Retail

Cohen Financial Secures $13M Acquisition Loan for Retail Center in Metro Nashville

by Camren Skelton November 3, 2017

MURFREESBORO, TENN. — Cohen Financial, a division of SunTrust Bank, has secured a $13 million loan for the acquisition of Towne Center, a 108,000-square-foot retail center located on Old Fort Parkway in Murfreesboro, roughly 35 miles southeast of Nashville. Dan Rosenberg and Matt Terpstra of Cohen Financial secured the fixed-rate loan through Morgan Stanley on behalf of the borrower, an affiliate of Integris Ventures. T.J. Maxx anchors Towne Center, and Lowe’s Home Improvement and Target are shadow anchors.

November 3, 2017

Illinois Loans Midwest Retail

ECA Capital Receives $77M Loan for Refinancing of Two Retail Properties in Chicago

by Kristin Harlow November 3, 2017

CHICAGO — ECA Capital Ltd., an Irish partnership, has received a $77 million loan for the refinancing of two adjacent retail properties along Chicago’s Magnificent Mile. The properties, located at 545 and 555 N. Michigan Ave., total 61,909 square feet. Completed in 1998, the 45,904-square-foot, three-story 555 North Michigan building is home to The Gap. Ugg boots recently leased the five-story 545 North Michigan building, which includes 16,005 square feet. Christopher Knight and Timothy Joyce of HFF arranged the 10-year loan with a fund managed by Apollo Global Management.

November 3, 2017

Market Reports Retail Texas Texas Market Reports

Rising Occupancy Bolsters Fort Worth Retail Market Outlook

by Taylor Williams November 3, 2017

With occupancies, rental rates and volumes of new construction on the rise, the Fort Worth retail market continues to draw a great number of investors and available debt lenders to the area in search of deals. Stabilized strip centers in high-traffic areas are in high demand, often trading at first-year returns in the high-6 percent to low-7 percent range. The Dallas-Fort Worth (DFW) metroplex’s thriving economy and growing population has prompted greater retail spending, which, in combination with the shifting retail landscape, is generating strong demand for space. During the first quarter, area employers added 24,300 positions. Many of these jobs were created at businesses that are situated within master-planned, mixed-use developments that combine office, retail and rental units, which has helped foster greater retail spending. As of the first quarter, average retail spending per household in Fort Worth reached $4,439 per month — 17.3 percent higher than the U.S. average. Looking forward, it seems likely that these trends will continue as the DFW population is projected to expand by 728,000 people over the next five years. This should help sustain healthy demand and positive momentum for retail real estate. Along with the positive economic outlook, the reconfiguration and diversification …

November 3, 2017

California Retail Western

Balboa Partners Buys Two Grocery-Anchored Centers in Southern California

by Nellie Day November 2, 2017

SANTA MONICA AND CARLSBAD, CALIF. — Balboa Retail Partners has acquired two grocery-anchored retail centers in Southern California — Lincoln Center in Santa Monica and Carlsbad Village in Carlsbad. Tom Lagos and Michael Asarch of Colliers International arranged the transaction. Other terms of the deal were not disclosed. Lincoln Center totals 57,630 square feet and is anchored by a Gelsons Market. Smart & Final anchors the 59,010-square-foot Carlsbad Village. Both properties were fully occupied with long-term leases at the time of sale.

November 2, 2017

Massachusetts Northeast Retail

KeyPoint Partners Negotiates $6.1M Sale of Retail Property in Peabody, Massachusetts

by Amy Works November 2, 2017

PEABODY, MASS. — KeyPoint Partners has arranged the sale of Route One Marketplace, a retail property located at 216 Newbury St. in Peabody. An undisclosed seller sold the property to the owner and operator of FUNCITY and Aero Trampoline Parks for $6.1 million. The buyer plans to open a FUNCITY facility at the property in spring 2018. Work Out World, Namco, Mass Bay Hockey Center and Revival Church are tenants at the 68,530-square-foot property. Don Mace of KeyPoint Partners negotiated the transaction.

November 2, 2017

Georgia Multifamily Retail Southeast

Westdale, StreetLights Break Ground on Apartment, Retail Community in Metro Atlanta

by Camren Skelton November 2, 2017

SANDY SPRINGS, GA. — Westdale, in a joint venture with StreetLights Residential, has broken ground on Aria Village, a new retail and residential development in Sandy Springs, roughly 15 miles north of downtown Atlanta. Aria Village will include 30,000 square feet of retail and restaurant space, along with a five-story apartment community dubbed The Alastair at Aria Village. The project is part of Aria, a master-planned community under development by Ashton Woods. Located adjacent to the new Mercedes-Benz USA headquarters, Aria Village will feature boutique retailers, a chef-driven restaurant and 357 apartment units, ranging in size from 701 to 2,068 square feet. The residential portion will feature a pool deck, coworking spaces, dog wash station and a two-story fitness center. The first apartment units are expected to open in fall 2019. SLR Construction LLC is the general contractor for the project, and Looney Ricks Kiss is the architect. TBG Partners is providing landscape design services, and 5G Studio is the interior designer.

November 2, 2017

Office Retail Southeast Tennessee

Magnolia Capital Acquires Office, Retail Properties in Tennessee for $22.4M

by Camren Skelton November 2, 2017

MEMPHIS AND SHELBYVILLE, TENN. — Magnolia Capital Investments has acquired two properties in Memphis and Shelbyville for a combined $22.4 million. The Nashville-based company acquired Trustmark Centre, a 163,446-square-foot office building located at 5350 Poplar Ave. in Memphis, for $19.7 million. The nine-story building was 93.5 percent leased at the time of sale to tenants including TrustMark Bank, Aetna Insurance and Evergreen Packaging. Shane Soefker and Jacob Biddle of Avison Young represented Magnolia Capital in the transaction. In Shelbyville, Magnolia Capital acquired Big Springs Shopping Center for $2.7 million. Located at 108 Lane Parkway, the 86,077-square-foot retail center was 86 percent leased at the time of sale to tenants including Dollar General, Factory Connection, United Grocery Outlet and Goodwill. Avison Young will manage Big Springs Shopping Center and handle the property’s leasing activity.

November 2, 2017

Civic Conference Coverage Georgia Retail Southeast

ICSC Panelists Say Government Involvement is Key in Thwarting ‘Retail Apocalypse’

by John Nelson November 2, 2017

ATLANTA — Tim Keane, commissioner of planning and community with the City of Atlanta, didn’t mince words when it came to his thoughts on the government’s role with new retail development. “Everyone in this room should have higher expectations for their cities and towns,” says Keane, addressing the crowd during the ICSC Southeast Conference & Deal Making event held at the Cobb Galleria Centre in Atlanta in mid-October. The panel discussion, dubbed “Debunking the Retail Apocalypse,” centered on why retail isn’t a dying industry but one that is evolving on a daily basis. For as much discussion about how food and entertainment are helping change the dynamic for retail real estate, the panel agreed that a concerted effort between the public and private sectors is the only way the retail industry can truly adapt with the times. Keane, who previously worked with the City of Charleston, says it’s the local government’s responsibility to allow developers to build the projects that people want. “It’s crazy for developers to have to go through this gauntlet before they can build what everyone wants them to build,” said Keane, who was interrupted by an applause break. Lacy Beasley, president and chief operating officer of …

November 2, 2017

California Retail Western

Marcus & Millichap Arranges $7.2M Sale of Rite Aid-Leased Property in Lancaster, California

by Nellie Day November 1, 2017

LANCASTER, CALIF. — Marcus & Millichap has arranged the $7.2 million sale of a 15,482-square-foot store in Lancaster net-leased to Rite Aid. Lior Regenstreif of Marcus & Millichap arranged the transaction on behalf of the buyer, an undisclosed partnership. The name of the seller was not released.

November 1, 2017

Retail Texas

Mimco Acquires Big Lots-Anchored SF Shopping Center in Metro Fort Worth

by Taylor Williams November 1, 2017

NORTH RICHLAND HILLS, TEXAS — Mimco Inc. has acquired North Park Plaza, a 55,000-square-foot shopping center located at the intersection of Rufe Snow Drive and Mid Cities Boulevard in the Fort Worth metro of North Richland Hills. Anchored by Big Lots, the center currently houses 13 tenants and has three spaces available for lease. A private investor based in New York sold the asset for an undisclosed price. With this transaction, Mimco’s portfolio in Dallas-Fort Worth (DFW) now exceeds 1 million square feet.

November 1, 2017

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