Retail

RedMill Capital Breaks Ground on Shops at Livermore in Metro San Francisco

by Nellie Day June 7, 2017

LIVERMORE, CALIF. — RedMill Capital, alongside financial partner ANICO Eagle LLC, has broken ground on The Shops at Livermore, a 115,000-square-foot mixed-use development located roughly 40 miles outside San Francisco in Livermore. The center will be located adjacent to the San Francisco Premium Outlets, and will be home to discount fashion retailers and a mix of national restaurants. The Was Group LLC has been tapped to assist the joint venture in leasing efforts. A five-person Colliers International team led by Julie Taylor and Stephen Rusher is also marketing the center. A grand opening for the development is set for mid-2018.

June 7, 2017

Oregon Retail Western

Southgate Shopping Center in Portland Changes Hands

by Nellie Day June 7, 2017

PORTLAND, ORE. — Southgate Shopping Center, a 50,826-square-foot, multi-tenant strip center located in the Southgate area of Portland, has sold to a private buyer for an undisclosed sum. The center was 97 percent leased at the time of sale to tenants including Office Max, HobbyTown, Round Table Pizza, Starbucks Coffee, H&R Block, Arby’s and Sprint Mobile. Brian Hanson and Nick Kassab of HFF marketed the property on behalf of the seller, ML Commercial Properties Inc.

June 7, 2017

North Carolina Retail Southeast

RealtyLink to Deliver $80M Retail Development in Fayetteville, N.C.

by John Nelson June 7, 2017

FAYETTEVILLE, N.C. — RealtyLink LLC plans to deliver the $80 million Freedom Town Center located at Skibo and Cliffdale roads in Fayetteville. The 50-acre, 385,000-square-foot retail project will house tenants such as Field & Stream, HomeGoods, Hobby Lobby, Dick’s Sporting Goods, Petco, Sprouts Farmers Market, Burke’s Outlet, DSW, buybuy Baby and World Market. Greenville, S.C.-based RealtyLink expects to start opening stores in the fall with full completion set for 2018. First Tennessee Bank arranged construction financing for Freedom Town Center, which broke ground in August 2016. Austin Wilson of RealtyLink is the leasing agent for the project.

June 7, 2017

Florida Retail Southeast

CREC, Lubert Adler Sell 115,000 SF Shopping Center in Broward County for $48M

by John Nelson June 7, 2017

CORAL SPRINGS, FLA. — A joint venture between CREC and Lubert Adler, known as CPAC Royal University LLC, has sold Royal University Plaza in Broward County for $48 million. Located at 2556 N. University Drive in Coral Springs, the shopping center’s tenant roster includes Pet Supermarket, Jimmy John’s, Hertz Rental Cars, Smoothie King and AAA Auto Club. The CREC-Lubert Adler partnership purchased the asset in February 2015 for $26 million and improved the shopping center’s occupancy rate from 45 percent to 97 percent. During its ownership, the joint venture executed a 25,000-square-foot lease with Total Wine & More and a 37,000-square-foot lease with Orchard Supply Hardware.

June 7, 2017

Retail Southeast Virginia

Southeastern Arranges $38.7M Sale of Kroger-Anchored Shopping Center in Hampton Roads Area

by John Nelson June 7, 2017

CHESAPEAKE, VA. — Southeastern has brokered the $38.7 million sale of Greenbrier Square, a 260,602-square-foot shopping center located in Chesapeake, about seven miles south of Norfolk in Virginia’s Hampton Roads area. Principal Real Estate Investors purchased the asset from a regional developer. Anchored by the market’s first Kroger Marketplace, Greenbrier Square was 99 percent leased at the time of sale to tenants such as Dick’s Sporting Goods, HomeGoods, Five Below, Tuesday Morning and Field & Stream. Ryan McArdle, David Rivers and Steve Collins of Southeastern’s investment sales team brokered the transaction.

June 7, 2017

New York Northeast Retail

RKF Arranges $17.5M Sale of Retail Building in the Bronx

by Amy Works June 7, 2017

NEW YORK CITY — RKF has facilitated the sale of a retail building located at 344-352 E. 149th St. in the South Bronx. An affiliate of ABCAPSTONE acquired the 50,000-square-foot building from 149th Street Realty Corp. for $17.5 million. The buyer plans to redevelop the building, which has the potential for up to 100,000 square feet of retail space. The building is currently occupied by The Salvation Army Family Store and Donation Center. Zach Mishaan of RKF represented the seller and buyer in the transaction.

June 7, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Closes $3.6M Loan for Mixed-Use Asset in Tribeca

by Amy Works June 7, 2017

NEW YORK CITY — Ready Capital Structured Finance has closed on a $3.6 million loan for a mixed-use property located at One White St. in Tribeca. The undisclosed borrower plans to use the loan to renovate the interior and exterior of the 3,680-square-foot property, which features a three-story residential triplex with roof-top patio and ground-floor retail space. The non-recourse, interest-only loan features a 24-month term, flexible pre-payment and is inclusive of a facility to provide for capital expenditures, leasing commissions and interest and carry reserves.

June 7, 2017

Restaurant Retail Southeast Virginia

Cordish, City of Norfolk Open Waterside District in Downtown Norfolk

by John Nelson June 6, 2017

NORFOLK, VA. — The Cordish Cos. and the City of Norfolk have opened Waterside District, a $40 million overhaul and rebranding of the former Waterside Festival Marketplace. The restaurant-heavy development is situated along the Elizabeth River waterfront in downtown Norfolk. Waterside District is anchored by The Market, a 30,000-square-foot food hall designed by Jeffrey Beers International that features local and regional concepts such as Starr Hill, Rappahannock Oyster Co. and Cogan’s Pizza. The Market will also feature a stage for live events. Other tenants at Waterside District include Guy Fieri’s Smokehouse, Blue Moon TapHouse, PBR Norfolk, The Fudgery, Chipotle and Stripers Seafood, as well as Harbor Club, an 8,000-square-foot mixed-use space overlooking the river for dining, cocktails and private events. Waterside District has created roughly 1,000 jobs for the local economy. Cordish signed a 50-year lease with the City of Norfolk for $1 per year featuring two 15-year extension options, according to The Virginian-Pilot. The newspaper also reports that Cordish will manage and operate Waterside District as per the lease agreement.

June 6, 2017

Michigan Midwest Retail

Mid-America Arranges Sale of 141,354 SF Shopping Center in Monroe, Michigan

by Kristin Harlow June 6, 2017

MONROE, MICH. — Mid-America Real Estate Corp. has arranged the sale of Telegraph Plaza in Monroe, about 40 miles south of Detroit. The sales price was not disclosed. The 141,354-square-foot shopping center is located at the northwest corner of Telegraph and Mall roads. Kohl’s, TJ Maxx and PetSmart anchor the center. A private investment group purchased the property. Ben Wineman, Carly Gallagher and Daniel Stern of Mid-America brokered the transaction on behalf of the seller, a public REIT.

June 6, 2017

Maine Northeast Restaurant Retail

Cardente Real Estate Brokers Lease of 3,092 SF Restaurant Space in Maine

by Amy Works June 6, 2017

WINDHAM, MAINE — Cardente Real Estate has arranged the lease of 3,092 square feet of restaurant space in Windham. C2 Realty, a New York-based Japanese restaurant group, will occupy the space at 818 Roosevelt Trail. The landlord is Joy Real Estate of Lisbon LLC. Mark Sandler of Cardente Real Estate brokered the transaction.

June 6, 2017

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