Retail

PREIT Sells Crossroads Mall in West Virginia for $24.8M

by John Nelson January 18, 2017

BECKLEY, W.VA. — PREIT has sold Crossroads Mall, an enclosed regional mall in Beckley, for $24.8 million. The mall’s tenant roster includes anchors Belk, Dick’s Sporting Goods, J.C. Penney and Sears, as well as tenants such as AT&T, Bath & Body Works, GameStop, Hallmark, Hot Topic, PetSmart, Victoria’s Secret and Zales. Since January 2013, PREIT has sold 16 lower productivity malls and other non-core properties, generating $720 million in gross proceeds. The company’s portfolio featured 27 Sears stores in 2012 but is now down to just 10 stores in its portfolio, following the sale of Crossroads Mall. The buyer was undisclosed.

January 18, 2017

California Retail Top Stories Western

Ellis Partners Breaks Ground on Renovation of Pruneyard Mixed-Use Center in Silicon Valley

by Nellie Day January 18, 2017

CAMPBELL, CALIF. — Ellis Partners has broken ground on the multi-phased renovation of The Pruneyard, a 27-acre mixed-use shopping center in the Silicon Valley city of Campbell. The Pruneyard contains 365,000 square feet of Class A office space, 253,000 square feet of retail and restaurants, and a 170-room Doubletree Hotel. The infill project has not been updated for nearly 20 years. It is located at 1875. S. Bascom Road in the West Valley community. Ellis Partners purchased The Pruneyard from Equity Office Properties for $280 million in 2014. “The Pruneyard has been a premier West Valley office location for businesses large and small for over four decades,” Jason Morehouse, partner and director of acquisitions at Ellis Partners, said at the time of acquisition. “With strategic investments in the site and the adjacent retail center, we believe we can further bolster the value proposition for our nearly 85 office tenants by creating an even more robust and dynamic retail and entertainment amenity package.” At the time of acquisition, the three-building office component had average in-place office rents that were about 30 percent below market value with substantial near-term rollover in a rising market. The hotel component previously operated as an independent …

January 18, 2017

New Jersey Northeast Retail

Marcus & Millichap Negotiates $5.9M Sale of Shopping Center in Northfield, New Jersey

by Amy Works January 17, 2017

NORTHFIELD, N.J. — Marcus & Millichap has brokered the sale of Island Gym Plaza, a shopping center located at 801 Tilton Road in Northfield. An undisclosed buyer acquired the 48,536-square-foot property for $5.9 million. At the time of sale, the property was 95 percent occupied. Derrick Dougherty of Marcus & Millichap, in collaboration with DSM Commercial Real Estate Services, represented the undisclosed seller, while Shannon Bona of Marcus & Millichap represented the buyer in the deal. J.D. Parker was the Marcus & Millichap broker of record in New Jersey.

January 17, 2017

Loans New York Northeast Retail

NorthMarq Capital Finalizes $2.6M Construction Loan for Retail Property in White Plains, New York

by Amy Works January 17, 2017

WHITE PLAINS, N.Y. — NorthMarq Capital has arranged a $2.6 million construction loan for a retail property located at 316-332 Tarrytown Road in White Plains. Harbor Freight Tools will be the sole tenant at the 15,000-square-foot property. Robert Ranieri of NorthMarq secured the one-year interest-only loan for the undisclosed borrower.

January 17, 2017

California Retail Western

California Realty Group Brokers $23M Sale of Shopping Center in Los Angeles

by Nellie Day January 17, 2017

LOS ANGELES — California Realty Group has arranged the $23 million sale of an eight-acre shopping center located in the Los Angeles neighborhood of Granada Hills. Gelb Enterprises sold the property, located at 16225 San Fernando Mission Blvd. The buyer, Harridge Development Group, plans to redevelop the property into a mixed-use project consisting of 440 residential units and 60,000 square feet of retail. Mark Esses of California Realty Group represented the buyer and seller in the off-market transaction.

January 17, 2017

California Retail Western

IKEA to Relocate LA-Area Store in February

by Nellie Day January 17, 2017

BURBANK, CALIF. — IKEA’s relocated Los Angeles-area store within Burbank will open on Feb. 8, replacing the existing IKEA Burbank that will close permanently on Feb. 4. The 456,000-square-foot new store will include 1,700 parking spaces on 22 acres west of San Fernando Boulevard and south of Providencia Avenue. The closing store was 242,000 square feet and opened on 6.4 acres in 1990, the first IKEA store in California. IKEA will install a solar array atop the new store, as well as six electric vehicle charging stations. IKEA was founded in Sweden in 1943. There are currently more than 390 IKEA stores in 48 countries, including 43 in the U.S.

January 17, 2017

Industrial Office Retail Texas

Gupta Partners Acquires 276,000 SF Flex Property in Houston

by Amy Works January 17, 2017

HOUSTON — Gupta Partners has acquired Beltway 8 Industrial Park, a nine-building flex property located at 5829 W. Sam Houston Parkway North in Houston, for an undisclosed price. The 276,000-square-foot property offers flex space ranging from 2,400 to 12,000 square feet for small businesses. Jace Auto Wheel and Tire Specialists and Lumber Liquidators, as well as retailers, professional offices, healthcare providers, technology/communications firms and wholesale service companies, occupy the property. Bradley Kovach of Moody Rambin represented the buyer, while Jim Authenreith, also of Moody Rambin, represented the seller, a California-based investment group, in the deal.

January 17, 2017

Retail Texas

Marcus & Millichap Arranges Sale of 32,012 SF Retail Property in Arlington

by Amy Works January 17, 2017

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Courtside Plaza, a retail property located at 5920 W. Interstate 20 in Arlington. Tuesday Morning anchors the 32,012-square-foot center. At the time of sale, the property was fully leased to a mix of national, regional and local tenants. Vincent Knipp and Bill Jordan of Marcus & Millichap represented the seller, a limited liability company. The name of the buyer and the acquisition price were not released.

January 17, 2017

Restaurant Retail Texas

EDGE Capital Markets Brokers Sale of Restaurant Property in Houston

by Amy Works January 17, 2017

HOUSTON — EDGE Capital Markets has arranged the sale of a restaurant property located at 13740 East Freeway in Houston. Montgomery Land Co. acquired the property for an undisclosed price. Whataburger occupies the site on a long-term, triple-net corporate ground lease. Burdette Huffman and Kevin Holland of EDGE represented the undisclosed seller.

January 17, 2017

Illinois Midwest Retail

Children’s Learning Place Leases 8,000 SF at Luxe on Chicago Apartment Building

by Kristin Harlow January 17, 2017

CHICAGO — Children’s Learning Place has leased 8,000 square feet in the base of Luxe on Chicago, a 59-unit apartment building developed by Fifield Cos. The property is located at 1850 W. Chicago Ave. Chris Irwin and Katie Whelan of Jameson Commercial LLC represented the developer in the transaction. Noah O’Neill represented the tenant, Children’s Learning Place. The early learning academy operates four other locations in Chicago.

January 17, 2017

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