Retail

FM Capital Arranges $24.4M Refinancing of 340,000 SF Retail Center North of Tampa

by Camren Skelton December 1, 2017

PORT RICHEY, FLA. — FM Capital has arranged the $24.4 million refinancing of Embassy Crossing Shopping Center, a 340,000-square-foot retail center in Port Richey, roughly 40 miles north of Tampa. Yael Ishakis of FM Capital arranged the loan through a national bridge lender. The borrower was not disclosed. At the time of sale, Embassy Crossing Shopping Center was 88 percent leased to tenants including Bed Bath & Beyond, Michael’s, Petco, Olive Garden, Lane Bryant, Scottrade and the U.S. Post Office.

December 1, 2017

California Retail Western

Faris Lee Brokers $16.8M Sale of Single-Tenant Retail Property in San Francisco

by Nellie Day December 1, 2017

SAN FRANCISCO — Faris Lee Investments has arranged the sale of a freestanding retail property located at 1900 19th Ave. in San Francisco. Guilfoyl-Greenspan Trust sold the single-tenant property to First and Mission Properties for $16.8 million in a 1031 exchange. CVS/pharmacy will occupy the 17,920-square-foot building, which is undergoing a major renovation. Jeff Conover and Thomas Chichester of Faris Lee represented the seller, while Dan Lem of LemRx Realty Advisors represented the buyer in the deal.

December 1, 2017

California Retail Western

Progressive Real Estate Arranges $3.2M Sale of Retail Building in Riverside, California

by Nellie Day December 1, 2017

RIVERSIDE, CALIF. — Progressive Real Estate Partners has brokered the sale of a retail building located at 10000 Magnolia Ave. in Riverside. A San Bernardino-based private investor sold the property to a Laguna Beach-based development firm for $3.2 million. A portion of the 22,000-square-foot building is being renovated for the new tenant, the Social Security Administration, which is slated to open in 2018. Greg Bedell and Pablo Velasco of Progressive Real Estate represented the buyer and seller in the transaction.

December 1, 2017

New York Northeast Retail

Kamber Management Co. Acquires Parking Garage Portfolio in Manhattan for $50M

by Amy Works December 1, 2017

NEW YORK CITY — Kamber Management Co. has purchased Riverside Garage portfolio, a parking garage portfolio located in Manhattan’s Upper West Side, for $50 million. The portfolio consists of three parking garage condominiums located at 80, 100-120 and 220-240 Riverside Blvd. David Shechtman, Lipa Lieberman and Abie Kassin of Meridian Capital Group represented the seller, 80-20 LLC, while Steven Levy represented the buyer in the deal.

December 1, 2017

Maine Northeast Retail

Charterhouse Development Buys 11,180 SF Retail Property in Saco, Maine

by Amy Works December 1, 2017

SACO, MAINE — An entity operated by Charterhouse Development Corp. has acquired a retail property located at 461 Maine St. in Saco. Spirit RA Saco ME LLC sold the property for $3 million. Rite Aid occupies the 11,180-square-foot retail property. John Gendron of Gendron Commercial Brokers negotiated the acquisition.

December 1, 2017

Civic Delaware Northeast Retail

Philadelphia 76ers, Buccini/Pollin Group to Develop 140,000 SF Sports Complex in Wilmington, Delaware

by Amy Works November 30, 2017

WILMINGTON, DEL. — The Philadelphia 76ers and The Buccini/Pollin Group are developing 76ers Fieldhouse in Wilmington. Situated on 8.9 acres, the 140,000-square-foot multi-purpose sports complex and youth training center will be the new home for the 76ers NBA G League affiliate team, the Delaware 87ers. In addition to use by the affiliate team, the facility will be used to provide local youth with new sports programming and opportunities. The Buccini/Pollin Group will manage the development and construction of the facility, which is being designed by Rossetti Architects. The facility is situated on a site currently owned by Riverfront Development Corp.

November 30, 2017

Georgia Retail Southeast

Coro, Easlan Sell 26,179 SF Retail Property in Metro Atlanta

by Camren Skelton November 30, 2017

BROOKHAVEN, GA. — Coro Realty Advisors and Easlan Capital have sold Brookleigh Marketplace, a 26,179-square-foot shopping center in Brookhaven, a city 11 miles north of downtown Atlanta. The property is located on Johnson Ferry Road at the entrance to a 56-acre mixed-use community. At the time of sale, Brookleigh Marketplace was fully leased to tenants including Primrose Schools, Burn Cycle/Kick/Yoga, Marlow’s Tavern, Jade Nails & Day Spa, Bon Glaze and PT Solutions. Mark Joines and Drew Fleming of NKF Capital Markets arranged the transaction on behalf of Coro and Easlan. Other terms of the deal were not disclosed.

November 30, 2017

Michigan Midwest Retail

Realty Income Acquires 102,513 SF Retail Building in Midland, Michigan for $10.2M

by Kristin Harlow November 30, 2017

MIDLAND, MICH. — Realty Income has acquired a 102,513-square-foot retail building in Midland, located in central Michigan, for $10.2 million. Home Depot owns the building and currently has a long-term ground lease at the property, which is located at 1100 Joe Mann Blvd. near the Midland Mall. Home Depot has six years remaining on a 20-year lease. Jon Busse and Earl Clements of Colliers International represented the seller, Burlingame Midland LLC. Realty Income was self-represented in the transaction.

November 30, 2017

California Retail Western

London-Based Only Roses Opens First U.S. Floral Store in LA

by Nellie Day November 30, 2017

LOS ANGELES — OnlyRoses, a specialty rose gift brand, will open its first U.S. retail location and second non-franchise store in the Los Angeles submarket of Beverly Hills. The Beverly Hills location will be the company’s second non-franchise boutique in the world and home base in the U.S. for nationwide shipments, which will come from the company’s new warehouse in Hollywood. Italian architecture firm Baciocchi Associati designed the store. Roses are ethically sourced directly from farms in the Andes mountains near Quito, Ecuador. Originally founded by husband-and-wife team Anian and Sabine Schmitt in 2007, the original London-based OnlyRoses store is located in London’s Knightsbridge neighborhood on the block adjacent to Harrod’s. In the last decade, the business has expanded with franchise locations in Dubai, Abu Dhabi, Doha, Riyadh and Kuwait City.

November 30, 2017

Mixed-Use Nevada Retail Top Stories Western

VICI Properties to Buy Harrah’s Las Vegas Casino from Caesars in $1.14B Sale-Leaseback Deal

by John Nelson November 30, 2017

LAS VEGAS — An affiliate of Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the real estate assets of Harrah’s Las Vegas Hotel and Casino on the Las Vegas Strip for $1.14 billion. The buyer is VICI Properties Inc. (OTC: VICI), a Las Vegas-based REIT spun off last month from Caesars Entertainment Operating Co. Inc., a subsidiary of Caesars Entertainment. As part of the transaction, VICI will lease back the land and real estate to Caesars under a 15-year, triple-net lease agreement with four five-year renewal options. Harrah’s Las Vegas spans 4.1 million square feet and contains 90,600 square feet of casino space and 2,530 hotel rooms. The property features a Mardi Gras and carnival theme, with 16 restaurants and bars, retail shopping, spa services, a parking garage and 24,000 square feet of meeting space. VICI Properties also entered into a definitive agreement with Caesars to sell approximately 18.4 acres of undeveloped land located behind the LINQ Hotel & Casino and Harrah’s Las Vegas for $73.6 million. It is expected that Caesars will use the land with certain other parcels to construct a convention center adjacent to Harrah’s Las Vegas. “These transactions illustrate the growth potential provided by our …

November 30, 2017

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