, alongside Scott Meshil and Karnit Mosberg of Royal Properties Inc. Sean Heneghan and Patrick Doyle …
Fort Wayne, Ind. — Marcus & Millichap has brokered the $3.2 million sale of a 9,500-square-foot freestanding restaurant property in Fort Wayne. Biaggi’s Ristorante Italiano occupies the building, which was constructed as a build-to-suit for the restaurant in 2001, on a net-lease basis. Damien Yoder and Madison Harman of Marcus & Millichap’s Yoder-Harman Group represented the seller, a California-based family trust. An in-state lender provided acquisition financing on behalf of the buyer, an Indiana-based family office. Biaggi’s operates 16 restaurants in eight states. There are six years remaining on its …
Paramus, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957. Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted …
Newport Beach, Calif. — RA Centers has arranged $72 million for the refinancing of a portfolio comprising four shopping centers. Located in Redlands, California, the first property, Orange Street Plaza, totals 155,000 square feet. Vons, Trader Joes, Office Depot and U.S. Bank anchor the center, which was 99 percent occupied at the time of financing. The second property, Front Gate Plaza, is located in Lancaster, California, and comprises 150,000 square feet. Stater Brothers, Goodwill, Wells Fargo, McDonalds, Taco Bell and The Habit anchor the center, which was 90 percent occupied …
