NEEDHAM, MASS. — NAI Hunneman has brokered the acquisition of two retail properties, located at 1257 and 1299 Highland Ave. in Needham. South Street 4414 Holdings LLC purchased the properties from DWM Interests and LGM Interests for $11.6 million. Situated on 1.4 acres, the buildings total 21,252 square feet and share a parking lot. David Ross of NAI Hunneman represented the buyer, while Craig Barker of Boston Real Estate Advisors represented the seller in the deal.
For most brick-and-mortar retailers, visibility to remain top-of-mind is at the forefront of operational decisions. Not so for microbreweries. In fact, it’s not as much about where a brewery is located as it is about how it is designed. For this still fairly young industry, brewery architecture and design are nearly as important as the beer itself. Microbreweries are quickly taking the Southeast by storm as places to taste and enjoy a fine beverage, as well as spend an enjoyable afternoon or evening. With so many intricate design components within often-limited budgets, this kind of project can be a perfectly alluring (and appetizing) challenge for an architect. Critical to the success of creating the ideal atmosphere and experience for a microbrewery is partnering with an architectural and design firm that understands the business to ensure the building ultimately supports current and future operations and growth. And, with fermenters and grain rooms in the mix, the design is quite unique to other commercial and even industrial spaces. Microbrewery operators must have space for two (possibly three) components: production, event space and now retail sales, an emerging third element for states like Georgia with new alcohol sales laws. The production space must …
LAS VEGAS — With more than 30 years of experience representing tenants and landlords in retail negotiations, Jedd Nero, principal and executive managing director at Avison Young’s New York office, has worked with household-name retailers such as Hershey’s, Hugo Boss and Verizon Wireless. Nero was one of about 37,000 retail professionals who attended ICSC RECon in Las Vegas in late May. As the crowd jostled through the Las Vegas Convention Center in search of their next networking opportunity, Northeast Real Estate Business found time to chat with Nero. His insights into the rapidly changing landscape of retail real estate are detailed below. Northeast Real Estate Business: Since the beginning of the year, we’ve seen a rash of store closures nationally. In terms of the volume of these closures, what has precipitated that? Is it just online shopping or are there other factors at work? Jedd Nero: I think it’s a combination of several factors. I think we can all agree that the country is over-malled. There are about 1,200 malls in the country. By the time everything is said and done, there will probably be about 900 left. Class C and D malls have been affected the most. Certainly online …
SALINA, KAN. — Marcus & Millichap has arranged the sale of a Chick-fil-A ground lease in Salina, located in central Kansas, for $1.6 million. The 3,000-square-foot property is located at 2245 S. 9th St. The Chick-fil-A was newly constructed in 2016 and features a 15-year ground lease. Craig Fuller, Scott Wiles and Erin E. Patton of Marcus & Millichap marketed the property on behalf of the seller, a New York-based private fund. Adam O’Sullivan, Nathan D. Whalen, Damien Yoder and Jeremie Johnson, also of Marcus & Millichap, represented the buyer. Greg Bates, broker of record in Kansas City, assisted in closing the transaction.
POMPTON LAKES, N.J. — Marcus & Millichap has arranged the sale of Pompton Mall, a retail property located at 14 Wanaque Ave. in Pompton Lakes. A private investor sold the 7,870-square-foot property for $2.3 million. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the seller. The buyer was an undisclosed private investor.
Throughout his 32-year career, Fred Cordova has purchased, sold, financed, developed and leased more than 6.5 billion square feet of real estate. As the executive vice president of brokerage services at California-based Kennedy Wilson, Cordova currently specializes in the retail sector. Western Real Estate Business caught up with Cordova at ICSC RECon in late May to get his thoughts on how traditional brick-and-mortar retailers can survive the current rash of store closures. Western Real Estate Business: Can you clarify your role in the retail space? Fred Cordova: Our brokerage service really specializes in the retail space, particularly in urban retail. We excel at leasing urban retail centers and properties, including the ground floors — the huge new wave of development of multifamily in an urban environment that has spread across the country like wildfire. We’re the ones who lease the ground-floor space. We also do infill retail shopping centers, many of which need to be repurposed. On the capital side, we do a lot of sales of properties that are going to be repositioned — older properties that need to be taken down completely, or in some cases rehabbed. But in most cases those properties are razed to make room for …
WOODBRIDGE, VA. — Sterling Organization has sold Market at Opitz Crossing, a 157,724-square-foot, grocery-anchored retail center in Woodbridge, a suburb of Washington, D.C., in northern Virginia. Klein Enterprises purchased the asset from Sterling for $29.3 million. Price Rite anchors the center, which is located one mile east of Interstate 95 at the intersection of Jefferson Davis Highway and Opitz Boulevard. Other tenants include Advance Auto Parts, Dollar Tree, Checkers, Subway, BB&T Bank, Taco Bell, Edible Arrangements, Papa Johns, Hair Cuttery, Mariner Finance, Quest Diagnostics and T-Mobile. Geoffrey Millerd and Mat Adler of Newmark Grubb Knight Frank represented Sterling, which sold the asset through its institutional fund Sterling Value Add Partners LP. Marc Tropp of Eastern Union Funding arranged an acquisition loan through Apple Federal Credit Union on behalf of Klein Enterprises. Sterling purchased the asset in 2013 for $17.8 million and increased its occupancy rate from 77 percent to 96 percent. During its ownership, Sterling added an outparcel retail building leased to Chipotle Mexican Grill at the center.
PARAMOUNT, CALIF. — Faris Lee Investments has brokered the sale of two freestanding, single-tenant retail buildings located on a 1.5-acre land parcel at 8819 Alondra Blvd. in Paramount. A private investor acquired the properties, which total 15,772 square feet, for $12.5 million. A 13,972-square-foot CVS/pharmacy and a 1,800-square-foot Starbucks Coffee occupy the buildings. Nicholas Coo and Joseph Chichester of Faris Lee Investments represented the seller, a private family company, while RE/MAX Premier Properties represented the buyer in the deal.
SAN DIMAS, CALIF. — Marcus & Millichap has arranged the sale of Bonita Canyon Gateway, a retail property located at 671 E. Bonita Ave. in San Dimas. An undisclosed developer sold the 7,860-square-foot property for $2.1 million. At the time of sale, the shopping center was 78 percent occupied. Richard Longobardo of Marcus & Millichap represented the seller. The name of the buyer was not released.
NEW YORK CITY — Mission Capital Advisors has arranged $41.6 million in financing for the construction of Kingswood Plaza II, an office and retail development located at 1715 E. 13th St. in the Midwood section of Brooklyn. Jason Cohen, Ari Hirt, Steven Buchwald, Justin Hunt and David Behmoaras of Mission Capital arranged the loan with a foreign bank for the borrower, a joint venture between Infinity Real Estate and The Nightingale Group. The 106,000-square-foot development, which is 56 percent pre-leased to Target and Marshalls, will offer three floors of professional/medical office space in addition to its retail component.