Retail

Cooper Commercial Negotiates Sale of Retail Property Near Cleveland for $4M

by Christina Cannon July 7, 2016

STOW, OHIO — The Cooper Commercial Investment Group has negotiated the sale of a 53,191-square-foot retail property in Stow, approximately 35 miles south of Cleveland, for $4 million. Oregon Trails is shadow anchored by Discount DrugMart and was roughly 70 percent occupied at the time of sale. Tenants at the property, which was built in 1988, include Fifth Third Bank, Wing Warehouse, H&R Block, Subway, Edward Jones, Hallmark, Kirbie’s Meats, All About Dance, Sweet Frog Frozen Yogurt and Great Harvest Bread Co. The seller was a California-based private investor, and the undisclosed buyer was also California based. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller in the transaction.

July 7, 2016

Indiana Midwest Retail

The Boulder Group Brokers $1.5M Sale of Building Near Chicago Net Leased to Advance Auto Parts

by Christina Cannon July 7, 2016

EAST CHICAGO, IND. — The Boulder Group has arranged the sale of a retail building net leased to Advance Auto Parts for $1.5 million. The facility is located at 1200 W. Chicago Ave. in East Chicago. A Midwest-based developer sold the asset to an East Coast-based private investor in a 1031 exchange. Advance Auto Parts’ lease expires in 2030 and features 7.5 percent rental escalations each renewal period. The immediate area features retailers such as Walgreens, PNC Bank, Strack & Van Til Grocers, McDonald’s, Dollar General, Burger King and Citizen Financial Bank. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.

July 7, 2016

Loans New York Northeast Office Retail

CIT Group Arranges $65M in Construction Financing for Retail/Office Building in SoHo

by Amy Works July 7, 2016

NEW YORK CITY — CIT Group Inc. served as sole lead arranger for a $65 million senior secured construction loan for MC 19 East Houston LLC, a joint venture between Madison Capital and Vornado Realty Trust. Proceeds of the loan will be used to finance the acquisition and construction of a six-story, 34,170-square-foot retail and office building located on the corner of Broadway and Houston Street in SoHo. The property will feature 11,419 square feet of retail space and 22,751 square feet of office space. Financing was provided by CIT Bank, the principal bank subsidiary of CIT. Additional terms of the transaction were not disclosed.

July 7, 2016

New Hampshire Northeast Retail

NG Hood Commons Sells 208,805 SF Grocery-Anchored Shopping Center in New Hampshire

by Amy Works July 7, 2016

DERRY, N.H. — NG Hood Commons LLC has completed the disposition of Hood Commons, a grocery-anchored shopping center located in Derry. An affiliate of New York-based Northeast Capital Group acquired the 208,805-square-foot property for an undisclosed price. Located at 55 Crystal Ave., the 23-acre property is 86 percent leased to tenants, including Shaw’s Supermarket, Big Lots, Tractor Supply Co., Planet Fitness and Sally Beauty. Jim Koury of HFF represented the seller in the transaction. Additionally, HFF assisted the buyer in securing a 70 percent loan-to-value, 10-year acquisition loan with a 3.79 percent fixed rate.

July 7, 2016

Florida North Carolina Retail Southeast

Williams Co. Southeast to Remodel Over 20 Target Stores in Florida, North Carolina

by John Nelson July 7, 2016

ORLANDO, FLA. — Williams Co. Southeast, an Orlando-based general contractor and construction manager, plans to remodel more than 20 Target stores in Florida and North Carolina. The company recently finished the remodel of three Florida stores in Gainesville, Jacksonville and Wesley Chapel and two North Carolina stores in Durham and Greensboro. Williams expects to wrap up construction of all the remodeled stores by October. The company has previously constructed more than 400 Target projects in 11 states.

July 7, 2016

Florida Retail Southeast

Marcus & Millichap Brokers $8.3M Sale of Net-Leased Urban Outfitters in Palm Beach County

by John Nelson July 7, 2016

DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $8.3 million sale of a net-leased Urban Outfitters store located at 306 E. Atlantic Ave. in Delray Beach. Urban Outfitters signed a 10-year lease with two five-year renewal options in May 2014. The 11,073-square-foot, two-story store is fully leased to Urban Outfitters. Howard Bregman of Marcus & Millichap’s Fort Lauderdale office represented the buyer, Menin Development Inc., in the transaction. Last year Bregman represented Menin in acquiring the neighboring George Buildings at 326 and 400 E. Atlantic Ave.

July 7, 2016

Alabama Retail Southeast

Bayer Properties to Buy 125 Acres of Land Near The Summit Birmingham

by John Nelson July 7, 2016

BIRMINGHAM, ALA. — Bayer Properties has placed a 125-acre tract of land across Highway 280 from The Summit Birmingham under contract. AT&T is selling a large portion of the tract in connection to its plan to relocate various offices within Birmingham. Bayer Properties plans to develop a project that will be complementary to The Summit and the surrounding area. The Summit’s tenant roster includes Belk, Gus Mayer, Saks Fifth Avenue, Anthropologie, Gap, J. Crew, Urban Outfitters, Carmike Summit 16, Orvis, lululemon athletica, Gymboree, Restoration Hardware and Pottery Barn. Birmingham-based Bayer Properties currently owns and/or operates retail and office properties totaling approximately 10 million square feet, including The Summit in Birmingham.

July 7, 2016

California Retail Western

Faris Lee Investments Brokers $5M Sale of Rite Aid Property in Moreno Valley

by Nellie Day July 6, 2016

MORENO VALLEY, CALIF. — Faris Lee Investments has arranged the sale of a Rite Aid property located at 24991 Alessandro Blvd. in Moreno Valley. Karaglanov Trust acquired the asset from P&A Development for $5 million. Built in 1998 and situated on 1.66 acres, the property features 16,730 square feet of retail space. Jeff Conover of Faris Lee represented the seller, while Century 21 Golden Realty represented the buyer in the deal.

July 6, 2016

California Retail Western

Matthews Retail Advisors Negotiates $3.6M Sale of 7-Eleven Property in Carlsbad

by Nellie Day July 6, 2016

CARLSBAD, CALIF. — Matthews Retail Advisors has brokered the sale of a retail property located at 5802 Van Allen Way in Carlsbad. A private family partnership acquired the 3,260-square-foot property from a private seller for $3.6 million. The building is currently leased to 7-Eleven. Aron Cline and Matt Coates of Matthews Retail Advisors represented the seller in the deal.

July 6, 2016

Retail Utah Western

Several New Tenants Sign Leases at The Crossroads of Taylorsville in Utah

by Nellie Day July 6, 2016

TAYLORSVILLE, UTAH — S Squared Development, along with financial partner Tri-Gate Capital, has signed several new tenant deals at The Crossroads at Taylorsville in Taylorsville, located off Interstate 25. The property is currently being renovated. A Regal Cinema luxury multiplex is underway and several new restaurants have signed on at the property. Wing Stop plans to open a 2,500-square-foot restaurant in July, and Blaze Pizza is opening a 3,000-square-foot restaurant in September. Additionally, TJ Maxx and Davida Wireless have signed leases at the center, which is located in the Greater Salt Lake City market.

July 6, 2016

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