BEVERLY HILLS, CALIF. — Charles Dunn Co. Has arranged the sale of a retail property located at 207-209 S. Robertson Blvd. In Beverly Hills. Pagani of Beverly Hills acquired the property from a Los Angeles-based limited liability company for $3.9 million. The buyer plans to renovate the 3,727-square-foot property and use it to showcase and sell its high-end supercars. Justin Mendelson and Joshua Berger of Charles Dunn Co. represented the buyer and advised the seller in the deal.
TUSTIN, CALIF. — Lee & Associates has brokered the sale of a retail building located at 535 E. Main St. within the Newport & Main Center in Tustin. Torrance, Calif.-based Rehka Bajaria & Farrand Investments sold the building to Tustin-based Ayala Capital Group for $2.5 million. The building features 4,748 square feet of space. Randy Dalby of Lee & Associates – North San Diego County and Tom Gioia of Lee Irvine represented the seller, while Silverpoint Advisors represented the buyer in the transaction.
FORT WORTH, TEXAS — Hillwood has broken ground on Parkside at Alliance Town Center, a 3.5-acre dining and entertainment destination that will be located within the 900-acre AllianceTexas development in Fort Worth. Upon completion, the property will feature a live music stage and space for outdoor games. Two restaurants, Grub Burger Park and Shell Shack, have already committed to operating within the site, with more to come. Construction for the Grub Burger Park and Shell Shack locations is expected to be complete by summer 2018.
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.
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.
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 …
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.
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.
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.
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.
