Retail

Meridian Capital Secures $40 Million Refinancing of The Plant Retail Center in Panorama City

by Nellie Day November 7, 2016

PANORAMA CITY, CALIF.— Meridian Capital Group has secured a $40 million refinancing for The Plant, a 219,922-square-foot retail power center located in Panorama City. Seth Grossman and Jackie Tran of Meridian arranged the five-year balance sheet loan featuring full-term, interest-only payments on behalf of the borrower, Decron Properties. Citibank provided the capital. Tenants at The Plant include Regency Theatres, Ross Dress for Less, Old Navy, Forever 21, PetSmart, Party City, Home Depot and In-N-Out Burger.

November 7, 2016

Midwest Minnesota Retail

Marcus & Millichap Arranges $4.8M Sale of Retail Property in Chanhassen, Minnesota

by Kristin Harlow November 7, 2016

CHANHASSEN, MINN. — Marcus & Millichap has arranged the sale of Great Plains Center, a 10,186-square-foot retail property located at 7905 Great Plains Blvd. in Chanhassen, about 20 miles southwest of Minneapolis. The asset sold for $4.8 million. The center was built in 2015 and is fully leased to a mix of national and regional tenants. Sean Doyle, Matthew Hazelton, Adam “AJ” Prins and Cory Villaume of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a developer. They also secured and represented the buyer, a limited liability company.

November 7, 2016

California Retail Western

Diversified Properties Acquires 34,051 SF Retail Center in San Diego for $8.1M

by Nellie Day November 7, 2016

SAN DIEGO — Diversified Properties has acquired Bay City Plaza, a shopping center located at 1515-1555 Palm Ave. in San Diego. The Lorah Family Trust sold the property for $8.1 million. At the time of sale, the 34,051-square-foot property was fully leased to a variety of tenants, including Rent-A-Center, Advance America, Subway, Little Caesars Pizza, and St Vincent de Paul. Joe Yetter and Chad Iafrate of Cushman & Wakefield represented the seller in the transaction.

November 7, 2016

Florida Retail Southeast

NGKF Capital Markets Brokers $13.5M Sale of Shopping Center in South Florida

by John Nelson November 7, 2016

COOPER CITY, FLA. — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the $13.5 million sale of Stirling Town Center, a 53,857-square-foot shopping center located on a 5.9-acre site at 8637-8861 Stirling Road in Cooper City. Built in 2005, the shopping center was 92 percent leased at the time of sale to tenants such as Subway, Tijuana Flats, Starbucks Coffee, Smoothie King, Cold Stone Creamery, Beef ‘O’ Brady’s and Aroma Kosher Market and Catering. Michael Lapointe and Michael Lohmann of NGKF Capital Markets represented the seller, LNR Partners LLC, in the transaction.

November 7, 2016

California Retail Western

Duhs Commercial Negotiates $1.9M Sale of 8,694 SF Retail Property in Escondido

by Nellie Day November 7, 2016

ESCONDIDO, CALIF. — Duhs Commercial has arranged the sale of a shopping center located at 426 W. Second Ave. in Escondido. William and Helen Taylor Trust acquired the 8,694-square-foot asset for $1.9 million. Austin Dias and Scott Duhs of Duhs Commercial represented the sellers, Tom Family Trust and Golden Meadows Investments LLC, while Matt Belshin and Bill Morgan of Morgan Real Estate represented the buyer in the deal.

November 7, 2016

Restaurant Retail Texas

Sands Investment Group Arranges $2M Sale of Dickey’s Barbecue Pit in Odessa

by Haisten Willis November 4, 2016

ODESSA, TEXAS — Sands Investment Group (SIG), a net-lease brokerage firm, has arranged the $2 million sale of a Dickey’s Barbecue Pit located at 2701 N. County Road in Odessa. Dickey’s Barbecue Pit is a family-owned American barbecue restaurant chain based in Dallas. Max Freedman of SIG’s Austin office represented the seller, Dynamic Development, in the transaction. The 1031 tax-deferred exchange buyer paid cash for the 2,000-square-foot restaurant. Dickey’s has a 15-year lease at the location.

November 4, 2016

Alabama Retail Southeast

Marcus & Millichap’s Chetek Group Brokers $32.5M Sale of Retail Power Center in Mobile

by John Nelson November 4, 2016

MOBILE, ALA. — Marcus & Millichap’s Chetek Group has arranged the $32.5 million sale of Eastern Shore Plaza, a 270,105-square-foot retail power center located at 10200 Eastern Shore Blvd. in Mobile. Built in 2004, the property was 96 percent leased at the time of sale to tenants such as Ross Dress for Less, Old Navy, Michael’s, PetSmart, Cost Plus World Market, Dollar Tree and Ashley Furniture. Brett Chetek and Alex Perez of the Chetek Group, along with Andrew Chason of Marcus & Millichap, represented the seller, a private Alabama-based development group. Michael Fasano is Marcus & Millichap’s broker of record in Alabama. The buyer was undisclosed.

November 4, 2016

Midwest Missouri Retail

GBT to Develop New 270,000 SF Shopping Center in St. Peters, Missouri

by Kristin Harlow November 4, 2016

ST. PETERS, MO. — GBT Realty Corp. has acquired a 28-acre piece of land to develop The Shoppes at Mid Rivers in St. Peters, a suburb of St. Louis. National tenants such as Academy Sports + Outdoors, Marshalls, Homegoods and more will occupy the 270,000-square-foot center located north of Interstate 70. An additional 30,000 square feet and four outparcels remain available. The City of St. Peters was heavily involved with the project and approved an incentive package worth up to $10 million, as well as the rezoning of the property. The existing John Deere dealership on the site will move to 3575 Veterans Memorial Parkway in St. Charles, Mo.

November 4, 2016

Illinois Midwest Retail

The Boulder Group Arranges $4.2M Sale of Net Leased CVS Pharmacy Property in Peoria, Illinois

by Kristin Harlow November 4, 2016

PEORIA, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to CVS Pharmacy in Peoria for $4.2 million. Located at 6820 N. Pear Tree Lane, the 10,125-square-foot property is just off the intersection of West War Memorial Drive and North Big Hollow Road. CVS has operated at this location since 1998, and has 20 years remaining on its recently extended lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction, a private investor in a 1031 exchange. The seller was a Midwest-based partnership.

November 4, 2016

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

The Case for West Houston — A Long-Term View

by Haisten Willis November 4, 2016

In spite of the “noise” created by headlines about low oil prices and energy industry layoffs, west Houston, home to several of the world’s largest energy companies, continues to have strong fundamentals based on decades of phenomenal growth and high-quality development. At Wolff Companies, we have been investing in West Houston for over 45 years. From this long-term perspective, we remain bullish on Houston and, in particular, West Houston, where continuing favorable demographic and economic trends tell a different story than the current headlines. West Houston is a city unto itself. With a population of 1.7 million, it would rank as the fifth largest city in the United States — ahead of Philadelphia, Phoenix or Dallas. It has its own downtown, or central business district (CBD), comprised of four major activity centers: CityCentre/Memorial City, Westchase, The Energy Corridor and Westway Park. All of these are within a few minutes of the intersection of Interstate 10 and the Sam Houston Tollway/Beltway 8. This intersection is also the current statistical center of Houston’s population distribution, a focal point which is expected to continue to move westward to the intersection of I-10 and Barker Cypress Road by 2025. High-Quality Growth Despite the cyclical …

November 4, 2016

Newer Posts

Older Posts

Upcoming Events

Aug
06