Retail

Epic Real Estate Partners Acquires Shops of Forest Hill in Metro Memphis

by John Nelson December 22, 2016

GERMANTOWN, TENN. — Epic Real Estate Partners has acquired Shops of Forest Hill, a 343,855-square-foot retail center located in the Memphis suburb of Germantown. Sprouts Farmers Market, Marshalls and Malco Cinemas anchor the center, which is also home to Mattress Firm, Sally Beauty, Hallmark, GNC, Mellow Mushroom, Allstate Insurance and Sherwin Williams. Jim Hamilton, Richard Reid, Brad Buchanan and Mike Allison of HFF represented the seller, a partnership between Boyle Investment Co. and Milton Schaeffer, in the transaction. Gregg Shapiro and Kyle Spencer, also of HFF, arranged a five-year acquisition loan with Wells Fargo Bank on behalf of Epic Real Estate Partners.

December 22, 2016

Retail Texas

McAlister Real Estate Brokers $1.4M Sale of Development Site in Rosenberg, Texas

by Amy Works December 21, 2016

ROSENBERG, TEXAS — McAlister Real Estate has arranged the sale of a 10-acre development site located adjacent to GreatTown Plaza at the northwest corner of FM 2218 and Town Center Boulevard in Rosenberg. Gamal Enterprises acquired the property for $1.4 million and plans to use the site for retail development. James Kadlick, Chris Hutcheson and Matt Herring of McAlister represented the undisclosed seller in the deal.

December 21, 2016

Illinois Midwest Northeast Pennsylvania Retail Top Stories

Walgreens Boots Alliance, Rite Aid to Sell 865 Rite Aid Stores to Fred’s Pharmacy for $950M

by Nellie Day December 21, 2016

DEERFIELD, ILL. AND CAMP HILL, PA. — Walgreens Boots Alliance (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) have agreed to sell 865 Rite Aid stores and some assets related to store operations to Fred’s (NASDAQ: FRED) for $950 million in an all-cash transaction. The agreement came about due to concerns by the Federal Trade Commission (FTC) in its review of Walgreens Boots Alliance’s proposed acquisition of Rite Aid, which was announced in October 2015. That transaction is scheduled to close in early 2017. The 865-store sale would make Fred’s one of the largest drugstore chains in the United States, with a significant presence in the South and on the East and West coasts. If the sale is approved, Fred’s will continue to employ all store associates and certain field and regional associates related to the operations. The stores will also continue to operate under the Rite Aid banner. Fred’s has also agreed to purchase additional Rite Aid stores if the FTC mandates additional divestments for the proposed merger. BofA Merrill Lynch acted as Walgreens Boots Alliance’s financial adviser. Sidley Austin LLP acted as legal counsel on transaction legal matters and Weil, Gotshal & Manges LLP acted as its legal …

December 21, 2016

Features Retail Top Stories

Cap Rates for Net Leased Retail Properties Increase for First Time in Three Years, Says Boulder Group Report

by John Nelson December 21, 2016

NORTHBROOK, ILL. — Cap rates in the fourth quarter of 2016 for the single-tenant net lease sector increased or remained the same for office, retail and industrial assets, according to The Boulder Group’s quarterly Net Lease Market Research Report. Retail cap rates experienced their first increase since the third quarter of 2013 to 6.19 percent. The nine-basis-point increase is the largest quarterly increase in retail cap rates since the second quarter of 2011. Cap rates for the office sector remained unchanged at 7.08 percent, while the industrial sector increased by 3 basis points to 7.17 percent. The Boulder Group attributes the increase in cap rates for the retail sector to the rise of treasury rates during the fourth quarter. During the fourth quarter, the 10-year Treasury yield increased significantly to 2.45 percent, up from 1.62 percent at the start of the quarter. During the fourth quarter, the spread between asking and closed cap rates for retail properties increased by five basis points. This was the largest spread between asking and closed cap rates for retail properties since the fourth quarter of 2013. Cap Rates Likely to Rise More in 2017 The net lease market is expected to remain active in …

December 21, 2016

Midwest Retail Wisconsin

Mid-America Negotiates 23,496 SF Lease for TJ Maxx in Menomonee Falls, Wisconsin

by Kristin Harlow December 20, 2016

MENOMONEE FALLS, WIS. — Mid-America Real Estate has negotiated a 23,496-square-foot lease for TJ Maxx at Whitestone Station in Menomonee Falls near Milwaukee. The 67-acre mixed-use development is located on Falls Parkway and is anchored by Costco. Dan Cohen and Tony Colvin of Mid-America represented TJ Maxx in the lease transaction.

December 20, 2016

Midwest Missouri Retail

Olivino Signs 1,585 SF Lease at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow December 20, 2016

ST. CHARLES, MO. — Olivino has signed a 1,585-square-foot lease at The Streets of St. Charles near St. Louis. Olivino is a specialty shop and tasting bar offering olive oils, balsamic vinegars and more cooking items. Other recent additions to the 27-acre mixed-use property include Orangetheory Fitness, Think Pink Nail & Spa and Firebirds Wood Fired Grill. Construction on the new Drury Hotel is underway, with completion slated for summer 2017. Additional tenants will be announced in the coming months.

December 20, 2016

Retail Texas

Marcus & Millichap Negotiates Sale of 519-Unit Self-Storage Facility in Houston

by Amy Works December 20, 2016

HOUSTON — Marcus & Millichap has arranged the sale of Memorial Mini Storage, a self-storage facility located at 1101 Tully Road in Houston. Bargain Storage acquired the 519-unit property for an undisclosed price. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and secured the buyer in the deal.

December 20, 2016

Retail Texas

Retail Solutions Brokers Two Retail Sales in Metro Austin

by Amy Works December 20, 2016

SAN MARCOS AND BURNET, TEXAS — Retail Solutions has arranged the sales of two retail properties located in the greater Austin area. In the first transaction, Popeye’s Fried Chicken purchased a retail property at StoneCreek Crossing in San Marcos. Nomoland Co. sold the property for an undisclosed price. Dave Burggraaf of Retail Solutions represented the buyer, and Jimbo Cotton of McAllister & Associates represented the seller in the deal. In the second deal, Isabel Reid acquired a 2,400-square-foot retail property located at 109 E. Jackson St. in Burnet. 7-Eleven Inc. sold the property for an undisclosed price. Preston Wolfe of Retail Solutions represented the seller, while Jane Hurst of Broker’s Realty represented the buyer in the transaction.

December 20, 2016

California Loans Retail Western

George Smith Secures $34M Refinancing of Crenshaw Imperial Plaza Near Los Angeles

by Nellie Day December 19, 2016

INGLEWOOD, CALIF. — George Smith Partners has secured the $34 million refinancing of Crenshaw Imperial Plaza, a 305,000-square-foot mixed-use center located roughly 12 miles outside Los Angeles in Inglewood. The property consists of 238,000 square feet of retail and a 67,000-square-foot office building. The financing will be used to fund renovations at the center and pay off an existing loan. Renovations will include the demolition of obsolete space, new signage and the conversion of ground-floor office space into retail. The converted ground-floor space will be home to tenants including Chipotle Mexican Grill, Five Guys and Ono Hawaiian BBQ. Steve Bram, David Pascale and Ali Akbar of George Smith Partners secured the three-year, interest-only financing on behalf of the borrower, NewMark Merrill Cos. The lender was undisclosed.

December 19, 2016

California Retail Western

Salon Republic Signs 10-Year Retail Lease in Hollywood

by Nellie Day December 19, 2016

HOLLYWOOD, CALIF. — Salon Republic, which provides shared workspace and services to beauty professionals, has signed a 10-year lease for 20,000 square feet of retail space at 6370 W. Sunset Blvd. in Hollywood. The space is located within the 216,238-square-foot Dome Entertainment Center, which is Robertson Properties Group owns. Matthew Fainchtein and Carter Magnin of Cushman & Wakefield represented the landlord in the transaction.

December 19, 2016

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