Retail

L3 Capital, LaSalle Acquire 74,500 SF Commercial Building in Boston’s Downtown Crossing

by Amy Works June 23, 2017

BOSTON — L3 Capital and LaSalle Investment Management have purchased a vacant commercial building located at 399 Washington St. in Boston’s Downtown Crossing for an $63.2 million. The buyers will renovate and rebrand the 74,500-square-foot building as DTX 399. The building will offer six levels of retail and creative office space. Evan Papanastasiou of Eastern Consolidated represented the seller, Robert Posner, while Adelaide Polsinelli, also of Eastern, procured the buyer in the deal. The owners have retained Colliers International to market the property for lease.

June 23, 2017

Retail Texas

SACA Brokers Sale of 30,000 SF Shopping Center in Metro San Antonio

by Taylor Williams June 23, 2017

HILL COUNTRY VILLAGE, TEXAS — San Antonio Commercial Advisors (SACA) has brokered the sale of The Alley on Bitters, a 30,000-square-foot shopping center located at 555 W. Bitters Road in the San Antonio metro of Hill Country Village. Bradley Suttle of SACA marketed the property on behalf of the seller, Artisans’ Alley Inc. and procured the buyer, a private trust.

June 23, 2017

Illinois Loans Midwest Retail

Natixis Provides $34.7M Acquisition Financing for Retail Center in Arlington Heights, Illinois

by Kristin Harlow June 23, 2017

ARLINGTON HEIGHTS, ILL. — Natixis has provided $34.7 million in acquisition financing for Northpoint Center in Arlington Heights. The 276,333-square-foot retail center is located at the corner of Rand and Arlington Heights roads. A 68,237-square-foot Jewel-Osco anchors the center. A tenant at the property since 1991, Jewel-Osco recently renewed its lease and renovated the store. An initial $30.2 million loan will be provided, with the remaining $4.5 million earmarked to fund future leasing. Jeff Black of Colliers International arranged the financing for the borrower, an institutional investor.

June 23, 2017

Market Reports Retail Texas Texas Market Reports

New Retail Concepts Abound in Expanding Dallas-Fort Worth Market

by Taylor Williams June 23, 2017

It’s no secret retail vacancies in the Dallas-Fort Worth (DFW) area are at all-time lows. Vacancy rates at the end of first quarter 2017 were 4.6 percent, down from 5.5 percent a year ago, according to CoStar. More tenants are actively looking for the right spaces for their businesses so the retail sector is not overbuilt. Junior anchor tenants have “right-sized” requirements, thus decreasing their space needs. For example, Office Depot is downsizing its typical footprint from 24,000 square feet to 14,000 square feet. Grocery stores that have gone dark have been backfilled with fitness gyms, other grocers or entertainment-type tenants. In addition, market rents jumped markedly from $30 per square foot plus NNNs to $35 to $40 per square foot plus NNNs in the high demand spaces. In Class A retail environments such as the Frisco Mile, rates are $50 to $65 per square foot plus NNNs. Even in the new 99 Ranch Market space in Frisco, rents are $50 per square foot plus NNNs and the tenants are not blinking. Requests for higher finish-outs are continuing, but tenants are willing to pay these higher rents in order to use the landlords’ money for their improvements. Job and Housing …

June 23, 2017

California Retail Western

Hanley Investment Brokers $7.6M Sale of Retail Property in Rosamond

by Nellie Day June 22, 2017

ROSAMOND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant retail property located at 2938 Rosamond Blvd. in Rosamond. Newmar LLC acquired the property from a private partnership for $7.6 million. Rite Aid occupies the 17,277-square-foot property, which was built in 2016. Bill Asher of Hanley Investment Group represented the seller, while Jim Halferty of Lee & Associates represented the buyer in the deal.

June 22, 2017

California Loans Retail Western

NewMark Merrill Cos. Receives $5.2M Refinancing for 207,000 SF Retail Center in Ontario

by Nellie Day June 22, 2017

ONTARIO, CALIF. — NewMark Merrill Cos. has received $5.2 million in refinancing for The Marketplace on Grove, a 270,000-square-foot shopping center located in Ontario. A 165,643-square-foot Lowe’s Home Improvement Warehouse, which was built in 2007, anchors the center. Additional tenants are Chipotle Mexican Grill, El Pollo Loco, Jersey Mike’s Subs, McDonalds, Panda Express, US Bank and Pizza Pirates. William McPadden, Jeffrey Packard, Tom Treacy and Chris Bingham of John Hancock arranged the financing, which is NewMark’s third completed refinance with John Hancock Life Insurance. Kostas Kavayiotidis of Pacific Southwest Realty helped facilitate the transaction.

June 22, 2017

California Restaurant Retail Western

Flocke & Avoyer Arranges 1,300 SF Restaurant Lease in Pacific Beach

by Nellie Day June 22, 2017

PACIFIC BEACH, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the lease of 1,300 square feet of restaurant space at 1038 Garnet Ave. in Pacific Beach. Square Bar Café signed a five-year lease for the space from Dayani Partners. Ashley Tiefel and Steve Avoyer of Flocke & Avoyer represented the landlord, while the tenant was self-represented in the transaction.

June 22, 2017

Retail Texas

Shinall Group to Develop 14,000 SF Retail Center in Amarillo

by Taylor Williams June 22, 2017

AMARILLO, TEXAS — Shinall Group will develop a 14,000-square-foot retail center at the former Hastings Entertainment location along Gem Lake Road in Amarillo. Branded The Forum at Gem Lake, the property is surrounded by multiple grocery stores and a Walmart store. The center will lease up to seven tenants, with the earliest move-ins scheduled for late July.

June 22, 2017

Illinois Midwest Retail

Millennium Properties Brokers Sale of Two Retail Centers in Suburban Chicago

by Kristin Harlow June 22, 2017

BARRINGTON AND ELMHURST, ILL. — Millennium Properties has brokered the sale of two retail centers in suburban Chicago. The sales prices were not disclosed. Chet Evans of Millennium brokered the sale of a 9,800-square-foot retail center located at 121-141 S. Northwest Highway in Barrington. The two-building center is fully leased to five tenants including JC Licht Benjamin Moore and Farmers Insurance. Brad Thompson of Millennium brokered the sale of a 9,667-square-foot building located at 110-112 W. Park Ave. in Elmhurst. The property features a mix of retail, restaurant and office space and is fully leased to tenants such as Lou Malnati’s.

June 22, 2017

Midwest Missouri Retail

Block & Co. Arranges Sale of 7,670 SF Shopping Center in Kansas City, Missouri

by Kristin Harlow June 22, 2017

KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of Sherrydale Shopping Center in Kansas City for an undisclosed price. The 7,670-square-foot retail center is located on 1.3 acres at the southwest corner of 152 Highway and North Oak Trafficway. David M. Block and Jody Minder of Block & Co. arranged the sale on behalf of the sellers, Top 29 Sherydale LLC and North 152 Partners LLC. Rubenstein Real Estate Co. LLC represented the undisclosed buyer.

June 22, 2017

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