Retail

Regency Centers, Partner Acquire Whole Foods-Anchored Center in Raleigh for $46M

by Camren Skelton September 26, 2018

RALEIGH, N.C. — Regency Centers Corp. and its joint venture partner have acquired Ridgewood Shopping Center, a 95,300-square-foot retail center in Raleigh. Regency acquired a 20 percent interest in the asset. Other terms of the deal were not disclosed, but the Triangle Business Journal reports the Richards family sold the asset for $46 million. Ridgewood Shopping Center was originally developed in 1951, and Raleigh’s first Whole Foods Market anchors the center. Additional tenants include Walgreens, Orvis, Fleet Feet Sports and a collection of local tenants. The acquisition marks Regency’s 13th property in the Raleigh market.

September 26, 2018

Acquisitions Illinois Midwest Retail

Sterling Acquires Two-Property Retail Portfolio in Metro Chicago

by Kristin Harlow September 25, 2018

HILLSIDE AND OSWEGO, ILL. — Sterling Organization has acquired a two-property retail portfolio in metro Chicago for an undisclosed price. The portfolio includes the 164,837-square-foot Hillside Town Center in Hillside and the 101,466-square-foot Prairie Market in Oswego. Developed in 2009, Hillside Town Center is home to tenants such as Ross Dress for Less, HomeGoods, Michaels and Petco. Aldi and PetSmart anchor Prairie Market, which was developed between 2007 and 2009. The properties were purchased on behalf of Sterling’s institutional fund, Sterling Value Add Partners III LP. The seller was not disclosed.

September 25, 2018

Acquisitions Indiana Midwest Retail

Cooper Group Arranges $3M Sale of Retail Center Near Indianapolis

by Kristin Harlow September 25, 2018

SHELBYVILLE, IND. — The Cooper Commercial Investment Group has arranged the $3 million sale of a 22,470-square-foot retail center in Shelbyville, a southeast suburb of Indianapolis. The property, shadow anchored by Kroger, is fully leased to tenants such as Buffalo Wild Wings, Shoe Sensation and Pet Value. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an East Coast-based private investment group. The team also procured the buyer, a Florida-based private investor. The sale represents a 7.7 percent cap rate.

September 25, 2018

Loans Retail Washington Western

Newmark Arranges $5M Loan for 22,367 SF Retail Property in Spokane, Washington

by Amy Works September 25, 2018

SPOKANE, WASH. — Newmark has arranged $5 million in permanent financing for the Village at Regal Pond, a retail property located in Spokane’s Inland Northwest submarket. The multi-tenant property features 22,367 square feet of retail space. Demetri Koston and Skip Slavin of Newmark’s Seattle office secured the non-recourse financing with one of Newmark’s correspondent life companies. Newmark will service the 20-year, fully amortizing loan at no additional cost to the undisclosed borrower.

September 25, 2018

Acquisitions New Hampshire Northeast Retail

NKF Capital Markets Brokers Sale of 81,317 SF Retail Property in New Hampshire

by David Cohen September 24, 2018

WEST LEBANON, N.H. — NKF Capital Markets has brokered the sale of Powerhouse Plaza, an 81,317-square-foot retail property in West Lebanon. The sales price was undisclosed. Justin Smith of NKF Capital Markets represented the seller, Eastern Real Estate, in the transaction. The buyer was Jaffe Corp. The tenant roster at the property includes Shaw’s supermarket, Rite Aid, New Hampshire Liquor & Wine Outlet and 99 Restaurant & Pub.

September 24, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges $4M Sale of Retail Property in New Jersey

by David Cohen September 24, 2018

PATERSON, N.J. — Marcus & Millichap has arranged the $4 million sale of Madison Avenue Shopping Center, a 26,920-square-foot retail property in Paterson. The property is located at 422-446 Madison Ave. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the buyer, a private investor, in the transaction. The seller was also a private investor.

September 24, 2018

Acquisitions North Carolina Retail Southeast

Berkeley Capital Secures $15.5M Sale of Grocery-Anchored Shopping Center in Raleigh

by Camren Skelton September 24, 2018

RALEIGH, N.C. — Berkeley Capital Advisors has arranged the $15.5 million sale of Greystone Village, an 85,649-square-foot shopping center in Raleigh. Alex Quarrier, Marc Ozburn and John Lineberger of Berkeley Capital arranged the transaction on behalf of the seller, DNA Partners. Burroughs & Chapin Co. acquired the asset, which was fully leased at the time of sale to tenants such as Food Lion, Sola Coffee, Saw Mill Taproom, Gonza’s Tacos & Tequila and Kai Japanese Restaurant.

September 24, 2018

Acquisitions Restaurant Retail Texas

SRS Brokers $3.5M Sale of Retail Property Leased to Chick-fil-A in Dallas

by Taylor Williams September 24, 2018

DALLAS — SRS Real Estate Partners has brokered the $3.5 million sale of a 4,779-square-foot retail property ground-leased to Chick-fil-A in Dallas. Ara Rostamian, Matthew Mousavi and Patrick Luther of SRS represented the seller, a Los Angeles-based private investor, in the transaction. Craig Stewart of ACRE Investment Real Estate Services represented the buyer, a California-based family trust that acquired the property via a 1031 exchange. The asset is located at 9111 Garland Road.

September 24, 2018

Acquisitions Michigan Midwest Retail

Dominion Arranges Sale of Former Summit Place Mall in Waterford Township, Michigan

by Kristin Harlow September 24, 2018

WATERFORD TOWNSHIP, MICH. — Dominion Real Estate Advisors has arranged the sale of the former Summit Place Mall in Waterford Township near Pontiac. Southfield, Mich.-based commercial real estate development and investment company Ari-El Enterprises acquired the property from California-based SD Capital LLC, which has owned the asset since 2008. The 1.4 million-square-foot mall is situated on 73 acres. It opened in 1962 as the first enclosed mall in Michigan. At its peak, Summit Place Mall was home to more than 200 stores. The Sears store was the last to close in 2014. DTE Energy plans to break ground this fall on a 50,000-square-foot facility at the site. Redevelopment of the full property could include more than 1 million square feet of mixed uses, including industrial, office, hospitality and fast casual restaurants, according to Arie Leibovitz, owner of Ari-El Enterprises. Dominion represented the seller in the transaction. Terms of the sale were not disclosed. A demolition is in the works for the property.

September 24, 2018

Acquisitions Illinois Midwest Retail

Kensington Development, IM Properties Acquire 310,000 SF Retail Center in Metro Chicago, Plan Redevelopment

by Kristin Harlow September 24, 2018

MORTON GROVE, ILL. — Kensington Development Partners and IM Properties have acquired Prairie View Plaza, a 310,000-square-foot retail center in Morton Grove. Edgemark Properties arranged the transaction on behalf of the seller, Federal Construction Inc. The asset sold for $11.3 million, according to local media reports. Kensington Development and IM Partners plan to reposition and redevelop the 26-acre property, located 16 miles northwest of Chicago, with new retail, restaurant and entertainment options. The site also has development potential for residential, hotel and medical office uses, according to the project developers. Kensington and IM plan to maintain the existing 3,120-square-foot Bank of America outparcel, as well as the 10,500-square-foot strip center currently anchored by Starbucks Coffee. Additional tenants at the center include LA Fitness, Dollar Tree and The Room Place. A development timeline for the project was not disclosed.

September 24, 2018

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