Retail

BCDC, Dunphy Sell Publix-Anchored Retail Center in Metro Tampa for $21.7M

by Camren Skelton August 17, 2017

RIVERVIEW, FLA. — Batson-Cook Development Co. (BCDC), in a joint venture with Dunphy Properties, has sold Rivercrest Commons, a Publix-anchored shopping center in Riverview, for $21.7 million. The 75,000-square-foot center is situated at the intersection of Symmes Road and US 301, roughly 13 miles southeast of Tampa. Colliers International represented Atlanta-based BCDC and Tampa-based Dunphy Properties in the transaction. RealNet Tampa Bay represented the buyer, Nicklaus of Florida. The property was 92 percent leased at the time of sale to tenants including Dunkin’ Donuts, Fast Track Urgent Care Center and Heartland Dental.

August 17, 2017

Midwest Ohio Retail

Marcus & Millichap Brokers Sale of 182,453 SF Shopping Center in Suburban Dayton, Ohio

by Kristin Harlow August 17, 2017

HUBER HEIGHTS, OHIO — Marcus & Millichap’s Institutional Property Advisors division has brokered the sale of North Heights Plaza shopping center in Huber Heights, a suburb of Dayton. The sales price was not disclosed. The 182,453-square-foot retail center is located at 8280 Old Troy Pike. Dick’s Sporting Goods and Big Lots anchor the property, which was built in 1990. Other tenants include Five Below, Great Clips, Sally Beauty Supply, Verizon Wireless and Firehouse Subs. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap represented the seller, a national real estate investment trust, and procured the buyer, a private real estate investment fund.

August 17, 2017

Arizona Retail Western

Epic Real Estate Partners Acquires Grocery-Anchored Center in Tucson for $21.5M

by Nellie Day August 16, 2017

TUCSON, ARIZ. — HFF has arranged the $21.5 million sale of Ventana Village, a 110,116-square-foot shopping center in Tucson. Bashas’ Supermarket anchors the 90.8 percent occupied center, which is home to tenants including Tuesday Morning, Risky Business, Wells Fargo, El Charro Café, Subway, The UPS Store and Ventana Animal Hospital. CJ Osbrink and Gleb Lvovich of HFF represented the seller, Westwood Financial, in the transaction. Austin, Texas-based Epic Real Estate Partners purchased the asset free and clear of existing debt.

August 16, 2017

Colorado Loans Retail Western

Vintage Cos. Receives $8.8M Refinancing for Rampart Village Center in Colorado Springs

by Nellie Day August 16, 2017

COLORADO SPRINGS, COLO. — Vintage Cos. has received an $8.8 million refinancing for Rampart Village Center, a five-building retail center totaling 96,296 square feet in Colorado Springs. Leon McBroom of HFF worked on behalf of the borrower to place the 10-year, fixed-rate loan with a CMBS lender. Gold’s Gym anchors the 93.2 percent leased center.

August 16, 2017

California Retail Western

Savills Studley Negotiates Sale of Chino Spectrum Towne Center in California

by Nellie Day August 16, 2017

CHINO, CALIF. — Savills Studley has negotiated the sale of Chino Spectrum Towne Center, a 459,969-square-foot shopping center located in Chino. MetLife Investment Management acquired the property from a partnership between Vestar Development Co. and an institutional entity. The price was not disclosed. The property is home to tenants including Walmart, Kohls, Best Buy, Marshalls, Nordstrom Rack, DSW, Party City, Pier One Imports and Aki Home. Bill Bauman and Kyle Miller of Savills Studley brokered the transaction.

August 16, 2017

Mixed-Use Northeast Office Pennsylvania Retail

KeyBank Secures $44.7M in Financing for Mixed-Use Assets in Philadelphia

by Amy Works August 16, 2017

PHILADELPHIA — KeyBank Real Estate Capital has provided a $44.7 million CMBS first mortgage loan for Rodin Place, a mixed-use building, and an adjacent retail property located in Philadelphia. Totaling 241,884 square feet, the assets include a single-story retail building, leased by Target, and one six-story office and retail building. John Christen of Key’s Commercial Mortgage Group arranged the financing with a 10-year term, five-year interest-only period and 30-year amortization schedule. Loan proceeds were used to refinance existing debt.

August 16, 2017

New York Northeast Retail

Marcus & Millichap Arranges $5.3M Sale of Retail Property in Syracuse, New York

by Amy Works August 16, 2017

SYRACUSE, N.Y. — Marcus & Millichap has arranged the sale of a retail property located in Syracuse. A limited liability company sold the property to a private investor for $5.3 million. Rite Aid occupies the 12,738-square-foot property on a net-lease basis. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller and buyer in the deal.

August 16, 2017

California Hospitality Retail Top Stories Western

Sudberry Properties, Ayres Hotels Break Ground on Retail Center, Hotel Near San Diego

by Nellie Day August 16, 2017

CHULA VISTA, CALIF. — Sudberry Properties and Ayres Hotels have broken ground on Millenia Commons, a 131,800-square-foot “lifestyle destination center” and a 135-room Ayres Hotel in the San Diego suburb of Chula Vista. The center and hotel will be part of the 210-acre, multi-billion-dollar Millenia master-planned community, which is currently being developed in South San Diego County. Millenia Commons will include tenants like HomeGoods, Cost Plus World Market, Ross Dress for Less, buybuy Baby, Mattress Firm, Hurricane Grill & Wings, Papagayos Grill & Cantina, Menchie’s Frozen Yogurt, Great Clips, Jamba Juice, McDonald’s and Pacific Dental Services. Flocke & Avoyer is handling the project’s retail leasing efforts. The retail component will extend on both sides of Millenia Avenue, just south of Birch Road, on two separate parcels. The urban design will place an emphasis on walkability and outdoor gathering spaces. The design of the center is intended to complement the style of the overall Millenia master plan. Sudberry Properties is the developer of Millenia Commons, which Andrew Hull Stevenson Architects designed. Hazard Construction is doing the initial grading and infrastructure work for this component, though Sudberry is in the process of selecting additional contractors. The boutique hotel is scheduled to open …

August 16, 2017

Nevada Retail Western

JLL Income Property Trust Acquires Montecito Marketplace in Las Vegas for $63M

by Nellie Day August 15, 2017

LAS VEGAS — JLL Income Property Trust has acquired Montecito Marketplace, a 190,000-square-foot shopping center located in Las Vegas, for $63 million. Smith’s Grocery and TJ Maxx anchor the fully leased property, which is home to national and regional retailers, restaurants, banks and personal service tenants. The seller in the transaction was undisclosed. Jones Lang LaSalle Income Property Trust Inc. is a REIT that owns and operates a portfolio of high quality office, retail, industrial and apartment properties across the U.S.

August 15, 2017

Michigan Midwest Retail

Sheldon Cleaners to Open 1,360 SF Location Near Grand Rapids, Michigan

by Kristin Harlow August 15, 2017

BYRON CENTER, MICH. — Sheldon Cleaners has signed a 62-month lease for a 1,360-square-foot location in Byron Center, about 13 miles south of Grand Rapids. The property is located at 8233 Byron Center Ave. Southwest. With locations in Grand Rapids, Holland and Kalamazoo, the environmentally friendly dry cleaner has been in business since 1949. Minor renovations of the space are being made, including adding a dressing room for tailoring services. Completion is slated for September of this year. Rod Alderink of NAI Wisinski represented the landlord, Dara Realty LLC, in the lease transaction.

August 15, 2017

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