Property Type

Beacon Partners Acquires Mixed-Use Asset in Charlotte for $21.7M

by John Nelson October 14, 2015

CHARLOTTE, N.C. — Charlotte-based Beacon Partners has purchased Park Village, a 92,222-square-foot mixed-use asset located at 1520 South Blvd. in Charlotte, for $21.7 million. Located adjacent to the LYNX light rail station in Charlotte’s South End neighborhood, the property features one floor of ground-level retail space and two stories of office space. Park Village’s tenant roster includes Aveda Institute, Beasley Media Group and Carrabba’s. Patrick Gildea led CBRE in representing the sellers, Ferncroft Capital and PRP LLC, in the transaction.

October 14, 2015

Industrial South Carolina Southeast

Binswanger Arranges $3.1M Sale of Industrial Building in South Carolina

by John Nelson October 14, 2015

GRAY COURT, S.C. — Binswanger has brokered the $3.1 million sale of a 91,264-square-foot, single-story industrial building located at 100 ISO Parkway in Gray Court. The facility is situated on a 20-acre lot roughly two miles south of I-385. The property features a six-foot concrete floor, insulated metal walls and roof, ceiling heights ranging from roughly 26 feet in the warehouse to more than 50 feet in the production area, metal halide lighting, sprinkler system, 4,900 square feet of office space, seven dock-high doors and one drive-in door. In addition, the property includes an on-site rail spur provided by Rail America via a short line connection to CSX. Mogul Novwovens, a Turkish producer of medical and personal wet wipes, purchased the facility for manufacturing and to expand its product line. Mogul plans to hire 38 employees and begin operating out of the facility in the second quarter of 2016. The company purchased the asset from Polymer Group Inc. Shaun Kirchin and Doug Faris of Binswanger represented Polymer Group in the transaction.

October 14, 2015

Market Reports New York Northeast Northeast Market Reports Retail

New York City: Retail Riding High Again

by Jaime Lackey October 14, 2015

Seven years after the worst recession this country has seen since the Great Depression, New York City is riding high again. Manhattan has emerged as a vital center for global retail activity where we continue to see dynamic growth — driven by its economic fundamentals, urban migration, and its cultural and lifestyle attractions. Gone are the days when suburban expansion sounded the death knell for high street retail. Since 2010, in the near-aftermath of the economic collapse and for the first time in decades, urban cores are growing at a faster rate than their suburban counterparts. Eighty percent of Americans now live in urban areas, and retailers and property owners in New York City and around the world are scrambling to adapt. Millennials represent 24 percent of the overall U.S. population and are leading this urban charge. They want to live close to work. They’re driven by technology — and they demand an omni-channel retail experience that integrates smartphone and tablet use with a personalized, service-oriented, in-store approach. And importantly, it’s estimated they will represent nearly 30 percent of U.S. retail spending — the total of which was $4.6 trillion this year — by 2020. Manhattan also continues to benefit …

October 14, 2015

Retail Washington Western

HFF Secures $24.8M Financing for Retail Center in Washington

by Nellie Day October 13, 2015

VANCOUVER, WASH. — Holliday Fenoglio Fowler (HFF) has arranged $24.8 million in proceeds to finance Hazel Dell Towne Center, a 264,191-square-foot retail center located in Vancouver, Wash. Bruce Ganong, Casey Davidson and Brandon Roth of HFF worked on behalf of the sponsor, Pine Tree Commercial Realty LLC, to place the five-year, floating-rate loan with East West Bank. Tenants at the center, which is 84 percent leased, include Kohl’s, Bed Bath & Beyond, Petco, Office Depot, Party City, Payless ShoeSource and Supercuts.

October 13, 2015

California Retail Western

Newmark Grubb Knight Frank Arranges $8.3M Sale of Mixed-Use Property

by Nellie Day October 13, 2015

CORONA DEL MAR, CALIF. — Newmark Grubb Knight Frank (NGKF) has arranged the $8.36 million sale of two fully-occupied, two-story retail/office buildings totaling 11,526 square feet in Corona Del Mar. Ian Brown of NGKF represented the seller, Masters Properties, and the buyer, 39 Beach View LK100 LLC, in the all-cash transaction.

October 13, 2015

California Retail Western

Ross Stores Inc. Opens 26 New Locations in 14 States

by Nellie Day October 13, 2015

DUBLIN, CALIF. — Dublin, Calif.-based Ross Stores Inc. opened 19 Ross Dress for Less locations and seven dd’s DISCOUNTS locations across 14 states in September and October. These new locations completed the company’s 2015 expansion plan to add a total of 90 stores during the year.

October 13, 2015

Arizona Multifamily Student Housing Western

Legacy Partners Receives Approval to Build University Village Near Arizona State

by Nellie Day October 13, 2015

TEMPE, ARIZ. — Legacy Partners Residential has received city approval for the development of University Village 2.0, a new $60 million mixed-use, 775-bed student housing community near Arizona State University in Tempe. Located directly adjacent to Tempe’s light rail line, University Village 2.0 will replace a 1960s-era student housing complex, which will be demolished. KTGY is the project’s designer and architect. University Village 2.0 will feature 260 units and include studio, one-, two- and four-bedroom units. The community will also include 1,800 square feet of ground-level retail space. The units will range in size from 445 square feet to approximately 1,400 square feet and feature high-end finishes, stone countertops, stainless steel kitchen appliances, vinyl wood-plank flooring and in-unit washers and dryers. The majority of the units will feature the four-bedroom floor plans. The development will include multiple indoor and outdoor amenities, including a resort-style pool with beach entry, outdoor jumbo TV, sand volleyball court, fitness center and clubroom spaces. University Village 2.0 will consist of a single, five-story apartment building wrapped around two central courtyards and a parking garage. Legacy Partners plans to start demolition and construction on University Village 2.0 by summer 2016, and open for the fall 2018 semester.

October 13, 2015

California Retail Western

Safeco Acquires Retail Property Occupied by Food 4 Less for $22.5M

by Nellie Day October 13, 2015

FULLERTON, CALIF. — Safeco has acquired 914 West Orangethorpe Ave., a 79,898-square-foot retail property occupied by Food 4 Less in Fullerton, for $22.5 million. Heslin Holdings Inc. and Becker Development had jointly owned the property. The Food 4 Less lease extends through March 2026.

October 13, 2015

Loans Michigan Midwest Retail

Bernard Financial Arranges $4.3M Loan for Retail Property in Traverse City, Mich.

by Christina Cannon October 13, 2015

TRAVERSE CITY, MICH. — Bernard Financial Group has arranged a $4.3 million loan for Airport 31 Retail Center. The 65,000-square-foot space is located in Traverse City. Airport 31 LLC is the borrowing entity. Assurity Life Insurance Co. is the lender, and Bernard Financial Group will service the loan. Dave Dismondy of Bernard Financial originated the loan.

October 13, 2015

Michigan Midwest Retail

Mid-America Negotiates Two Retail Leases Totaling 28,146 SF in Michigan

by Christina Cannon October 13, 2015

JACKSON AND GRAND RAPIDS, MICH. — Mid-America Real Estate-Michigan has negotiated two retail leases totaling 28,146 square feet. Party City has inked a deal for a 25,746-square-foot freestanding building located at 1510 North West in Jackson. The lease term is for 10-years. Brad Rosenberg, Tony Schmitt and Adam Goodman of Mid-America represented Party City in the transaction. CBRE represented the landlord who is undisclosed. Potbelly Sandwich Shop signed a 10-year, 2,400-square-foot lease in Knapp’s Crossing in Grand Rapids. Rosenberg and Goodman represented Potbelly. The landlord in the transaction is undisclosed.

October 13, 2015

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