Retail

RM Capital Arranges $57.5M in Construction Financing for Redevelopment of Tammany Hall in NYC

by Amy Works January 6, 2017

NEW YORK CITY — RM Capital has arranged $57.5 million in first mortgage and mezzanine construction financing for the redevelopment of the Tammany Hall building at 44 Union Square in New York City. The borrower, Reading International, will use the financing to renovate and repurpose the six-story 73,322-square-foot retail and office building. Upon completion, the building will feature three contiguous lower levels of retail space and three floors of office space. The historic property is the former headquarters for the Tammany Hall political organization and required a variance and Landmarks Commission to move forward with the redevelopment. Tammany Hall was a New York City political organization founded in 1786 and planned a major role in controlling city and state politics and helping immigrants rise up in American politics. Bank of the Ozarks provided the $50 million senior construction loan, and an affiliate of Fisher Brothers provided the $7.5 million mezzanine loan. Marc Sznajderman, Romano Tio and Bo Diamond of RM Capital secured the financing for the borrower.

January 6, 2017

New Jersey Northeast Retail

The Blau & Berg Co. Arranges Sale of 54,126 SF Retail Property in Newark, New Jersey

by Amy Works January 6, 2017

NEWARK, N.J. — The Blau & Berg Co. has brokered the sale of a retail property located at 237-249 S. Orange Ave. in Newark. JJ Operating Inc., a family-owned real estate investment and management company, acquired the 54,126-square-foot property for an undisclosed price. The free-standing building is currently occupied by a 2,100-square-foot Dunkin’ Donuts. The buyer plans to redevelop the property. Alex Conte, Jason Crimmins and Peter Murano of The Blau & Berg Co. represented the seller and buyer in the deal.

January 6, 2017

Connecticut Industrial Northeast Office Retail

O,R&L Commercial Negotiates $2.1M Sale of Two Properties in Cromwell, Connecticut

by Amy Works January 6, 2017

CROMWELL, CONN. — O,R&L Commercial has arranged the sale of a two-property investment asset totaling 38,800 square feet at 50 Sebethe Drive in Cromwell. O&G Industries acquired the properties for $2.1 million. The sale includes a net-leased 28,800-square-foot warehouse and office building and an on-site 10,000-square-foot self-storage facility. Frank Hird and Luke Massirio of O,R&L Commercial represented the seller, Sebethe Drive Partners LLC, in the deal.

January 6, 2017

Kansas Midwest Retail

Block & Co. Acquires 11.8-Acre Retail Property in Merriam, Kansas

by Kristin Harlow January 6, 2017

MERRIAM, KAN. — Block & Co. Inc. Realtors has acquired the former Kmart shopping center in Merriam, located about 10 miles southwest of Kansas City. The center sits on 11.8 acres at 8703 Shawnee Mission Parkway. Block & Co. plans to redevelop the property as a mixed-use development with restaurants, retail, entertainment and hotel sites. Block & Co. will handle all phases of the development including the leasing, property management and construction management. David M. Block of Block & Co. negotiated the sale on behalf of Block & Co. Bob Johnson of RH Johnson Co. negotiated the transaction on behalf of the undisclosed seller.

January 6, 2017

Midwest Retail Wisconsin

Marcus & Millichap Arranges $22.2M Sale of Net-Leased Whole Foods Property in Milwaukee

by Kristin Harlow January 6, 2017

MILWAUKEE — Marcus & Millichap has arranged the sale of a retail building net leased to Whole Foods on Milwaukee’s east side for $22.2 million. The 53,875-square-foot store is located at 2305 N. Prospect Ave. Adam Connor of Marcus & Millichap represented the seller, Irgens. The buyer was a Seattle-based private investor. Irgens is a Milwaukee-based real estate developer.

January 6, 2017

Florida Retail Southeast

Regency Centers Purchases Shopping Center Along Orlando’s ‘Restaurant Row’ for $92.5M

by John Nelson January 6, 2017

ORLANDO, FLA. — Jacksonville, Fla.-based Regency Centers Corp. and its co-investment partner have purchased Plaza Venezia, a 201,000-square-foot, Publix-anchored shopping center in Orlando. The seller and sales price were undisclosed, but Orlando Business Journal reports that U.S. Cities Fund Operating LP, an affiliate of New York-based Team Core Property Funding Operating LP, sold the asset to Regency Centers for $92.5 million. Plaza Venezia is situated along Orlando’s “Restaurant Row,” one of the top trade areas in the market for investors. Plaza Venezia serves the nearby Doctor Phillips and Bay Hill submarkets. In addition to Publix, existing tenants at Plaza Venezia include Eddie V’s Prime Seafood, Starbucks Coffee, Tijuana Flats, Sylvan Learning Center, Majestic Cleaners, State Farm Insurance, Supercuts, Scottrade, T-Mobile and Orlando Family Dentistry.

January 6, 2017

California Retail Western

NewMark Merrill Cos. Completes First Phase of $15M Retail Redevelopment in Inglewood

by Nellie Day January 6, 2017

INGLEWOOD, CALIF. — NewMark Merrill Cos. has completed the first phase of the $15 million redevelopment of Crenshaw Imperial Plaza in Inglewood. The 304,755-square-foot shopping center is located on the southwest corner of Crenshaw Boulevard and Imperial Highway. The first phase includes the remodel of the dd’s Discount and 99¢ Only Stores; converting the ground floor of the office building into retail space; and infrastructure improvements. The second phase will include the remodel of the remainder of the retail center and office building, which will be home to the 15,000-square-foot Mission View Charter School. The second phase is slated for completion by February. The firm has also started on the final phase of redevelopment, which includes the demolition of an obsolete two-story building and the construction of a Planet Fitness and a 14,215-square-foot building that is 100 percent pre-leased. Additionally, NewMark Merrill has secured a $34.4 million senior loan for the recapitalization of the project. PCCP provided the loan, which David Pascale of George Smith Partners arranged.

January 6, 2017

Florida Mixed-Use Retail Southeast

Publix Super Markets Breaks Ground on New Store at Downtown Doral Mixed-Use Development

by John Nelson January 6, 2017

DORAL, FLA. — Publix Super Market has broken ground on a new location at Downtown Doral, a mixed-use development by master developer Codina Partners located roughly 15 miles outside Miami in Doral. The Downtown Doral location will feature an enhanced selection of freshly prepared foods, as well as a large selection of natural and organic food. The new store will be designed with LED lighting technology and energy-efficient refrigeration and air conditioning. An expected opening has yet to be announced. Upon completion, Downtown Doral will feature 70 retail stores and restaurants, 400,000 square feet of Class A office space, 2,840 residential units, a charter elementary school and public green space.

January 6, 2017

California Retail Western

Fabletics To Open 12 New Stores in 2017

by Nellie Day January 6, 2017

LOS ANGELES — Fabletics, an activewear brand co-founded by Kate Hudson in 2013, will open 12 new locations in 2017. Following the openings, Fabletics will have 30 locations. The new stores will average just over 2,200 square feet and will open before fall 2017. The first opening will take place in Frisco, Texas, in March 2017 followed by Indianapolis; Lexington, Ky.; Schaumburg, Ill.; Boulder, Colo.; and Portland, Ore., in second quarter 2017. Beginning in July 2017, additional Fabletics stores will open in Scottsdale, Ariz.; Cerritos, San Jose, San Francisco and San Diego, Calif.; and Paramus, N.J.

January 6, 2017

Retail Southeast Top Stories Virginia

O’Connor Capital Acquires 265,000 SF Shopping Center in Charlottesville, Virginia for $121.1M

by Kristin Harlow January 6, 2017

CHARLOTTESVILLE, VA. — O’Connor Capital Partners has acquired The Shops at Stonefield in downtown Charlottesville, near the University of Virginia, for $121.1 million. The 265,000-square-foot lifestyle shopping center is located at the intersection of Hydraulic Road and Route 29. The Shops at Stonefield was nearly 90 percent leased at the time of sale to tenants such as Trader Joe’s, lululemon athletica, Vineyard Vines, Pottery Barn, Williams-Sonoma, Brooks Brothers, Orvis, bluemercury and Regal Cinema. The shopping center was built in two phases in 2013 and 2016 and features a Costco, which was not part of the transaction. Concurrent with the acquisition, L.L. Bean has leased 15,000 square feet at the center with plans to occupy the space this summer. O’Connor Capital purchased the asset from Edens. Peter Bergner of O’Connor Capital’s Palm Beach office will handle leasing for The Shops at Stonefield. O’Connor Capital is an institutional real estate investment, management and development firm based in New York City. Edens develops, owns and operates community-oriented shopping places in primary markets across the country. — Kristin Hiller

January 6, 2017

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