Property Type

M&M Brokers Sale of 205,771 SF Office Complex in Metro Dallas

by Haisten Willis May 10, 2016

ADDISON, TEXAS — Marcus & Millichap has arranged the sale of The Forum at Beltline, a three-building, 205,771-square-foot office complex in Addison. Hebert Lawrence and Michael Lawrence of the firm’s Newport Beach, Calif., office represented the seller, a Delaware-based limited liability company. The complex is located in the far north Dallas office submarket at 4002, 4004 and 4006 Belt Line Road. The location, on the southwest corner of Belt Line and Surveyor roads, is known as Addison’s “restaurant row.” The buildings are 1.5 miles west of the Dallas North Tollway, 2.4 miles north of I-635 and four miles south of the George Bush Turnpike. A Dallas Area Rapid Transit (DART) bus stop and many restaurants are nearby. Built in 1983, The Forum at Beltline was 94 percent leased at the time of the sale.

May 10, 2016

Daiso Inks Inaugural Lease for 12-Store Rollout in Greater Houston

by Haisten Willis May 10, 2016

HOUSTON — Daiso California LLC has signed its first lease for retail space in the Houston area, where the company plans to open 12 stores in the next two years. Japan-based Daiso Industries Inc. designs and manufactures private-label products, offering more than 90,000 items ranging from $1.50 to $10 in its stores. Daiso has jump-started its push into Houston with a 10,998-square-foot lease in Mason Park Shopping Center at 501 S. Mason Road in Katy. Currently, five other leases are at various stages of negotiation. Heather Nguyen and John Nguyen of Houston-based NewQuest Properties are Daiso’s tenant representatives in Texas.

May 10, 2016

Restaurant Retail Texas

Malawi’s Pizza to Open First Location in Metro Houston

by Haisten Willis May 10, 2016

MISSOURI CITY, TEXAS — Malawi’s Pizza has leased 5,000 square feet of retail space at 8731 Highway 6 Center in Missouri City for its first Houston-area location. The center is located at Highway 6 and Sienna Parkway in Sienna Plantation, a master-planned development. Malawi’s Pizza plans to eventually open 22 restaurants in the greater Houston market. Doug Hermann, Edward Heap and Randy Hopper with The Weitzman Group handled negotiations as tenant representatives for the restaurant. The newly constructed center is shadow-anchored by H-E-B and serves the growing Sienna Plantation market. For each meal purchased at Malawi’s Pizza, the restaurant donates a meal to a child in Malawi, Africa.

May 10, 2016

North Carolina Restaurant Retail Southeast

JAB Beech to Buy Krispy Kreme Doughnuts for $1.35B

by John Nelson May 10, 2016

WINSTON-SALEM, N.C. — Jab Beech Inc. and Krispy Kreme Doughnuts Inc. have entered into a definitive merger agreement under which JAB Beech will acquire Krispy Kreme for $21 per share in cash, or a total equity value of approximately $1.35 billion. The agreement, which has been unanimously approved by Krispy Kreme’s board of directors, represents a premium of approximately 25 percent over the company’s closing stock price on May 6, 2016. Wells Fargo Securities LLC is serving as financial advisor to Krispy Kreme in connection with this transaction, and Simpson Thacher & Bartlett LLP and Womble Carlyle Sandridge & Rice LLP are providing legal support and advice. Barclays and BDT & Co. LLC are serving as financial advisors to JAB Beech in connection with this transaction, and Skadden, Arps, Slate, Meagher & Flom LLP is providing legal advice. At the close of the transaction, Krispy Kreme will be privately owned and will continue to be independently operated from its current headquarters in Winston-Salem. As of this writing there are over 1,100 Krispy Kreme shops in more than 26 countries around the world. Jab Beech Inc. is a subsidiary of JAB Holdings Co., which has controlling stakes in Keurig Green Mountain, …

May 10, 2016

Florida Retail Southeast

Weingarten Realty Acquires Deerfield Mall in South Florida for $92.8M

by John Nelson May 10, 2016

DEERFIELD BEACH, FLA. — Weingarten Realty Investors has acquired Deerfield Mall, a 394,248-square-foot, Publix-anchored shopping center located in the South Florida community of Deerfield Beach, for $92.8 million. Daniel Finkle, Luis Castillo, Nat Scarmazzi and Scott Wadler of HFF represented the sellers, CP Deerfield LLC and Land Trust Agreement 1001-SOD, in the transaction. Completed in 1988 and renovated in 2001, Deerfield Mall comprises one main building totaling 366,301 square feet in an “L” configuration, two multi-tenant outparcel buildings totaling 25,427 square feet and two single-tenant outparcels occupied by Citibank and Chick-fil-A. The 84 percent occupied center is home to tenants including Sports Authority, T.J. Maxx, Marshalls, Youfit Health Club, Cinépolis, Dollar Tree, Five Below, Ulta Beauty, The Avenue, Panera Bread, First Watch and Taco Bell.

May 10, 2016

Brook Highland Place Apartments Birmingham

Alabama Loans Multifamily Southeast

Financial Federal Arranges $25.5M Acquisition Loan for Apartment Community in Birmingham

by John Nelson May 10, 2016

BIRMINGHAM, ALA. — Financial Federal Bank’s Memphis office has arranged a $25.5 million acquisition loan for Brook Highland Place Apartments, a 400-unit garden-style community in Birmingham. Built in 1987, the property was 94 percent occupied at the time of financing. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the seven-year, floating-rate loan through Freddie Mac. The loan features two years of interest-only payments and a 30-year amortization schedule.

May 10, 2016

Retail Southeast Tennessee

Dick’s, Ulta Beauty to Join College Square Mall in Tennessee as Part of Anchor Redevelopment

by John Nelson May 10, 2016

MORRISTOWN, TENN. — CBL & Associates Properties Inc. has announced that Dick’s Sporting Goods and Ulta Beauty will be joining College Square Mall in Morristown. The two new stores will be situated in the former J.C. Penney location. Construction on both stores is set to begin in early May with anticipated openings prior to the 2016 holiday season. Other tenants at College Square Mall include Belk, Kohl’s, American Girl, Carmike Cinemas, Longhorn Steakhouse and T.J. Maxx.

May 10, 2016

California Office Western

J+R Group Purchases Office Building in Irvine for $66M

by Nellie Day May 10, 2016

IRVINE, CALIF. — J+R Group has purchased a 191,849-square-foot office building in Irvine for $66 million. The Class A building is located at 1901 Main St. The building is fully leased to three tenants. It was built in 2001, immediately adjacent to John Wayne Airport and Interstate 405. JLL’s Joe Bevan represented J+R Group, and the firm was retained to handle the building’s property management as well. Jeff Cole and Ed Hernandez of Cushman & Wakefield represented the seller, Piedmont Office Realty Trust, in this transaction.

May 10, 2016

California Office Western

Intercontinental Real Estate Buys Apollo at Rosecrans Office Campus in El Segundo

by Nellie Day May 10, 2016

LOS ANGELES — Intercontinental Real Estate Corp. has purchased Apollo at Rosecrans, a 546,833-square-foot creative office campus in the Los Angeles submarket of El Segundo, for an undisclosed sum. The four-building, 13-acre campus is located at 2150, 2120, 2121 and 2175 Park Place, along the Rosecrans Corridor, a hotspot for tech and creative companies. Apollo at Rosecrans is 98 percent leased. Amenities include concrete floors, African Mahogany accent panels, LED strip accent lights, a basketball court, dog park, biking and walking trails, shower facilities and an outdoor fireplace. NGKF’s Kevin Shannon and CBRE represented the sellers, Invesco Real Estate and Second Street Ventures, in this transaction.

May 10, 2016

Arizona Retail Western

CBRE Brokers $10M Sale of Shops at Arrowhead Gateway in Arizona

by Nellie Day May 10, 2016

GLENDALE, ARIZ. — CBRE has arranged the $10 million sale of Shops at Arrowhead Gateway, a 35,684-square-foot shopping center located on an outparcel of Arrowhead Towne Center Mall in Glendale. Steve Julius and Jesse Goldsmith of CBRE negotiated the transaction on behalf of the buyer, NLT Properties LLC. Chad Tiedeman and Steve Underwood of Phoenix Commercial Advisors represented the seller, FPWL Bell and 75th LLC, in the transaction. The 95 percent-occupied property is home to tenants including Red Mountain Weight Loss, iRepair Plus, Salon Boutique and Merle Norman. The center is also home to a medical component, with tenants including IMS Urologist, IMS Allergist, Noah’s Ark Pediatrics and Desert Valley Dental.

May 10, 2016

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