Retail

Skanska Breaks Ground on $49.3M Renovation of Fort Lauderdale’s Las Olas Boulevard Corridor

by Camren Skelton July 12, 2017

FORT LAUDERDALE, FLA. — Skanska USA has broken ground on a $49.3 million renovation of the Las Olas Boulevard Corridor, Fort Lauderdale’s premiere thoroughfare for high-end shopping and dining. The project will include the addition of a 258,000-square-foot parking garage with 670 spaces, new canopy, public spaces, interactive water features, public beachfront park, architecturally designed landscaping and streetscape improvements. Designed by EDSA Inc., the parking facility will also feature stainless steel and aluminum wrap with LED lights and a partial amenity deck with views of downtown Fort Lauderdale and the Intracoastal Waterway. The project is slated for completion in August 2019.

July 12, 2017

Retail Texas

STRIVE Brokers Sale of 60,748 SF Retail Center in Helotes, Texas

by Taylor Williams July 12, 2017

HELOTES, TEXAS — STRIVE has brokered the sale of Bandera Trails Shopping Center, a 60,748-square-foot retail center anchored by Gold’s Gym in the San Antonio metro of Helotes. Jason Vitorino and Bryce Gissler of STRIVE marketed the property on behalf of the seller, a California-based Tenants in Common group. A Dallas-based private investor purchased the property for an undisclosed price.

July 12, 2017

Retail Texas

Baker Katz Acquires 22,000 SF Retail Property in Metro Houston

by Taylor Williams July 12, 2017

PASADENA, TEXAS — Houston-based retail brokerage firm Baker Katz has acquired a 22,000-square-foot retail asset located at the intersection of Fairmont Parkway and Beltway 8 in Pasadena. The property was 70 percent leased at the time of sale to tenants such as Supercuts, Leslie’s Pool Supplies and Mattress Overstock. The seller and other terms of sale were not disclosed.

July 12, 2017

Oregon Retail Top Stories Western

Kimco Realty Acquires 746,000 SF Shopping Center in Portland for $131.8M

by Nellie Day July 12, 2017

PORTLAND, ORE. — Kimco Realty Corp. (NYSE: KIM) has acquired Jantzen Beach Center, a 746,000-square-foot open-air shopping center in Portland, for $131.8 million. The property is located at in northern Portland near the Oregon-Washington border. Jantzen Beach Center was 96 percent occupied at the time of sale. Notable tenants include Home Depot, Target, TJ Maxx, HomeGoods, Ross Dress for Less, Burlington, Petco, Best Buy, DSW and Michaels. Jantzen Beach Center was built in 1972. It underwent more than $40 million in renovations and upgrades between 2010 and 2014. The center’s location near the Oregon-Washington border allows it to pull visitors from more than 70 miles away due to Oregon’s lack of sales tax. “The center pulls customers from the 9 percent sales tax state of Washington into the no-sales-tax state of Oregon,” says Nick Kassab of HFF, who, along with Brian Ley, represented the unnamed seller in this transaction. “Given that opportunities to acquire a top-performing center of this size and scale in the Pacific Northwest are few and far between, the sale received significant interest from institutional investors across the country.” Kimco purchased the center free and clear of any existing debt. The New Hyde Park, N.Y.-based REIT acquired …

July 12, 2017

Loans Northeast Pennsylvania Retail

Natixis Provides $54.5M in Financing for Redevelopment of Suburban Philadelphia Retail Center

by Amy Works July 11, 2017

CHELTENHAM, PA. — Natixis has originated a $54.5 million floating-rate loan for New York City-based Sun Equities Partners. The borrowers will use the loan to redevelop the former Cheltenham Square Mall located in Cheltenham. The financing consists of a $42 million senior loan and a $12.5 million mezzanine loan. Initial loan proceeds of $16.9 million were used to retire existing property financing and an additional $40.1 million is earmarked for the redevelopment and future leasing of the property. The 429,617-square-foot retail center will be rebranded as Greenleaf at Cheltenham. The property is currently 60 percent leased and pre-leased to a variety of retailers, including The Home Depot, Marshalls, LA Fitness, TD Bank, Wells Fargo, T-Mobile, Chick-fil-A and Wendy’s. Eli Breiner and Jerry Boxer of ECB Capital Group arranged the financing for the borrower.

July 11, 2017

North Carolina Retail Southeast

Sembler Co. to Develop Publix-Anchored Shopping Center in Metro Raleigh

by Camren Skelton July 11, 2017

CARY, N.C. — The Sembler Co. has unveiled plans to develop a 72,000-square-foot, Publix-anchored shopping center in Cary, roughly 11 miles west of Raleigh. The project, which will be known as Amberly Place, is situated on 22 acres of land at the northwest corner of Greenlevel Church and Carpenter Fire Station roads. The Sembler Co. has developed approximately 325 projects totaling 27 million square feet.

July 11, 2017

Loans Nevada Retail Western

Eyzenberg & Co. Arranges $18.1M Refinancing for The Shoppes at Harmon Square in Las Vegas

by Nellie Day July 11, 2017

LAS VEGAS — Eyzenberg & Co. has secured an $18.1 million refinancing for The Shoppes at Harmon Square, a 31,384-square-foot retail center located across from the Hard Rock Hotel & Casino in Las Vegas. Tenants at the newly renovated center include Dunkin’ Donuts, Subway, 7-Eleven, Liquor World, Tropical Smoothie and Roberto’s Tacos. David Eyzenberg, Jeff Conti and Elena Vlasyuk of Eyzenberg & Co. arranged the fixed-rate senior secured loan on behalf of the owner, HD Harmon Square LLC. Benefit Street Partners provided the capital.

July 11, 2017

California Retail Western

Faris Lee Brokers $7M Sale of Strip Center in Stockton

by Nellie Day July 11, 2017

STOCKTON, CALIF. — Faris Lee Investments has arranged the $7 million sale of The Shops at Hammer & West, a 15,314-square-foot strip center located in Stockton. Jeff Conover of Faris Lee represented the Newport Beach-based seller, West Hammer Properties, in the transaction. Vista Pacific Realty represented the buyer, Tian He Jian Real Estate USA Inc. The center is fully occupied by seven tenants including Jollibee.

July 11, 2017

Mixed-Use Multifamily New York Northeast Retail Top Stories

Madison Realty Provides $270M Construction Financing for 1 MSF Mixed-Use Development in Brooklyn

by Katie Sloan July 11, 2017

NEW YORK CITY — Madison Realty Capital (MRC) has provided $270 million in construction financing for the development of a 1 million-square-foot mixed-use project at the former Rheingold Brewery site in Brooklyn’s Bushwick neighborhood. The developer, Brooklyn-based All Year Management, previously received a bridge loan for site acquisition and pre-development on the project from MRC. Construction is currently underway. The Rheingold Brewery opened in 1883, and was the eighth largest brewery in the nation in 1965, according to reports by the New York Daily News. The brewery closed in 1976, and was torn down in 1981. The site has been largely vacant since then, with the exception of 300 rental and privately owned apartments that were built on the southwest corner of the site in 2003. The two-building redevelopment is located at 123 Melrose St. and 54 Noll St., and will feature 911 residential units, 20,650 square feet of retail space and 533 parking spaces. Residential space will occupy floors one through nine in both buildings, offering studio, one-bedroom and two-bedroom units. Community amenities will include multiple fitness rooms including a boxing center, yoga studio, cycling room and exercise room; libraries; spas with saunas, steam and massage rooms; locker rooms; …

July 11, 2017

Market Reports Retail Washington Western Western Market Reports

The Changing Face Of Puget Sound Retail

by Camren Skelton July 11, 2017

The Puget Sound region is one of the fastest growing areas in the U.S. We are seeing that reflected in the retail landscape, with innovation and expansion throughout the area. We are at the forefront of retail evolution, thanks to having some of the best-known retail innovators in our back yard who have turned the world of retail upside down by giving every consumer access to virtually every product available via home delivery. And yet, they are also innovating into brick and mortar experiences. Retailers are continually looking for ways to improve the consumer experience, not only through product offerings, but in forward-thinking store concepts that focus on experience and social community. REI’s focus is providing quality outdoor products at approachable price points in an interactive environment. While the most active/desirable retail areas (based on sales per square foot potential and residential and daytime populations) are the CBD, South Lake Union, Capitol Hill, University Village and downtown Bellevue, the demand for quality/value, experience, fitness and food remain consistent trends in the market. Nordstrom Rack has been expanding throughout the U.S. and will soon be opening a new store in Bellevue’s Phase II at Lincoln Square to meet this desire for …

July 11, 2017

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