Retail

Urban Commons Unveils Plans for $250M Mixed-Use Development in Long Beach, Calif.

by Katie Sloan March 23, 2017

LONG BEACH, CALIF. — Urban Commons has unveiled plans for a $250 million mixed-use development surrounding the Queen Mary, a retired cruise ship docked in Long Beach, Calif. The 700,000-square-foot project — designed by Gensler and titled Queen Mary Island — will include a main lobby plaza; 2,400-foot boardwalk alongside marinas, eclectic retail shops, cafes and bars; 200-room hotel; and outdoor amphitheater. Urban Commons assumed the master lease of the ship in April of last year, and subsequently began a renovation program to restore the ship to its former glory. The company is also collaborating with London-based Urban Legacies to develop Urban Adventure, a 150,000-square-foot entertainment facility. The building will offer 20 interactive and experiential activities including an indoor ice climbing wall, surfing, skydiving, zip lining and a trampoline park. An expected date of completion for the development has yet to be announced. Urban Commons is a Los Angeles-based real estate investment and development firm with a portfolio of assets across the United States. — Katie Sloan

March 23, 2017

Retail Washington Western

Madison Marquette to Redevelop Pacific Place in Downtown Seattle

by Nellie Day March 22, 2017

SEATTLE — Madison Marquette is set to begin the redevelopment of Pacific Place, a 339,000-square-foot retail center located in downtown Seattle. Barney’s New York and Tiffany & Co. anchor the four-story center, which is also home to AMC Theatres, Barnes & Noble, Kate Spade New York, lululemon athletica and Victoria’s Secret. The multi-million dollar renovation — which architectural firm Gensler designed — will include remodeling the center’s common areas and the addition of a new entrance, and new shopping and dining space. The project is scheduled to begin in the fourth quarter of 2017, with the first phase opening in fall 2018.

March 22, 2017

California Retail Western

Hanley Investment Group Arranges $9M Sale of Rite Aid in Menifee

by Nellie Day March 22, 2017

MENIFEE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $9 million sale of a single-tenant, 17,185-square-foot, Rite Aid-occupied property located in Menifee. Kevin Fryman of Hanley represented the seller, Parkcrest Construction Inc. Ron Duong of Marcus & Millichap represented the buyer, an undisclosed private investor. Rite Aid has nearly 20 years remaining on its initial lease term, with increases every 10 years.

March 22, 2017

New Jersey Northeast Retail

Urstadt Biddle Properties Acquires Van Houten Farms Retail Center in Passaic, N.J., for $7.1M

by Haisten Willis March 22, 2017

PASSAIC, N.J. — Urstadt Biddle Properties has acquired the Van Houten Farms Shopping Center in Passaic for $7.1 million. Van Houten Farms is a 36,500-square-foot shopping center. Tenants include a 30,569-square-foot Gala Fresh Supermarket, Valley National Bank, a local Italian restaurant and a stationery store. The purchase was funded with available cash and the assumption of a $3.5 million first mortgage secured by the property with a 4.6 percent interest rate.

March 22, 2017

Industrial Loans Mixed-Use Multifamily New York Northeast Restaurant Retail

Houlihan Parnes Arranges $2.15M in Loans for New York Mixed-Use Properties

by Haisten Willis March 22, 2017

YONKERS & NANUET, N.Y. — Jeremiah Houlihan of Houlihan Parnes Realtors has arranged an $850,000 first mortgage loan for a mixed-use building located at 925-939 Yonkers Ave. in Yonkers. The property consists of a two-story building with the Clairmont Diner on the first floor and three apartments on the second floor, along with an attached one-story building containing an automobile service station. Houlihan also arranged a $1.3 million first mortgage loan for a retail center located at 148-164 E. Route 59 in Nanuet. Tenants include Empire State College, Sterling Optical and Bach-to-Rock music school. The 10-year loans were placed with Savings Banks with a 25-year amortization schedule.

March 22, 2017

Illinois Indiana Iowa Michigan Midwest Missouri Ohio Retail Wisconsin

A&G Realty to Manage Sale of 58 MC Sports Leases in Midwest

by Kristin Harlow March 22, 2017

MELVILLE, N.Y. — A&G Realty Partners will handle the sale of 58 MC Sports leases in seven states across the Midwest following the retailer’s Chapter 11 bankruptcy filing. The locations range in size from 11,000 to 46,000 square feet. The stores are located in Iowa, Illinois, Indiana, Michigan, Missouri, Ohio and Wisconsin. Bids are due no later than the close of business on Friday, April 7. MC Sports filed for Chapter 11 bankruptcy protection on Feb. 14 in the U.S. Bankruptcy Court, Western District of Michigan, Grand Rapids. A joint venture between Tiger Capital Group and Great American Group is currently conducting the going-out-of-business sale.

March 22, 2017

Iowa Midwest Retail

Pinnacle Arranges $1.3M Sale of Dollar General Portfolio in Iowa

by Kristin Harlow March 22, 2017

WAPELLO AND WILTON, IOWA — Pinnacle Real Estate Advisors LLC has arranged the sale of a net leased Dollar General portfolio in Iowa for $1.3 million. The portfolio consists of two properties located at 702 U.S. Highway 61 in Wapello and 1200 W. 5th St. in Wilton. Both buildings were constructed in 2004. Each of the leases feature over seven years remaining on the current term. Zach Wright and Jeff Johnson of Pinnacle represented the seller, a Midwest-based developer. A high-net-worth investor based in the Midwest was the buyer.

March 22, 2017

Idaho Retail Western

Tropical Smoothie Cafe to Open First Locations In Idaho

by Nellie Day March 21, 2017

BOISE, IDAHO — Tropical Smoothie Cafe has signed a franchise agreement to open four restaurants in Idaho, with the first cafe slated to open in Boise this June. The new restaurants will mark the brand’s entry into the state. KMP TSC LLC will own and operate the locations. KMP TSC will target additional markets throughout the state for further development and is currently scouting sites in Eagle, Nampa, Caldwell, Twin Falls, Pocatello, Idaho Falls, Coeur d’Alene and Spokane. Celebrating its 20th anniversary in 2017, Tropical Smoothie Cafe is a fast-casual restaurant concept with over 550 locations nationwide.

March 21, 2017

Illinois Midwest Retail

Acadia Strategic Opportunity Fund IV Acquires 272,060 SF Retail Center Near St. Louis for $35.4M

by Kristin Harlow March 21, 2017

FAIRVIEW HEIGHTS, ILL. — Acadia Strategic Opportunity Fund IV has acquired Lincoln Place in Fairview Heights near St. Louis for $35.4 million. The 272,060-square-foot shopping center is located at 5905-6109 North Illinois St. Lincoln Place is nearly fully leased to a mix of national tenants, including Kohl’s, Ross, Old Navy, Marshalls, Famous Footwear, Five Below, Pier 1 Imports, Saint Louis Bread Co. and Mattress Firm, in addition to a separately owned Lowe’s, Chili’s and Chick-fil-A. Developed in 1999, the center was renovated in 2005. Amy Sands and Clinton Mitchell of HFF represented the seller, Spirit Realty Capital. Timothy Joyce of HFF secured a $23.1 million acquisition loan for the new owners. A national bank provided the five-year loan. Acadia Strategic Opportunity Fund IV is managed by Acadia Realty Trust.

March 21, 2017

Georgia Retail Southeast

Cushman & Wakefield Secures 115,314 SF Office Lease in Metro Atlanta

by Taylor Williams March 21, 2017

KENNESAW, GA. — Cushman & Wakefield has negotiated an 115,314-square-foot lease extension and expansion on behalf of furniture and electronics retailer Aaron’s Inc. As part of the deal, the retailer now occupies 400 and 500 Chastain Center in Kennesaw, located 27 miles northwest of Atlanta. Kirk Diamond, April Parrish, Erin Smith, Jennifer Leal and Steven Taylor of Cushman & Wakefield represented Aaron’s Inc. in the transaction. The representative of the landlord, TerraCap Management Inc., was not disclosed.

March 21, 2017

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