NEW YORK CITY — Madison Realty Capital has provided a $64 million construction loan for 200 Kent Avenue, a mixed-use development located in Brooklyn’s Williamsburg neighborhood. The 117,326-square-foot project will feature 50,101 square feet of retail space, 22,055 square feet of office and restaurant space and 45,170 square feet of parking. The retail portion of the development will be anchored by a popular national grocery chain. MRC funded a portion of the $64 million facility at closing to retire existing debt and will provide further advances for construction as the project progresses.
MONROEVILLE, PA. — Ten Capital Management has sold its limited partnership interest in Miracle Mile Retail Center in Monroeville, located 13 miles east of Pittsburgh. M&J Wilkow in a joint venture with ALTO Real Estate Funds acquired the interest in the 299,894-square-foot regional power center. At the time of sale, the property was 98 percent occupied by a variety of tenants, including LA Fitness, Marshalls, PNC Bank, DSW, Old Navy and OfficeMax. The general partner in the interest partnership is an affiliate of Pearson Partners.
MARIETTA, GA. — Capital Properties Group and Concordia Properties have unveiled the first round of restaurant tenants to occupy Marietta Square Market, a new food hall concept located in the Historic Marietta Square District, roughly 20 miles north of downtown Atlanta. The 18,500-square-foot converted warehouse building, located adjacent to the railroad tracks at 68 N. Marietta Parkway N.W., will have the look of a historic train station complete with a restored trolley car and a porch that wraps around two sides of the building. The food hall will feature 19 restaurant and retail concepts. Signed tenants at the project include Forno — Wood Fired Artisan Pizza, Street Taco, Grand Champion BBQ, Toppoke Korean & Poke and Pita Mediterranean Street Food. Kelly Wilson of Windsor Realty Group is handling the project’s leasing assignment. Marietta Square Market is slated to open in summer 2018.
NORTH EAST, MD. — Klein Enterprises has acquired North East Station Shopping Center, an 87,006-square-foot retail center in North East, a town in northeast Maryland situated between Baltimore and Philadelphia, for $11.6 million. The seller was not disclosed. Food Lion anchors the center, which was 90.3 percent leased at the time of sale to tenants including Walgreens, Waffle House, AutoZone, Wendy’s and West Marine. North East Station is less than a mile from the Principio Industrial Park, which will house the new Amazon distribution center and its 700 full-time employees.
NEW YORK — Retailers with a brick-and-mortar presence captured approximately 75 percent of all sales transacted over Thanksgiving weekend 2017, according to a report by the International Council of Shopping Centers (ICSC) released Monday, Nov. 27. Combined, online and brick-and-mortar retail sales during Thanksgiving and Black Friday clocked in just shy of $8 billion, an 18 percent increase over the same two-day period in 2016, according to Adobe Analytics, which measures transactions of the 100 largest American web retailers. On Black Friday itself, online sales eclipsed $ 5 billion, up from $3.34 billion in 2016. The ICSC report found that over the course of the weekend, more than 145 million Americans shopped at malls and shopping centers — 105 million on Black Friday alone — where they spent an average of $377.50 per shopper. Approximately one-quarter of the average shopper’s total expenditure went to dining and other experiences. All told, consumers spent an average of $78.70 per head at dining and entertainment destinations in association with Black Friday 2017. “Shopping centers across the country should feel very optimistic about the season ahead,” says Tom McGee, president and CEO of ICSC. “What we are seeing over the course of the year, and …
SUNRISE, FLA. — CPAC, a joint venture between CREC and members of the Lindemann family, has sold University Shoppes of Sunrise in Broward County for $12.6 million. Andrew Remick of CREC and Peter Mekras of Aztec Group represented CPAC in the transaction. Luxcom acquired the asset. CPAC originally acquired the property through foreclosure in 2012 and repositioned the property, executing a ground lease with Aldi and selling a portion of the land for a new multifamily development. At the time of sale, the property was 95 percent leased to tenants including Chuck E. Cheese, Sprint and Sherwin Williams.
MARIETTA, GA. — Studio Movie Grill, a privately owned dine-in theater concept based in Dallas, has opened its newest theater at 40 Powers Ferry Road in Marietta, a northern suburb of Atlanta in Cobb County. The 11-screen SMG Marietta is backfilling a former Sports Authority store in a shopping center that was once anchored by Harry’s Farmers Market, a subsidiary of Whole Foods Market. SMG Marietta is Studio Movie Grill’s third location in Georgia and its 29th nationwide. The property features a spacious lounge, wraparound bar, outdoor patio and luxury recliners in each theater. The theater employs roughly 200 people, according to Marietta Mayor Steve Tumlin. SMG Marietta is a participating theater in the company’s Special Needs Screenings and Chefs for Children programs.
LOS ANGELES — CBRE has arranged the $8.2 million sale of a 12,715-square-foot retail property leased to CVS/pharmacy in Los Angeles. Alex Kozakov and Patrick Wade of CBRE arranged the transaction on behalf of the seller, Paragon Commercial Group. Millenium Investment LLC acquired the asset. The property is located three miles from downtown Los Angeles.
AUGUSTA, GA. — The Palomar Group has brokered the $24.7 million sale of National Hills, a 159,855-square-foot shopping center in Augusta, located across from the Augusta National Golf Club. The Fresh Market anchors the center, which was 94 percent occupied at the time of sale by tenants including Electrolux, Sprint, Sally Beauty Supply, Legend’s Club and Merle Norman. The Palomar Group arranged the transaction on behalf of the seller, a regional investor, and the buyer, an international REIT.
BOYNTON BEACH, FLA. — MMG Equity Partners has acquired Meadows Square Shopping Center, a 94,708-square-foot retail center in Boynton Beach, a city in Palm Beach County, for $17 million. Presidente Supermarket anchors the center, which was 97 percent leased at the time of sale to tenants including Dollar Tree and Bank of America. Casey Rosen of CBRE arranged the transaction on behalf of the undisclosed seller. HFF arranged a 10-year, fixed-rate acquisition loan through a life insurance company on behalf of MMG Equity Partners.