Retail

Power of 32 Site Development Fund Provides $9.5M Loan for 178-Acre Waterfront Development in Pittsburgh

by Amy Works November 4, 2016

PITTSBURGH — Power of 32 Development Fund LP has provided a $9.5 million loan to help fund site preparation, including construction, for Almono, a 178-acre waterfront mixed-use project at a brownfield site in Pittsburgh. The fund contributed to the nearly $49 million private-public loan fund to close infrastructure financing gaps and increase the inventory of pad-ready sites in the 32-county greater Pittsburgh region. Located in Pittsburgh’s Hazelwood neighborhood, the Almono was formerly part of the J&L/LTV Steel Hazelwood Works. The project will feature a mix of office, industrial, residential and retail space. Its first official tenant, Uber, has committed to utilize 42 acres on the site for a test track for its self-driving cars and to renovate the historic train roundhouse building for an Advanced Technologies Center.

November 4, 2016

Florida Mixed-Use Retail Southeast Top Stories

CNL Lifestyle Properties Sells Resort Retail Portfolio in U.S., Canada for $103M

by John Nelson November 4, 2016

ORLANDO, FLA. — In a move to further liquidate the company, CNL Lifestyle Properties Inc., a REIT specializing in the acquisition of resort properties, has sold a seven-property portfolio of international trophy retail assets located within luxury resorts for $103 million. A private real estate consortium between The Imperium Cos., MMG Equity Partners and Blue River Family Office Partners was the buyer. The portfolio consists of 423,482 square feet of ground-floor retail in the mixed-use villages of six ski resorts and one golf and beach resort in the United States and Canada. The properties include: • Whistler Creekside Village in Whistler, British Columbia • The Village at Mammoth in Mammoth Lakes, Calif. • Village at Snowshoe in Snowshoe, W.Va. • Village at Cooper in Frisco, Colo. • Stratton Mountain Village in South Londonderry, Vt. • Blue Mountain Village in Blue Mountains, Ontario and • The Village of Baytowne Wharf in Miramar Beach, Fla. Lori Schneider of Marcus & Millichap’s Institutional Property Advisors (IPA) division arranged the sale. Schneider, along with the Marcus & Millichap’s brokers of record for each state in the portfolio, exclusively represented the seller and procured the buyer. “These stabilized yet dynamic assets are unique in location, …

November 4, 2016

Florida Mixed-Use Retail Southeast

Swire Opens $1.05B Brickell City Centre’s Open-Air Shopping Center to the Public

by John Nelson November 3, 2016

MIAMI — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has opened the first group of retail stores at Brickell City Centre, a $1.05 billion mixed-use destination in downtown Miami’s Brickell district. The project’s 500,000-square-foot, open-air shopping center housing more than 100 retailers and eateries, including a flagship Saks Fifth Avenue, Victoria’s Secret, Suit Supply, lululemon athletica, Cinemex, Coach, LIVE! and Porsche Design. Opening in 2017 will be a three-story Italian food hall that will feature a market, wine shop, gelato, cheese bar and restaurant. Swire Properties is integrating the Miami Metromover transit system with Brickell City Centre with a stop that exits directly onto the shopping center’s third floor. About 20 percent of the retail center at Brickell City Centre will feature retailers exclusive to the area and/or entering the United States for the first time from Europe and Latin America. The development, which also features two condo towers, two Class A office towers and the EAST, Miami hotel, are linked together by Climate Ribbon, a $30 million elevated trellis of steel, glass and fabric that is designed to harness Miami’s bay breezes while deflecting direct sunlight. The shopping center is currently 92 …

November 3, 2016

Illinois Midwest Mixed-Use Retail

Novak Completes Construction of Target Store in Hyde Park, Illinois

by Kristin Harlow November 3, 2016

CHICAGO — Novak Construction has completed a new 20,000-square-foot Target store in Chicago’s Hyde Park. The store is Target’s fifth flexible format store in Chicago and Novak’s 80th overall Target project. The smaller-scale Target, which occupies the first floor of a mixed-use building in Vue53 Apartments on 1330 E. 53rd St., will offer products catered to University of Chicago students and Hyde Park neighborhood residents. Director Jim Hempleman of Novak led the project along with superintendents Kelly Curry, Robert Hillyard and Jeff Potter; project manager Bob Burris; project engineer Jeff Zhang; and contract administrator Angela Campisi.

November 3, 2016

Illinois Midwest Restaurant Retail

The Boulder Group Arranges $2.9M Sale of a McDonald’s Ground Lease in Hoffman Estates, Illinois

by Kristin Harlow November 3, 2016

HOFFMAN ESTATES, ILL. — The Boulder Group has arranged the $2.9 million sale of a McDonald’s ground lease in Hoffman Estates. McDonald’s is the sole occupant of the 4,388-square-foot building located at 1070 N. Roselle Road. McDonald’s has 20 years of lease term remaining with 8 percent rental increases every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and the seller, both of which were Midwest-based real estate investment firms.

November 3, 2016

Oklahoma Retail Texas

GBT Realty Signs New Tenants at $17M Retail Development in Enid, Okla.

by Haisten Willis November 3, 2016

ENID, OKLA. — Three new tenants have signed on at GBT Realty Corp.’s shopping center in Enid. Famous Footwear, Buckle and Sprint are joining the tenant lineup at the $17 million Land Run Town Center, occupying a combined 13,100 square feet of retail space. The shopping center is now 93 percent leased. Academy Sports + Outdoor and Famous Footwear are now open. Maurices, Ulta Beauty and Buckle will open by the end of the year. Acquired in March by GBT Realty, the 15-acre site, situated across from Oakwood Mall, is formerly home to Walmart and was most recently a distribution center for regional home and garden retailer Atwoods Ranch and Home. Enid is located 90 miles northwest of Oklahoma City.

November 3, 2016

Healthcare Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas

Transwestern, Mirae Acquire 2.2M SF State Farm Campus in $825M Sale-Leaseback Transaction

by Haisten Willis November 2, 2016

RICHARDSON, TEXAS — Corporate Properties Trust I LP, a partnership between Transwestern Investment Group and Mirae Asset Global Investments Co., has closed on the acquisition of a 2.2 million-square-foot mixed-use project in a sale-leaseback with State Farm Auto Insurance Co. According to the Dallas Business Journal, the purchase price was $825 million. The partnership acquired the four primary office/retail towers and the connected structured parking garages. The campus is located within the CityLine development, a 186-acre project developed by KDC. The buildings are designated LEED Gold and are located adjacent to a DART rail line. Corporate Properties Trust I LP will own the properties through a REIT. The entity was created to allow long-term stable ownership of institutional properties. A wholly owned subsidiary of Transwestern Investment Group will manage the property. Located at 1150, 1201 and 1251 State St. and 3661 N. Plano Road, the buildings will house 8,000 State Farm employees. CityLine, which is located at the southeast corner of Highway 75 and the President George Bush Turnpike, will also include 1,700 apartments, a 150-room hotel, an entertainment center, medical office facility, retail, restaurants and a 3.5-acre park.

November 2, 2016

Restaurant Retail Texas

B. Pennington Arranges Lease for Art Class and Wine Glass in Houston

by Haisten Willis November 2, 2016

HOUSTON — Brenda Pennington and Jaclynn Zimowski of B. Pennington Commercial Real Estate have represented Art and Wine Glass in leasing 3,500 square feet at 7620 Katy Freeway in Houston. Nina Kuhn internally represented the landlord, Levcor Inc., in the transaction. This will be Art Class and Wine Glass’s second location.

November 2, 2016

Retail Texas

IKEA Breaks Ground on New Location in Grand Prairie

by Haisten Willis November 2, 2016

GRAND PRAIRIE, TEXAS — IKEA has officially broken ground on its second Dallas-area store, slated to open fall 2017 in Grand Prairie. The new location will be IKEA’s fourth in the state of Texas, complementing locations in Houston and Round Rock. The 290,000-square-foot IKEA Grand Prairie will include 1,100 parking spaces on 30 acres along the eastern side of State Highway 161 and Mayfield Road. An additional 15 acres next to the store could be developed for ancillary commercial or retail uses. IKEA has selected Mycon General Contractors to build the store, which will be home to 300 employees when complete.

November 2, 2016

Connecticut Loans Massachusetts New Hampshire New York Northeast Pennsylvania Retail Rhode Island

HFF Arranges Financing for a Portfolio of 154 Northeast Convenience/Gas Station Sites

by Amy Works November 2, 2016

DALLAS — The Dallas office of HFF has arranged post-acquisition financing for a portfolio of 154 convenience and gas station sites totaling 97.8 acres in the Northeast. The loan was provided by a consortium of lenders led by Capital One and BMO Harris. Andy Scott and Michael George of HFF’s Dallas office arranged the five-year, floating rate acquisition financing with 18 months of interest-only payments for the borrower, a subsidiary of a private real estate investment fund advised by Crow Holdings Capital-Real Estate. The portfolio comprises 88 sites in New York, 45 sites in Massachusetts, 11 sites in Connecticut, seven sites in New Hampshire, two Rhode Island sites and one site in Pennsylvania. All properties are subject to an absolute net lease for 20 years with a subsidiary of Petroleum Marketing Group. The amount of the loan was not released.

November 2, 2016

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