Retail

Faris Lee Arranges $12.5M Sale of Two Retail Buildings in Paramount

by Nellie Day June 9, 2017

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.

June 9, 2017

California Retail Western

Marcus & Millichap Negotiates $2.1M Sale of 7,680 SF Shopping Center in San Dimas

by Nellie Day June 9, 2017

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.

June 9, 2017

Loans New York Northeast Office Retail

Mission Capital Arranges $41.6M in Construction Financing for Brooklyn Mixed-Use Project

by Amy Works June 9, 2017

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.

June 9, 2017

Northeast Pennsylvania Retail

Inland Institutional Capital Acquires Shopping Center in Pennsylvania

by Amy Works June 9, 2017

YARDLEY, PA. — A fund advised by Inland Institutional Capital has acquired Lower Makefield Shopping Center in Yardley. The 74,953-square-foot grocery- and drugstore-anchored property sold for an undisclosed price. The name of the seller was not released. Giant grocery store and Rite Aid Pharmacy occupy the property.

June 9, 2017

California Retail Western

Dick’s Sporting Goods to Open New Store in Torrance

by Nellie Day June 8, 2017

TORRANCE, CALIF. — Dick’s Sporting Goods will open five new stores this month, including an outpost at the Del Amo Fashion Center in Torrance. That store celebrated its grand opening between June 2 and 4. With the grand opening of these new stores, Dick’s will have 702 Dick’s locations in the country. Founded in 1948 and headquartered in Pittsburgh, Dick’s also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as Dick’s Team Sports HQ, a youth sports digital platform.

June 8, 2017

Massachusetts Northeast Retail

New England Development is Repositioning Galleria Shopping Center in Cambridge

by Amy Works June 8, 2017

CAMBRIDGE, MASS. — New England Development is repositioning the Galleria shopping center in East Cambridge as CambridgeSide through a $30 million renovation and rebranding project, which is slated for completion in October. Situated on the original site of New England’s Lechmere department store, the shopping center will be the centerpiece of a 1.2 million-square-foot urban mixed-use development. Tenants at the rebranded retail property will include J.Crew, Club Monaco, A|X Armani Exchange, Abercrombie & Fitch, Banana Republic, Macy’s, H&M, Express, Forever 21, Sephora, The Cheesecake Factory and World of Beer.

June 8, 2017

Loans Northeast Pennsylvania Retail

Talonvest Capital Secures $24.1M Construction Loan for Metro Self Storage

by Amy Works June 8, 2017

CHADDS FORD, PA. — Talonvest Capital has arranged $24.1 million in construction financing for Metro Self Storage. The borrower plans to develop one self-storage facility in Chadds Ford and two in Naperville and Addison, Illinois. In total, the new developments will feature more than 236,000 rentable square feet. A Midwestern-based bank financed the Pennsylvania development, while an East Coast-based bank funded the two suburban Chicago properties. Kim Leslie, Tom Sherlock and Jim Davies of Talonvest negotiated and structured the loans for the borrower.

June 8, 2017

Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

Colliers Arranges $4.1M Loan for Mixed-Use Property in Philadelphia

by Amy Works June 8, 2017

PHILADELPHIA — Colliers International has arranged a $4.1 million in refinancing for a mixed-use property located at 2231 Bryn Mawr Ave. in Philadelphia. The building features 12 apartments and 13,000 square feet of commercial space. The loan features a five-year fixed rate with a five-year reset. Kris Wood, John Banas, Chad Levitt, Tim Hoyt, Martin Duval and Jordan Canino of Colliers International secured the financing for the undisclosed borrower.

June 8, 2017

Maine Northeast Restaurant Retail

Cardente Real Estate Brokers 2,500 SF Restaurant Lease in Old Orchard Beach, Maine

by Amy Works June 8, 2017

OLD ORCHARD BEACH, MAINE — Cardente Real Estate has arranged the lease of restaurant space at 15 E. Grand Ave. in Old Orchard Beach. Robert Kelly and Lori Gramlich leased the 2,500-square-foot space from HPH Holdings LLC. Mark Sandler of Cardente Real Estate represented the landlord, while Karen Rich, also of Cardente Real Estate, represented the tenants in the transaction.

June 8, 2017

Georgia Retail Southeast

Preferred Apartment Communities Buys Kroger-Anchored Center in Metro Atlanta

by John Nelson June 8, 2017

STONE MOUNTAIN, GA. — Preferred Apartment Communities Inc. (PAC) has purchased Rockbridge Village, a 102,432-square-foot retail center in Stone Mountain, a suburb of Atlanta. Situated at the intersection of Rockbridge and Five Forks Trickum roads, the shopping center is anchored by a 68,632-square-foot Kroger store. PAC purchased the asset through its subsidiary New Market Properties LLC for an undisclosed price. PAC financed the purchase using a $14.3 million loan provided by The Prudential Insurance Co. of America. The 10-year loan features a fixed interest rate of 3.75 percent. Rockbridge Village marks PAC’s 33rd grocery-anchored shopping center in its portfolio.

June 8, 2017

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