Retail

Lalezarian Properties Tops Out 38-Story Mixed-Use Tower in Manhattan

by Amy Works August 4, 2017

NEW YORK CITY — Lalezarian Properties has topped out 515 West 36th Street, a mixed-use tower located on Manhattan’s West Side. Designed by Ismael Leyva Architects, the 38-story, 248,000-square-foot tower will feature 13,000 square feet of commercial retail space on the cellar level, groundfloor and third floor; parking on the second floor; a community facility on the fourth through seventh floors; and residential space, totaling 251 units, on the remaining floors. Completion is tentatively slated for spring 2018.

August 4, 2017

Louisiana Retail Southeast

Chase Properties Acquires 242,000 SF Shopping Center in Houma, Louisiana

by Camren Skelton August 4, 2017

HOUMA, LA. — Chase Properties Ltd. has purchased Magnolia Square, a 242,000-square-foot shopping center in Houma, located roughly 60 miles southwest of New Orleans. Retail Properties of America Inc. (RPAI) sold the asset for an undisclosed price. HFF brokered the transaction. The property is anchored by Ross Dress for Less, Michaels and PetSmart, and is shadow-anchored by Target. Magnolia Square is Beachwood, Ohio-based Chase Properties’ first acquisition in Louisiana.

August 4, 2017

California Retail Western

Albanese Cormier Enters California Market with Acquisition of Retail Center in Susanville

by Nellie Day August 4, 2017

SUSANVILLE, CALIF. — Albanese Cormier Holdings has acquired a retail community center located at 2545 Main St. in Susanville. Phillips Edison Co. sold the 79,187-square-foot property for an undisclosed price. At the time of sale, the property was 93 percent occupied by a variety of retailers, including Aaron’s, Anytime Fitness, Big 5 Sporting Goods, the California Department of Motor Vehicles, Dollar Tree, Ross Dress for Less and Verizon Wireless. Eric Wohl of Hanley Investment Group represented the buyer, while CBRE represented the seller in the deal.

August 4, 2017

Mixed-Use Multifamily New York Northeast Retail

Meridian Investment Negotiates $19M Sale of Mixed-Use Property in Manhattan’s Kips Bay

by Amy Works August 4, 2017

NEW YORK CITY — Meridian Investment Sales has brokered the sale of a mixed-use property located at 240 E. 28th St. in Manhattan’s Kips Bay neighborhood. A.D. Real Estate Investors sold the property to a private buyer, managed by Sal Notaro, for $19 million. Built in 1920, the six-story building features 28 residential units and two ground-floor retail spaces. The property recently underwent a more than $1 million renovation program, which upgraded the lobby, interior hallways, laundry facilities and façade. Adam Sprung of Meridian represented the buyer and seller in the deal. Meridian Investment Sales is the commercial property sales division of Meridian Capital Group.

August 4, 2017

California Loans Retail Western

PSRS Closes $3M Refinancing for Two-Tenant Retail Building in Westwood

by Nellie Day August 4, 2017

WESTWOOD, CALIF. — Pacific Southwest Realty Services (PSRS) has closed a $3 million loan for the refinancing of a two-tenant retail center located at 1055-1059 Broxton Ave. in Westwood. The property is designated as a restaurant property. Kostas Kavayiotidis of PSRS arranged the 10-year refinancing with a long-term correspondent life company.

August 4, 2017

California Retail Western

Retail California Arranges Three Leases Totaling 14,492 SF

by Nellie Day August 4, 2017

PORTERVILLE, FRESNO AND LAMONT, CALIF. — Retail California has arranged three retail leases in Porterville, Fresno and Lamont totaling 14,492 square feet. In the first transaction, HFN CA Inc. leased 1,045 square feet at 600 N. Prospect Ave. in Porterville from Terry Schuler and Juan Castillo. Nick Frechou of Retail California was the agent. In Fresno, Pardeep and Ashmeer Singh leased 1,405 square feet of space at 3752 W. Shields Ave. from Sterling Real Estate Partners II. Frechou, along with Rick Amerine of Pacific Commercial Realty Advisors, arranged the transaction. In the third deal, Family Dollar leased 12,042 square feet of space from C&C Acquisition Group. Lewis Smith and John Lee of Retail California, along with Garrett Tucker of Colliers International, brokered the transaction.

August 4, 2017

New Jersey Northeast Retail

Urstadt Biddle Properties Purchases 26,500 SF Shopping Center in Waldwick, New Jersey

by Amy Works August 4, 2017

WALDWICK, N.J. — Urstadt Biddle Properties has acquired Waldwick Plaza Shopping Center, a retail property located at the intersection of Franklin Turnpike and Wyckoff Avenue in Waldwick, for an undisclosed price. Tenants at the 26,500-square-foot property include the U.S. Post Office, Supercuts, Verizon Wireless, Massage Envy and The Little Gym, as well as local tenants, including a liquor store, dry cleaner, nail salon and Italian restaurant. The name of the seller was not released.

August 4, 2017

California Retail Top Stories Western

Federal Realty Investment Trust Acquires Seven Retail Properties in Southern California for $345M

by Kristin Harlow August 4, 2017

SOUTHERN CALIFORNIA — Federal Realty Investment Trust has formed a joint venture with Primestor Development Inc. to acquire seven retail properties in Southern California. The shopping centers total over 1.3 million square feet. Federal Realty’s investment in the venture is approximately $345 million, which includes a $20 million commitment to complete the redevelopment of one of the centers. Primestor will continue to lease and manage the properties with oversight from Federal Realty’s investment committee. The assets are located in trade areas where demand exceeds supply, according to Federal Realty. The properties include Azalea in Southgate; Bell Gardens in Bell Gardens; La Alameda in Walnut Park; Olivo at Mission Hills in Mission Hills; Plaza del Sol in South El Monte; Plaza Pacoima in Pacoima; and Sylmar Town Center in Sylmar. Marshalls, Ross and CVS occupy space at several of the properties. Olivo at Mission Hills is currently under redevelopment and is 87 percent pre-leased. The joint venture has a 25 percent interest in La Alameda. Federal Realty owns, operates and redevelops retail properties primarily in coastal markets. The company’s portfolio includes 96 properties and approximately 22 million square feet. Los Angeles-based Primestor is a developer and owner-operator of retail properties, and …

August 4, 2017

Mixed-Use Multifamily New Jersey Northeast Retail

Urstadt Biddle Properties Acquires Equity Interest in 75,400 SF Mixed-Use Property in New Jersey

by Amy Works August 3, 2017

DUMONT, N.J. — Urstadt Biddle Properties (UBP) has purchased an equity interest in a new entity that owns Washington Commons Shopping Center, retail center that includes a residential component in Dumont. The two-building property features a freestanding 44,300-square-foot Stop & Shop and a three-story building that is occupied by retail tenants Valley Medical Group, Great Clips, Pet Valu, Blimpie and that includes 26 residential apartments. The residential unit mix consists of studio, one- and two-bedroom layouts. At the time of acquisition, the property was 100 percent leased. The transaction was structured as a DownREIT partnership whereby the seller, a regional real estate developer, received a combination of cash and operating partnership units in a new entity formed to purchase the property. UBP is the managing member of the newly formed entity and will manage and lease the property. UBP’s initial equity in the DownREIT was approximately $3.9 million, which represents an approximate 31.4 percent equity interest.

August 3, 2017

Massachusetts Northeast Retail

RD Management Signs Leases with HomeGoods, T.J.Maxx at Milford Crossing in Massachusetts

by Amy Works August 3, 2017

MILFORD, MASS. — RD Management has signed leases with HomeGoods and T.J.Maxx at Milford Crossing, a shopping center located at 120-129 Medway Road in Milford. HomeGoods will occupy 24,628 square feet and T.J.Maxx will occupy 21,863 square feet. Both stores are expected to open this fall. The 157,921-square-foot shopping center is currently being redeveloped and will be anchored by a Stop & Shop, which is slated to open in November. Additionally, the center features new 6,000-square-foot and 20,000-square-foot buildings. The 20,000-square-foot building will be occupied by Chipotle and Starbucks Coffee, which are scheduled to open in the first quarter of 2018.

August 3, 2017

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