Retail

DAYTONA BEACH, FLA. — International Speedway Corp., the developer of the 300,000-square-foot ONE DAYTONA mixed-use project in Daytona Beach, has announced the beginning of vertical construction for Bass Pro Shops’ 67,000-square-foot Outpost store at the development. Chattanooga, Tenn.-based EMJ Construction recently raised 30 panels that represent the walls of the store using a 200-ton track crane. International Speedway plans to deliver the Bass Pro Shops Outpost in early 2017. The property will front International Speedway Boulevard near Daytona International Speedway, home of the Daytona 500 NASCAR race. In addition to the usual outdoor recreation merchandise, the Bass Pro Shops Outpost will feature a 12,000-gallon freshwater aquarium situated in a “Florida sinkhole” setting, as well as hand-painted murals and a boat preview center. ONE DAYTONA’s development costs are estimated to total between $120 million and $150 million. Other components of the mixed-use development include a 12-screen Cobb Theatres, two hotels, a luxury apartment community and several retail and dining tenants.

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ATLANTA — AloStar has provided three loans totaling $20.5 million for the acquisition of industrial and retail assets in North Carolina and Georgia. AloStar funded a $9 million loan to ColumbusNova for the purchase of a 159,810-square-foot manufacturing facility in Mooresville, N.C. The property will be leased to a specialty beverage producer. AloStar also funded a $7.3 million loan to a joint venture for the purchase and renovation of a 272,396-square-foot industrial asset in Durham. The joint venture was between Trinity Capital Advisors and SilverCap Partners. AloStar also provided a $4.2 million loan to SunCap Opportunity Fund for the purchase of Uptown Square, a 72,277-square-foot shopping center in Fayetteville, Ga. The asset is anchored by Goodwill and Harbor Freights Tools. AloStar is headquartered in Birmingham, Ala., and its commercial office is located in Atlanta.

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MYRTLE BEACH, S.C. — Marcus & Millichap has brokered the $5.6 million sale of a 45,778-square-foot store in Myrtle Beach leased to Walmart Neighborhood Market. The newly built store is triple-net leased to Walmart for 20 years. The store anchors Village Square, a 157,941-square-foot shopping center situated on the Atlantic Coast on U.S. Highway 17. Don McMinn and Zach Taylor of Marcus & Millichap’s Atlanta office and principals of the firm’s Taylor McMinn Retail Group represented the seller in the transaction. The buyer is based in California and purchased the store all-cash in a 1031 exchange at a cap rate in the upper fours. Raj Ravi is Marcus & Millichap’s broker of record in South Carolina.

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CHARLOTTE, N.C. — BC Wood Properties has acquired Catawba Village, a 56,840-square-foot shopping center located in Charlotte. Food Lion anchors the property, which is also home to tenants including Workout Anytime and State Farm. The property is BC Wood Properties’ fifth shopping center acquisition in North Carolina. The seller and sales price were not disclosed. Lexington, Ky.-based BC Wood Properties owns and manages 39 shopping centers spanning more than 5 million square feet in 11 states.

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MERCEDES, TEXAS — Kamel Salomon Investments Ltd., a McAllen-based development company, has announced plans to develop The Harbor in Mercedes. The $12 million project will be located one mile from Rio Grande Valley premium outlets, which receive over 6 million visitors per year, and will feature a beautiful man-made lake. BigShots Golf, a golf entertainment center with an attached restaurant and bar, will anchor the entertainment complex. Other entertainment concepts planned for The Harbor include a go-kart racing track, zip line over the lake, trampoline park and casual dining concepts. The Harbor will be developed in two phases. Phase I will consist of BigShots Golf and the central lake, and is expected to break ground in September. Final completion of Phase I is scheduled for fall 2017. Phase II of The Harbor will consist of the go-kart race track, zip line system and the other dining and entertainment concepts. Final completion of the project is expected for summer 2018.

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HOUSTON — Marcus & Millichap has arranged the sale of West Junction Shopping Center, a 66,617-square-foot retail property located in Houston. Gus Lagos, Alex Bouchard and Nik Kapetanakis of Marcus & Millichap’s Houston office had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was secured and represented by Evan Altemus of Marcus & Millichap’s Houston office. West Junction Shopping Center is located at 4978-4998 Highway 6 North.

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TEMPLE, TEXAS — SVN | Asset Advisory Group has negotiated the $2.4 million sale of a single-tenant net-leased property located at 7036 W. Adams Ave. in Temple. The property is 100 percent occupied by a Freddy’s Frozen Custard & Steakburgers fast casual restaurant. The 3,550-square-foot restaurant features a drive-thru. Chris Rink of SVN | Asset Advisory Group represented the California-based buyer, Boulevard Plaza San Diego LLC. John Andreini of Capital Pacific represented the seller, AL Marco Properties LLC of Kansas.

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SAN ANTONIO — The Silver Group has brokered the sale of a single-tenant store leased to Sherwin Williams Paints at 7688 Bandera Road in San Antonio. The freestanding, 5,000-square-foot retail building is situated on a 0.5-acre parcel of land at the corner of Bandera Road and Westchase Drive. Sherwin Williams recently extended its lease term an additional 10 years, with two additional renewal options. The property was sold to an out-of-state limited liability company at a 6 percent cap rate. Barry Silver of The Silver Group represented the unnamed seller in the transaction.

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MEDFORD, ORE. — LBG Real Estate Cos. LLC is set to begin a $12 million redevelopment of Medford Center, a 420,000-square-foot entertainment and lifestyle center located in Medford. The redevelopment will include a complete redesign and remerchandising of the central pedestrian promenade; the addition of 30,000 square feet of leasable space, designed particularly for restaurants, wine bars and breweries with most spaces offering significant outdoor seating; and the addition of a freeway-visible tower and new hardscape and signage. Additional seating and a water/fire feature will also be added during renovations. Construction is expected to begin in late August, with completion scheduled for late 2017.

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HUNTINGTON BEACH, CALIF. — TIAA Global Asset Management’s real estate division and DJM Capital Partners have formed a joint venture to own and manage Pacific City Shopping Center in Huntington Beach. TIAA has acquired a 70 percent stake in the 190,900-square-foot property, which DJM developed in 2015. An affiliate of DJM Capital Partners retains the remaining 30 percent stake. DJM Capital Partner’s prior partner, a private investor, sold its interest to TIAA for an undisclosed sum. Eastdil Secured advised DJM Capital Partners in the transaction. Pacific City is occupied by a variety of tenants, including Equinox, H&M, Free People, Sephora, MAC Cosmetics, Brent Bolthouse’s Bungalow, Bluegold, Ola Mexican Kitchen, St. Marc and Ways & Means Oyster House.

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