SAN ANTONIO — Bellomy & Co. has arranged the sale of Crestway Self Storage, located at 7095 Crestway Road in San Antonio. Lockaway Storage acquired the property for an undisclosed price. Built in 2008, the 22,300-square-foot property features 161 units. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the undisclosed, San Antonio-based seller in the deal.
GARLAND, TEXAS — Henry S. Miller Cos., dba HSM Hwy 66 Storage LP, is developing a self-storage facility located at 1020 Hebron Drive in Garland. The 77,000-square-foot facility will feature 763 storage units. Construction began in mid-January and units are expected to be available in early fall. The property will offer interior and drive-up units, security and controlled access and an on-site manager. CubeSmart will manage the facility.
ST. PETERS, MO. — Knoebel Construction Inc. has broken ground on the Shoppes at Mid Rivers in St. Peters. The $54 million project consists of 14 buildings within the 270,000-square-foot shopping center located just north of I-70, about 30 miles northwest of St Louis. Completion is slated for this fall. Confirmed tenants include Academy Sports + Outdoors, Burlington, Ross Dress for Less, Marshalls, HomeGoods, ULTA Beauty, Five Below and Famous Footwear. The property is located across from Mid Rivers Mall, the only regional mall in St. Charles County. GBT Realty Corp. is the developer of the project designed by MJM Architects. Knoebel Construction has divided the work into subprojects with separate management teams in order to complete the center in time for the 2017 holiday shopping season.
WALNUT CREEK, CALIF. — Mesa West Capital has originated a $35.7 million first mortgage loan for the refinancing and repositioning of Rossmoor Shopping Center in Walnut Creek. A joint venture between Citivest Commercial and Tallen Capital Partners was the borrower. The borrower acquired the property in 2012 and is implementing a city-approved redevelopment plan for the 108,000-square-foot property. In addition to upgrading the exterior façade, expanding the inline space and adding new retail pads, the plan also includes adding an additional 27,000 square feet of net rentable area to the existing property. Steve Fried and Seth Hall of Mesa West Capital originated the five-year, non-recourse, floating-rate loan for the borrower.
At a time when the development of new retail power centers across metro Chicago has been at a record low since chain store proliferation first started back in the early 1980s, south suburban Cook County has suddenly seen a turnaround with the addition of two new freestanding Walmart stores and one new Meijer store. These three openings occurred within months of each other in 2016 and represent approximately 560,000 square feet of the 1.36 million square feet of new retail construction that opened across the greater Chicago market last year. The historical challenges for retailers attempting to operate stores in south suburban Cook County are no secret: out of control property taxes, often double or triple that of locations in DuPage or Will counties; a high sales tax; a shrinking population base; and a shift in retail spending to other markets. The cumulative effect was the January of 2015 closure of the Lincoln Mall in Matteson, located about 30 miles south of downtown Chicago, and increased retail vacancy rates in the area. Full-service grocery stores in the Matteson area also have been on the decline following the closure of Jewel, Dominick’s, Cub Foods and Walmart all within five years starting …
SOUTHAVEN, MISS. — Conn’s HomePlus, an appliance and furniture retail chain based in The Woodlands, Texas, has sold Stateline Square, a nearly 220,000-square-foot shopping center located at 550 Stateline Road and 570 W. Main St. in Southaven, a Mississippi suburb of Memphis. Built in 1995 and renovated in 2007, the shopping center’s tenant roster includes Conn’s HomePlus, Burlington Coat Factory, Essex Bargain Hunt and Home Décor. The property also features a 1.4-acre parcel for an outparcel tenant. Ryan West of HFF represented Conn’s HomePlus in the transaction. The buyer and sales price were undisclosed. Conn’s currently operates more than 110 retail locations in the Sunbelt.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 106 Franklin St. in Manhattan’s Tribeca East Historic District. An undisclosed buyer acquired the 10,500-square-foot property for $11.5 million, or $1,095 per square foot. Partially vacant at the time of sale, the five-story building features 4,200 square feet of additional air rights. Will Suarez and Maurice Suede of Cushman & Wakefield represented the undisclosed seller, while Rachel Glazer of Brown Harris Stevens represented the buyer in the deal.
CHICAGO — Cushman & Wakefield has brokered the sale of a 1.2-acre retail site on Chicago’s southwest side for $2 million. The buyer, a private investor and developer, plans to redevelop the site into a retail shopping center. The property, located at 5501 S. Kedzie Ave. in Chicago’s Gage Park, was most recently home to a Bank of America branch. The area is traveled by more than 54,000 vehicles per day, and more than 62,000 people live within a mile of the site. Nicholas Kanich of Cushman & Wakefield represented both the buyer and the seller, 5501 S. Kedzie LLC. The buyer plans to break ground on the shopping center this spring.
COLUMBIA-TUSCULUM, OHIO — Fit Food Stop has signed a 2,400-square-foot lease at 3528 Columbia Parkway in Columbia-Tusculum, a neighborhood east of downtown Cincinnati. The company produces pre-cooked, individually portioned food that is organic and gluten-free. This is the second location for the company, which opened its first store in Oakley last year. The store in Columbia-Tusculum is set to open this spring. Tori Sunderman of CBRE represented the landlord in the transaction.
HOUSTON — Morgan, a multifamily development, construction and property management firm, has broken ground for the construction of its latest Pearl apartment development in Houston’s Midtown district. Located at 3120 Smith St., the project will feature a 40,000-square-foot Whole Food Market on the ground floor and 264 apartment units above. Slated to open in 2019, the new development will be located across the street from the first phase of Morgan’s Pearl Midtown, which opened in 2014. Amenities at the development will include a dog park and wash area, bike storage room, Uber waiting room, sky lounge, pool and a fitness center. Ziegler Cooper is serving as architect, while Carnegis Group is providing interior design services.
