Property Type

HFF Secures $17.7M Loan for Spring Towne Shopping Center in Pennsylvania

by Amy Works March 18, 2015

READING, PA. — HFF has secured $17.7 million in financing for Spring Towne Shopping Center in Reading. HFF represented the borrower, Brandolini Cos., to secure a long-term, fixed-rate loan with an institutional quality insurance company. The loan will be used to refinance an existing mortgage on the property. Located at 2641-2679 Shillington Road, the four-building, 277,860-square-foot retail center is anchored by Lowe’s Home Improvement Warehouse and Giant. In addition to the anchor tenants, the center is more 97 percent occupied by H&R Block, UPS Store, Great Clips, Pet Valu, Subway, Fulton Bank, Monro Muffler & Brake, Hallmark and other local retailers. Ryan Ade and Christopher Bigos of HFF negotiated the financing on behalf of the borrower.

March 18, 2015

New York Northeast Office

Ariel Property Advisors Arranges Two Sales Totaling $5.85M in New York

by Amy Works March 18, 2015

NEW YORK CITY AND MOUNT VERNON, N.Y. — Ariel Property Advisors has brokered the sales of two properties located in New York. In the first transaction, Post Graduate Center for Mental Health, a non-profit developer, acquired a development site at 130-134 East 177th St. in the Bronx’s Mount Hope section. The site, which offers 56,438 buildable square feet, sold for $2.5 million, or $45 per buildable square foot. Scot Hirschfield, Jason Gold, Victor Sozio and Marko Agbaba of Ariel Property Advisors represented the seller, a private investor, and the procured the buyer in the deal. In the second transaction, a two-story commercial building located at 6 N. Third Ave. in Mount Vernon sold for $3.35 million. The 20,000-square-foot elevator building features seven commercial units, six street-level units and a catering hall on the second floor. Hirschfield, Gold, Sozio and Agbaba represented the seller and procured the buyer, both private investors, in the transaction.

March 18, 2015

New York Northeast Restaurant Retail

Sovereign Realty Group Brokers $2.6M Sale of Burger King Property

by Amy Works March 18, 2015

SMITHTOWN, N.Y. — Sovereign Realty Group has brokered the sale of a freestanding restaurant property located at 942 W. Jericho Turnpike in Smithtown. The 3,610-square-foot property sold for $2.6 million in an all-cash transaction. Burger King occupies the property under a long-term lease, which begin in late 2014. Frank Caporrino and Clem Cote of Sovereign Realty Group represented the buyer and seller, which were not disclosed.

March 18, 2015

Indiana Market Reports Midwest Midwest Market Reports Retail

Millennials Drive Shift to Experiential Shopping in Indianapolis Retail Market

by Danielle Everson March 18, 2015

The retail market as a whole is shifting to make shopping more experiential amid a recovering economy and the influence of millennials and their shopping demands and interests. Despite the buzz about the popularity of online shopping, less than 10 percent of all retail sales take place via the Internet. According to the International Council of Shopping Centers (ICSC), online retail sales in 2013 were nearly $263 billion, accounting for a mere 6 percent of total retail sales. In-store sales accounted for the remaining $4.3 trillion, according to the U.S. Commerce Department. It’s clear that while some consumers find online shopping convenient, the majority still prefer the shopping center experience. In particular, millennials, who are 74 million strong with a buying power of $174 billion, demand that experience. Last fall, Indianapolis-based Simon Property Group forecast that 89 percent of millennials would shop at a mall over the holidays. Surprisingly, millennials use technology to conduct research about products, but they generally prefer to visit stores to make purchases. Millennials will read product reviews online but they want to touch the merchandise, feel it, experience it and then tweet about it to friends. So, while the entire shopping process revolves around technology, …

March 18, 2015

Colorado Office Western

Invesco Buys Office Building in Denver’s LoDo Neighborhood

by Nellie Day March 18, 2015

DENVER — Invesco Real Estate has acquired a 306,791-square-foot office building in Denver’s Lower Downtown (LoDo) neighborhood for a reported $170 million. The building is located at 1515 Wynkoop Street. The Class AA asset is fully leased to notable tenants like Maximus, Black Hills Corporation and Polsinelli. It sits adjacent to Union Station, which recently underwent a redevelopment. The building has received LEED-Gold certification. It also received the Most Efficient Building in Denver award in 2013. The seller was American Realty Advisors.

March 18, 2015

Retail Washington Western

Donahue Schriber Nabs Two Shopping Centers in Washington for $67M

by Nellie Day March 18, 2015

TACOMA, WASH., AND SAN JOSE, CALIF. — Donahue Schriber Realty Group has picked up two retail assets in Washington for a total of $67 million. The buy includes Lakeland Town Center, a 125,142-square-foot neighborhood shopping center in Auburn, a suburb just northeast of Tacoma, and Westgate North, a 128,630-square-foot shopping center in Tacoma. Lakeland Town Center is occupied by notable tenants like Haggen Northwest Fresh, Starbucks, McDonald’s, Subway and Verizon. It is situated along Lake Tapps Parkway. Westgate North is anchored by Safeway and Ace Hardware. Additional tenants like Chase Bank, Round Table Pizza, KeyBank and Anytime Fitness round out the roster. These acquisitions follow on the heels of two additional retail purchases in California. Donahue also recently acquired Village Oaks Shopping Center, a 320,000-square-foot center in San Jose that is anchored by Target and Safeway, and Gilman District, a 91,300-square-foot center in Berkeley that is anchored by Whole Foods Market.

March 18, 2015

Arizona Multifamily Western

The Boulevard Apartment Community in Phoenix Sells for $33.5M

by Nellie Day March 18, 2015

PHOENIX — The P.B. Bell Companies has acquired The Boulevard, a 294-unit apartment community in north Phoenix, for $33.5 million. The community is located near Bell Road and 7th Street. The Boulevard was built in 1994. P.B. Bell plans to invest about $2 million in improvements to the property, which will include updates to the interior living areas and exterior common areas, as well as to the clubhouse, pool area, leasing office and outdoor common areas. Enhancements will also be made to the unit’s cabinets, lighting, flooring and countertops. The seller was Slavin Residential. The transaction was executed by CBRE’s Sean Cunningham and Tyler Anderson. Jim Pierson and Keaton Merrell of Legacy Capital Advisors also arranged a $26.8-million, non-recourse acquisition loan with Freddie Mac.

March 18, 2015

California Industrial Western

Cherryman Industries Leases Space at Campus 2100 in El Segundo

by Nellie Day March 18, 2015

EL SEGUNDO, CALIF. – Cherryman Industries has leased 17,223 square feet at Campus 2100 in El Segundo. The three-building campus is the former home of Rhythm & Hues Studios. The furniture manufacturing company signed a 10-year lease at the property. It will serve as the firm’s corporate headquarters. Cherryman was represented by Wes Honeycutt and Matt Moore of Newmark Grubb Knight Frank. Tom Sheets and Chris Sinfield of Cushman & Wakefield represented the landlords, Rockwood Capital, LLC (Rockwood) and Marshall Property & Development, in this transaction.

March 18, 2015

Arizona Retail Western

Sabre Springs Plaza in San Diego Sells for $4.5M

by Nellie Day March 18, 2015

SAN DIEGO – Sabre Springs Plaza, a 15,038-square-foot retail center in San Diego, has sold to Capstone Advisors for $4.5 million. The center is located at the intersection of Poway Road and Springbrook Drive. The core-plus asset is anchored by 7-Eleven. Capstone plans to make capital improvements to the landscaping and parking lot, among other things. The unnamed seller was represented by Pat Toomey and Kyle Mathews of Colliers International. Financing was provided by Silvergate Bank.

March 18, 2015

California Industrial Western

Stihl Inc. Buys Visalia Industrial Building for $6M

by Nellie Day March 17, 2015

VISALIA, CALIF. – Stihl Inc. has acquired a 139,655-square-foot industrial building in Visalia for nearly $6 million. The building is located at 9810 Ferguson Ave. It was built in 2008. Stihl, a chainsaw manufacturing company, will occupy 67 percent of the building. It will share the space with Sorma USA LLC, a produce packaging company that occupies 45,967 square feet. Stihl was represented by Craig “Cap” Caprioffi of Fortune Associates. Westcore Properties was represented by Doug Burr of Burr Commercial.

March 17, 2015

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