Retail

Wheeler REIT Purchases Shopping Center in Macon for $37.3M

by John Nelson January 3, 2017

MACON, GA. — Wheeler Real Estate Investment Trust Inc. has purchased Rivergate Shopping Center, a 205,811-square-foot, Publix-anchored development located in Macon. The shopping center was 95.5 percent leased at the time of sale to tenants such as Dollar Tree, T-Mobile and H&R Block. The property features eight outparcels, including a standalone Starbucks Coffee, Buffalo Wild Wings, IHOP and Steak N’ Shake, as well as co-tenant buildings leased to FedEx/Panera Bread, Dunkin’ Donuts/Subway, Planet Fitness/SkyZone and Pet Supermarket/Tuesday Morning. Wheeler REIT financed the acquisition using a three-year bank loan that features one year of interest-only payments, 25-year amortization schedule for years two and three, a floating interest rate and 65 percent LTV.

January 3, 2017

Florida Retail Southeast

The Shopping Center Group, Avison Young Broker $12.6M Sale of Retail Center in North Palm Beach

by John Nelson January 3, 2017

NORTH PALM BEACH, FLA. — The Shopping Center Group and Avison Young have brokered the $12.6 million sale of Northlake Promenade Shoppes, an 82,966-square-foot, Publix-anchored shopping center in North Palm Beach. Woolbright Development purchased the asset from a private investment company based in Canada. The shopping center’s outparcel tenants include CVS/pharmacy, Chase Bank and BP Gas. The property is situated on 21 acres at the southwest corner of Northlake Boulevard and Federal Highway and features a development site for Phase II of the shopping center. Anthony Blanco of The Shopping Center Group and David Duckworth and AJ Belt III of Avison Young led the marketing efforts.

January 3, 2017

gainesville-factory-stores-gainesville-tx

Retail Texas

Pierson Retail Advisors Negotiates Sale of 315,725 SF Outlet Mall in Gainesville, Texas

by Amy Works December 23, 2016

GAINESVILLE, TEXAS — Pierson Retail Advisors has arranged the sale Gainesville Factory Stores, an outlet mall located in Gainesville. A private investor sold the 315,725-square-foot property to a local buyer for an undisclosed price. Pierson Retail Advisors represented the seller in the deal.

December 23, 2016

Industrial Mixed-Use Multifamily New York Northeast Office Retail

Colony Capital, NorthStar Receive Approval for Merger

by Amy Works December 23, 2016

NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.

December 23, 2016

Illinois Midwest Retail

Mid-America Negotiates Sale of 173,981 SF Retail Center in Shorewood, Illinois

by Kristin Harlow December 23, 2016

SHOREWOOD, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Shorewood Crossings in Shorewood, about 40 miles southwest of Chicago. Phillips Edison & Co. purchased the 173,981-square-foot retail center. Located at the northeast corner of Route 59 and Black Road, the center is anchored by Mariano’s. Joe Girardi of Mid-America represented the seller, Regency Centers Corp. and its co-investment partner.

December 23, 2016

California Retail Western

Marcus & Millichap Facilitates $15.3M Sale of 18,555 SF Shopping Center in Palo Alto

by Nellie Day December 23, 2016

PALO ALTO, CALIF. — Marcus & Millichap has arranged the sale of a 18,555-square-foot neighborhood shopping center located at 2615-2699 Middlefield Road in Palo Alto’s Midtown district. A private family ownership group sold the property to a local investor for $15.3 million, or $822 per square foot. Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller in the transaction.

December 23, 2016

California Retail Western

Planet Fitness Rents 21,178 SF of Retail Space in Upland

by Nellie Day December 23, 2016

UPLAND, CALIF. — Planet Fitness has leased retail space at 1028 N. Mountain Ave. in Upland from Smart & Final. The tenant plans to open a 21,178-square-foot gym at the location, which is adjacent to Smart & Final Extra! Pablo Velsaco of Progressive Real Estate Partners represented the landlord, while Lauren Dressler of Oak Place Partners represented the tenant in the deal.

December 23, 2016

Illinois Loans Midwest Restaurant Retail

Maverick Arranges $1.7M First Mortgage Loan for Portillo’s Restaurant in Champaign, Illinois

by Kristin Harlow December 23, 2016

CHAMPAIGN, ILL. — Maverick Commercial Mortage Inc. has arranged a $1.7 million first mortgage loan for a to-be built Portillo’s restaurant in Champaign in central Illinois. The restaurant will be constructed on a 1.4-acre site. The restaurant is expected to open shortly after demolition of the current Home Town Buffet. The six-month loan has two three-month extension options. The fixed-rate, recourse loan is interest only and was funded by a national bridge lender. Jeffrey B. Gurian of BeckerGurian represented the borrower, Berkshire Partners. Bryan Segal of Barack, Ferrazzano, Kirschbaum and Nagelberg LLP represented the lender.

December 23, 2016

California Retail Western

Fred Segal to Open 22,000 SF Flagship Store in West Hollywood

by Nellie Day December 23, 2016

WEST HOLLYWOOD, CALIF. — Fred Segal has signed a long-term lease with CIM Group for 22,000 square feet of ground-level retail space at 8500 Sunset, a residential building on Sunset Boulevard in West Hollywood. Fred Segal Sunset will feature a variety of retail offerings, a café, fitness studio, salon, wine shop, florist and indoor/outdoor restaurant.

December 23, 2016

California Restaurant Retail Western

Buckhorn Grill Leases 6,571 SF Restaurant Space in San Francisco

by Nellie Day December 23, 2016

SAN FRANCISCO — Buckhorn Grill has signed a 10-year lease for a restaurant space located at 619 Market St. in San Francisco. The tenant plans to open a 6,571-square-foot restaurant at the space, which was formerly occupied by Boudin Bakery, in May 2017. Andrew Lindsey of SRS Real Estate Partners represented the tenant, while Mary Kate Banchero and Courtney Griffin of Cushman & Wakefield represented the landlord, CPF 33 New LLC, in the transaction. Buckhorn Grill currently operates 10 restaurants in Northern California.

December 23, 2016

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