Thursday, May 15, 2025
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LoansNew YorkNortheastOfficeRetail

IPA Arranges $50M Loan for Refinancing of Manhattan Office, Retail Property

by Taylor Williams

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $50 million loan for a 12-story, 144,000-square-foot office and retail property in Manhattan’s SoHo neighborhood. The newly renovated building spans a full city block from Broadway to Crosby Street in between Houston and Prince streets. Matthew Polci, Steven Buchwald and Rachael Krawiecki of IPA originated the loan through a partnership between Maxim Capital Group, Sabal Investment Holdings and GDS Brightstar. The borrower was a partnership between London-based Chelsfield Group and RAM Holdings.

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Leasing ActivityNew HampshireNortheastRetail

PickUp USA Fitness Signs 25,188 SF Retail Lease in Manchester, New Hampshire

by Taylor Williams

MANCHESTER, N.H. — PickUp USA Fitness, a basketball-focused concept, has signed a 25,188-square-foot retail lease in Manchester, located near the New Hampshire-Massachusetts border. The space is located within the 166,000-square-foot former Union Leader building and will house an NBA-sized court, multiple half courts, event space, locker rooms and cardio and weight training areas. Andrew Robbins and Alex Blecksmith of Colliers represented PickUp USA in the lease negotiations. An opening date has not yet been determined.

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Leasing ActivityMaineNortheastRetail

Simon Welcomes New Retailers to Kittery Premium Outlets in Southern Maine

by Taylor Williams

KITTERY, MAINE — Simon Property Group has welcomed a host of new retailers to Kittery Premium Outlets in southern Maine. Claire’s, Carter’s, OshKosh B’Gosh, Mélange Home, Perfume Palace, Limited Hype and Jack’s Country Store have all recently opened stores, and Vineyard Vines will open next spring. Simon acquired Kittery Premium Outlets, which is home to more than 50 retailers across five centers, over the course of the 2000s.

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Affordable HousingDevelopmentGeorgiaMultifamilyRetailSoutheastTop Stories

City of Atlanta Unveils Plans for Three Affordable Housing Projects, Including Mall West End Redevelopment

by Kristin Harlow

ATLANTA — The City of Atlanta, through Atlanta Urban Development (AUD), has unveiled plans for three new affordable housing projects, including the redevelopment of the Mall West End. Together, the projects will add nearly 350 affordable housing units for residents earning up to 80 percent of the area median income (AMI). At least one community is scheduled to begin lease-up by the second quarter of 2025, with the others beginning construction this fall and summer 2025. The Mall West End would be the largest of the redevelopments, transforming the 12-acre mall into a 1.7 million-square-foot mixed-use development. BRP Cos. is the developer. Key elements of the Mall West End redevelopment plan include: approximately 120,000 square feet of retail space, including a grocery store, fitness center, food and beverage, and local boutiques; 893 mixed-income rental units; 152 beds of student housing; a 150-key hotel; 12,000 square feet of medical office space; and community amenities. The project site is located steps from four Historically Black Colleges and Universities (HBCUs) that make up the Atlanta University Center — Clark Atlanta University, Morehouse College, Morehouse School of Medicine and Spelman College. According to a news release from the city, the Mall West End redevelopment …

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LoansNew YorkNortheastRetail

PCCP Provides $36M Acquisition Loan for Long Island Shopping Center

by Taylor Williams

HEMPSTEAD, N.Y. — Los Angeles-based PCCP has provided a $36 million senior loan for the acquisition of The Hub Shopping Center, a 248,569-square-foot retail property that sits on a 28-acre site in the Long Island community of Hempstead. The borrower was New York City-based Agus Holdings. Tenants at the center, which was 99 percent leased at the time of sale, include The Home Depot, Stop & Shop, Old Navy and AT&T. The seller and sales price were not disclosed.

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AcquisitionsMidwestMissouriRetail

Cohen & Steers, Phillips Edison Acquire 121,000 SF Des Peres Corners Shopping Center Near St. Louis

by Kristin Harlow

DES PERES, MO. — Cohen & Steers Income Opportunities REIT Inc. (CNSREIT), in partnership with Phillips Edison & Co. Inc. (PECO), has acquired Des Peres Corners in the western St. Louis suburb of Des Peres. The 121,000-square-foot, open-air shopping center was built in 2009. The property is 90 percent occupied and is anchored by a 74,000-square-foot Schnucks grocery store. The companies completed the acquisition through a joint venture targeting $300 million in equity that is owned 80 percent by CNSREIT and 20 percent by PECO. The joint venture will focus on acquiring open-air, grocery-anchored shopping centers.

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601-611-619-S-Fairfax-Ave-Los-Angeles-CA
AcquisitionsCaliforniaDevelopmentMultifamilyRetailWestern

BOLOUR Buys Retail Property in Los Angeles for 120-Unit Multifamily Redevelopment

by Amy Works

LOS ANGELES — BOLOUR Associates has acquired a site with three retail buildings in the Los Angeles Mid City submarket for $6 million. Located at 601, 611 and 619 S. Fairfax Ave., the buildings offer more than 11,500 square feet of net rentable area, including a former 99 Cents Only store. BOLOUR purchased the 99 Cents Only property through a bankruptcy auction after Number Holdings Inc., the parent company of 99 Cents Only Stores LLC, filed for Chapter 11 bankruptcy earlier this year and closed all of its stores. The company will renovate the three buildings to cater to gallery, design, furniture and showroom uses. In the long-term, BOLOUR plans to redevelop the site into 120 multifamily residential units. Hilco Global represented the undisclosed seller, while BOLOUR was self-represented in the deal.

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2884-University-Ave-San-Diego-CA.jpg
AcquisitionsCaliforniaRestaurantRetailWestern

Marcus & Millichap Brokers Sale of 3,200 SF North Park Retail Property in San Diego

by Amy Works

SAN DIEGO — Marcus & Millichap has arranged the sale of North Park Retail, a restaurant property at 2884 University Ave. in San Diego’s North Park neighborhood. Carlos Partners LLC sold the asset to 1295 University Family LP for $1.9 million. Built in 1948, North Park Retail features 3,200 square feet of space. The single-tenant property was renovated in 2014 for Saiko Sake and Sushi Bar’s tenant build out. After operating for 10 years, Saiko Sushi will close when its lease expires in October. The buyers plan to lease out the property after Saiko Sake and Sushi Bar’s vacates. Ross Sanchez and Nick Totah of The Totah Group of Marcus & Millichap represented the seller, while Nate Benedetto of Next Wave Commercial procured the buyer in the transaction.

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AcquisitionsFloridaRestaurantRetailSoutheast

Orion Acquires Net Lease Retail Portfolio Located in Florida, Texas, Illinois for $50M

by John Nelson

MIAMI— Florida-based Orion Real Estate Group has acquired a net lease retail portfolio located in Florida, Texas and Illinois for $50 million. An undisclosed family office sold the portfolio, which totals 94,000 square feet across 12 properties. Tenants at the portfolio — which include 11 single-tenant properties and two two-tenant properties — include banks, a fitness center, pharmacy, urgent care facility and a quick-service restaurant. The portfolio has 6.5 years of weighted average remaining lease term. Alex Sharrin, Jeff Cicurel, Eric Osika and Noel O’Donnell of JLL represented the seller in the transaction.

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FloridaLeasing ActivityRetailSoutheast

Primark to Open 36,200 SF Store at The Florida Mall in Orlando

by John Nelson

ORLANDO, FLA. — Primark has signed a 36,000-square-foot lease at The Florida Mall in Orlando. Spanning two stories, the store will feature an entire floor dedicated to Disney merchandise. Scheduled for the end of August, the opening will bring the retailer’s U.S. portfolio to 26 locations. Primark currently operates one store in the state at Sawgrass Mills in Sunrise. Indianapolis-based Simon Property Group owns The Florida Mall, which opened in 1986.

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