Aliso Viejo, Calif. — MetroGroup Realty Finance has secured a $10.6 million bridge loan for a retail center located in Aliso Viejo. Trader Joe’s anchors the 30,500-square-foot property. Other tenants include the restaurants Eureka! and Lupe’s. The interest-only loan carries a term of 36 months and replaces a maturing commercial mortgage-backed security loan.
Bala Cynwyd, Pa. — Federal Realty Investment Trust is underway on the $8 million renovation and rebranding of Bala Cynwyd shopping center in Bala Cynwyd, roughly 10 miles northwest of Philadelphia. Situated on 23 acres, the center will now be known as Bala Cynwyd on City Ave. Improvements at the property include upgrades to façade aesthetics and pedestrian and vehicle pathways; designated outdoor dining and gathering spaces for both tenants and the public; and the addition of 80 outdoor seats and eight curbside pick-up spaces. Current tenants at the center …
Pleasanton, Calif. — A joint venture comprising Shopoff Realty Investments, Praelium Commercial Real Estate and an affiliate of Singerman Real Estate LLC has purchased an 8.37-acre property in Pleasanton formerly home to a Nordstrom department store. Located at Stoneridge Mall, the property marks the fourth mall purchase for Shopoff in recent years, according to the company’s president and chief executive officer. Shopoff is currently exploring potential uses — including residential, mixed-use and office — for the space. Stoneridge Mall is one of the sites identified for redevelopment by the City …
New York City — A&G Real Estate Partners will auction eight Party City leases in its capacity as real estate advisor to the retailer. These leases — which include locations in Georgia, Iowa, Illinois, Louisiana, Michigan, New York, Texas and West Virginia — come in addition to 12 Party City leases announced for auction by A&G in late February. Ranging in size from 7,500 to 28,000 square feet, 18 total leases remain open. This move is part of Party City Holdco Inc. (PCHI)’s financial restructuring, which is expected to be …
Hummelstown, Pa. — Heidenberg Properties has sold Hershey Square, a 229,724-square-foot retail center located in Hummelstown. Weis anchors the property, which was built in 1994 and 98 percent occupied at the time of sale. Other tenants at the center include Planet Fitness, Five Below, Chipotle Mexican Grill, Goodyear, AT&T, Verizon Wireless, Five Guys and VisionWorks. Christopher Munley, Jim Galbally and Colin Behr of JLL Capital Markets represented Heidenberg in the transaction.
Merillville, Ind. — Marcus & Millichap has arranged the $5.3 million sale of Century Plaza, an 18,215-square-foot property located in Merrillville, roughly 40 miles southeast of Chicago. Tenants at the property include Panera Bread. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller and secured and represented the buyer, both limited liability companies.
Monument, Colo. — RealSource Group has arranged the $3.1 million sale of a single-tenant retail building located in Monument. Grease Monkey occupies the 5,309-square-foot building, which was built in 1995 and renovated in 2007. The tenant recently signed a 10-year initial lease. Austin Blodgett and Jonathan Schiffer of RealSource, along with ParaSell Inc., represented the seller, a private investor, in the deal.
Hackensack, N.J. — Three new tenants have signed leases at The Shoppes at Print House, a 23-acre redevelopment project currently underway in Hackensack. Hackensack Meridian Health will occupy 6,076 square feet at the development, and Starbucks Coffee and Blue Foundry Bank will lease 3,000 and 2,151 square feet, respectively. Jersey Mike’s will also open a space at the project. Michael Walters, Jonathan Kristofich and Cameron Silverstein of NAI James E. Hanson represented the developers — The Hampshire Cos., Russo Development and Fourth Edition Inc. — in the lease negotiations.
Virginia Beach, Va. — Divaris Real Estate has acquired The McGarey Group, which specializes in mixed-use retail development, leasing and advisory services. McGarey Group will operate as a division of Divaris moving forward, with its team retaining their current roles. Denver McGarey, who has 40 years of industry experience, leads The McGarey Group, which has been involved in projects totaling 41 million square feet across the U.S., China and Japan. “Denver and his team have ambitious work ethic, unwavering commitment to integrity and an impressive track record of delivering exceptional …
Palmdale, Calif. — SRS Real Estate Partners has arranged the $5.4 million sale of a retail property located in Palmdale. A private investor acquired the 11,788-square-foot property, which was fully to six tenants including Jenny Craig and Verizon Wireless at the time of sale. The property comprises a portion of Palmdale Marketplace, a 450,000-square-foot retail center anchored by Target, Lowe’s Home Improvement and Sprouts Farmers Market. Matthew Mousavi and Patrick Luther of SRS’ national net lease group represented both the buyer and seller in the transaction.
