Retail

Cypress Equities Sells Eight Walmart Neighborhood Market Stores in Alabama, South Carolina

by John Nelson March 31, 2017

DALLAS — Cypress Equities has sold eight Walmart Neighborhood Market grocery stores in Alabama and South Carolina to an undisclosed REIT. Dallas-based Cypress Equities has served as a preferred developer in the Walmart Neighborhood Market build-to-suit program that was established in January 2014. In the past three years, Cypress has constructed and opened 20 Walmart Neighborhood Markets, and this sale represents the final disposition of the 20-store portfolio, which also includes stores in Texas. Listing brokers for the portfolio include Glen Kunofsky, Lauren Veres, Mike James and Don McMinn at Marcus & Millichap; Pat Luther, Matt Mousavi, Kyle Stonis and Ryan Hoff of SRS Real Estate’s National Net Lease Group; and Brad Moulder of Stan Johnson Co. The sales price and store locations were not disclosed.

March 31, 2017

California Retail Western

Five New Tenants Announced at MainPlace Mall in Santa Ana

by Nellie Day March 31, 2017

SANTA ANA, CALIF. — Five new stores are set to open at MainPlace Mall by fall 2017: Paradis Ice Cream, Squiz Up, Miniso, Rocky Mountain Chocolate Factory and Destination XL. Paradis Ice Cream offers low fat desserts. Squiz Up will open in spring 2017 in a 500-square-foot space in the food court. The company offers juices, smoothies and iced beverages. Miniso will open in summer 2017 in a 1,400-square-foot space. Miniso is a Japanese fast-fashion designer selling homeware, bags and electronics. Rocky Mountain Chocolate Factory sells handmade chocolates and confections. The chocolate shop will be located in a 1,100-square-foot space and opens in summer 2017. Destination XL opens in fall 2017 in a 4,800-square-foot store. The company is a men’s retailer offering brands, styles and sizes starting at waist size 38.

March 31, 2017

Florida Retail Southeast

Steve Madden, Häagen-Dazs Sign Leases on Miami’s Lincoln Road

by John Nelson March 31, 2017

MIAMI — Thor Equities has inked leases with fashion footware retailer Steve Madden and international ice cream shop Häagen-Dazs along Lincoln Road, Miami’s high-street retail district. Steve Madden will occupy 2,300 square feet at 663 Lincoln Road, and Häagen-Dazs will occupy 1,000 square feet at 665 Lincoln Road. Thor Equities owns the 5,000 square feet of space at 663-667 Lincoln Road, which also features a 1,700-square-foot space leased to Pizza Rustica. Fiorella Perez of Rovira Realty represented Häagen-Dazs in the lease transaction, and Steve Madden was represented internally. George Stanchfield represented Thor Equities internally in both lease deals.

March 31, 2017

New Jersey Northeast Retail

HFF Arranges $51M Sale of Grocery-Anchored Retail Center in Pompton Plains, N.J.

by Haisten Willis March 31, 2017

POMPTON PLAINS, N.J. — HFF has arranged the $51 million sale of Plaza 23, a 161,000-square-foot, grocery-anchored shopping center located in Pompton Plains. HFF marketed the property on behalf of the unnamed seller. Phillips Edison Grocery Center REIT II purchased the asset free and clear of existing debt. Anchored by Stop & Shop, Plaza 23 is the only grocery-anchored shopping center in Pompton Plains. Other tenants include T.J. Maxx, HomeGoods, GNC, Moe’s Southwest Grill and Sally Beauty Supply. Smashburger will also be opening soon. The property has a potential pad development site on its 18.8 acres. Each day, more than 54,000 vehicles pass by the development, which is located at 500 Route 23 N.,. The HFF investment sales team representing the seller included Jose Cruz, Thomas Didio, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Robert Borny.

March 31, 2017

New York Northeast Restaurant Retail

Nobu Downtown to Open in April at 195 Broadway in Lower Manhattan

by Haisten Willis March 31, 2017

NEW YORK CITY — Nobu Downtown will open in April at L&L Holding Co.’s 195 Broadway office tower. Located between Fulton and Dey Streets, the 12,500-square-foot restaurant includes a 4,500-square-foot street-level bar and lounge, subterranean dining and a private sake table. David Rockwell of Rockwell Group designed the restaurant space.

March 31, 2017

Colorado Restaurant Retail Western

Tropical Smoothie Cafe Plans Expansion in Colorado

by Nellie Day March 30, 2017

DENVER — Tropical Smoothie Cafe plans for continued development in Colorado, targeting Denver, Colorado Springs and Centennial to expand its presence through franchise growth. Tropical Smoothie currently has three locations in Colorado. Spearheading Tropical Smoothie’s expansion throughout Colorado is husband-and-wife team Craig and Dianne LeMieux, area developers for the region. The LeMieuxs purchased area developer rights to the market in April 2016, along with two existing locations in Centennial. In addition to their development efforts in Colorado, the LeMieuxs are also Tropical Smoothie area developers in Michigan and Ohio. They currently have a total of 58 open locations throughout their markets, with an additional 39 cafes in development. Over the past three years, Tropical Smoothie Cafe has sold over 450 franchises nationwide. This year, the food and smoothie franchise plans to open 100 restaurants nationwide, focusing on franchise opportunities in markets such as Indianapolis, Nashville, Houston, Dallas, Cincinnati and Minneapolis, among others. By 2020, Tropical Smoothie Cafe aims to have 1,000 stores open across the U.S.

March 30, 2017

Florida Retail Southeast

The Shopping Center Group Negotiates $16M Sale of 64,500 SF Retail Center in Orlando

by John Nelson March 30, 2017

ORLANDO, FLA. — The Shopping Center Group has negotiated the $16 million sale of Town Center Shoppes, a 64,500-square-foot retail center located at the intersection of Mitchell Hammock Road and South Central Avenue in Orlando. An undisclosed entity purchased the property, which is anchored by a 44,000-square-foot LA Fitness. Anthony Blanco, Lenard Williams and Mallory Silva of The Shopping Center Group marketed the property on behalf of the seller, an affiliate of Gemini Real Estate Advisors, a North Carolina-based consulting firm.

March 30, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Pembrook Provides $6.2M Loan for Construction of Mixed-use Property in NYC

by Haisten Willis March 30, 2017

NEW YORK CITY — Pembrook Capital Management has provided a $6.2 million first mortgage loan to finance the construction of a 21,341-square-foot mixed-use property located at 144-146 West St. in the Greenpoint neighborhood of Brooklyn. The unnamed sponsor plans to construct a six-story building on an infill site that will include 18 market-rate apartments on top of 1,200 square feet of commercial retail space. The project is expected to be complete in 2018 with nine parking spaces and bike storage.

March 30, 2017

Northeast Pennsylvania Retail

New Saks Fifth Avenue OFF 5TH Store to Open in Metro Philadelphia

by Haisten Willis March 30, 2017

KING OF PRUSSIA, PA. — A new Saks Fifth Avenue OFF 5TH retail store will open on April 6 in metro Philadelphia. The 42,000-square-foot store will be located at the Overlook at King of Prussia. The store will include more than 800 brands offering luxury designer fashion.

March 30, 2017

Midwest Ohio Retail

Marcus & Millichap Arranges Sale of 7,000 SF Retail Building in Ottawa, Ohio

by Kristin Harlow March 30, 2017

OTTAWA, OHIO — Marcus & Millichap has arranged the sale of a 7,000-square-foot retail building in northwest Ohio for $1 million. The building is net leased to Advance Auto Parts, which has approximately 10 years remaining on its lease. The property is located at 255 Meadow Glen Drive. Nathan Coe and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a developer. Marcus & Millichap’s San Diego office secured and represented the buyer, a limited liability company.

March 30, 2017

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