Retail

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

Florida Retail Southeast

American Commercial Realty Acquires Shops at World Golf Village in St. Augustine

by Camren Skelton July 10, 2017

ST. AUGUSTINE, FLA. — American Commercial Realty Corp. (ACR) has acquired the Shops at World Golf Village, the retail component of World Golf Village in St. Augustine, located roughly 30 miles south of Jacksonville. The property, which includes five buildings totaling roughly 80,000 square feet, was occupied by two long-term tenants at the time of sale— Murray Brothers’ Caddy Shack Restaurant and the World Golf Foundation. The sales price was not disclosed. In addition to the commercial component acquired by ACR, World Golf Village is home to the World Golf Hall of Fame, a Renaissance Hotel, the St. Johns County Convention Center and the PGA of America’s national production center.

July 10, 2017

North Carolina Retail Southeast

Continental Realty Sells Shopping Center in Raleigh for $10.1M

by Camren Skelton July 10, 2017

RALEIGH, N.C. — Continental Realty Corp. (CRC) has sold Creekside Crossing, a 60,499-square-foot shopping center located at 404 E. Six Forks Road in Raleigh, for $10.1 million. Thomas Kolarczyk and Jordan Lex of HFF represented Baltimore-based CRC in the sale to Raleigh Creekside Crossing LLC, a private investor. The asset was 100 percent leased at the time of sale to tenants including Planet Fitness, Tuesday Morning and Tropical Picken Chicken.

July 10, 2017

Midwest Ohio Retail

RCG Acquires 181,161 SF Shopping Center in Hilliard, Ohio

by Kristin Harlow July 10, 2017

HILLIARD, OHIO — RCG Ventures has acquired Mill Run Square in Hilliard, a suburb of Columbus. The purchase price was not disclosed. The 181,161-square-foot shopping center is located adjacent to I-270. Floor & Decor and Arhaus anchor the property, which is part of Mill Run, a master planned community that is home to several national retailers including Walmart, Lowe’s, Target, Home Depot, Aldi, Giant Eagle, Dave & Buster’s and Starbucks. Isaiah Harf of Stan Johnson represented the undisclosed seller.

July 10, 2017

Retail Texas

AMC, Seritage to Develop 45,000 SF Movie Theater in Austin

by Taylor Williams July 10, 2017

AUSTIN, TEXAS — AMC Theatres and publicly traded retail REIT Seritage Growth Properties will develop AMC Tech Ridge 10, a 10-screen, 45,000-square-foot movie theatre in Austin. The theater will feature more than 1,000 AMC Signature Recliners and a MacGuffin’s adult beverage concept. Construction on the theater, which is scheduled to open in 2019, will begin later this year.

July 10, 2017

California Restaurant Retail Western

CalBay Development Buys Two-Restaurant Portfolio in Pleasanton, Newark for $3.6M

by Nellie Day July 10, 2017

PLEASANTON AND NEWARK, CALIF. — CalBay Development has acquired a portfolio of two restaurants located in Pleasanton and Newark for $3.6 million. The sellers were the original developers and current franchisee owner-operators of the sites, which are occupied by drive-thru Arby’s restaurants. CalBay plans to remodel the sites and re-open the properties under a new national tenant brand. Redevelopment is scheduled to begin in fourth quarter 2017, with grand re-openings by the second quarter of 2018. Aron Cline and Jonathan Prater of Matthews Retail Group brokered the off-market transaction.

July 10, 2017

California Retail Western

Hanley Investment Group Arranges Sale of Single-Tenant LA Fitness in Montebello

by Nellie Day July 10, 2017

MONTEBELLO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant building occupied by LA Fitness. The 42,946-square-foot property is located in Montebello, roughly eight miles outside Los Angeles. Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, a private partnership based in Orange County, California. The buyer, a publicly traded REIT, was self-represented in the transaction. Terms of the sale were undisclosed.

July 10, 2017

Hawaii Retail Western

Ross Dress for Less to Open Two New Stores in Honolulu

by Nellie Day July 10, 2017

HONOLULU — Ross Dress for Less will open two new stores in Honolulu on July 15, 2017. The openings are part of the retailer’s 2017 proposed expansion program of about 70 new locations nationally during the year. A 32,000-square-foot store will be located at Nimitz Highway and Sumner Street. Another 24,000-square-foot store will be located in Ala Moana Center at Ala Moana Boulevard and Piikoi Street. With these stores, Ross will have 19 stores in Hawaii. Together, Ross Dress for Less and dd’s DISCOUNTS currently operate approximately 1,560 off-price apparel and home fashion stores in 37 states, the District of Columbia and Guam. Ross Stores Inc. is headquartered in Dublin, Calif.

July 10, 2017

Massachusetts Mixed-Use Multifamily Northeast Retail

HFF Secures $80M Acquisition Financing for Boston Transit-Oriented Development Site

by Amy Works July 7, 2017

BOSTON — HFF has arranged $80 million in acquisition financing for Suffolk Downs, a 161.2-acre, transit-oriented development site located in East Boston and Revere, Mass. HYM Investment Group is the borrower and buyer in the transaction. John Fowler, Anthony Cutone, Jennifer Keller and Andrew Gray of HFF secured the short-term, floating-rate loan with Bank of the Ozarks and advised the buyer in the deal. Adjacent to Route 1A, the site comprises 108.8 acres in Boston and 52.4 acres in Revere. The property is also served by two Massachusetts Bay Transit Authority Blue Line stations: Suffolk Downs and Beachmont. The site is currently the location of the Suffolk Downs horse racing facility, which will have its last racing season in summer 2018.

July 7, 2017

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