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RetailTexas

Santikos Entertainment to Develop 90,000 SF Retail Center in Tomball, Texas

by Amy Works

TOMBALL, TEXAS — Santikos Entertainment is developing Northpointe Shopping Center, an entertainment-anchored retail center located at the northeast corner of Windsor Pointe Drive and State Highway 249 in Tomball. Anchored by the existing Santikos Silverado 19, a multi-screen cinema, the center will feature 90,000 square feet of junior anchor and shop space, as well as pad sites. In addition to the cinema, the site currently includes two restaurants on pad sites: Texas Roadhouse and Bahama Bucks. Randy Hopper and Edward Heap of The Weitzman Group are handling leasing for the project, which is scheduled for delivery in 2018.

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RetailTexas

DuWest Brokers Sale of 30,054 SF Retail Property in Dallas

by Amy Works

DALLAS — DuWest has arranged the sale of a single-tenant retail property located at 8330 N. Stemmons Freeway in Dallas. A California-based 1031 exchange buyer acquired the 30,054-square-foot property from a local partnership for an undisclosed price. Office Depot currently occupies the property. DuWest represented the seller in the deal.

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New JerseyNortheastRetail

Inserra Supermarkets Begins Demolition for ShopRite Development in Wyckoff, New Jersey

by Amy Works

WYCKOFF, N.J. — Inserra Supermarkets has started demolition at the site for the planned ShopRite of Wyckoff at the corner of Greenwood and Wyckoff avenues. The 62,042-square-foot grocery store is slated to open in November 2017. The building design reflects the historic character and architecture of the surrounding commercial and residential buildings.

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AlabamaLoansRetailSoutheast

Mission Capital Advisors Arranges $15.3M Loan for Shopping Center in Alabama

by John Nelson

FLORENCE, ALA. — Mission Capital Advisors has arranged a $15.3 million, non-recourse loan for Florence Square, a 226,886-square-foot shopping center located in Florence. Gregg Applefield, Alex Draganiuk, and Jamie Matheny of Mission Capital Advisors secured the three-year loan on behalf of the sponsor, a joint venture between Triangle Capital Group and Arcadian Cap Group LLC, which acquired the property in 2014. The loan features two one-year extension options. The financing will cover capital improvements to Florence Square, including the demolition of a building that was vacated by Kmart in April. The demolition will make way for a new Academy Sports + Outdoors and PetSmart, as well as two new outparcels that will add another 8,000 square feet of retail space. The loan will also enable the sponsor to pay off the property’s existing low-leverage CMBS loan.

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MidwestMissouriRetail

Flex Build Finishes Renovation of 40,000 SF Retail Center in Kansas City, Missouri

by Kristin Harlow

KANSAS CITY, MO. — Flex Build has finished the renovation of Watts Mill Shopping Center in Kansas City. The 40,000-square-foot center, located at 103rd Street and State Line Road, has tenant spaces ranging from 1,400 square feet to 11,933 square feet. Current tenants include Jasper’s Italian restaurant, Ugly Joe’s Bar & Grill, Goodyear Tires and more. The renovation included a new façade, parking lot, LED lighting, landscaping elements and a remodeled sign. Mirason Properties LLC is the longtime owner of the center, while Block & Co. Inc. is handling management and leasing.

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IllinoisMidwestRetail

The Boulder Group Brokers $1.3M Sale of Property Net Leased to Family Dollar in Fairbury, Ill.

by Kristin Harlow

FAIRBURY, ILL. — The Boulder Group has brokered the $1.3 million sale of a single-tenant property net leased to Family Dollar in Fairbury, about 37 miles northeast of Bloomington. Approximately 14 years remain on the lease to Family Dollar. The triple net lease features a 10 percent rental escalation in each of the six five-year renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwest-based real estate investor in a 1031 exchange. The seller was a Midwest-based developer.

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LoansMidwestOhioRetail

Money360 Provides $1.9M Permanent Loan for Retail Building in Dayton, Ohio

by Kristin Harlow

DAYTON, OHIO — Money360 has provided a $1.9 million permanent loan to the owner of a single-tenant retail building located in Dayton. The building is currently 100 percent leased to Panera Bread. The permanent loan allowed the undisclosed borrower to recover capital previously utilized to acquire the property. The five-year loan features a 25-year amortization schedule.

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LoansNew YorkNortheastRetail

PCCP Provides $47.1M Loan for Development of 30,000 SF Retail Building in Manhattan

by Amy Works

NEW YORK CITY — PCCP LLC has provided a $47.1 million senior loan to a joint venture between Onyx Equities and KBS Capital Advisors for the development of a retail building located at 210 W. 31st St. in Manhattan’s Penn Plaza submarket. Construction is expected to begin in mid-2017 on the two-story, 30,000-square-foot building, with completion slated for mid-2018. The joint venture is finalizing conceptual plans and drawings for the multi-tenant property.

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Mixed-UseMultifamilyNew JerseyNortheastRetail

Marcus & Millichap Brokers $1.6M Sale of Mixed-Use Property in Orange, New Jersey

by Amy Works

ORANGE, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 256 Reock St. in Orange. A private investor sold the 13,500-square-foot property to an out-of-state buyer for $1.6 million. The property features seven residential units and two commercial spaces. Michael Lombardi of Marcus & Millichap represented the seller, while Chip Collins, also of Marcus & Millichap, represented the buyer in the deal.

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RetailTexas

Vitorino Group Arranges Sale of Preschool Property in The Woodlands

by Amy Works

THE WOODLANDS, TEXAS — The Vitorino Group has brokered the sale of Little Sunshine’s Playhouse and Preschool in The Woodlands. The newly developed property was marketed with a 15-year absolute net-lease that includes rent escalations every five years and a corporate guarantee. A local Texas investor acquired the 8,795-square-foot property for undisclosed price. The name of the seller was not released.

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