Retail

CBRE/NE Brokers $30.1M Sale of Mixed-Use Building in Downtown Boston

by Amy Works July 31, 2017

BOSTON — CBRE/New England has arranged the sale of the leasehold interest of Boston’s Old City Hall, an 83,700-square-foot mixed-use building located at 45 School St. in downtown Boston. Synergy Investments acquired the property for $30.1 million. Constructed between 1862 and 1865, the building was renovated in 1970 by the seller, Architectural Heritage Foundation, after being vacated by the City of Boston in the mid-1960s. Dave Pergola and Brian Doherty of CBRE/NE represented the seller and procured the buyer in the deal.

July 31, 2017

New York Northeast Retail

NAI Long Island Brokers Three Deals Totaling $15.5M for AT&T Locations on Long Island

by Amy Works July 31, 2017

LAKE GROVE, CARLE PLACE AND VALLEY STREAM, N.Y. — NAI Long Island has brokered deals for three new corporate locations for AT&T Mobility in Lake Grove, Carle Place and Valley Stream for a total transaction value of $15.5 million. Al Centrella of NAI Long Island brokered the three transactions on behalf of AT&T Mobility. The company acquired a 4,164-square-foot retail space located at 2093 Smith Haven Plaza in Lake Grove. Matthew O’Grady of C&B Realty represented the undisclosed seller. In Carle Place, AT&T leased a 5,000-square-foot retail space at 235 Old Country Road from Jim Dalta of Park East LLC. In the third transaction, AT&T leased 4,500 square feet of retail space within Plaza at Green Acres in Valley Stream from Jeremy Isaacs of Ripco Realty in conjunction with Macerich.

July 31, 2017

Florida Retail Southeast

The Shopping Center Group Arranges $20M Sale of Two Retail Centers in Metro Tampa

by Camren Skelton July 31, 2017

TAMPA AND DUNEDIN, FLA. — The Shopping Center Group has arranged the sale of two shopping centers in metro Tampa: Northbay Commerce Center in Tampa and Weathersfield Commons in Dunedin, roughly 25 miles west of Tampa. Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller, a CMBS special servicer. An entity affiliated with Global Fund Investments purchased Northbay Commerce Center for $13.5 million, and an entity affiliated with Miami-based Jewell Capital acquired Weathersfield Commons for $5.8 million. Built in 2004, the 107,670-square-foot, Publix-anchored Northbay Commerce Center is located at the intersection of Race Track Road and West Hilllsborough Avenue. Shadow-anchored by Lowes Home Improvement, the 81 percent leased property is home to Youfit Health Club, Pizza Hut, Cracker Barrel and Leslie’s Pool Supplies. The 68,000-square-foot Weathersfield Commons is anchored by LA Fitness, which is backfilling the former Sweetbay Supermarket, and is situated at the intersection of Main and Virginia streets in Dunedin. Construction is underway on the property, with opening slated for January 2018.

July 31, 2017

Retail South Carolina Southeast

Preferred Apartment Communities Acquires 99,384 SF Shopping Center Near Columbia

by Camren Skelton July 31, 2017

IRMO, S.C. — Preferred Apartment Communities (PAC) has purchased Irmo Station, a 99,384-square-foot, Kroger-anchored shopping center in Irmo, roughly 12 miles northwest of Columbia. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC, and financed the acquisition using a $10.7 million, non-recourse loan from Nationwide Mutual Insurance Co. The loan features a fixed 3.9 percent interest rate and matures in 2030. Located approximately one mile off Interstate 26, Irmo Station is anchored by a 56,942-square-foot Kroger grocery store. The acquisition marks New Market Properties’ 34th grocery-anchored shopping center across seven states.

July 31, 2017

Loans Maryland Retail Southeast

Revere Capital Provides $17M Bridge Loan for Mall in Metro Baltimore

by Camren Skelton July 31, 2017

GLEN BURNIE, MD. — Revere Capital has provided a $17 million bridge loan for Marley Station Mall, an 800,000-square foot, Class B mall located at 7900 Ritchie Highway in Glen Burnie, roughly 11 miles south of Baltimore. Matt Turner of Revere Capital structured the loan. Constructed in 1987, Marley Station Mall is anchored by JC Penney, Sears and Macy’s, and is home to 120 stores including Gold’s Gym, Bath & Body Works, Men’s Wearhouse, Victoria’s Secret, Kay Jewelers, Justice and Marley Station Movies.

July 31, 2017

California Retail Western

LBG Real Estate, Aviva Investors Acquire 1.1 MSF Regional Mall in Richmond, California

by Nellie Day July 31, 2017

RICHMOND, CALIF. — LBG Real Estate Cos. and Aviva Investors have purchased Hilltop Mall, a 1.1 million-square-foot regional mall located at 2200 Hilltop Mall Road in Richmond, for an undisclosed price. Originally developed in 1976 and renovated in 2007, a variety of tenants occupy the property, including Macy’s, Walmart, Sears and a 24-Hour Fitness. Glenn Wegener and Linda Simpson of NAI Global represented the undisclosed seller, while the buyer was self-represented in the transaction.

July 31, 2017

New Mexico Restaurant Retail Western

Burger 21 to Open First Restaurant in New Mexico

by Nellie Day July 31, 2017

ALBUQUERQUE, N.M. — Burger 21 will expand into New Mexico with the addition of an Albuquerque location set to open this October. The growing brand now has 22 open locations and 15 in development across 11 states. The new location is in the Winrock Town Center at 2100 Louisiana Blvd. in Albuquerque. The restaurant is 2,500 square feet with an additional 800 square feet of outdoor patio space. Chris Zalesiak owns the property. With 22 locations now open in Florida, Georgia, Illinois, Michigan, New Jersey, New York, North Carolina and Virginia, and approximately 15 in development in 11 states, Burger 21 is a fast-casual franchise concept founded in 2010.

July 31, 2017

Midwest Minnesota Net Lease Restaurant Retail

Marcus & Millichap Brokers $4.3M Sale of Property Net Leased to Applebee’s in Rochester, Minnesota

by Kristin Harlow July 31, 2017

ROCHESTER, MINN. — Marcus & Millichap has brokered the sale of a 5,156-square-foot property net leased to Applebee’s in Rochester for $4.3 million. The building is located at 3794 Marketplace Drive Northwest. Adam “AJ” Prins, Matthew Hazelton, Cory Villaume and Sean Doyle of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a Twin Cities-based family that acquired the property as part of a 1031 exchange.

July 31, 2017

Indiana Midwest Net Lease Restaurant Retail

FCPT Acquires Two Properties Net Leased to Taco Bell Operator in Indiana for $3.4M

by Kristin Harlow July 31, 2017

INDIANA — Four Corners Property Trust (NYSE: FCPT) has acquired two properties in Indiana that are net leased to K-MAC Enterprises LLC for $3.4 million. The seller was not disclosed. The properties are occupied under individual triple-net leases with new 20-year terms negotiated by FCPT prior to closing. FCPT plans to remodel both properties in the next four years, which will include the transformation from a KFC/Taco Bell restaurant to a Taco Bell exclusively at one of the properties. K-MAC is one of the largest YUM! Brands franchisees, with over 280 Taco Bell and KFC units across the Midwest and Southeast.

July 31, 2017

Michigan Midwest Retail

Community Threads Signs 11,328 SF Retail Lease in Fenton, Michigan

by Kristin Harlow July 31, 2017

FENTON, MICH. — Community Threads has signed an 11,328-square-foot retail lease at Fenton Towne Center in Fenton, about 18 miles south of Flint, Michigan. The property is located at the intersection of Leroy Street and Dauner Road. Tjader Gerdom and Larry Siedell of Gerdom Realty & Investment represented the landlord, Fenton Towne Center, in the lease transaction. Community Threads, a quality thrift store, is slated to open in the third quarter of this year.

July 31, 2017

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