Retail

Marcus & Millichap Brokers $12M Sale of Shopping Center in Evansville, Indiana

by Kristin Harlow October 5, 2018

EVANSVILLE, IND. — Marcus & Millichap has brokered the $12 million sale of Plaza East in Evansville in southwestern Indiana. The 192,377-square-foot shopping center is located at the intersection of Green River Road and Lloyd Expressway. At Home and Local Overstock Warehouse anchor the property. Other tenants include SkyZone, Tuesday Morning, CATO and Cici’s Pizza. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a New York-based private investment fund. The team also procured the buyer, an out-of-state private investment group.

October 5, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $4.2M Sale of Retail Property in New Jersey

by David Cohen October 4, 2018

NEPTUNE, N.J. — Marcus & Millichap has negotiated the $4.2 million sale of an 18,150-square-foot retail property in Neptune. Located at 36 State Route 35, the property is currently occupied by a Family Dollar and a Bubbakoo’s Burritos. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, a developer, in the transaction. The buyer was undisclosed.

October 4, 2018

Development Retail South Carolina Southeast

Hutton Completes $60M Shopping Center in Metro Charlotte

by Amy Works October 4, 2018

INDIAN LAND, S.C. — Chattanooga-based Hutton has completed Promenade at Carolina Reserve, a regional shopping center located at the corner of U.S. 521 and Jim Wilson Road in Indian Land, a suburb of Charlotte in South Carolina. The $60 million property spans 258,000 square feet of retail space. Promenade at Carolina Reserve’s tenant roster includes Burlington, Hobby Lobby, Ross Dress for Less, T.J. Maxx, HomeGoods, UltaBeauty, Five Below, Rack Room Shoes, Dollar Tree, Kirkland’s, Hibbett Sports, Petco, Express Oil Change, Starbucks Coffee, Panera Bread, Chili’s Bar & Grill, Verizon Wireless, Jimmy John’s Gourmet Sandwiches, Le Peep, Habit Burger Grill and Heartland Dental. Additionally, an Aldi grocery store is scheduled to open in 2020, and the center has additional outparcels available for ground lease or built-to-suit. The development team, which is led by Hutton’s Brad Combs and includes general contractor Berry Hutton Construction, is hosting a public grand opening ceremony and ribbon-cutting event on Tuesday, Oct. 16.

October 4, 2018

Acquisitions Georgia Retail Southeast

Halpern Enterprises Acquires 49,900 SF Shopping Center in Metro Atlanta

by Amy Works October 4, 2018

WOODSTOCK, GA. — Smyrna, Ga.-based Halpern Enterprises has purchased Shoppes at Trickum, a shopping center located at 12184 Highway 92 in Woodstock, for an undisclosed price. Developed in 2004, the 49,900-square-foot retail center is 94 percent leased to Dollar Tree, Sally Beauty, H&R Block, SportClips, GameStop and Cricket Wireless. The name of the seller and sales price were not released.

October 4, 2018

Acquisitions Florida Office Retail Southeast

MMG Equity Partners Acquires Mixed-Use Property in South Florida for $9.7M

by Amy Works October 4, 2018

PINECREST, FLA. — MMG Equity Partners has purchased Pinecrest Center, a two-story mixed-use property located at 11975 S. Dixie Highway in Pinecrest, a village in Miami-Dade County. A family-owned investment group sold the property for $9.7 million, or $284 per square foot. Drew Kristol, Kirk Olson and Jean-Baptiste Ramet of Marcus & Millichap’s Miami office represented the seller in the deal. Pet Supermarket, Miami Home Center and IHOP are tenants at the 34,306-square-foot property. The second floor of the property features recently remodeled office space ranging from 240 square feet to 600 square feet, plus a shared conference room.

October 4, 2018

Stoneridge-Towne-Centre-Moreno-Valley-CA

Acquisitions California Retail Western

MCA Realty Acquires 117,191 SF Value-Add Retail Property in California for $16.5M

by Amy Works October 4, 2018

MORENO VALLEY, CALIF. — MCA Realty has purchased a portion of Stoneridge Towne Centre, a retail center located in Moreno Valley, for $16.5 million. Totaling 117,191 square feet, the acquisition includes four multi-tenant buildings and two retail boxes located at 27110, 27120, 27130, 27140, 27190 and 27220 Eucalyptus Ave., as well as four developable pads totaling 5.24 acres. At the time of sale, the retail assets were 88 percent occupied, with Best Buy and West Elm currently occupying the two box spaces on short-term leases. Phil Voorhees, Jimmy Slusher, James Tyrrell and John Read of CBRE represented the buyer and undisclosed seller in the transaction.

October 4, 2018

Acquisitions Restaurant Retail Utah Western

Hanley Arranges $3.2M Sale of Single-Tenant Property Leased to Café Rio in Salt Lake City

by Amy Works October 4, 2018

SALT LAKE CITY — Hanley Investment Group Real Estate Advisors has arranged the $3.2 million sale of a 2,513-square-foot, single-tenant building leased to Café Rio in Salt Lake City’s Sugar House district. The building is a renovated Carl’s Jr. property with a drive-thru. Jeremy McChesney and Dylan Mallory of Hanley Investment Group represented both the buyer and seller in the off-market transaction. The buyer was a private investor from the San Francisco Bay Area, and the seller was a private investor based in Salt Lake City.

October 4, 2018

Loans Midwest Ohio Retail

NorthMarq Arranges $7.2M Acquisition Loan for Shopping Center in West Chester, Ohio

by Kristin Harlow October 4, 2018

WEST CHESTER, OHIO — NorthMarq Capital has arranged a $7.2 million loan for the acquisition of Liberty Commons in West Chester. The 58,059-square-foot shopping center is located at 7302-7340 Yankee Road. Tenants include a chiropractor, nail salon, hair salon and wings restaurant. Noah Juran and Dale Stewart of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A national bank provided the loan. The borrower was not disclosed.

October 4, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges $3.9M Sale of Retail Asset Leased to AutoZone Near Newark

by David Cohen October 3, 2018

IRVINGTON, N.J. — Marcus & Millichap has arranged the $3.9 million sale of an 8,000-square-foot retail asset net-leased to AutoZone. The property is located at 1128 Springfield Ave. in Irvington, a western suburb of Newark. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVita of Marcus & Millichap represented the seller, a developer, in the transaction. The group also procured the buyer, a private investor. Both parties requested anonymity.

October 3, 2018

Leasing Activity Midwest Missouri Retail

Fields Foods to Open at Multifamily Development in St. Louis

by Kristin Harlow October 3, 2018

ST. LOUIS — Fields Foods is opening a store at the Lofts@Euclid in St. Louis. The grocer will occupy the remaining 8,186 square feet of commercial space on the ground floor of the 87-unit loft development, which opened in 2016. Fields Foods plans to be open for business later this year. The property originally opened in 1910 and served as the headquarters for the Langan & Taylor Co.

October 3, 2018

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