Property Type

Trillist Opens YOO on the Park Apartment Community in Midtown Atlanta

by John Nelson March 31, 2017

ATLANTA — The Trillist Cos. has opened YOO on the Park, a 25-story multifamily community near Piedmont Park in Midtown Atlanta. The first residents are moving into the property, which features one- and two-bedroom apartments, as well as studio and penthouse units. YOO on the Park is Trillist’s first YOO-designed property completed in the United States. The community features a pet spa, social programs for residents, bike storage, personal equipment lockers, 24-hour fitness center, outdoor exercise terrace, yoga studio, saline pool and lounge, outdoor kitchen, deck with life-sized chess set, library, conference room, juice bar, billiards lounge, golf simulator, gaming theater, on-site dry cleaning and laundry service and in-home package and dry cleaning delivery services.

March 31, 2017

California Retail Western

Progressive Real Estate Partners Sells Two Outparcels at Mall of Victor Valley for $4.2M

by Nellie Day March 31, 2017

VICTORVILLE, CALIF. — Progressive Real Estate Partners has sold two outparcels at the entrance to the Mall of Victor Valley in Victorville for $4.2 million. The 575,000-square-foot Mall of Victor Valley has freeway visibility on 1-15 and is anchored by Macy’s, JC Penney, Dick’s Sporting Goods Sears and Cinemark Theaters. The first transaction was for an outparcel at 14390 Bear Valley Road. Big 5 has occupied the 8,000-square-foot building since it was constructed in 1987. A private investor from southern California purchased the property for $1.58 million in an all-cash transaction. Progressive Real Estate Partners brokers Mike Lin and Brad Umansky represented both the buyer and seller in the deal. The second transaction was for a multi-tenant outparcel at 14350 Bear Valley Road. Built in 2005, the 14,120-square-foot retail building includes a 9,200-square-foot former David’s Bridal and four shop spaces totaling 4,920 square feet. A partnership formed by Alan Gottlieb of Real Estate Affiliates purchased the property for $2.65 million. Sit ‘n Sleep recently opened a 9,200-square-foot store at the property. Progressive Real Estate Partners brokers Brad Umansky and Liana Ahdoot marketed the property and represented the seller, a private Los Angeles-based investor.

March 31, 2017

Alabama Retail South Carolina Southeast

Cypress Equities Sells Eight Walmart Neighborhood Market Stores in Alabama, South Carolina

by John Nelson March 31, 2017

DALLAS — Cypress Equities has sold eight Walmart Neighborhood Market grocery stores in Alabama and South Carolina to an undisclosed REIT. Dallas-based Cypress Equities has served as a preferred developer in the Walmart Neighborhood Market build-to-suit program that was established in January 2014. In the past three years, Cypress has constructed and opened 20 Walmart Neighborhood Markets, and this sale represents the final disposition of the 20-store portfolio, which also includes stores in Texas. Listing brokers for the portfolio include Glen Kunofsky, Lauren Veres, Mike James and Don McMinn at Marcus & Millichap; Pat Luther, Matt Mousavi, Kyle Stonis and Ryan Hoff of SRS Real Estate’s National Net Lease Group; and Brad Moulder of Stan Johnson Co. The sales price and store locations were not disclosed.

March 31, 2017

California Retail Western

Five New Tenants Announced at MainPlace Mall in Santa Ana

by Nellie Day March 31, 2017

SANTA ANA, CALIF. — Five new stores are set to open at MainPlace Mall by fall 2017: Paradis Ice Cream, Squiz Up, Miniso, Rocky Mountain Chocolate Factory and Destination XL. Paradis Ice Cream offers low fat desserts. Squiz Up will open in spring 2017 in a 500-square-foot space in the food court. The company offers juices, smoothies and iced beverages. Miniso will open in summer 2017 in a 1,400-square-foot space. Miniso is a Japanese fast-fashion designer selling homeware, bags and electronics. Rocky Mountain Chocolate Factory sells handmade chocolates and confections. The chocolate shop will be located in a 1,100-square-foot space and opens in summer 2017. Destination XL opens in fall 2017 in a 4,800-square-foot store. The company is a men’s retailer offering brands, styles and sizes starting at waist size 38.

March 31, 2017

Florida Retail Southeast

Steve Madden, Häagen-Dazs Sign Leases on Miami’s Lincoln Road

by John Nelson March 31, 2017

MIAMI — Thor Equities has inked leases with fashion footware retailer Steve Madden and international ice cream shop Häagen-Dazs along Lincoln Road, Miami’s high-street retail district. Steve Madden will occupy 2,300 square feet at 663 Lincoln Road, and Häagen-Dazs will occupy 1,000 square feet at 665 Lincoln Road. Thor Equities owns the 5,000 square feet of space at 663-667 Lincoln Road, which also features a 1,700-square-foot space leased to Pizza Rustica. Fiorella Perez of Rovira Realty represented Häagen-Dazs in the lease transaction, and Steve Madden was represented internally. George Stanchfield represented Thor Equities internally in both lease deals.

March 31, 2017

Florida Multifamily Southeast

Franklin Street Arranges Sale, Secures Financing for Apartment Complex in Broward County

by John Nelson March 31, 2017

SUNRISE, FLA. — Franklin Street has arranged the sale of and secured financing for Sunset Apartments, a 54-unit multifamily community located at 2340-2350 N.W. 72nd Ave. in Sunrise, a suburb of Fort Lauderdale. Tony Gannacone, Greg Matus and Dan Dratch of Franklin Street represented the Canada-based seller, RonJack Properties LP, in the transaction, and procured the unspecified buyer. The 10-year, nonrecourse acquisition loan features a fixed 3.5 percent interest rate. Franklin Street’s Evan Seacat and Ryan Cassidy provided insurance services for the asset.

March 31, 2017

California Office Western

Bellwether Enterprise Expands West Coast Platform

by Nellie Day March 31, 2017

LOS ANGELES — Bellwether Enterprise Real Estate Capital has hired 22 new employees for its West Coast platform. The employees will join the newly formed Los Angeles and San Diego offices, as well as the already existent Irvine office. Bellwether’s West Coast expansion is expected to add more than $1 billion in annual loan volume, bringing the total anticipated loan volume to $6 billion in 2017. The expansion includes nine additional producers, four servicing staff and nine support staff. Bellwether Enterprise also has a Northern California office located in San Francisco.

March 31, 2017

New Jersey Northeast Retail

HFF Arranges $51M Sale of Grocery-Anchored Retail Center in Pompton Plains, N.J.

by Haisten Willis March 31, 2017

POMPTON PLAINS, N.J. — HFF has arranged the $51 million sale of Plaza 23, a 161,000-square-foot, grocery-anchored shopping center located in Pompton Plains. HFF marketed the property on behalf of the unnamed seller. Phillips Edison Grocery Center REIT II purchased the asset free and clear of existing debt. Anchored by Stop & Shop, Plaza 23 is the only grocery-anchored shopping center in Pompton Plains. Other tenants include T.J. Maxx, HomeGoods, GNC, Moe’s Southwest Grill and Sally Beauty Supply. Smashburger will also be opening soon. The property has a potential pad development site on its 18.8 acres. Each day, more than 54,000 vehicles pass by the development, which is located at 500 Route 23 N.,. The HFF investment sales team representing the seller included Jose Cruz, Thomas Didio, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Robert Borny.

March 31, 2017

Loans Massachusetts Northeast Office

North River Company Recapitalizes Office Property in Somerville, Mass.

by Haisten Willis March 31, 2017

SOMERVILLE, MASS. — NGKF Capital Markets has completed the recapitalization of 200 Inner Belt Road, a four-story office asset in Somerville. The NGKF Capital Markets Boston team of Robert Griffin, Edward Maher and Matthew Pullen oversaw the recapitalization of the property with North Colony Asset Management on behalf of North River Co. Totaling 190,096 square feet, 200 Inner Belt Road is 97 percent leased to tenants including Harvard University’s Somerville research facility, which includes the Harvard Art Museums Archives, the Archaeological Exploration of Sardis and the museum’s communications division.

March 31, 2017

Illinois Midwest Mixed-Use

Ricketts Family to Open Park at Wrigley Development in Chicago

by Kristin Harlow March 31, 2017

CHICAGO — The Park at Wrigley is set to open next week in Chicago. Hickory Street Capital, a real estate development company owned by the Ricketts family, designed and built the Park at Wrigley as well as the office and retail building adjacent to Wrigley Field to provide a year-round, family-friendly gathering place for neighbors, Cubs fans and visitors. Slated as Wrigleyville’s true town square, the area will play host to community festivals, farmers markets, music and dining throughout the year. Several retail tenants will anchor the Park at Wrigley development, including a Starbucks store with a Reserve coffee bar, a two-story tavern-style restaurant, a new flagship Cubs Store, a Jostens retail jewelry concept and a viewing area presented by Motorola for the Chicago Cubs’ 2016 World Championship Trophy. A ribbon-cutting ceremony will take place on Monday, April 10. The Ricketts family owns the Chicago Cubs.

March 31, 2017

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