Retail

IRC Retail Centers Acquires Phase II of Goldenrod Marketplace in Orlando for $6M

by John Nelson August 10, 2016

ORLANDO, FLA. — IRC Retail Centers has purchased Phase II of Goldenrod Marketplace, a community shopping center located at the intersection of Narcoossee and Goldenrod roads in Orlando, for $6 million in cash. Goldenrod Marketplace Phase II comprises approximately 33,140 square feet of in-line retail space that is nearly fully leased to Dollar Tree, Great Clips, Lucky Me, Payless Shoes, Rue 21 and Sally Beauty. IRC Retail Centers previously acquired the 97,500-square-foot Phase I of Goldenrod Marketplace in December 2013.

August 10, 2016

Illinois Midwest Retail

Besyata Investment Group, ALTO Real Estate Funds Acquire Shopping Center in Metro Chicago for $32M

by Christina Cannon August 10, 2016

HOMEWOOD, ILL. — A joint venture between Besyata Investment Group and ALTO Real Estate Funds has acquired a 235,000-square-foot retail center in Homewood, approximately 30 miles south of Chicago, for $32 million. Washington Park Plaza is 95 percent leased to tenants such as Ross Dress for Less, T.J. Maxx, Best Buy, Jo-Ann Fabric, Petco, Famous Footwear, Dressbarn, Lane Bryant, AT&T, Great Clips, Chili’s and Starbucks. The center is comprised of seven buildings. The seller in the transaction was undisclosed, and Mid-America Asset Management will market the property for lease and oversee the management of the center.

August 10, 2016

New York Northeast Office Retail

Savanna, Hornig Capital Complete 165,000 SF Office/Retail Conversion in Brooklyn

by Amy Works August 10, 2016

NEW YORK CITY — Savanna and its joint venture partner, Hornig Capital Partners, have completed the redevelopment of 95 Evergreen Avenue in Brooklyn’s Bushwick neighborhood. The joint venture acquired the five-story, 165,000-square-foot former Schlitz Brewery in 2015 and implemented a $30 million project to transform the building into high-end office and retail space. The project included renovating and upgrading the façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers and HVAC systems. Fogarty Finger designed the new space. Initially built for Schlitz brewing operations, the building features 15- to 37-foot ceilings and efficient floor plates of up to 37,500 square feet. New features to the building include a roof deck with views of the Manhattan skyline and a custom light fixture in the lobby with 8,400 backlit Schlitz bottles. Mitchell Arkin and Joseph Cirone of Cushman & Wakefield are marketing the office space, while Andrew Clemens of Ripco Real Estate is handling leasing for the retail space.

August 10, 2016

Loans Multifamily New York Northeast Retail

Ready Capital Closes $5.5M in Financing for Two Multifamily/Retail Properties in Brooklyn

by Amy Works August 10, 2016

NEW YORK CITY — Ready Capital Structured Finance has arranged $5.5 million in acquisition, renovation and stabilization financing for two mixed-use multifamily and retail properties located at 644 Manhattan Ave. and 730 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Upon acquisition, the borrower plans to renovate both buildings, extend the ground-floor retail to cater to national tenants, restaurants or boutique stores, and complete the residential lease-up of both properties. Ready Capital closed the non-recourse, interest-only loan that features flexible pre-payment options with a two-year term as well as a one-year extension option, inclusive of a facility to provide for interest and carry reserves and future funding of capital expenditures, tenant improvements and leasing commissions.

August 10, 2016

New York Northeast Retail

Marcus & Millichap Arranges $4.9M Sale of Retail Property in Brooklyn

by Amy Works August 10, 2016

NEW YORK CITY — Marcus & Millichap has brokered the sale of a retail property located at 156 Lawrence St. in Brooklyn. A private investor acquired the 1,612-square-foot property for $4.9 million, or more than $3,000 per square foot. Michael Cimino, Jakub Nowak and Matthew Rosenzweig of Marcus & Millichap represented the seller, a private investor, and the buyer in the sale.

August 10, 2016

California Loans Retail Western

Redmill Capital Secures $38.6M Construction Loan for Retail Center in Bay Area

by Nellie Day August 9, 2016

LIVERMORE, CALIF. — RedMill Capital has secured a $38.6 million construction loan that will allow it to break ground this fall on The Shoppes at Livermore, a mixed-use retail development in Livermore, approximately 40 miles east of San Francisco. American National Insurance Co. was the lender. Slated for completion in 2017, the development will feature 120,000 square feet. Terms of the financing were not disclosed.

August 9, 2016

Retail Washington Western

CE Enterprise Partners Purchases Two Albertsons Locations Near Seattle for $16.3M

by Nellie Day August 9, 2016

RENTON AND MILTON, WASH. — CE Enterprise Partners LLC has acquired two single-tenant Albertsons grocery stores totaling 97,021 square feet in the Seattle suburbs for $16.3 million. Acquisitions included a 43,130-square-foot Albertsons located 18 miles southeast of Seattle’s city center in Renton; and a 53,891-square-foot Albertsons located 27 miles south of Seattle in Milton. Both properties are triple-net-leased to Albertsons through 2035. Bob Tuller of Cushman & Wakefield’s San Francisco office represented the buyer in the transaction. Nick Foster, Mark West and Nick Kassab of HFF represented the seller, HH Property North LLC.

August 9, 2016

California Loans Retail Western

Thorofare Capital Secures $23M Loan for 50,000 SF Retail Property in LA

by Nellie Day August 9, 2016

LOS ANGELES — Thorofare Capital has arranged a $23 million, floating-rate commercial mortgage for a retail property located in the Koreatown neighborhood of Los Angeles. The borrower was not disclosed. The property offers 50,000 square feet of retail space. Kevin Miller and Felix Gutnikov of Thorofare Capital secured the financing.

August 9, 2016

Midwest Ohio Retail

Namdar Realty Group Acquires 141,616 SF Retail Center in Dayton

by Christina Cannon August 9, 2016

DAYTON, OHIO — Namdar Realty Group has acquired Salem Plaza, a 141,616-square-foot shopping center in Dayton, for an undisclosed price. Garrison Investment Group sold the property, which is located at 45-15 Salem Ave. Burlington Coat Factory occupies 70 percent of the shopping center. Family Dollar is another tenant at Salem Plaza. Marcus & Millichap represented the seller in the transaction, and Joel J. Gorjian of Namdar Realty Group represented the buyer internally.

August 9, 2016

Massachusetts Northeast Office Retail

Clarion Partners Sells 184,642 SF Office/Retail Building in Boston for $100.5M

by Amy Works August 9, 2016

BOSTON — Clarion Partners has completed the sale of a 13-story office and retail building located at 535-545 Boylston St. in Boston. An undisclosed buyer acquired the 184,642-square-foot building for $100.5 million. At the time of sale, the property was 87 percent leased to a variety of tenants, including TD Bank, GNC and three restaurants. Robert Griffin, Edward Maher, Matthew Pullen, Jim Brady and Jason Cameron of NGKF Capital Markets represented Clarion Partners in the deal.

August 9, 2016

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