Retail

HFF Arranges $41.5M Sale of Wall Towne Center in New Jersey

by David Cohen June 5, 2018

WALL TOWNSHIP, N.J. — HFF has arranged the $41.5 million sale of Wall Towne Center, a 99,070-square-foot, grocery-anchored retail center in Wall Township. Jose Cruz, Kevin O’Hearn, Chris Munley Michael Oliver and Stephen Simonelli of HFF represented the seller, AEW Capital Management, on behalf of one of its account clients, in the transaction. The buyer was DWS. The fully leased retail center is anchored by ShopRite. Other tenants include Great Clips, AT&T, GNC, Allstate Insurance, Cherry Blow Dry Bar, OceanFirst Bank, Lubrano’s Trattoria and PetValu. Wall Towne Center was completed in 1997 and underwent renovations in 2017 when ShopRite expanded its space.

June 5, 2018

Development Leasing Activity Maryland Retail Southeast

Kimco Realty Adds Five Anchors at $108M Retail Development Near Baltimore

by Camren Skelton June 5, 2018

OWINGS MILLS, MD. — Kimco Realty Corp. has signed five new tenants to Mill Station, a $108 million open-air retail development in Owings Mills, located roughly 20 miles northwest of Baltimore. Lowe’s Home Improvement, Marshalls, HomeSense, Burlington and Five Below will join the anchor lineup at the development, located at the site of the former Owings Mills Mall. With the addition of the new retailers, the project is 75 percent preleased. Previously announced tenants include AMC Theatre and Costco, which is expected to open later this year. The other announced tenants are scheduled to open throughout the first half of 2019. At full build-out, Mill Station will total 620,000 square feet and will house up to 30 retailers and restaurants.

June 5, 2018

Acquisitions Georgia Retail Southeast

Sterling Organization Acquires Kroger-Anchored Center in Metro Atlanta from Kimco for $10.5M

by Camren Skelton June 4, 2018

LILBURN, GA. — Sterling Organization has acquired Five Forks Crossing, a 73,910-square-foot shopping center located at the intersection of Five Forks Trickum and Oak roads in Lilburn, roughly 20 miles northeast of Atlanta. Kimco Realty sold the asset for $10.5 million, or $142 per square foot. A 62,000-square-foot Kroger anchors the center. Additional tenants include Great Clips, The UPS Store and Coast Dental. Five Forks Crossing is Palm Beach, Fla.-based Sterling Organization’s seventh property in Georgia.

June 4, 2018

Acquisitions California Retail Western

Artisan Realty Advisors Acquires 40,000 SF Retail Property in Hollywood for $61M

by Amy Works June 4, 2018

HOLLYWOOD, CALIF. — Santa Monica, Calif.-based Artisan Realty Advisors has purchased Space 15 Twenty, a retail property located at 1520, 1534, 1538 and 1542 N. Cahuenga Blvd. and 1535 Ivar Ave. in Hollywood. Cahuenga Lofts and Ivar Group sold the property for $61 million. Situated on a 71,000-square-foot land parcel, the property consists of two buildings with an open space area and a surface parking lot. Urban Outfitters, Umami Burgers, Free People and Pharmacy Boardshop, a skate shop, occupy the property. The asset was built in the mid-1920s and renovated in 2007. Cory Stehr of Lee & Associates-LA North/Ventura represented the sellers in the transaction.

June 4, 2018

Acquisitions California Retail Western

Merlone Geier Partners Purchases 77,276 SF Shopping Center in California for $29.7M

by Amy Works June 4, 2018

FULLERTON, CALIF. — Merlone Geier Partners has purchased College Plaza Shopping Center from a private investor for $29.7 million. Located at 2400-2520 E. Chapman Ave. in Fullerton, the 77,276-square-foot shopping center was constructed in 1962 and renovated in 1998. Goodwill and 99 Cents Only anchored the property, which was 73 percent occupied at the time of sale. However, Goodwill vacated during the sales process. Geoff Tranchina, CJ Kodani and Scott Burns of JLL represented the seller, while Merlone Geier represented itself in the deal.

June 4, 2018

California Loans Retail Western

Newmark Secures $28M Loan for NorthPointe Shopping Center in Modesto, California

by Amy Works June 4, 2018

MODESTO, CALIF. — Newmark has placed $28 million in long-term, fixed-rate non-recourse financing for NorthPointe Shopping Center located on Pelandale Avenue in Modesto. The name of the borrower was not disclosed. Save Mart Supermarket anchors the 180,300-square-foot shopping center. Additional tenants include Cost Plus World Market, Starbucks Coffee, Jamba Juice, Verizon Wireless and H&R Block. Mitchell Zeemont of Newmark arranged the 15-year, fixed-rate term loan with a 30-year amortization schedule. One of the firm’s correspondent life insurance company lenders, Genworth Life Insurance Co., provided the capital.

June 4, 2018

Acquisitions California Retail Western

Faris Lee Negotiates $10.5M Sale of Retail Property in Palmdale, California

by Amy Works June 4, 2018

PALMDALE, CALIF. — Faris Lee Investments has arranged the sale of a newly constructed, single-tenant retail building located at 40022 10th St. West in Palmdale. Southern California-based HFC/PRP Palmdale sold the property to Valuerock Investments Partners for $10.5 million. Built in 2017, the 54,942-square-foot building is located within the Destination 0-Eight Power Center. Hobby Lobby fully occupies the building. Jeff Conover and Christopher DePierro of Faris Lee Investments represented the seller and buyer in the deal.

June 4, 2018

Indiana Leasing Activity Midwest Retail

Midland Atlantic Properties Completes Lease-up of Retail Property in Mooresville, Indiana

by Kristin Harlow June 4, 2018

MOORESVILLE, IND. — Midland Atlantic Properties has completed the lease-up of a former 55,000-square-foot grocery store in Mooresville, about 20 miles southwest of Indianapolis. The property is located at 435 Town Center Drive. Tracey Holtzman of Midland Atlantic Properties represented the landlord, Grenadier Indiana LLC, in the lease transactions. Tractor Supply Co. leased 23,556 square feet while Ollie’s Bargain Outlet leased 31,444 square feet.

June 4, 2018

Acquisitions Kansas Midwest Retail

Block & Co. Brokers $1.1M Sale of Gas Station, Convenience Store in Stilwell, Kansas

by Kristin Harlow June 4, 2018

STILWELL, KAN. — Block & Co. Inc. Realtors has brokered the $1.1 million sale of a 2,887-square-foot gas station and convenience store net leased to Shell in Stilwell, about 30 miles south of Kansas City. The property is located on a 2.4-acre lot at 7770 W. 199th St. David Block and Daniel Brocato of Block & Co. represented the seller, 8386 Blackburn Partners LLC. Arshad Mahmood purchased the asset.

June 4, 2018

Florida Market Reports Property Type Retail Southeast Southeast Market Reports

Retailers Get Creative as Miami is Hot, But Available Space is Not

by John Nelson June 4, 2018

The Miami retail market is healthy, expanding and not showing signs of a slowdown. At more than 2.8 million people with an average household income of nearly $70,000, demand for more retail continues throughout Miami-Dade County. The submarkets of Aventura, North Miami, Coconut Grove, Kendall and Pinecrest, as well as the urban core submarkets of Brickell, Midtown and Wynwood, reflect this with low vacancy rates and increasing rents. Most of the new construction projects underway or recently delivered are in the form of mixed-use projects, both within Miami’s urban core and in well-established submarkets such as Coral Gables, Doral and the Design District. The bad news? Miami is landlocked between the Atlantic Ocean and the Everglades, limiting space for traditional retail development and retailer footprints. But here’s where it gets interesting, and promising — instead of abandoning the market, developers and retailers in Miami-Dade County are simply getting creative with the limited dirt available. Building Density Because of the scarcity of land and its high price per-acre, density is the top priority, resulting in a surge of vertical, mixed-use developments with structured parking. For instance, Brickell City Centre demonstrates that if developers want critical mass, sometimes the only way to …

June 4, 2018

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