Retail

Urban Edge Properties Acquires Retail Portfolio in Northeast, Midwest for $325M

by Nellie Day May 26, 2017

NEW YORK CITY — Urban Edge Properties (NYSE: UE) has purchased a seven-property retail portfolio primarily within the New York City metro area and Missouri for $325 million. The portfolio contains a total of 1.5 million square feet. The acquisition includes Yonkers Gateway Center in Yonkers, N.Y.; Manchester Plaza in Manchester, Mo.; and The Plaza at Woodbridge in Woodbridge, The Plaza at Cherry Hill in Cherry Hill and 21 E. Broad Street/One Lincoln Plaza in Westfield, all in New Jersey. The portfolio is currently 83 percent leased. The tenant rosters contain a mix of big-box stores such as Burlington, Best Buy, DSW and Toys “R” Us; grocers like Aldi and Trader Joe’s; furniture outposts like Raymour & Flanigan and Bob’s Furniture; and restaurants like Five Guys, Cake Boss and Alamo Drafthouse Cinema, among others. Occupancy rates range from 74 percent for The Plaza at Cheery Hill to 100 percent for the Westfield asset. New Jersey-based Acklinis Realty Holding LLC owned the portfolio for more than 30 years. The contributors exchanged their property interests for about $122 million of Urban Edge operating partnership units, which were valued at $27.02 per unit. Urban Edge assumed about $33 million of existing mortgage debt, …

May 26, 2017

Market Reports Retail Texas Texas Market Reports

Torrid Job, Population Growth to Fuel Fort Worth Retail in 2017

by Taylor Williams May 26, 2017

In DFW, retail real estate will experience its eighth consecutive year of performance gains as upward economic momentum strengthens consumption and bolsters the local retail sector. The national economy is operating at near full employment and the rate of job creation will start to slow, bringing two million new job opportunities to fruition in 2017. At least 100,000 of these jobs will be filled in DFW and these dynamics will affect retail property by driving up wage growth, increase rental rates and promote higher retail spending.” As a result, national retail sales are expected to increase 4 percent this year. In Fort Worth specifically, retail trade is one of largest employment sectors and accounts for more than 11 percent of all jobs. Dallas-Fort Worth is expected to see a fourth consecutive year of employers adding over 100,000 jobs as a number of large companies like Toyota, Liberty Mutual and many others expand their footprints in the metro. Advance PCS, Dean Foods, ExxonMobil, Kimberly-Clark, Neiman Marcus, Southwest Airlines and Texas Instruments are among the 21 Fortune 500 companies headquartered in the area. The relocation and expansion of these businesses will draw new residents to the area. Approximately 88,000 individuals are slated …

May 26, 2017

Nevada Restaurant Retail Western

The Slanted Door to Open First Restaurant Outside California

by Nellie Day May 25, 2017

LAS VEGAS — Simon is adding The Slanted Door to The Forum Shops at Caesars Palace, opening in 2018. It will be the Vietnamese restaurant’s first location outside of California. A modern Vietnamese restaurant with roots in San Francisco’s Mission District, the 8,200-square-foot restaurant will be located on Las Vegas Boulevard. The Slanted Door opened its first restaurant in 1995 and received the James Beard Outstanding Restaurant award in 2014, which is given to only one restaurant nationally a year. The Forum Shops at Caesars Palace first opened in May 1992. After two subsequent expansions, The Forum Shops now offers 675,000 square feet of retail, dining and entertainment. Simon owns shopping, dining, entertainment and mixed-use properties.

May 25, 2017

Loans Massachusetts Northeast Retail

EagleBridge Capital Arranges $3.5M Financing for Retail Property in Milford, Massachusetts

by Haisten Willis May 25, 2017

MILFORD, MASS. — Ted Sidel and Brian Sheehan of EagleBridge Capital have arranged $3.5 million in permanent mortgage financing to refinance Milford South Plaza in Milford. A Massachusetts-based thrift institution was the lender. The property is a 44,270-square-foot retail plaza with 237 parking spaces on 5.1 acres. Milford South Plaza is located at 146 S. Main St. The plaza is 100 percent leased to four tenants including Big Lots, Dollar Tree, The Milford National Bank and Dunkinâ€™ Donuts. An affiliate of Summit Realty Partners manages the property.

May 25, 2017

Loans Retail Texas

Q10 KDH Arranges $16M in Financing for Class A Shopping Center in Houston

by Taylor Williams May 25, 2017

HOUSTON — Q10 KDH has arranged $16 million in permanent financing for Cypress Creek Plaza, a Class A shopping center in northwest Houston. The center is shadow-anchored by H-E-B and contains 51,034 square feet of net rentable space across three buildings and three ground-leased pad sites leased to Wendy’s, Zaxby’s and Chase Bank. Thrivent Financial provided the 10-year loan, which features a 30-year amortization schedule and a fixed sub-4 percent interest rate.

May 25, 2017

Georgia Retail Southeast

Banyan Street Capital to Redevelop Retail Portion of Peachtree Center in Atlanta

by John Nelson May 25, 2017

ATLANTA — Miami-based Banyan Street Capital plans to implement large-scale renovations to the retail portion of Peachtree Center, a mixed-use, transit-oriented development located in downtown Atlanta. Situated over the underground Peachtree Center MARTA station, Peachtree Center comprises six office towers, three hotels, three parking garages and the Mall at Peachtree Center. Amy Fingerhut and Sara Pepper of CBRE have been tapped to lease the redeveloped retail center, which is currently home to over 50 restaurants, retailers and service tenants. Along with the addition of new restaurants and shops, renovations to the center will include changes to the indoor mall area and outdoor courtyard. Construction is set to begin this summer. Beck is serving as the architect on the project.

May 25, 2017

Features Retail Top Stories

RECon Recap: ‘The Magic’ Is Reimagining Real Estate, Panel Concludes

by Jeff Shaw May 25, 2017

LAS VEGAS — In the midst of a particularly tumultuous period for the retail sector, evidenced by waves of store closures, what advice do seasoned shopping center executives have for aspiring young professionals seeking to make their mark in this business? The question arose Monday during a panel discussion moderated by Marcus & Millichap’s Bill Rose, national director of the brokerage firm’s retail group, at the Renaissance Las Vegas Hotel. The hour-long program, titled “Retail eVolution: A New Beginning, Not the End As We Know It,” analyzed the strengths and weaknesses of today’s retail market. The panel discussion capped off the first day of events at RECon 2017, the shopping center industry’s biggest deal-making event of the year. This year’s show, which is put on by the International Council of Shopping Centers, included 37,000 registrants, 1,200 exhibitors spread across 853,000 square feet and participants from 58 countries. The panelists pointed out that the current disruption taking place in the retail real estate sector — driven by a combination of shifting demographics, the growth of online retailing and a U.S. market that is over-retailed in some categories — creates both risk and opportunity. Hessam Nadji, president and CEO of Marcus & …

May 25, 2017

California Retail Western

Three New Tenants to Open at Redeveloped Shopping Center in Metro Los Angeles

by Nellie Day May 24, 2017

GLENDORA, CALIF. — Three new tenants are set to open at 655 S. Grand Ave., a 70,500-square-foot shopping center currently undergoing redevelopment in the Los Angeles suburb of Glendora. Creamistry, an ice cream shop, signed a lease for 1,271 square feet; Oke Poke, a fast-casual poke restaurant, signed a lease for 1,289 square feet; and Orangetheory Fitness, a fitness center franchise, signed a lease for 3,497 square feet. All new locations will open in October. Shauna Mattis and Blake Kaplan of JLL represented the landlord, Champion Real Estate Co., in each leasing transaction. Scott Simcik and Shaun Kennedy of FGP Commercial Leasing represented Creamistry. Minerva Baral represented Oke Poke. Jesse Rehmeier of Retail Select Services represented Orangetheory Fitness. The redevelopment is set for completion in July.

May 24, 2017

Office Retail Texas

JLL Arranges $175M in Refinancing for 493,400 SF Mixed-Use Asset in The Woodlands

by Taylor Williams May 24, 2017

THE WOODLANDS, TEXAS — JLL has arranged $175 million in refinancing for Market Street — The Woodlands, a 493,400-square-foot mixed-use asset located at 9595 Six Pines Drive in The Woodlands. The property features approximately 375,600 square feet of retail space and 114,900 square feet of office space. Tom Melody and John Ream of JLL arranged the fixed-rate loan through a partnership between Morgan Stanley and Wells Fargo.

May 24, 2017

Connecticut Northeast Retail

Northeast Private Client Group Negotiates $2.2M Sale of Retail Property in Connecticut

by Haisten Willis May 24, 2017

OLD SAYBROOK, CONN. — Northeast Private Client Group has negotiated the $2.2 million sale of a 6,500-square-foot retail property known as The Starbucks Building in Old Saybrook. The property is located at 15-19 Main St. Bradley Balletto of Northeast Private Client Group’s Shelton, Conn., office represented the seller, Prospect Realty Partners, and procured the buyer, Developers Consolidated Realty, in the transaction. Tenants at the property include Starbucks and Ben & Jerry’s.

May 24, 2017

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