Retail

Marcus & Millichap Brokers Sale of 17,925 SF Retail Power Center in Moore, Oklahoma

by John Nelson September 14, 2017

MOORE, OKLA. — Marcus & Millichap has brokered the sale of The Shops at Moore, a 17,925-square-foot retail power center located at the corner of 19th Street and Interstate 35 in Moore, a suburb of Oklahoma City. The center was 100 percent leased at the time of sale to national and regional tenants. Nearby retailers include Office Depot, Hobby Lobby, AT&T and Best Buy. Lisa Estrada of Marcus & Millichap represented the seller, a Fort Worth-based limited liability company. First National Bank of Oklahoma provided financing for the acquisition. The name of the buyer and the sales price were not disclosed.

September 14, 2017

California Retail Western

CVK Street Sells Sprouts Farmers Market Location in Whittier for $12.6M

by Nellie Day September 13, 2017

WHITTIER, CALIF. — HFF has arranged the $12.6 million sale of a 24,866-square-foot building triple-net-leased to Sprouts Farmers Market in Whittier, about 20 miles southeast of Los Angeles. Gleb Lvovich and Nicholas Foster of HFF marketed the property on behalf of the seller, CVK Street LLC. A private, 1031 exchange investor purchased the asset free and clear of existing debt. Additionally, Greg Brown of HFF secured a 10-year, fixed-rate, interest-only loan with a CMBS lender on behalf of the new owner.

September 13, 2017

Loans New York Northeast Retail

Ready Capital Structured Finance Closes $4.7M Loan for Retail Space in Manhattan

by Amy Works September 13, 2017

NEW YORK CITY — Ready Capital Structured Finance has closed a $4.7 million loan for a retail condo located in Manhattan’s Financial District for an undisclosed borrower. The borrower plans to renovate the ground floor and basement space of the 4,900-square-foot property and re-lease the property at market rental rates. The non-recourse, interest-only loan features a 24-month term with one extension option and flexible pre-payment. Additionally, the loan is inclusive of a facility to provide for capital expenditures, leasing costs, interest and carry reserves, as well as an equity earn out if certain performance metrics are achieved.

September 13, 2017

Loans Retail Texas

SunTrust Closes $600M in Financing for Texas Rangers Ballpark

by John Nelson September 13, 2017

ARLINGTON, TEXAS — SunTrust Banks Inc. has closed $600 million in financing for the Texas Rangers to fund the team’s share of construction costs for its new ballpark, known as Globe Life Field. Set to open for the 2020 season, the stadium will feature a retractable roof and typical ballpark amenities. The professional baseball team is building Globe Life Field in a public/private partnership with the City of Arlington. The Rangers transaction was a partnership between several of SunTrust’s business units, including the Southwest Corporate Banking office of SunTrust Robinson Humphrey (STRH); the SunTrust Sports and Entertainment Group, which raises capital and provides financing to professional sports franchises; and the STRH Leveraged Finance Group. MUFG and US Bank served as lead arrangers of the Rangers loan.

September 13, 2017

Retail Texas

Retail Solutions Secures 49, 246 SF Retail Lease with Enterprise Rent A Car in Austin

by John Nelson September 13, 2017

AUSTIN, TEXAS — Retail Solutions has secured a retail lease in Austin on behalf of Enterprise Rent A Car. Enterprise will occupy 49,246 square feet on a pad site located at 5350 State Highway 290. Barret Espe of Retail Solutions represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

September 13, 2017

Retail Texas

Colliers Negotiates Sale of 8,000 SF Retail Asset in Port Arthur, Texas

by John Nelson September 13, 2017

PORT ARTHUR, TEXAS — Colliers International has negotiated the sale of an 8,000-square-foot retail property located at 5255 Twin City Highway in the Gulf Coast city of Port Arthur. The asset is triple-net-leased asset to home furnishings retailer Aaron’s. Riley Sharman of Colliers represented the seller, The Benjamin Revocable Trust, based in Nevada, in the transaction. The name of the buyer, a private investor, was not released.

September 13, 2017

Retail Texas

Sherwin Williams Inks 4,700 SF Retail Lease in Conroe, Texas

by Camren Skelton September 12, 2017

CONROE, TEXAS —Sherwin Williams has signed a 4,700-square-foot lease at The Shops at 336, a shopping center located along S. Loop 336 near Interstate 45 in Conroe, about 40 miles north of Houston. Stephen Phaigaru and Sandy Aron of Hunington Properties Inc. (HPI) represented the landlord in the lease negotiations. Other terms of the transaction were not disclosed.

September 12, 2017

Georgia Retail Southeast

Forge Capital Sells Publix-Anchored Shopping Center in Metro Atlanta for $9.8M

by Camren Skelton September 12, 2017

DULUTH, GA. — Forge Capital Partners has sold Duluth Station, a 94,966-square-foot shopping center located in the Atlanta suburb of Duluth, for $9.8 million. Publix anchors the center, which is 81 percent leased to tenants including Kumon Math & Reading, Great Clips, H&R Block, St. Vincent de Paul, Panda Garden and Grand Tire. Jim Hamilton, Richard Reid, Mike Allison and Brad Buchanan of HFF marketed the property on behalf of Forge Capital. Slate Retail REIT purchased the asset.

September 12, 2017

Georgia Retail Southeast

Preferred Apartment Communities Acquires Kroger-Anchored Shopping Center in Metro Atlanta

by Camren Skelton September 12, 2017

CANTON, GA. — Preferred Apartment Communities Inc. has acquired Woodmont Village, an 85,639-square-foot shopping center located 40 miles north of Atlanta in Canton. The Kroger-anchored asset was acquired through the company’s wholly owned subsidiary New Market Properties LLC, which used a non-recourse first mortgage acquisition loan from Protective Life Insurance Co. The seller and terms of the transaction were not disclosed.

September 12, 2017

North Carolina Retail Southeast

CBRE | Raleigh Brokers $8.6M Sale of Six-Property Dollar General Portfolio in North Carolina

by Camren Skelton September 12, 2017

RALEIGH, N.C. — CBRE | Raleigh has arranged the $8.6 million sale of a six-property Dollar General portfolio located throughout North Carolina. Joe Graham of CBRE | Raleigh led the 1031 tax deferred exchange on behalf of the seller, a company affiliated with Raleigh-based Vanguard Property Group, a development and investment management firm. Michael McManus of Marcus & Millichap represented the buyer, a local private investor. Each Dollar General location holds a long-term, triple-net lease.

September 12, 2017

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