Retail

Cypress Equities Purchases Flagstaff Mall in Arizona

by Nellie Day January 9, 2017

FLAGSTAFF, ARIZ. — Cypress Equities has acquired Flagstaff Mall, a 388,000-square-foot enclosed regional mall located in Flagstaff for an undisclosed price. JCPenney, Dillard’s and Sears anchor the mall, which is also home to tenants including Bath & Body Works, GameStop, GNC, Victoria’s Secret and Foot Locker. The center was originally developed in 1979, and underwent renovations in 2007. Cypress is currently looking to sell or lease up three undeveloped outparcel pads totaling 18,000 square feet. The company is also considering the redevelopment of inline retail space.

January 9, 2017

California Retail Western

CBRE Facilitates $11M Sale of Scripps Mesa Retail Center in San Diego

by Nellie Day January 9, 2017

SAN DIEGO — CBRE has arranged the sale of Scripps Mesa Retail Center, located at 9801-9841 Mira Mesa Blvd. in the Scripps Ranch submarket of San Diego. Shah Family Trust acquired the 25,721-square-foot property from Hendricks Commercial Properties for $11 million. The property recently underwent a $1.7 million renovation. At the time of sale, 18 tenants fully occupied the retail center. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller and buyer in the deal.

January 9, 2017

California Retail Western

Trion Properties Repositions, Sells Retail Property in Valencia for $9.8M

by Nellie Day January 9, 2017

VALENCIA, CALIF. — Trion Properties has repositioned and sold Valencia Town Center Plaza, a retail strip center located at 24510 Town Center Drive in Valencia. A private real estate investor acquired the property for $9.8 million. Trion Properties originally acquired the 26,168-square-foot property in 2013. Joshua Levy and Matthew Dobson of Arbor Realty Capital Advisors represented the seller and buyer in the deal.

January 9, 2017

California Retail Western

Brixton Capital Acquires 55,000 SF Retail Property in San Diego

by Nellie Day January 9, 2017

SAN DIEGO — Brixton Capital has purchased a retail property, located at 14340 Penasquitos Drive in San Diego. Florida-based HH Property Holdings sold the 55,000-square-foot property for an undisclosed price. The buyer plans to renovate and reposition the former Albertson’s grocery store building, which was most recently occupied by Haggen. Brixton has already entered into a $12 million long-term lease with Floor & Décor for the entire property. Mike Moser of Retail Insite represented the buyer, while HFF represented the seller in the transaction.

January 9, 2017

Georgia Market Reports Retail Southeast Southeast Market Reports

Retailers Try to Keep Up With Atlanta’s Dynamic Consumer Population

by John Nelson January 9, 2017

To understand the state of retail in Atlanta in 2005, you first looked at where and what developers were building, then to where retailers were locating and lastly to how consumers were shopping. Simply put, if a developer built it and a retailer occupied it, the consumer was sure to shop there, but that’s no longer the case. To understand the state of retail in Atlanta today, you need to start with the Atlanta consumer. Go Big or Go Home From 2000 to 2010, the Atlanta Regional Commission reports metro Atlanta added over 1 million residents with an additional 2.5 million people projected to be added between 2015 and 2040. Further, according to a study by the University of Georgia, half the state’s population growth is concentrated in just three Atlanta metro counties — Fulton, Gwinnett and Forsyth. A big driver for the growth is jobs, especially those in high-paying sectors like information, professional services, science and technology. EMSI reports that two of the counties making up Atlanta’s metropolitan area, Forsyth and Coweta, are in the top eight of large counties for skilled job growth. Additionally, Forbes claims Atlanta is now growing its business service sector faster than New York, …

January 9, 2017

Restaurant Retail Texas

Baker Katz Arranges Two Leases for Snooze Eatery in Houston

by Amy Works January 6, 2017

HOUSTON — Baker Katz has completed two leases for Snooze, an A.M Eatery, at Town & Country Village and Houston Heights Lowell Street Market in Houston. A 3,185-square-foot eatery is slated to open this summer at Town & Country Village, and a 3,785-square-foot second location is scheduled to open in late summer at Houston Heights Lowell Street Market. Since opening its first restaurant in 2006, the Denver-based eatery has grown to 17 locations across Arizona, California, Colorado and Texas. Snooze delivers a menu creative twists on breakfast dishes, as well as a selection of local craft beers and morning cocktails.

January 6, 2017

Retail Texas

Colliers International Brokers Sale of 1.8-Acre Land Parcel in Metro Houston

by Amy Works January 6, 2017

PASADENA, TEXAS — Colliers International has arranged the sale of a 1.8-acre land parcel located at the southwest corner of Sam Houston Parkway East and Spencer Highway in Pasadena. Frost Bank acquired the site for an undisclosed price and plans to develop a bank branch on the property. Marshall Clinkscales of Colliers represented the seller, Latour Partners, while Scott Gardner of UCR Houston Retail represented the buyer in the deal.

January 6, 2017

Loans New York Northeast Office Retail

RM Capital Arranges $57.5M in Construction Financing for Redevelopment of Tammany Hall in NYC

by Amy Works January 6, 2017

NEW YORK CITY — RM Capital has arranged $57.5 million in first mortgage and mezzanine construction financing for the redevelopment of the Tammany Hall building at 44 Union Square in New York City. The borrower, Reading International, will use the financing to renovate and repurpose the six-story 73,322-square-foot retail and office building. Upon completion, the building will feature three contiguous lower levels of retail space and three floors of office space. The historic property is the former headquarters for the Tammany Hall political organization and required a variance and Landmarks Commission to move forward with the redevelopment. Tammany Hall was a New York City political organization founded in 1786 and planned a major role in controlling city and state politics and helping immigrants rise up in American politics. Bank of the Ozarks provided the $50 million senior construction loan, and an affiliate of Fisher Brothers provided the $7.5 million mezzanine loan. Marc Sznajderman, Romano Tio and Bo Diamond of RM Capital secured the financing for the borrower.

January 6, 2017

New Jersey Northeast Retail

The Blau & Berg Co. Arranges Sale of 54,126 SF Retail Property in Newark, New Jersey

by Amy Works January 6, 2017

NEWARK, N.J. — The Blau & Berg Co. has brokered the sale of a retail property located at 237-249 S. Orange Ave. in Newark. JJ Operating Inc., a family-owned real estate investment and management company, acquired the 54,126-square-foot property for an undisclosed price. The free-standing building is currently occupied by a 2,100-square-foot Dunkin’ Donuts. The buyer plans to redevelop the property. Alex Conte, Jason Crimmins and Peter Murano of The Blau & Berg Co. represented the seller and buyer in the deal.

January 6, 2017

Connecticut Industrial Northeast Office Retail

O,R&L Commercial Negotiates $2.1M Sale of Two Properties in Cromwell, Connecticut

by Amy Works January 6, 2017

CROMWELL, CONN. — O,R&L Commercial has arranged the sale of a two-property investment asset totaling 38,800 square feet at 50 Sebethe Drive in Cromwell. O&G Industries acquired the properties for $2.1 million. The sale includes a net-leased 28,800-square-foot warehouse and office building and an on-site 10,000-square-foot self-storage facility. Frank Hird and Luke Massirio of O,R&L Commercial represented the seller, Sebethe Drive Partners LLC, in the deal.

January 6, 2017

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