NEW YORK CITY — Marcus & Millichap has arranged the sale of a development site located at 2433 Pitkin Ave. in Brooklyn. A private investor acquired the site for $1.1 million. The buyer plans to develop a mixed-use property featuring 32 residential units and ground-floor retail space on the site. Jakub Nowak, Jim McGuckin and Thomas Brennan of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.
Steady employment gains and new households in metro Detroit have boosted optimism in the retail sector. The local economy added 36,500 nonfarm payroll jobs in the 12-month period that ended September 30, 2017, an expansion of 1.8 percent and in line with employment growth nationally. Job gains were led by the professional and business services sector, which filled more than 12,400 positions. This segment includes many well-paying tech jobs as companies such as Penske Logistics and Lear Corp. increase staffing. As of August, Detroit’s seasonally adjusted unemployment rate stood at 3.2 percent, down from 5.3 percent a year earlier, according to the Bureau of Labor Statistics. Amazon.com is rapidly expanding in the metro area. Amazon opened a fulfillment center in Livonia this fall, creating 1,000 positions, and has additional facilities planned in 2018 for Romulus and Shelby Township that will create a combined 2,600 jobs when fully staffed. The combination of job creation and increasing wages is boosting household incomes and contributing to rising retail sales. The median household income in the third quarter stood at $59,600 per year, slightly higher than the U.S. level. The gain in spending power is benefiting existing retail operations and attracting new businesses such …
COSTA MESA, CALIF. — CBRE has arranged the $55.7 million sale of The Triangle, a 204,523-square-foot restaurant and retail center in Costa Mesa. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Megan Wood, Preston Fetrow, Matt Burson and John Read of CBRE arranged the transaction on behalf of the seller, a partnership led by Greenlaw Partners. A Los Angeles-based family office syndicate acquired the asset. At the time of sale, The Triangle was 94 percent leased to tenants including Yard House, 24 Hour Fitness, Tavern & Bowl, Triangle Cinemas and TIME Nightclub.
LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $5.6 million sale of Lancaster Triangle, a five-building, 35,569-square-foot retail center in Lancaster. Bill Asher and Jeff Lefko of Hanley Investment Group and Rosanne Morgiewicz of The Morgiewicz Co. arranged the transaction on behalf of the seller, Lancaster Triangle LLC, and the buyer, an undisclosed private investor. Lancaster Triangle was fully leased at the time of sale to tenants including Burger King, Fast Auto & Payday Loans, American Tire Depot, Sugary Donuts, Socorro’s Bridal and York Shore House Fish & Chips.
WARWICK, R.I. — HFF has arranged $75 million in refinancing for Warwick Mall, a super regional mall located at 400 Bald Hill Road in Warwick. The borrower is a joint venture between Bliss Properties, Mark T. Brennan & Co. and Lane Family Trust. Jennifer Keller and Andrew Gray of HFF arranged the 10-year, fixed-rate loan through Bank of America. Originally developed in the 1970s and renovated in 2011, the 978,659-square-foot mall is occupied by 86 tenants, including Nordstrom Rack, Macy’s, Jordan’s Furniture, Target, H&M, Old Navy and JCPenney. Additionally, the mall features a 12-screen Showcase Cinema, 12 restaurants and 5,000 parking spaces.
FAIRLESS HILLS, PA. — Cronheim Mortgage has arranged a $33.5 million mortgage loan for Fairless Hills Towne Center, a retail center located in Fairless Hills. The borrower is a joint venture between Larken Associates and Red Starr Investment. The loan was placed with an investment bank and structured with a seven-year term and 30-year amortization schedule after an 18-month interest-only payment period. The permanent loan refinanced the bridge loan used to acquire and reposition the property. The borrowers acquired the 294,000-square-foot center, which is anchored by Giant Food/Pharmacy, in 2015.
NEW WINDSOR, N.Y. — Island Associates has brokered the acquisition of a retail property located at 170 Windsor Highway in New Windsor. An undisclosed buyer purchased the property for $5.7 million. QuickCheck occupies the 7,254-square-foot property, which is situated on 2.9 acres. Roger Delisle of Island Associates represented the buyer, while Matthew Gorman of CBRE represented the undisclosed seller in the deal.
WAXAHACHIE, TEXAS — STRIVE has arranged the sale of Northgate Plaza, a 196,006-square-foot retail center situated on 18.6 acres at 507 U.S. Highway 77 in the southern Dallas metro of Waxahachie. Anchored by Big Lots, the property was 88 percent leased at the time of sale to tenants such as Aaron’s, Verizon Wireless and Schlotzsky’s. Jennifer Pierson of STRIVE represented the seller and procured the buyer, both of whom were private investors based in California.
ATLANTA — Simon has unveiled plans to transform Phipps Plaza, an upscale shopping mall in Atlanta’s Buckhead district, into a mixed-use destination. The additional uses coming to Phipps Plaza include a 150-room Nobu Hotel, 10,000-square-foot Nobu Atlanta Restaurant, 90,000-square-foot Life Time Athletic fitness center and a 12-story office building. The hotel will feature a rooftop pool, conference space and spa facilities, and the restaurant will offer Japanese-style cuisine. Life Time will develop an athletic club in a three-level space that will feature studio, yoga and cycle classes, personal training, a café, rooftop pool, beach club and a bistro. The new buildings will join recent additions to Phipps Plaza including the 166-room AC Hotel Atlanta Buckhead and the 319-unit Domain at Phipps Plaza, an upscale apartment community. Construction is scheduled to begin in 2018, with a phased opening beginning in spring 2020.
KANSAS CITY, MO. — A partnership between United Development Co. and Falcon Realty Advisors has purchased Barry Towne Center in Kansas City for an undisclosed price. The partnership will undertake a $15 million renovation of the retail center, which is anchored by Target, Kohl’s and Babies “R” Us. An additional $30 million will be invested in developing the remaining 13 acres on the east side of the property. The shopping center has been renamed Twin Creeks Center and will be expanded by an additional 200,000 square feet. Jay Ferguson of Ferguson Properties represented the buyers, while Garry Hayes of MD Management Real Estate Development represented the sellers, the Morgan and Davis builder-developer families. Metropolitan Capital Advisors arranged the financing via lender Centennial Bank. MD Management Real Estate Development has been retained to continue management of Twin Creeks Center and Lane4 Property Group is the leasing agent.