Retail

Knoebel Construction Breaks Ground on $5M Grocery Store in St. Peters, Missouri

by Kristin Harlow September 20, 2017

ST. PETERS, MO. — Knoebel Construction has broken ground on a new Fresh Thyme Farmers Market in St. Peters, about 30 miles west of St. Louis. The $5 million project is slated for completion in winter 2018. Approximately 95 people will work at the 28,720-square-foot store. InSite Real Estate is developing the property. NORR is providing architectural services. Fresh Thyme is a specialty grocer rapidly expanding in the Midwest with other St. Louis-area stores in Kirkwood, Ballwin and O’Fallon, Mo.

September 20, 2017

Loans Massachusetts Mixed-Use Multifamily Northeast Retail

Cornerstone Realty Capital Arranges $38.5M in Financing for Mixed-Use Development in Boston

by Amy Works September 20, 2017

BOSTON — Cornerstone Realty Capital has arranged $38.5 million in financing for Mount Vernon Co.’s development of a mixed-use building, located at the intersection of Western Avenue and Leo M Birmingham Parkway in Boston’s Brighton neighborhood. Cornerstone secured the fixed-rate financing structure, including an interest-only period during construction followed by a 30-year amortization schedule. The six-story building will feature parking for 108 vehicles; three on-street retail spaces totaling 4,578 square feet; residential amenity space, including a rooftop multipurpose room and fitness center; storage for 132 bicycles; 115 market-rate apartments; and 17 affordable apartments. The unit mix includes 53 studios, 43 one-bedroom/one-bath units, 16 one-bedroom/one-bath units with a den and 20 two-bedroom/two-bath units. Ranging from 520 square feet to 906 square feet, the units will feature vinyl plank and tile flooring, Silestone countertops, tile backsplashes, stainless steel appliances and in-unit washers and dryers.

September 20, 2017

Florida Market Reports Retail Southeast Southeast Market Reports

Regeneration of Retail Spurring New Development, Investment Activity in Orlando

by John Nelson September 20, 2017

Orlando’s retail market is experiencing renewed vigor. Construction cranes are rising in key areas due to increasingly high demand, and low vacancies are fueling rental rate growth, which has been somewhat stagnant over the last several years. There is also demand for larger vacated boxes as a result of the downsizing and bankruptcies of retailers. Spaces once occupied by Sears, Sports Authority and hhgregg, for example, are being filled by retailers entering or expanding their presence in the market, such as Luckys Market, Earth Fare, Orchard Supply, Ollie’s, 24 Hour Fitness and At Home. The activity is both resulting in and benefitting from exciting new developments and infrastructure improvements in the market. Development, Infrastructure Current development activity in Orlando is in direct response to considerable consumer demand, with many major retail projects recently completed or under construction. Lake Nona Landings, a 53-acre development in Tavistock’s master-planned Lake Nona community, opened in early 2017 with the area’s first Walmart Supercenter and Sam’s Club, and will serve as an anchor for the growing Narcoossee corridor south of State Road 417. Horizons West/Four Corners is a thriving residential area encompassing parts of western Orange and north Osceola counties where retail, restaurant and multifamily …

September 20, 2017

New Jersey Northeast Retail

Key Properties Opens 170,000 SF Shopping Center in Cedar Knolls, New Jersey

by Amy Works September 19, 2017

CEDAR KNOLLS, N.J. — Key Properties has opened Hanover Crossroads, a 170,000-square-foot shopping center located in Cedar Knolls. The retail property is situated on a 43-acre former Berlex Laboratories campus, which became a vacant brownfield in 1995. The property’s in-line retail building, which is nearing completion, houses a newly opened T.J.Maxx, HomeGoods, Five Below and Ulta Beauty. Additionally, interior fit-out work is underway for Old Navy and Famous Footwear. Auto Zone, QuickChek and MedExpress Urgent Care occupy the three pad sites. Key Properties plans to break ground this fall on the property’s final pad, which will be occupied by IHOP and an Italian restaurant with catering services. The project team includes Phelps Construction as construction manager, The Dietz Partnership as architect, Bowman Consulting Group as site engineer and TRC as environmental consultant.

September 19, 2017

Florida Retail Southeast

Marcus & Millichap Brokers $12.8M Sale of Retail Center Near Fort Lauderdale

by Camren Skelton September 19, 2017

DEERFIELD BEACH, FLA. — Marcus & Millichap has arranged the $12.8 million sale of the Shoppes of Hillsboro, a 61,465-square-foot retail center located at 2201-2265 W. Hillsboro Blvd. in Deerfield Beach, roughly 18 miles north of Fort Lauderdale. Douglas Mandel and Elon Gerberg of Marcus & Millichap arranged the transaction on behalf of the sellers, BREF Hillsboro LLC, managed by Butters Construction and Development Partners, and Dhanya of Miami, managed by Sukrit Agrawal. The team also procured the buyer, a private investor based in Hallandale Beach, Fla. At the time of sale, the Shoppes of Hillsboro was leased to tenants including Bank United, Sage Dental, Optimum Bank and JByrd’s Muddy Waters.

September 19, 2017

Illinois Midwest Net Lease Retail

Boulder Group Brokers $7.2M Sale of Property Net Leased to Walgreens in Lakemoor, Illinois

by Kristin Harlow September 19, 2017

LAKEMOOR, ILL. — The Boulder Group has brokered the sale of a single-tenant property net leased to Walgreens in Lakemoor, about 50 miles northwest of Chicago, for $7.2 million. The 14,820-square-foot property is located at 28895 W. Highway 120. Walgreens has over 21 years remaining on its lease, which expires in October 2038. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment firm. An East Coast-based private investment group purchased the property in a 1031 exchange.

September 19, 2017

Retail Texas

Greatland Investments to Develop 4,000 SF Retail Property in Houston

by Taylor Williams September 19, 2017

HOUSTON — Houston-based retail developer Greatland Investments Inc. will develop a 4,000-square-foot, Class A retail property at 3215 White Oak Drive in Houston’s The Heights neighborhood. The property currently houses a car wash, the lease of which will expire at year’s end, as well as a multifamily rental complex and a single-family home. NewQuest Properties is handling leasing of the development, construction of which is slated to begin during the first quarter of 2018.

September 19, 2017

Restaurant Retail Texas

Pluckers Wing Bar to Open 7,400 SF Location Near San Antonio

by Taylor Williams September 19, 2017

SELMA, TEXAS — Austin-based restaurant chain Pluckers Wing Bar will open a 7,400-square-foot location within Forum Pointe Shopping in Selma, a northeastern suburb of San Antonio. Whit Jordan of CBRE represented Pluckers in the site search and lease negotiations. The new location, which will be the company’s 23rd overall, is expected to open in 2018.

September 19, 2017

Company News New Jersey Northeast Retail Top Stories

Toys ‘R’ Us Files for Chapter 11 Bankruptcy Protection

by Katie Sloan September 19, 2017

WAYNE, N.J. — Toys ”R” Us Inc. filed for Chapter 11 bankruptcy protection on Monday, Sept. 18. The company’s Canadian subsidiary also plans to seek protection in parallel proceedings under the Companies’ Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice. No store closings have yet been announced in conjunction with the filing. The Wayne, N.J.-based toy retailer’s approximately 1,600 Toys ”R” Us and Babies ”R” Us locations will continue to operate through at least the holiday season. Customers may also continue to shop on the company’s newly launched web stores. “Together with our investors, our objective is to work with our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide,” says Dave Brandon, chairman and CEO of Toys ”R” Us Inc. The company’s debt largely stems from a $6.6 billion buyout in 2005 led by KKR & Co. LP, Bain Capital LP and Vornado Realty Trust. Toys ”R” Us has …

September 19, 2017

Loans Mixed-Use Multifamily New York Northeast Office Retail

Stellar Management Refinances 13-Property Portfolio in New York City with $105M Loan Package

by Amy Works September 18, 2017

NEW YORK CITY — Stellar Management has refinanced a 13-property portfolio with a $105 million loan package from Capital One. The deal, brokered by GCP Capital Group, includes a five-year term. The portfolio includes properties at 11-15 W. 123rd St., 1061-1071 St. Nicholas Ave., 604 W. 162nd St., 601-609 W. 175th St., 3480-3496 Broadway and 12 E. 32nd St. The refinancing includes more than 600 residential units and as well as commercial and retail space in New York City. Stellar has owned the properties for more than 20 years. Loan proceeds will be used to fund upgrades to the properties, including lobby and elevator cab renovations, amenity space upgrades and landscaping improvements.

September 18, 2017

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