Subway extends mall lease in Mount Vernon, Ill.
Mount Vernon, Ill. — Sansone Group and Pine Tree Commercial Realty LLC have signed a lease extension with Subway restaurant at Times Square Mall in Mount Vernon, Ill. As part of the extension, Subway will expand its restaurant by approximately 500 sq. ft.
Sansone Group (www.sansonegroup.com) and Pine Tree (www.pinetreecommercial.com) own the 269,328-sq.-ft. center in partnership with the Wanxiang America Real Estate Group.
Times Square Mall is currently undergoing a redevelopment, which has brought in new anchor tenants Hobby Lobby and Big Lots! to complement existing anchors J.C. Penney, Dunham Sports and Peebles.
Quantum Capital arranges refi for Las Vegas retail centers
Beverly Hills, Calif. — Quantum Capital Partners, a real estate finance and advisory firm, has arranged two new loans to refinance two retail properties in Las Vegas for a private investor.
A $1.04 million loan will refinance the 12,000-sq.-ft. El Mercado, an L-shaped retail center in east Las Vegas, and a $1.19 million loan will refinance Wigwam, a 10,300-sq.-ft. strip center about four miles south of the Las Vegas Strip.
First Security Bank of Nevada provided the 10-year 5 + 5 loans — the first five years will carry a fixed interest rate of 5.25%, while the second five years reset the interest rate to the prevailing rate at the time.
El Mercado tenants include Latino Mercado, Laundry Land, Angels Beauty Salon and Tattoo Lounge. The property is 90% occupied but has a number of leases expiring soon. The Wigwam strip center tenants include Deli/Pizzeria, Labor Ready, Vinson Insurance, Cash Plus, Vegas Spa, Big V Mart and Jess Vanes Beauty Salon.
99 Cents Only opens California store Nov. 14
City of Commerce, Calif. – 99 Cents Only Stores is opening a new store in Ladera Heights, Calif., on Nov. 14. The new store is approximately 19,000 sq. ft. and will feature a perishable food department, including produce, dairy and frozen foods.
99 Cents Only Stores currently operates 334 extreme value retail stores consisting of 240 stores in California, 44 in Texas, 33 in Arizona, and 17 in Nevada.