Retail

TRC Develops Two Retail Centers in Hawaii

by Nellie Day January 3, 2017

MAUI AND KAUAI, HAWAII — TRC, formerly Terramar Retail Centers, is in the final phase of construction on two shopping centers located on the islands of Maui and Kauai in Hawaii. Developments include Pu’unene Target Center, a 264,000-square-foot retail center anchored by Target and Petco in Kahului, Maui; and Hokulei Village Shopping Center, a 125,000-square-foot retail center anchored by Safeway and Petco in Lihue, Kauai. The anchor Target location is currently open at Pu’unene Target Center. Commercial Consultants Inc. is in charge of leasing for both projects.

January 3, 2017

Arizona Mixed-Use Multifamily Retail Western

JV Begins Construction of Mixed-Use Development in Tempe

by Nellie Day January 3, 2017

TEMPE, ARIZ. — A joint venture between Opus Development Group LLC and Seventh Street Tempe AZ Manager LLC has begun construction of a mixed-use development located at the northwest corner of University Drive and Forest Avenue in Tempe. The project — which has yet to be named — will transform a surface parking lot into a residential and retail center. The development will consist of two towers featuring 407 residential units and 31,000 square feet of retail space. The residential portion of the property will offer a mix of studio, one- and two-bedroom apartments and walk-up city homes and flats. Community amenities will include an amenity deck with a resort-style swimming pool, a barbecue grilling stations and outdoor lounges with cabanas and fire pits; a state-of-the-art fitness center; dog walk; and bike workroom. SmithGroupJJR is a design consultant for the project, and Sundt Construction Inc. will perform all concrete, civil and utility work. An expected opening for the development has yet to be announced.

January 3, 2017

Industrial Office Retail Texas

NAI Partners Brokers Sale of 128.5-Acre Commercial Site in Metro San Antonio

by Amy Works January 3, 2017

NEW BRAUNFELS, TEXAS — NAI Partners has arranged the sale of a 128.5-acre site at 7965 Old Bastrop Road in New Braunfels. Schlameus Trust sold the commercially zoned site to Don Buttrom for an undisclosed price. Brett Lum of NAI Partners represented the seller, while Wayne Windle of Anders Pierce Realty represented the buyer in the deal.

January 3, 2017

Georgia Retail Southeast

Wheeler REIT Purchases Shopping Center in Macon for $37.3M

by John Nelson January 3, 2017

MACON, GA. — Wheeler Real Estate Investment Trust Inc. has purchased Rivergate Shopping Center, a 205,811-square-foot, Publix-anchored development located in Macon. The shopping center was 95.5 percent leased at the time of sale to tenants such as Dollar Tree, T-Mobile and H&R Block. The property features eight outparcels, including a standalone Starbucks Coffee, Buffalo Wild Wings, IHOP and Steak N’ Shake, as well as co-tenant buildings leased to FedEx/Panera Bread, Dunkin’ Donuts/Subway, Planet Fitness/SkyZone and Pet Supermarket/Tuesday Morning. Wheeler REIT financed the acquisition using a three-year bank loan that features one year of interest-only payments, 25-year amortization schedule for years two and three, a floating interest rate and 65 percent LTV.

January 3, 2017

Florida Retail Southeast

The Shopping Center Group, Avison Young Broker $12.6M Sale of Retail Center in North Palm Beach

by John Nelson January 3, 2017

NORTH PALM BEACH, FLA. — The Shopping Center Group and Avison Young have brokered the $12.6 million sale of Northlake Promenade Shoppes, an 82,966-square-foot, Publix-anchored shopping center in North Palm Beach. Woolbright Development purchased the asset from a private investment company based in Canada. The shopping center’s outparcel tenants include CVS/pharmacy, Chase Bank and BP Gas. The property is situated on 21 acres at the southwest corner of Northlake Boulevard and Federal Highway and features a development site for Phase II of the shopping center. Anthony Blanco of The Shopping Center Group and David Duckworth and AJ Belt III of Avison Young led the marketing efforts.

January 3, 2017

gainesville-factory-stores-gainesville-tx

Retail Texas

Pierson Retail Advisors Negotiates Sale of 315,725 SF Outlet Mall in Gainesville, Texas

by Amy Works December 23, 2016

GAINESVILLE, TEXAS — Pierson Retail Advisors has arranged the sale Gainesville Factory Stores, an outlet mall located in Gainesville. A private investor sold the 315,725-square-foot property to a local buyer for an undisclosed price. Pierson Retail Advisors represented the seller in the deal.

December 23, 2016

Industrial Mixed-Use Multifamily New York Northeast Office Retail

Colony Capital, NorthStar Receive Approval for Merger

by Amy Works December 23, 2016

NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.

December 23, 2016

Illinois Midwest Retail

Mid-America Negotiates Sale of 173,981 SF Retail Center in Shorewood, Illinois

by Kristin Harlow December 23, 2016

SHOREWOOD, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Shorewood Crossings in Shorewood, about 40 miles southwest of Chicago. Phillips Edison & Co. purchased the 173,981-square-foot retail center. Located at the northeast corner of Route 59 and Black Road, the center is anchored by Mariano’s. Joe Girardi of Mid-America represented the seller, Regency Centers Corp. and its co-investment partner.

December 23, 2016

California Retail Western

Marcus & Millichap Facilitates $15.3M Sale of 18,555 SF Shopping Center in Palo Alto

by Nellie Day December 23, 2016

PALO ALTO, CALIF. — Marcus & Millichap has arranged the sale of a 18,555-square-foot neighborhood shopping center located at 2615-2699 Middlefield Road in Palo Alto’s Midtown district. A private family ownership group sold the property to a local investor for $15.3 million, or $822 per square foot. Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller in the transaction.

December 23, 2016

California Retail Western

Planet Fitness Rents 21,178 SF of Retail Space in Upland

by Nellie Day December 23, 2016

UPLAND, CALIF. — Planet Fitness has leased retail space at 1028 N. Mountain Ave. in Upland from Smart & Final. The tenant plans to open a 21,178-square-foot gym at the location, which is adjacent to Smart & Final Extra! Pablo Velsaco of Progressive Real Estate Partners represented the landlord, while Lauren Dressler of Oak Place Partners represented the tenant in the deal.

December 23, 2016

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