Marlborough, Mass. — Cornerstone Realty Capital has arranged a $2.7 million acquisition loan for a 12,980-square-foot retail building in Marlborough, Massachusetts. Located in Middlesex County, the property currently houses four tenants with Starbucks Coffee as its anchor. Spaces at the property range from 1,500 to 7,466 square feet. Cornerstone delivered a fixed-rate financing structure with a 30-year amortization schedule to the undisclosed borrower. The lender was a local community bank.
South Miami, Fla. — Yumbrella Food Hall is now open at The Shops at Sunset Place in South Miami, Florida. Led by food truck organizer and restaurateur Steve Simon, Yumbrella is the only food hall in the city, paying homage to Miami’s original food hall, which opened in the 1970s by the same name. The 6,500-square-foot hall features seven restaurant concepts ranging from Chinese to soul food, Italian, Latin, American and German fare. Confirmed food hall vendors include Cracked by Chef Adrianne, Dr. Limon Express, Killer Melts, NOODS, King of …
Cumming, Ga. — Retail Planning Corp. (RPC) will break ground on The Publix at Matt shopping center in Cumming, Georgia. Publix will anchor the 82,000-square-foot center, with additional tenants set to include Great Clips, AT&T, J. Christopher’s and Nail Talk & Tan. The property will be situated at the corner of Bannister Road and Matt Highway, 48 miles north of downtown Atlanta. RPC expects to deliver the shopping center in summer 2020.
Manalapan, N.J. — Marcus & Millichap has negotiated the $11.7 million sale of Tennent 9 Shopping Center in Manalapan, New Jersey. Located at 700 Tennent Road, the 60,000-square-foot center is anchored by NetCost Supermarkets, a European specialty supermarket. The remaining 10 units are leased to a mix of local and regional tenants, along with a Rite-Aid pharmacy. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
Perris, Calif. — Progressive Real Estate Partners has arranged the sale of Shops at Ramona Expressway in Perris, California. A Riverside, California-based private investor sold the asset to a Monterey Park, California-based private investor for $3.5 million. Built in 2007 and located at 780 Ramona Expressway, Shops at Ramona Expressway features 9,808 square feet of retail space. At the time of sale, the property was fully occupied. Greg Bedell of Progressive Real Estate Partners represented the seller, while Shane Delaney of Real Estate eBroker Group represented the buyer in the …
Gainesville, Fla. — Butler Enterprises has announced a lease with Cheesecake Factory to bring the restaurant to Butler Town Center at Stengel Field in Gainesville, Florida, this fall. Cheesecake Factory will anchor the 450,000-square-foot center’s entry on Archer Road and Interstate 75. The restaurant will span 10,000 square feet including a 2,000-square-foot outdoor patio.
La Habra, Calif. — George Smith Partners has arranged a 101.3 million bridge loan for La Habra Marketplace, a 375,000-square-foot retail center in La Habra, 22 miles east of downtown Los Angeles. Sprouts Farmers Market and Smart & Final anchor the 37-acre property. Steve Bram of George Smith Partners represented the borrower, DJM Capital Partners Inc., in the loan transaction. The loan, which includes $96.6 million in initial funding and $4.7 million in future funding, replaces senior and mezzanine loans on the property, and was negotiated at an interest rate of …
New York City — JLL has arranged a $19 million acquisition loan for a mixed-use property in New York City’s SoHo neighborhood of Manhattan. Located at 489 Broadway, the five-story, 10,710-square-foot building was constructed in 1900. The property consists of eight residential and three retail units. Eliott Zeitoune, Michael Diaz, Aaron Appel, David Sitt and Brendan Collins of JLL secured financing on behalf of the borrower, Sherr Equities, through lender Morgan Stanley. Sherr Equities specializes in acquiring mixed-use assets with the intent to restore and redevelop them.
New York City — Cushman & Wakefield has negotiated the $4.7 million sale of a retail co-op unit in New York City’s SoHo neighborhood of Manhattan. Located at 150 Thompson St., the 7,800-square-foot property consists of the ground floor and basement of the five-story, mixed-use co-op. Robert Burton and Bobby Carrozzo of Cushman & Wakefield represented the seller, Schiffini USA, in the transaction. The buyer was home furnishings company Safavieh.
New Bern, N.C. — Columbia Development has signed leases with HomeGoods and Rack Room Shoes to anchor Phase II of New Bern Marketplace in New Bern, North Carolina, a town situated along the Neuse River near the Atlantic Ocean. HomeGoods will occupy 22,000 square feet of space while Rack Room Shoes will occupy 6,139 square feet. Phase II is underway with both stores expected to open in early 2020. Columbia Development is developing the 330,000-square-foot neighborhood center and recently opened the nation’s largest Harris Teeter, as well as other tenants …