Property Type

GBT Realty Buys 234,124 SF Shopping Center in Tuscaloosa

by Camren Skelton September 22, 2017

TUSCALOOSA, ALA. — GBT Realty Corp. has purchased McFarland Plaza, a 234,124-square-foot shopping center in Tuscaloosa. Jim Hamilton, Richard Reid, Mike Allison and Brad Buchanan of HFF represented the seller, a partnership between DDR Corp. and TH Real Estate. Bill Fishel and Matthew Stewart of HFF secured a three-year, floating-rate loan through Värde Partners on behalf of the new owner. T.J. Maxx, Ross Dress for Less, Michaels and Stein Mart anchor the center. McFarland Plaza Shopping Center is also home to Cato, Dollar General, H&R Block, Pet Supplies Plus, Nail Club and Lendmark Financial. Located at 2600 McFarland Blvd. E., the center is approximately one mile south of the University of Alabama.

September 22, 2017

Florida Hospitality Loans Southeast

Axilla Capital Arranges $15.5M Loan for Hotel Near Orlando

by Camren Skelton September 22, 2017

KISSIMMEE, FLA. — Axilla Capital LLC has arranged a $15.5 million loan for The Royale Parc Suites Hotel, a 224-room hotel located in Kissimmee, roughly 20 miles south of Orlando. Joel Mazur and Tom Fleming of Axilla Capital represented the undisclosed borrower in the transaction. Proceeds of the loan were used to finance the property’s acquisition and fund the hotel’s impending upgrades. Constructed in 1988, Royale Parc Suites Hotel is currently operating as a Choice Hotels-branded Quality Suites, but will be undergoing a renovation over the next 18 months. Located at 5876 W. Irlo Bronson Memorial Highway, the hotel is roughly three miles southeast of Walt Disney World.

September 22, 2017

California Retail Western

InvenTrust Properties Acquires Grocery-Anchored Center in San Fernando Valley for $115M

by Nellie Day September 22, 2017

LOS ANGELES — InvenTrust Properties Corp. has purchased River Oaks, a grocery-anchored retail center located in the San Fernando Valley submarket of Los Angeles. An undisclosed seller sold the property for $115 million. Target, Sprouts, buybuyBaby, ULTA, Total Women Gym & Spa, Pier 1 Imports and Big 5 Sporting Goods occupy the 275,000-square-foot retail center.

September 22, 2017

California Retail Western

Progressive Closes Three New Leases for Perris Marketplace in Perris

by Nellie Day September 22, 2017

PERRIS, CALIF. — Progressive Real Estate Partners has closed three new leases at Perris Marketplace, located at 1700 N. Perris Blvd. in Perris, bringing the retail center to 100 percent leased. Baskin Robbins, Jamba Juice and Daniel’s Jewelers have signed leases at the 225,000-square-foot retail center, which Walmart Supercenter anchors. Additional tenants at the center include Starbucks Coffee, Popeye’s, Pieology, Chipotle, Yogurtland, Dickey’s Barbecue, America’s Best Contacts and Eyeglasses, Pacific Dental and Sally Beauty Supply. Paul Gamarini and Gretchen Lastra of Progressive Real Estate Partners represented the owners/developers, Trachman Indevco and Evergreen, in the transactions.

September 22, 2017

California Retail Western

Pacific Coast Commercial Arranges 12,440 SF Retail Lease in La Jolla

by Nellie Day September 22, 2017

SAN DIEGO — Pacific Coast Commercial has arranged a retail lease for San Diego-based Furniture & Accessory Retail Group at 8650 Villa La Jolla Drive in La Jolla. The company will open a Bassett Home Furnishings location at the 12,440-square-foot space at La Jolla Square. Total consideration of the lease is $3.9 million. Shirley Kanamu of Pacific Coast Commercial represented the tenant, while Reg Kobzi of CBRE represented the landlord, Florida-based 8650 Villa La Jolla Inc., in the deal.

September 22, 2017

California Retail Western

Sephora to Open New Location at Pacific Commons in Fremont

by Nellie Day September 22, 2017

FREMONT, CALIF. — Sephora has opened a new location at Vestar’s Pacific Commons, a 1.1 million-square-foot shopping center located at 43484 Boscelli Road in Fremont. The store will feature an assortment of makeup, skin care and fragrance. Additional tenants at the center include Nordstrom Rack, Old Navy, Kohl’s, Century Theatres, P.F. Chang’s China Bistro, Claim Jumper and Dickey’s Barbecue Pit.

September 22, 2017

Market Reports Retail Texas Texas Market Reports

Retail Tenant Mix Tops Mixed-Use Agenda

by Taylor Williams September 22, 2017

The terms “experiential retail” and “mixed-use development” are both thrown around heavily in the context of 21st century commercial real estate. As buzzwords for the changing landscape of retail real estate and encapsulations of the preferences of millennials, the terms are as popular in their usage as they are arbitrary in their application. Is an apartment building with a ground-floor restaurant or coffee shop really considered mixed-use? Is it actually legitimate to think of buying shoes or jewelry as an experience? The answer varies depending on who’s asked. But the fact remains that dividing lines between certain property classes are beginning to blur. Increasingly, office and multifamily projects are designed to include food, drink and entertainment options, which have become the only real common denominators among mixed-use projects. Given that those three facets of retail involve spending on one-time, consumable products and services, they have become the face of experiential shopping and spending. Integrating retail development into mixed-use projects, as opposed to standalone shopping centers or pad sites, comes with its own unique challenges: parking, noise restrictions and sourcing contractors that specialize in build-outs for multiple property types, to name a few. But developers realize that no matter how much …

September 22, 2017

Hospitality Illinois Midwest Top Stories

NKF Arranges $74.8M Loan to Reposition Chicago’s Hard Rock Hotel

by Kristin Harlow September 22, 2017

CHICAGO — Newmark Knight Frank (NKF) has arranged a $74.8 million loan for the repositioning of the Hard Rock Hotel located at 230 N. Michigan Ave. in Chicago. Property owner Becker Ventures and manager Aparium Hotel Group plan to reposition the property as the St. Jane Chicago hotel following the closing of the Hard Rock Hotel on Dec.1. The newly branded property is scheduled to reopen in spring 2018. The new name is a nod to social worker Jane Addams, who co-founded Chicago’s Hull House in 1889. The settlement house opened to European immigrants and provided social and educational programs. Built in 1929 and designed by the Burnham Brothers, the historic Carbide & Carbon building features 37 stories. Renovations will consist of updated interiors with the addition of a rooftop bar and lounge, full-service restaurant, market café, cocktail bar and 11,000 square feet of meeting and event space. In addition to 363 guest rooms, St. Jane Chicago will feature luxury suites on floors 25 and above known as The Tower at St. Jane. A reason for the repositioning was not provided, but Crain’s Chicago Business reports that competition in the neighborhood was the catalyst for the makeover. Ben Greazel of …

September 22, 2017

Features Multifamily Texas Texas & Oklahoma Feature Archive Top Stories

InterFace Panel: Property Taxes, Public Transit Among Chief Concerns for DFW Multifamily Market

by Taylor Williams September 22, 2017

DALLAS — With roughly 10,000 new residents moving into the metro area every month and more than 100,000 jobs already created in 2017, the Dallas-Fort Worth (DFW) metroplex appears poised to handle any challenges thrown at its multifamily sector. These obstacles include absorbing the 35,000 or so multifamily units expected to come on line in 2018, maintaining positive rent growth of 3 to 4 percent and navigating a constricting labor market to ensure new projects stay on schedule. For the real estate professionals who spoke on these issues at the InterFace Multifamily Texas conference on Sept. 13 at the Westin Galleria hotel in Dallas, there wasn’t much dissension as to whether the market can handle these tasks. The bigger question among the panelists was what, if anything, could crash the party. Moderator Rob Key, senior vice president at HFF, invited the four panelists — all of whom work for DFW-based firms that offer investment platforms — to share their insights on what they believe is the single-biggest threat to the continued growth and prosperity of DFW’s multifamily market. Kim Radaker, managing principal of The Exponential Property Group of Cos., identified rising property taxes stemming from higher sales prices as her biggest …

September 22, 2017

Healthcare Texas

MedProperties Holdings Acquires Harrison Street’s Healthcare Portfolio for $230M

by Taylor Williams September 21, 2017

DALLAS — Dallas-based MedProperties Holdings has acquired a portfolio of 17 healthcare properties totaling 620,750 square feet from Chicago-based private equity firm Harrison Street for approximately $230 million. Seven properties are located in Texas: Abilene Surgery Center and Hospital in Abilene; Texas Rehabilitation Hospital of Arlington in Arlington; Grand Parkway MOB in Richmond; Williams Way MOB in Richmond; Conroe Medical Plaza in Conroe; Kingwood Medical Plaza in Kingwood; and Lake Granbury Medical Center in Granbury. None of the five assets in the Houston area were significantly affected by Hurricane Harvey. The other properties in the sold portfolio are located in Florida, South Carolina, North Carolina, New York, Ohio, Pennsylvania, Wisconsin, Missouri and Kentucky. Chris Bodnar and Lee Asher of CBRE represented Harrison Street in the sale. Erik Tellefson and Jon Buehner of Capital One originated senior debt financing for the transaction. David Selznick and Andrew Smith of Kayne Anderson originated mezzanine debt for the acquisition. MedProperties Holdings’ portfolio of healthcare assets now totals roughly 3.4 million square feet across 20 states.

September 21, 2017

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