Retail

New England Development is Repositioning Galleria Shopping Center in Cambridge

by Amy Works June 8, 2017

CAMBRIDGE, MASS. — New England Development is repositioning the Galleria shopping center in East Cambridge as CambridgeSide through a $30 million renovation and rebranding project, which is slated for completion in October. Situated on the original site of New England’s Lechmere department store, the shopping center will be the centerpiece of a 1.2 million-square-foot urban mixed-use development. Tenants at the rebranded retail property will include J.Crew, Club Monaco, A|X Armani Exchange, Abercrombie & Fitch, Banana Republic, Macy’s, H&M, Express, Forever 21, Sephora, The Cheesecake Factory and World of Beer.

June 8, 2017

Loans Northeast Pennsylvania Retail

Talonvest Capital Secures $24.1M Construction Loan for Metro Self Storage

by Amy Works June 8, 2017

CHADDS FORD, PA. — Talonvest Capital has arranged $24.1 million in construction financing for Metro Self Storage. The borrower plans to develop one self-storage facility in Chadds Ford and two in Naperville and Addison, Illinois. In total, the new developments will feature more than 236,000 rentable square feet. A Midwestern-based bank financed the Pennsylvania development, while an East Coast-based bank funded the two suburban Chicago properties. Kim Leslie, Tom Sherlock and Jim Davies of Talonvest negotiated and structured the loans for the borrower.

June 8, 2017

Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

Colliers Arranges $4.1M Loan for Mixed-Use Property in Philadelphia

by Amy Works June 8, 2017

PHILADELPHIA — Colliers International has arranged a $4.1 million in refinancing for a mixed-use property located at 2231 Bryn Mawr Ave. in Philadelphia. The building features 12 apartments and 13,000 square feet of commercial space. The loan features a five-year fixed rate with a five-year reset. Kris Wood, John Banas, Chad Levitt, Tim Hoyt, Martin Duval and Jordan Canino of Colliers International secured the financing for the undisclosed borrower.

June 8, 2017

Maine Northeast Restaurant Retail

Cardente Real Estate Brokers 2,500 SF Restaurant Lease in Old Orchard Beach, Maine

by Amy Works June 8, 2017

OLD ORCHARD BEACH, MAINE — Cardente Real Estate has arranged the lease of restaurant space at 15 E. Grand Ave. in Old Orchard Beach. Robert Kelly and Lori Gramlich leased the 2,500-square-foot space from HPH Holdings LLC. Mark Sandler of Cardente Real Estate represented the landlord, while Karen Rich, also of Cardente Real Estate, represented the tenants in the transaction.

June 8, 2017

Georgia Retail Southeast

Preferred Apartment Communities Buys Kroger-Anchored Center in Metro Atlanta

by John Nelson June 8, 2017

STONE MOUNTAIN, GA. — Preferred Apartment Communities Inc. (PAC) has purchased Rockbridge Village, a 102,432-square-foot retail center in Stone Mountain, a suburb of Atlanta. Situated at the intersection of Rockbridge and Five Forks Trickum roads, the shopping center is anchored by a 68,632-square-foot Kroger store. PAC purchased the asset through its subsidiary New Market Properties LLC for an undisclosed price. PAC financed the purchase using a $14.3 million loan provided by The Prudential Insurance Co. of America. The 10-year loan features a fixed interest rate of 3.75 percent. Rockbridge Village marks PAC’s 33rd grocery-anchored shopping center in its portfolio.

June 8, 2017

California Retail Western

RedMill Capital Breaks Ground on Shops at Livermore in Metro San Francisco

by Nellie Day June 7, 2017

LIVERMORE, CALIF. — RedMill Capital, alongside financial partner ANICO Eagle LLC, has broken ground on The Shops at Livermore, a 115,000-square-foot mixed-use development located roughly 40 miles outside San Francisco in Livermore. The center will be located adjacent to the San Francisco Premium Outlets, and will be home to discount fashion retailers and a mix of national restaurants. The Was Group LLC has been tapped to assist the joint venture in leasing efforts. A five-person Colliers International team led by Julie Taylor and Stephen Rusher is also marketing the center. A grand opening for the development is set for mid-2018.

June 7, 2017

Oregon Retail Western

Southgate Shopping Center in Portland Changes Hands

by Nellie Day June 7, 2017

PORTLAND, ORE. — Southgate Shopping Center, a 50,826-square-foot, multi-tenant strip center located in the Southgate area of Portland, has sold to a private buyer for an undisclosed sum. The center was 97 percent leased at the time of sale to tenants including Office Max, HobbyTown, Round Table Pizza, Starbucks Coffee, H&R Block, Arby’s and Sprint Mobile. Brian Hanson and Nick Kassab of HFF marketed the property on behalf of the seller, ML Commercial Properties Inc.

June 7, 2017

North Carolina Retail Southeast

RealtyLink to Deliver $80M Retail Development in Fayetteville, N.C.

by John Nelson June 7, 2017

FAYETTEVILLE, N.C. — RealtyLink LLC plans to deliver the $80 million Freedom Town Center located at Skibo and Cliffdale roads in Fayetteville. The 50-acre, 385,000-square-foot retail project will house tenants such as Field & Stream, HomeGoods, Hobby Lobby, Dick’s Sporting Goods, Petco, Sprouts Farmers Market, Burke’s Outlet, DSW, buybuy Baby and World Market. Greenville, S.C.-based RealtyLink expects to start opening stores in the fall with full completion set for 2018. First Tennessee Bank arranged construction financing for Freedom Town Center, which broke ground in August 2016. Austin Wilson of RealtyLink is the leasing agent for the project.

June 7, 2017

Florida Retail Southeast

CREC, Lubert Adler Sell 115,000 SF Shopping Center in Broward County for $48M

by John Nelson June 7, 2017

CORAL SPRINGS, FLA. — A joint venture between CREC and Lubert Adler, known as CPAC Royal University LLC, has sold Royal University Plaza in Broward County for $48 million. Located at 2556 N. University Drive in Coral Springs, the shopping center’s tenant roster includes Pet Supermarket, Jimmy John’s, Hertz Rental Cars, Smoothie King and AAA Auto Club. The CREC-Lubert Adler partnership purchased the asset in February 2015 for $26 million and improved the shopping center’s occupancy rate from 45 percent to 97 percent. During its ownership, the joint venture executed a 25,000-square-foot lease with Total Wine & More and a 37,000-square-foot lease with Orchard Supply Hardware.

June 7, 2017

Retail Southeast Virginia

Southeastern Arranges $38.7M Sale of Kroger-Anchored Shopping Center in Hampton Roads Area

by John Nelson June 7, 2017

CHESAPEAKE, VA. — Southeastern has brokered the $38.7 million sale of Greenbrier Square, a 260,602-square-foot shopping center located in Chesapeake, about seven miles south of Norfolk in Virginia’s Hampton Roads area. Principal Real Estate Investors purchased the asset from a regional developer. Anchored by the market’s first Kroger Marketplace, Greenbrier Square was 99 percent leased at the time of sale to tenants such as Dick’s Sporting Goods, HomeGoods, Five Below, Tuesday Morning and Field & Stream. Ryan McArdle, David Rivers and Steve Collins of Southeastern’s investment sales team brokered the transaction.

June 7, 2017

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