Property Type

Faris Lee Investments Brokers $7.1M Sale of Retail Property in Palatine, Illinois

by Christina Cannon November 30, 2015

PALATINE, ILL. — Faris Lee Investments has brokered the $7.1 million sale of an 11,800-square-foot retail property. The Shops at Deer Grove is fully occupied and located on 1.5 acres in Palatine, approximately 30 miles northwest of Chicago. Tenants in the center include Starbucks Coffee, Menchie’s Frozen Yogurt, Pie Five Pizza, AT&T, Jersey Mike’s Subs and Chipotle Mexican Grill. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented both parties in the transaction. The seller was an Illinois-based private developer and the buyer was a Wisconsin-based private investor.

November 30, 2015

Midwest Retail Wisconsin

The Morgan Partners Breaks Ground on 49,500 SF of Retail Space in Wausau, Wisconsin

by Christina Cannon November 30, 2015

WAUSAU, WIS. — The Morgan Partners has broken ground on a 45,000-square-foot Dick’s Sporting Goods and a 4,500-square-foot Red Robin in Wausau. The retail buildings will be situated on 5.2 acres. Neighboring tenants include Walmart, PetSmart, Michaels, Best Buy and Starbucks Coffee. Grant Schwab of The Morgan Partners represented the development team. Jon Reese of Great Street Realty Partners and Dan Cohen of Mid-America Real Estate-Wisconsin represented Dick’s Sporting Goods and Red Robin. Both businesses are slated to open in early 2016.

November 30, 2015

Illinois Midwest Mixed-Use

Marcus & Millichap Brokers $1.7M Sale of 6,012 SF Mixed-Use Building in Chicago

by Christina Cannon November 30, 2015

CHICAGO — Marcus & Millichap has arranged the sale of a 6,012-square-foot mixed-use property in Chicago. The building, located at 2058 W. Roscoe St., sold for $1.7 million. Kyle Stengle of Marcus & Millichap marketed the property on behalf of the seller and secured and represented the buyer. Both parties in the transaction were undisclosed and were limited liability companies. The property includes one commercial tenant on the ground floor and five apartment units on the second and third floors.

November 30, 2015

Midwest Minnesota Retail

Mid-America Arranges Three Retail Leases Totaling 9,729 SF in Minnesota

by Christina Cannon November 30, 2015

EAGAN, SHAKOPEE AND MINNEAPOLIS, MINN. — Mid-America Real Estate-Minnesota has arranged three retail leases. In the first transaction, New Bohemia signed a lease for 4,209 square feet at Eagan Towne Centre in Eagan. Cub Foods, Big Lots and Dollar Tree anchor the 153,781-square-foot center. Andrea Christenson and Blaine Beety of Cushman & Wakefield represented the tenants in the transaction, and Mid-America represented the landlord. In the second deal, Title Boxing Club will occupy 3,495 square feet at a retail property in Minneapolis. The 4,736-square-foot center is shadow-anchored by Walgreens, Midas, Enterprise and Kowalski’s. Ian Halker of Colliers International represented the tenant in the transaction and Mid-America represented the landlord. In the third transaction, Starbucks Coffee signed a 2,025-square-foot lese at Southbridge Crossing in Shakopee. The landlord was self-represented, and Mid-America represented the tenant in the transaction.

November 30, 2015

Market Reports Retail Southeast Southeast Market Reports Virginia

Grocery Stores, Restaurants, Fitness Are Driving Richmond’s Retail Market

by John Nelson November 30, 2015

This year is shaping up to be very exciting and productive for the Richmond retail market. The Richmond retail market has started at a brisk pace for the first half of 2015, similar to the end of 2014 as it absorbed 111,889 square feet. The vacancy rate has continued to decline over the past 12 months as well. The overall retail vacancy rate in Richmond tightened to 6.6 percent, a 50 basis point improvement over last year. The main drivers of retail activity throughout the Richmond MSA continue to be grocery stores, fitness centers and restaurants. Early this year we saw the commencement of construction at two Wegmans-anchored developments in Richmond, one in Short Pump and another in Midlothian. The Midlothian Wegmans will anchor the new Stonehenge Village and is on pace to open in early 2016. The Short Pump Wegmans will join Cabela’s in the new West Broad Marketplace, a 400,000-square-foot development on the western edge of Short Pump. There has also been solid activity in the market from several other grocers, including Walmart Neighborhood Market and Aldi. Each of these concepts has opened four new stores in the market. Another grocer poised to enter the market is LIDL, …

November 30, 2015

Arizona Industrial Western

Tesla Motors Leases Tempe Facility

by Nellie Day November 25, 2015

TEMPE, ARIZ. — Tesla Motors has agreed to lease a 42,281-square-foot facility in Tempe. The free-standing building is located at 2077 E. University Drive. This is Tesla’s second Phoenix Valley location, in addition to its retail showroom at Scottsdale Fashion Square. Wentworth Property Co. recently purchased the property for $3.6 million. Andy Markham of Cushman & Wakefield represented the buyer in the transaction. Dave Johnson and Jerry Marrell of Lee & Associates represented the seller, Essex-Scot LLC, a window manufacturer that previously occupied the facility until it outgrew the space.

November 25, 2015

Hospitality New York Northeast

Cambria Hotel & Suites Times Square Opens in Manhattan

by Amy Works November 25, 2015

NEW YORK CITY — Concord Hospitality and Choice Hotels has developed the 78,000-square-foot Cambria Hotel & Suites Times Square at 30 W. 46th St. in Manhattan. Designed by Gene Kaufman Architect, the 21-story, 196-room LEED-certified hotel is the largest Cambria hotel in the country. The guestrooms include private terraces for the second-floor rooms, and a refrigerator and flat-screen television. On-site amenities include a rear outdoor garden with lounge seating, a front outdoor area with tables and chairs, a 700-square-foot fitness center, a 24-hour business center, event facilities, dry cleaning and laundry services, and free WiFi. Additionally, the hotel features a 1,000-square-foot restaurant and a 500-square-foot bar/lounge designed by McGinley Design.

November 25, 2015

Loans Multifamily Washington Western

Lancaster Pollard Provides $10.4M Refinancing for Two Communities near Seattle

by Nellie Day November 25, 2015

PORT TOWNSEND and BUCKLEY, WASH. — Lancaster Pollard has secured two HUD loans totaling $10.4 million to refinance San Juan Villa, a 32-bed memory care community in Port Townsend, and Heritage House, a 76-unit assisted living and memory care community in Buckley. Both towns are suburbs of Seattle. Oregon-based operator Caring Places Management manages both communities. Each loan is nonrecourse and features a 35-year term. The loans will provide annual debt service savings and fund replacement reserves for ongoing repairs at each property. Matt Lindsay led the transactions for Lancaster Pollard.

November 25, 2015

California Retail Western

Majestic Realty to Open Mountain Grove at Citrus Plaza in California

by Nellie Day November 25, 2015

REDLANDS, CALIF. — Majestic Realty Retail, a division of Majestic Realty Co., has announced the grand opening of Mountain Grove at Citrus Plaza, a 67-acre retail and entertainment shopping center in Redlands. Scheduled for Dec. 5, the grand opening will include 24 businesses, ranging from fashion, food and fitness to health and beauty, entertainment and home goods. Mountain Grove tenants include Banana Republic, Buy Buy Baby, Justice, Nordstrom Rack, Old Navy, TJ Maxx, Lane Bryant, Bahama Buck’s, MOD Pizza, Yogurtland, Waba Grill, 24 Hour Fitness, ULTA Beauty, Harkins Theaters, Hobby Lobby, HomeGoods and Kirkland’s.

November 25, 2015

California Retail Western

Pine Tree Commercial Acquires 216,683 SF Shopping Center in Grass Valley

by Nellie Day November 25, 2015

GRASS VALLEY, CALIF. — Pine Tree Commercial Realty has acquired Pine Creek shopping center in Grass Valley for an undisclosed price. Built in 1988, the 216,683-square-foot property is occupied by a 60,000-square-foot Raley’s grocery store, JC Penney, Petco, Dollar Tree, Starbucks Coffee, Carl’s Jr., International House of Pancakes, Jamba Juice, Sally Beauty and GNC. Jon DuBois of Core Commercial’s Sacramento office brokered the transaction. Goldman Sachs Mortgage Company provided acquisition financing. The name of the seller was not released.

November 25, 2015

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