RIDGELAND, MISS. — Southern California-based Pacific Retail Capital Partners (PRCP) has broken ground on the redevelopment of Northpark, a 958,000-square-foot enclosed mall in Ridgeland, about 11 miles north of Jackson. Plans for the first phase of the project include new public entrances, corridors, amenities, public restrooms and common-area gathering spaces. The renovation will include new interior and exterior landscaping and a complete resurfacing of the parking lot, public art from local artists, a new children’s play area and a new family lounge with private nursing stations, baby-changing stations and a family restroom. In addition, the redevelopment will transform the mall’s current food court into The Eatery, an open, café-style dining area that will feature interactive digital displays and new dining options. The first phase of the project is slated for completion this November.
Property Type
ORLANDO, FLA. — CBRE has arranged the sale of Art Avenue, a 300-unit apartment community located at 10201 Lee Vista Blvd. in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the undisclosed seller. Robbins Property Associates and LEM acquired the asset for an undisclosed price. Constructed in 2014, Art Avenue features a resort-style saltwater pool, fitness center, spin room, outdoor lounge with a fire pit area and an outdoor kitchen. The property was 96.3 percent occupied at the time of sale.
VANCOUVER, BRITISH COLUMBIA — Chicago-based Mesirow Financial has acquired three Gateway Casinos & Entertainment Limited properties in the Greater Vancouver Regional District for more than CA$500 million. Based on the exchange rate as of Friday, March 16, the purchase price equates to $382 million. The properties include the Grand Villa Casino Burnaby, Starlight Casino New Westminster and Cascades Casino Langley. Gateway was the seller under a sale-leaseback structure. Under the agreement, Mesirow Realty Sale-Leaseback Inc. (MRSL), the net lease real estate investment arm of Mesirow Financial, will become the landlord for the three properties. Gateway’s wholly owned subsidiaries have entered into long-term leases for each of the properties and will continue to operate the casinos. Garry Cohen and Douglas Barker of Mesirow Financial’s Sale-Leaseback Capital group led the acquisition. Stephen Jacobson and Nathaniel Sager of Mesirow’s Credit Tenant Lease and Structured Debt group led the structuring of the acquisition financing. Chicago-based law firm Goldberg Kohn and Canada-based Boughton Law Corp. represented MRSL in the transaction. Four Corners Advisors and David Solano served as the buyer’s advisors. Bennett Jones LLP and Latham & Watkins LLP served as legal counsel to Gateway. Colliers International also advised Gateway on the transaction. The Catalyst Capital …
San Antonio is a testament to the old proverb that slow and steady wins the race. Instead of becoming overheated in response to the benefits of strong employment and population growth, the metro’s retail market continues to take a measured approach to growth. That approach has enabled an exceptional occupancy rate for its brick-and-mortar retail inventory. Development vs. Occupancy Measured, demand-based construction is one of the key reasons that San Antonio’s current retail market enjoys a near-record balance of supply and demand. Currently, the market’s overall occupancy is a healthy 94 percent. We expect this rate to be maintained as retail demand continues during a time of very limited construction of new retail product. The market’s limited retail construction of only 360,000 square feet this past year was dominated by H-E-B, which opened two new stores in 2017. The locations came on line either freestanding or with limited peripheral small-shop space, further tightening the market for available space. To illustrate exactly how low new construction is, we compared the current market to a decade ago, when the economy was in a similar cycle. The market’s occupancy at year-end 2007 was 91.2 percent, healthy but notably below the current 94 percent …
1788 Holdings Acquires 423,900 SF Industrial Building in Eastern Pennsylvania for $11.7M
by David Cohen
WHITEHALL, PA. — 1788/Riverside Business Center, an affiliate of 1788 Holdings, has acquired Riverside Business Center, a 423,900-square-foot single-story light industrial building in Whitehall for $11.7 million. Located at 1139 Lehigh Ave., the Class B light industrial property was 87 percent leased at the time of acquisition. Constructed in 1910, the building has been improved and renovated multiple times, most recently in 2006 when the property was converted from a single-user manufacturing facility into a multi-tenanted warehouse. Positioned on 34 acres of land, the structure features average ceiling heights of 20 feet and is located less than three miles from Lehigh Valley International Airport.
Ariel Property Advisors Arranges $16.4M Sale of 41-Unit Mixed-Use Portfolio in Harlem
by David Cohen
NEW YORK CITY — Ariel Property Advisors has facilitated the sale of Adam Clayton Powell Cluster, a mixed-use portfolio in Central Harlem. The portfolio, which includes four mixed-use buildings and a vacant lot between 133rd and 134th streets, sold for $16.4 million. The four walk-up buildings contain 41 residential and six retail units spanning 39,445 square feet. The vacant lot is zoned R7-2/C1-4, allowing for 7,500 buildable square feet of retail and residential development. Victor Sozio, Shimon Shkury, Michael A. Tortorici and Orry Michael of Ariel represented the undisclosed seller.
YEADON, PA. — Tryko Partners has acquired ManorCare Health Services at Mercy Fitzgerald Hospital, a 52,000-square-foot skilled nursing facility at 600 S. Wycombe Ave. in Yeadon, a suburb of Philadelphia. A $2.5 million renovation is planned by Marquis Health Services, Tryko’s healthcare affiliate. The facility has been renamed the Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald. Built in 1995, the facility sits adjacent to Mercy Fitzgerald Hospital, which is part of the Mercy Health System. The two-story, 129-bed facility provides post-hospital care, short-term rehab and long-term residential care. Tryko purchased the facility from a ManorCare Health Services/Mercy Fitzgerald Hospital joint venture for an undisclosed price. The hospital will retain ownership of the land. CIBC financed the transaction.
PHILADELPHIA — US Storage Centers has acquired a 107,606-square-foot facility in Philadelphia from Philly Self Storage. The 1,545-unit self-storage facility is located at 1910 S. Christopher Columbus Blvd. in Pennsport, directly off Interstate 95. The property is the first US Storage Centers location in Pennsylvania and will be rebranded as a US Storage Centers self-storage facility. Terms of the sale were not disclosed.
BOSTON — NAI Hunneman’s Capital Markets Group has arranged the sale of a 10-unit brownstone building in Boston’s South End neighborhood at 665-667 Massachusetts Ave. for $4.3 million. The property is made up of five one-bedroom and five two-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the undisclosed seller and procured the buyer, High Street Properties. The property features access to public transportation via the Silver Line stop on Washington Street.
ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $37.5 million sale of Emerald Pointe, a 441-unit multifamily community in the Tampa Bay metro of St. Petersburg. Frank Carriera and Michael Regan of IPA arranged the transaction on behalf of the undisclosed seller and buyer. Constructed in 1974, Emerald Pointe includes studio to three-bedroom units and features a fitness center, pool, pet play area, car wash area, a clubhouse and laundry facilities. The new ownership plans to implement a value-add program to increase revenue over the first two years.