Retail

Continental Partners Arranges $9.3M in Financing for Mixed-Use Property in Tustin, California

by Amy Works April 30, 2018

TUSTIN, CALIF. — Continental Partners has secured $9.3 million in financing for an office and retail property located at 15501 Red Hill Ave. in Tustin. Eugene Rutenberg of Continental Partners arranged the five-year loan, which includes $8.7 million in initial funding and $588,000 to be released as cash-out proceeds after the undisclosed sponsor completes minor tenant improvements to fully stabilize the property. Recently renovated, the 44,123-square-foot property was vacant at the time of loan application. During the loan application, the borrower executed two long-term leases, including TAPS Fish House & Brewery, for the property.

April 30, 2018

Acquisitions Arizona Retail Western

Orion Investment Brokers Sale of LA Fitness-Anchored Retail Center in Chandler, Arizona

by Amy Works April 30, 2018

CHANDLER, ARIZ. — Orion Investment Real Estate has arranged the sale of a portion of Valle Del Sol, a multi-building retail property located at the corner of Dobson and Warner roads in Chandler. AVD Land 2 LLC acquired the property located at 2090 N. Dobson Road for $2.1 million, or $268 per square foot, and the property at 2080 N. Dobson Road for $1.2 million, or $305 per square foot. LA Fitness and Lee Lee International Market occupy the buildings. Judi Butterworth and Lacey Eyman of Orion Investment Real Estate represented the seller, Arizona-based BCB-WB Partners LLC, in the transaction.

April 30, 2018

Acquisitions Indiana Midwest Retail

Rainier, CIL2 Acquire 204,800 SF Power Center in Noblesville, Indiana

by Kristin Harlow April 30, 2018

NOBLESVILLE, IND. — Rainier Realty Investments LP, in a joint venture with institutional investor CIL2 REIT LLC, has acquired Stony Creek Marketplace, a 204,800-square-foot shopping center in Noblesville, about 25 miles north of Indianapolis. The purchase price was not disclosed. CIL2 has institutional support from publicly traded South African REIT Emira Property Fund, and is managed by Continuum Investments LLC. Stony Creek Marketplace was 99 percent leased at the time of sale to tenants such as Best Buy, T.J. Maxx, HomeGoods, Barnes & Noble, PetSmart, Party City and Pier 1 Imports. Metropolitan Capital Advisors arranged acquisition financing for the asset. Neither the name of the seller nor the sales price was disclosed.

April 30, 2018

Acquisitions Illinois Midwest Net Lease Retail

The Boulder Group Arranges $12.7M Sale of Property Net Leased to Jewel-Osco in Orland Park, Illinois

by Kristin Harlow April 30, 2018

ORLAND PARK, ILL. — The Boulder Group has arranged the sale of a 63,400-square-foot property occupied by Jewel-Osco on a net-lease basis in Orland Park for $12.7 million. The property is located at 17930 Wolf Road. Renovated in 2009, the asset features a drive-thru pharmacy. Jewel-Osco has 20 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private real estate investment company based in the Southwest. A West Coast-based investor was the buyer.

April 30, 2018

Acquisitions Midwest Missouri Retail

Block & Co. Negotiates $2.8M Sale of Retail Center in Kansas City, Missouri

by Kristin Harlow April 27, 2018

KANSAS CITY, MO. — Block & Co. Inc. Realtors has negotiated the sale of Two Ten Center in North Kansas City for $2.8 million. The 15,057-square-foot shopping center is located on the northeast corner of I-29 and Armour Road. The property is 90 percent leased to tenants such as Quiznos, Care ATC, Donut King and Insure One. Max DiCarlo of Block & Co. negotiated the sale on behalf of the buyer, Mariam LLC. Block & Co. will handle leasing and property management for the center.

April 27, 2018

Acquisitions Florida Retail Southeast

Colliers Negotiates $5.3M Sale of New Retail Center in Jacksonville

by Camren Skelton April 27, 2018

JACKSONVILLE, FLA. — Colliers International has arranged the $5.3 million sale of Village Commons, a 12,001-square-foot retail center located at 4490 and 4492 Southside Blvd. in Jacksonville. The seller, Rimrock Southside LLC, developed the property last year. Colliers International arranged the 1031 exchange on behalf of the buyers, Bronx Wendy’s SCH LLC and Southside RMR LLC. Village Commons is home to tenants such as AT&T, Pet Supermarket, First Watch and Wells Fargo.

April 27, 2018

Market Reports Retail Texas Texas Market Reports

El Paso Retail Market Embraces Entertainment Concepts

by Taylor Williams April 27, 2018

Compared to the four major MSAs in Texas, El Paso has often been overlooked by national and regional retailers. But times change, and interest in retail real estate in West Texas is at an all-time high. Major retailers that have taken space in El Paso are experiencing steady sales growth and expanding their footprints. Over the last couple years, we’ve seen new leases for major retailers, including At Home Furniture — which leased more than 100,000 square feet at its newest location — Ross Dress For Less, Tuesday Morning, Marshall’s and Sprouts Farmers Market, to name a few. Like the rest of Texas, El Paso’s economy is growing and strengthening. The city has posted a 3.7 percent unemployment rate to start the year, which is lower than the state (3.9 percent) and national (4.1 percent) averages. The city’s population continues to grow, driven by downtown office development, greater military spending (El Paso’s resident military base, Fort Bliss, houses tens of thousands of active duty and reservist military personnel, their families and civilian workers) and a reduction in crime in Ciudad Juarez, the sister city located just across the border. These forces have combined to imbue El Paso with a unique, …

April 27, 2018

Acquisitions Retail Texas

HSM Brokers Sale of 102,996 SF Retail Center in North Houston

by Taylor Williams April 26, 2018

HOUSTON — Henry S. Miller Brokerage Co. (HSM) has brokered the sale of Commons at Lincoln Green, a 102,996-square-foot retail center located at 11303 Veterans Memorial Drive on Houston’s north side. Built in 1980 and situated on 8.2 acres, the property will soon be anchored by an El Rancho Supermarket. Shawn Ackerman of HSM represented the seller, a private trust, in the transaction. Dallas-based Khaled Properties LLC purchased the center for an undisclosed price.

April 26, 2018

Development Retail Texas

Edifis to Redevelop 98,816 SF Shopping Center in Texas City, Texas

by Taylor Williams April 26, 2018

TEXAS CITY, TEXAS — Edifis Group, a Houston-based development and investment firm, will redevelop Palmer Plaza, a 98,816-square-foot shopping center in Texas City, about 40 miles southeast of Houston. The redevelopment of the center, which was built in 1987, will upgrade the center’s landscaping, decorative lighting and signage. New tenants including Aldi, Ross Dress for Less and Chick-il-A will join Palmer Plaza upon completion of the project.

April 26, 2018

Development Georgia Retail Southeast

Halpern Enterprises to Deliver Phase II of Mixed-Use Project in Metro Atlanta

by Camren Skelton April 26, 2018

SMYRNA, GA. — Halpern Enterprises Inc. has broken ground on the second phase of The Shops at Belmont, a 47,593-square-foot retail center located at the intersection of Atlanta and Windy Hill roads in Smyrna, roughly 17 miles northwest of downtown Atlanta. The shopping center is part of Halpern Enterprises’ 48-acre Belmont mixed-use development. Phase II of The Shops at Belmont will feature 12,000 square feet of retail space. Australian fitness brand F45 Training will occupy 2,400 square feet at the development for its fourth metro Atlanta studio, and organic dining concept Real Subs Café & Deli will occupy 2,100 square feet. Both tenants are expected to open this fall. The first phase of The Shops at Belmont was completed in 2016 and houses tenants such as Creatwood Tavern, Opa Greek Village, Cielo Mexican Grill, N’Style Barber Shop, Hearing Solutions, Sprint and J. Christopher’s. The Belmont mixed-use development includes residential, healthcare and education components, including Belmont Physicians Center, a 30,000-square-foot medical office building anchored by Emory Healthcare; Village of Belmont, a single-family residential community; 400 Belmont, a 274-unit apartment community; and Smyrna Elementary School.

April 26, 2018

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