Retail

Marcus & Millichap Negotiates $11.5M Sale of Retail Building Occupied by Planet Fitness in Chicago

by Kristin Harlow December 22, 2016

CHICAGO — Marcus & Millichap has negotiated the sale of a 50,000-square-foot Planet Fitness in northwest Chicago for $11.5 million. The property is located at 3120 N. Pulaski Road. Nearby retailers include Walmart, Walgreens, Aaron’s, AutoZone, AT&T, Subway and Chase Bank. Eric Grad of Marcus & Millichap represented the seller, an owner and developer of Planet Fitness gyms. Harvey Schmidt, Donovan Mackey and Dana Newton of Marcus & Millichap procured the buyer, a national real estate investment trust.

December 22, 2016

Illinois Midwest Retail

Baum Realty Brokers $2.9M Sale of PNC Bank Ground Lease in Bensenville, Illinois

by Kristin Harlow December 22, 2016

BENSENVILLE, ILL. — Baum Realty Group LLC has brokered the $2.9 million sale of a PNC Bank ground lease in Bensenville adjacent to O’Hare International Airport. The 3,181-square-foot building is located at 1151 S. York Road. Brad Teitelbaum, Patrick Forkin and Graham Gold represented the seller, a local private investor. The buyer was also local.

December 22, 2016

Retail Texas

Marcus & Millichap Negotiates Sale of 52,567 SF Retail Center in Richmond, Texas

by Amy Works December 22, 2016

RICHMOND, TEXAS — Marcus & Millichap has arranged the sale of Westheimer Lakes II, a retail shopping center located at 26440 FM 1093 Road in Richmond. At the time of sale, the 52,567-square-foot property was 94 percent leased to a variety of tenants, including Yes Kids, Pizza Hut, Handlebar Cyclery, Aquatic Rehab, State Farm and Bright Orthodontics. Watt Harrison, James Bell, Gus Lagos and Evan Altemus of Marcus & Millichap represented the seller, a Texas-based limited liability company, and procured the undisclosed buyer. Additionally, Jeffery Duke, also of Marcus & Millichap, arranged a $7.5 million non-recourse, CMBS loan for the acquisition of the property. The final loan features a five-year term, fixed interest rate and a 30-year amortization schedule.

December 22, 2016

Retail Texas

NAI Partners Arranges 1,750 SF Retail Lease in Metro Houston

by Amy Works December 22, 2016

HOUSTON — NAI Partners arranged the lease of retail space at 2859 Dulles Ave. in Missouri City, a suburb of Houston. Escape Games Fort Bend LLC leased the 1,750-square-foot entertainment venue space from SGRE Pecan Plaza Ltd. Jason Gaines of NAI Partners represented the landlord in the deal.

December 22, 2016

Retail Southeast Tennessee

Epic Real Estate Partners Acquires Shops of Forest Hill in Metro Memphis

by John Nelson December 22, 2016

GERMANTOWN, TENN. — Epic Real Estate Partners has acquired Shops of Forest Hill, a 343,855-square-foot retail center located in the Memphis suburb of Germantown. Sprouts Farmers Market, Marshalls and Malco Cinemas anchor the center, which is also home to Mattress Firm, Sally Beauty, Hallmark, GNC, Mellow Mushroom, Allstate Insurance and Sherwin Williams. Jim Hamilton, Richard Reid, Brad Buchanan and Mike Allison of HFF represented the seller, a partnership between Boyle Investment Co. and Milton Schaeffer, in the transaction. Gregg Shapiro and Kyle Spencer, also of HFF, arranged a five-year acquisition loan with Wells Fargo Bank on behalf of Epic Real Estate Partners.

December 22, 2016

Retail Texas

McAlister Real Estate Brokers $1.4M Sale of Development Site in Rosenberg, Texas

by Amy Works December 21, 2016

ROSENBERG, TEXAS — McAlister Real Estate has arranged the sale of a 10-acre development site located adjacent to GreatTown Plaza at the northwest corner of FM 2218 and Town Center Boulevard in Rosenberg. Gamal Enterprises acquired the property for $1.4 million and plans to use the site for retail development. James Kadlick, Chris Hutcheson and Matt Herring of McAlister represented the undisclosed seller in the deal.

December 21, 2016

Illinois Midwest Northeast Pennsylvania Retail Top Stories

Walgreens Boots Alliance, Rite Aid to Sell 865 Rite Aid Stores to Fred’s Pharmacy for $950M

by Nellie Day December 21, 2016

DEERFIELD, ILL. AND CAMP HILL, PA. — Walgreens Boots Alliance (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) have agreed to sell 865 Rite Aid stores and some assets related to store operations to Fred’s (NASDAQ: FRED) for $950 million in an all-cash transaction. The agreement came about due to concerns by the Federal Trade Commission (FTC) in its review of Walgreens Boots Alliance’s proposed acquisition of Rite Aid, which was announced in October 2015. That transaction is scheduled to close in early 2017. The 865-store sale would make Fred’s one of the largest drugstore chains in the United States, with a significant presence in the South and on the East and West coasts. If the sale is approved, Fred’s will continue to employ all store associates and certain field and regional associates related to the operations. The stores will also continue to operate under the Rite Aid banner. Fred’s has also agreed to purchase additional Rite Aid stores if the FTC mandates additional divestments for the proposed merger. BofA Merrill Lynch acted as Walgreens Boots Alliance’s financial adviser. Sidley Austin LLP acted as legal counsel on transaction legal matters and Weil, Gotshal & Manges LLP acted as its legal …

December 21, 2016

Features Retail Top Stories

Cap Rates for Net Leased Retail Properties Increase for First Time in Three Years, Says Boulder Group Report

by John Nelson December 21, 2016

NORTHBROOK, ILL. — Cap rates in the fourth quarter of 2016 for the single-tenant net lease sector increased or remained the same for office, retail and industrial assets, according to The Boulder Group’s quarterly Net Lease Market Research Report. Retail cap rates experienced their first increase since the third quarter of 2013 to 6.19 percent. The nine-basis-point increase is the largest quarterly increase in retail cap rates since the second quarter of 2011. Cap rates for the office sector remained unchanged at 7.08 percent, while the industrial sector increased by 3 basis points to 7.17 percent. The Boulder Group attributes the increase in cap rates for the retail sector to the rise of treasury rates during the fourth quarter. During the fourth quarter, the 10-year Treasury yield increased significantly to 2.45 percent, up from 1.62 percent at the start of the quarter. During the fourth quarter, the spread between asking and closed cap rates for retail properties increased by five basis points. This was the largest spread between asking and closed cap rates for retail properties since the fourth quarter of 2013. Cap Rates Likely to Rise More in 2017 The net lease market is expected to remain active in …

December 21, 2016

Midwest Retail Wisconsin

Mid-America Negotiates 23,496 SF Lease for TJ Maxx in Menomonee Falls, Wisconsin

by Kristin Harlow December 20, 2016

MENOMONEE FALLS, WIS. — Mid-America Real Estate has negotiated a 23,496-square-foot lease for TJ Maxx at Whitestone Station in Menomonee Falls near Milwaukee. The 67-acre mixed-use development is located on Falls Parkway and is anchored by Costco. Dan Cohen and Tony Colvin of Mid-America represented TJ Maxx in the lease transaction.

December 20, 2016

Midwest Missouri Retail

Olivino Signs 1,585 SF Lease at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow December 20, 2016

ST. CHARLES, MO. — Olivino has signed a 1,585-square-foot lease at The Streets of St. Charles near St. Louis. Olivino is a specialty shop and tasting bar offering olive oils, balsamic vinegars and more cooking items. Other recent additions to the 27-acre mixed-use property include Orangetheory Fitness, Think Pink Nail & Spa and Firebirds Wood Fired Grill. Construction on the new Drury Hotel is underway, with completion slated for summer 2017. Additional tenants will be announced in the coming months.

December 20, 2016

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