Retail

Miller Capital Advisory Sells 468,127 SF Shopping Center in Peoria, Illinois

by Kristin Harlow November 10, 2017

PEORIA, ILL. — Miller Capital Advisory Inc. has sold The Shoppes at Grand Prairie in Peoria for an undisclosed price. The 468,127-square-foot lifestyle center is situated on 30.3 acres at 5201 W. War Memorial Drive. Completed in 2003, the property includes six multi-tenant buildings and one single-tenant building. The property is 94 percent leased to more than 35 tenants such as Bergner’s, Dick’s Sporting Goods, Marshalls, HomeGoods, DSW, H&M, Old Navy, J. Crew Mercantile, Banana Republic Factory and J. Jill. Amy Sands, Clinton Mitchell, Barry Brown and Claudia Steeb of HFF marketed the property for Miller Capital. An affiliate of Singerman Real Estate LLC purchased the asset.

November 10, 2017

North Carolina Office Retail Southeast

Northridge Capital, Insite Break Ground on 107,000 SF Office, Retail Building in Midtown Charlotte

by Camren Skelton November 10, 2017

CHARLOTTE, N.C. — Northridge Capital LLC, in partnership with Insite Properties, has broken ground on The Refinery, a 107,000-square-foot creative office and retail project located at 1213 W. Morehead St. in Charlotte’s Midtown district. The five-story building will include four upper levels of 22,500-square-foot floorplates, 10- to 14-foot ceilings heights and floor-to-ceiling glass windows. The first floor will be dedicated to retail space and will feature 16-foot ceiling heights. The Refinery will also feature a rooftop amenity space, free parking in a 350-space parking deck, electric car charging stations, interior bike storage, private showers and locker rooms and a gathering space in the main lobby. The building will sit adjacent to a 287-unit multifamily community currently under construction. In addition, The Refinery is within walking distance to a number of restaurants in Charlotte’s Freemore West neighborhood. Barry Fabyan and Charley Leavitt of JLL are handling the leasing assignment for the office portion of the project, and John Hadley of The Nichols Co. is overseeing retail leasing. The project team includes architect BB+M Architecture, civil engineer LandDesign and general contractor Edifice Construction. Northridge and Insite plan to deliver The Refinery in fall 2018.

November 10, 2017

Illinois Loans Midwest Retail

Maverick Commercial Arranges $4M Refinancing for Automotive Dealership in Orland Park, Illinois

by Kristin Harlow November 10, 2017

ORLAND PARK, ILL. — Maverick Commercial Mortgage Inc. has arranged a $4 million loan for the refinancing of an automotive dealership in Orland Park, about 25 miles southwest of Chicago. CJ Wilson Mazda of Orland Park occupies the 22,000-square-foot dealership. Benjamin Kadish of Maverick arranged the five-year loan, which features a 20-year amortization schedule. Proceeds from the loan refinanced the existing first mortgage and paid for closing costs. A local lender provided the loan.

November 10, 2017

Retail South Carolina Southeast

Ziff Properties Sells Grocery-Anchored Center in Aiken, South Carolina for $7.1M

by Camren Skelton November 10, 2017

AIKEN, S.C. — Ziff Properties Inc. has sold Kalmia Plaza Shopping Center, a 215,262-square-foot retail center in Aiken, for $7.1 million. The Palomar Group represented Ziff Properties in the transaction. A Florida-based private buyer acquired the asset. Food Lion anchors the center, which was 76.6 percent leased at the time of sale to tenants including Ollie’s Bargain Outlet, Hibbett Sports, Rose’s Discount Store, Workout Anytime, Citi Trends, Metro PCS, Check N Go, Little Caesars and Waffle House.

November 10, 2017

Mixed-Use Retail Texas

Oaxaca Interests to Develop Three New Retail Buildings at Sylvan | Thirty in West Dallas

by John Nelson November 10, 2017

DALLAS — Dallas-based Oaxaca Interests plans to develop three new retail buildings at Sylvan | Thirty, a mixed-use development at Sylvan and Fort Worth avenues in West Dallas. Each building will span 3,500 square feet. Oaxaca will also demolish an existing drive-thru bank, reconfigure the parking lot and update the exterior of the existing office building at Sylvan | Thirty. The design team includes architect Lake Flato and landscape architect Hocker Design Group. Sylvan | Thirty’s existing retail space is more than 75 percent leased to tenants such as TacoDeli, Cibodivino, Whisk Crepes, Houndstooth Coffee, Pink Pedi, Cox Farms Market, Sync Yoga & Wellbeing, Betty Ringer, Craft & Co. Salon, Vernacular, Arnold Brothers Dry Cleaner and Ten. Cooper’s Meat Market is anticipated to open next month. Oaxaca Interests plans to break ground on the three retail buildings in early 2018.

November 10, 2017

California Retail Western

ShopOne Centers REIT Buys 202,134 SF Retail Center in California

by Nellie Day November 9, 2017

CORONA, CALIF. — ShopOne Centers REIT Inc. has purchased McKinley Crossroads, a three-building retail center located at 275 Teller St. in Corona, for an undisclosed price. Situated on 13.9 acres, the 202,134-square-foot retail center was built in 1989 and renovated in 2000. Simple Fresh Market and 24-Hour Fitness anchor the property. The acquisition marks ShopOne’s entry into the California market.

November 9, 2017

California Mixed-Use Office Retail Western

Marcus & Millichap Brokers $9.8M Sale of 21,973 SF Mixed-Use Building in North Hollywood

by Nellie Day November 9, 2017

NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the sale of Andrew’s Plaza, a mixed-use building located at 11305 Magnolia Blvd. in North Hollywood. Yasam Legacy LLC acquired the property from a limited liability company for $9.8 million. At the time of sale, the 21,973-square-foot property was 96.9 percent occupied by a mix of retail and office tenants. Martin Agnew and Ryan Rothstein-Serling of Marcus & Millichap represented the seller and buyer in the deal.

November 9, 2017

District of Columbia Loans Multifamily Retail Southeast

ING Capital Leads $110M Refinancing of 310-Unit Multifamily, Retail Asset in D.C.

by Camren Skelton November 9, 2017

WASHINGTON, D.C. — ING Capital LLC has led the $110 million refinancing of Atlantic Plumbing, a 310-unit multifamily and retail property located at the intersection of 8th and V streets in Washington, D.C. BMO Harris Bank joined ING as a co-lender in the financing on behalf of the borrower, JBG Smith, a publicly traded REIT based in Chevy Chase, Md. Architect Morris Adjmi designed the 10-story, Class A building. The retail portion of the property is leased to tenants including Landmark Theaters, Tasty Burger, Declaration Pizza, Bazaar Spices and Hazel.

November 9, 2017

Florida Restaurant Retail Southeast

Thor Equities Breaks Ground on 63,000 SF Retail, Restaurant Development in Miami

by Camren Skelton November 9, 2017

MIAMI — Thor Equities has broken ground on Wynwood Walk, a 63,000-square-foot restaurant and retail development located at 2800 N.W. 2nd Ave. in Miami’s Wynwood Art District. Upon completion, the project, designed by Oppenheim Architecture, will feature new retail and restaurants, a green rooftop, paseo and a landscaped terrace with outdoor seating. Construction is scheduled for completion in November 2018.

November 9, 2017

Market Reports Midwest Midwest Market Reports Retail Wisconsin

Milwaukee Looks to Boost Retail Market Through Tax-Increment Financing

by Kristin Harlow November 9, 2017

Milwaukee-area communities have woken up and embraced tax-increment financing (TIF) as a way to stimulate retail and commercial development. Unlike our neighboring state of Illinois, Wisconsin is not afforded the same luxury of allowing retail sales taxes to flow to municipalities, which allows for greater financial flexibility and helps offset the cost of infrastructure and municipal services as a result of retail development. Wisconsin municipalities do not impose local sales or use taxes on purchases of goods and services. Based on a 5.6 percent tax rate for average Wisconsin communities, 5 percent flows to the state, 0.5 percent flows to the county and 0.1 percent would flow to a specially created district, such as a stadium or entertainment venue. TIF allows cities or villages to finance commercial development in a designated area, called a tax incremental district (TID), to promote a tax base expansion and economic development. The property taxes within the TID are placed in a special fund and are used to pay for improvements within the district. When the property values rise within the TID, the taxes paid on the increased value can be used to pay back public project costs, which otherwise can’t occur. Developers eye mixed-use …

November 9, 2017

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