Retail

Hines Global REIT II Acquires Retail Properties in Cincinnati for $190M

by Kristin Harlow January 11, 2017

CINCINNATI — Hines Global REIT II has acquired Rookwood Pavilion and Rookwood Commons in Cincinnati. The purchase price was $190 million, excluding transaction costs and working capital reserves, according to an SEC filing. The two shopping centers operate as a single property referred to as Rookwood. Rookwood Pavilion was built in 1993 and Rookwood Commons was built in 2000. The property consists of 600,071 square feet that is 97 percent leased to 73 retailers and restaurants, including Whole Foods, REI, Nordstrom Rack, T.J. Maxx, Joseph-Beth Booksellers, P.F. Chang’s and J. Alexander’s. Hines Global REIT II is a public, non-listed real estate investment trust sponsored by Hines. CLP-SPF Rookwood Commons LLC and CLP-SPF Rookwood Pavilion LLC were the sellers.

January 11, 2017

Massachusetts Northeast Retail

Joint Venture Acquires 7,000 SF Retail Property in Boston for $13.1M

by Amy Works January 11, 2017

BOSTON — UMNV 346 Newbury LLC, a joint venture between UrbanMeritage and Novaya Real Estate Ventures, has purchased a retail property located at 346 Newbury in Boston. Studio Realty Trust sold the property for $13.1 million. Patagonia occupies the two-story 7,000-square-foot property. Michael Carucci of Gibson Sotheby’s International Realty represented the seller and identified the buyer in the deal.

January 11, 2017

California Office Retail Top Stories Western

Kilroy Realty Corp. Buys The Sunset Mixed-Use Project in West Hollywood for $210M

by Nellie Day January 11, 2017

LOS ANGELES — Kilroy Realty Corp. has purchased The Sunset, a 179,000-square-foot mixed-use development in the West Hollywood submarket of Los Angeles, for $210 million. The property is located at 8560-8590 Sunset Blvd. on the famous Sunset Strip. The seller, Broadreach Capital Partners, acquired the asset from Apollo Real Estate in 2006 for $105 million. The Sunset occupies 2.2 acres along Sunset Boulevard. It features a 72,000-square-foot office tower and a three-building retail plaza atop a 107,000-square-foot subterranean parking structure. The transaction also includes three billboards atop the retail buildings that were fully leased in December 2016. The complex is 88 percent leased with a large fashion and health/fitness presence, including Equinox, SoulCycle, H&M and Oliver Peoples. The site previously held the headquarters for Playboy Entertainment. The Sunset is adjacent to CIM’s $365 million Sunset La Cienega mixed-use project, which will include residential units, a hotel and ground-floor retail space. HFF’s Ryan Gallagher, Michael Leggett, Bryan Ley, Andrew Harper and Tim Geiman represented Broadreach in the transaction. — Nellie Day

January 11, 2017

Oklahoma Retail Texas

ShowBiz Cinemas Announces Plans for Family Entertainment Center in Oklahoma

by Amy Works January 10, 2017

EDMOND, OKLA. — ShowBiz Cinemas has announced plans to open a new family entertainment center in Edmond, Oklahoma. The development — Bowling, Movies and More — will feature 18 boutique bowling lanes, VIP event space, party rooms, 12 movie auditoriums with wall-to-wall curved screens, a café, full bar and modern arcade center. The Edmond development, scheduled to open by Christmas 2017, will mark the company’s first location outside Texas.

January 10, 2017

Retail Texas

EDGE Capital Arranges Sale of 20,988 SF Retail Center in Metro Houston

by Amy Works January 10, 2017

CYPRESS, TEXAS — EDGE Capital has brokered the sale of Rock Creek Plaza, a newly developed shopping center located at 14034 and 14044 Grant Road in Cypress. The unnamed buyer acquired the property for an undisclosed price. Pet Supermarket, Little Caesar’s and 9Round Fitness occupy the two-building, 20,988-square-foot center. Josh Jacobs and Burdette Huffman of EDGE Capital Markets represented the undisclosed seller, while Mark Kalil of Mark Kalil & Associates represented the buyer.

January 10, 2017

Florida Loans Retail Southeast

Grandbridge Secures $5M Refinancing of Shopping Center in Metro Orlando

by John Nelson January 10, 2017

CLERMONT, FLA. — Grandbridge Real Estate Capital has secured the $5 million refinancing of Oakley Square Shopping Center, a 30,218-square-foot retail center located roughly 23 miles outside Orlando in Clermont. Tenants at the center include Vitamin Shoppe, AT&T and Firehouse Subs. Philip Carroll of Grandbridge secured the 20-year, self-amortizing, fixed-rate loan on behalf of the undisclosed borrower through an insurance company.

January 10, 2017

Midwest Retail Wisconsin

Mid-America Real Estate Brokers Sale of 90,320 SF Grocery Store in Shorewood, Wisconsin

by Kristin Harlow January 10, 2017

SHOREWOOD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Metro Market in Shorewood, about five miles north of Milwaukee. The sales price was not disclosed. The 90,320-square-foot store is located at 4075 N. Oakland Ave. Metro Market is a grocery chain owned by Kroger. Wes Koontz, Christian Tremblay, Ben Wineman and Dan Rosenfeld of Mid-America Real Estate represented the undisclosed seller. An institutional buyer purchased the property, which includes a parking garage.

January 10, 2017

Midwest Ohio Retail

Cooper Commercial Brokers $1.8M Sale of Property Net Leased to Vitamin Shoppe in Niles, Ohio

by Kristin Harlow January 10, 2017

NILES, OHIO — Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to Vitamin Shoppe in Niles, near the border of Pennsylvania, for $1.8 million. The Vitamin Shoppe has approximately six years remaining on its lease. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investor. A Minnesota-based fund was the buyer.

January 10, 2017

Arizona Retail Western

Regency Centers Sells Pima Crossing Shopping Center in Arizona for $46.2M

by Nellie Day January 10, 2017

SCOTTSDALE, ARIZ. — Regency Centers L.P. has sold Pima Crossing, a 283,275-square-foot shopping center located in Scottsdale, for $46.2 million. An entity formed by Los Angeles-based Karlin Real Estate bought the property. PGA Superstore anchors the center, which is also home to Pier 1 Imports, Lifetime Fitness, Stein Mart, Scottsdale Beer Co. and Discount Patio. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller in the transaction.

January 10, 2017

Florida Retail Southeast Top Stories

Women’s Retailer The Limited Closes Remaining 250 Stores

by John Nelson January 10, 2017

BOCA RATON, FLA. — Following last week’s announcement of massive store closures by Macy’s and Sears, The Limited is following suit, announcing over the weekend the closure of all its remaining 250 brick-and-mortar stores. The women’s apparel retailer posted a brief message on its website on Saturday reading “We’re sad to say that all The Limited stores nationwide have officially closed their doors. But this isn’t goodbye. The styles you love are still available online — we’re just a quick click away 24 hours a day.” Sun Capital Partners Inc., a Boca Raton-based private equity firm and owner of The Limited, has not issued a press release on the closure, but released a statement to Reuters citing “an increasingly challenging environment for mall-based retail and women’s apparel” as the catalyst for its decision to shutter the remaining stores. The move is expected to eliminate about 4,000 jobs, including 800 full-time positions, according to Reuters. The Limited Inc. was founded in 1963 in Columbus, Ohio, by Leslie “Les” Wexner, who now serves as the chairman and CEO of L Brands Inc. (NYSE: LB). Known for being a stylish alternative to department stores, The Limited grew to 100 stores by 1976 and …

January 10, 2017

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