Retail

Misuma Holdings, Peak Financial to Begin $30M Redevelopment of Myrtle Beach Mall

by John Nelson May 16, 2016

MYRTLE BEACH, S.C. — Misuma Holdings and Peak Financial Partners Inc. have announced plans to begin a $30 million redevelopment of Myrtle Beach Mall. The redevelopment will de-mall the property to create an open-air retail, restaurant and entertainment district. The project, which is being leased by Avison Young and managed by JLL, will include the redevelopment of more than 375,000 square feet of space, major architectural renovations, significant landscaping, lighting and facilities improvements and the addition of more than a dozen new tenants. The owners plan to begin the redevelopment in 2017. Existing tenants at the center include Belk, J.C. Penney, Carmike Cinema 12 and Bass Pro Shops Outdoor World.

May 16, 2016

Maryland Retail Southeast

KLNB Retail Brokers $20M Sale of Shopping Center in Metro D.C.

by John Nelson May 16, 2016

CLINTON, MD. — KLNB Retail has brokered the $20 million sale of Clinton Plaza, a 210,000-square-foot shopping center located at 8899 Woodyard Road in Clinton, roughly 16 miles from Washington, D.C. The property is located approximately three miles south of Joint Base Andrews, the home of Andrews Air Force Base and Naval Air Facility Washington. Kmart occupies a 107,000-square-foot anchor space at Clinton Plaza, which features 10 inline restaurants and several pad sites leased to tenants such as Checkers and Popeyes Chicken. There is a vacant 43,000-square-foot junior anchor space and an additional 10,000 square feet of space available for lease. Andy Stape and Vito Lupo led KLNB Retail’s investment sales team in representing the seller, Columbia Regency Retail Partners LLC. The KLNB Retail team also procured the buyer, Clinton Investors LLC.

May 16, 2016

Restaurant Retail Texas

Vitorino Group Arranges Sale of Old Chicago Pizza in Fort Worth

by Haisten Willis May 16, 2016

FORT WORTH, TEXAS — The Vitorino Group, a commercial real estate investment sales firm in Dallas, has arranged the sale of an Old Chicago Pizza ground lease in Fort Worth. The property is located on a 2.3-acre outparcel to Presidio Towne Crossing, a 600,000-square-foot power center anchored by both a Super Target and Costco in north Fort Worth. The transaction consists of a 15-year ground lease term with rental increases and new construction.

May 16, 2016

Restaurant Retail Texas

The Silver Group Negotiates Sale of Dairy Queen in Metro Dallas

by Haisten Willis May 16, 2016

BENBROOK, TEXAS — The Silver Group has negotiated the sale of a single tenant Dairy Queen restaurant located at 8636 Benbrook Blvd. in Benbrook. The property consists of a newly constructed 3,000-square-foot quick service restaurant on a 1.1-acre parcel along State Highway 377. The tenant, Vasari LLC, is one of the largest Dairy Queen operators in Texas. The property is situated between Panda Express and Jack in the Box and is one block from CVS/Pharmacy. The net lease had a new 20-year term commencing on the closing date. Greg Cunha of The Silver Group represented the family trust who was completing a tax-deferred exchange.

May 16, 2016

California Retail Western

NGKF Capital Markets Brokers $51M Sale of the Marketplace at Windingwalk in Chula Vista

by Nellie Day May 16, 2016

CHULA VISTA, CALIF. — NGKF Capital Markets has arranged the sale of the Marketplace at Windingwalk, a neighborhood retail center located in Chula Vista’s Eastlake submarket. Zurich Alternative Asset Management acquired the property from Shea Properties for $51 million. Built in 2008 and situated on 9.3 acres of land, the 104,206-square-foot property is located at 1754-2160 Eastlake Parkway. At the time of sale, the property was 96 percent occupied by tenants including Vons Supermarket, In-N-Out Burger, Wells Fargo and Bank of America. Pete Bethea, Rob Ippolito and Glenn Rudy of NGKF Capital Markets represented the seller in the deal.

May 16, 2016

California Loans Retail Western

NorthMarq Capital Arranges $3M in Acquisition Financing for Mixed-Use Property in Los Angeles

by Nellie Day May 16, 2016

LOS ANGELES — NorthMarq Capital has arranged $3 million in acquisition financing for 24th & Vermont, a 19,280-square-foot mixed-use property located at 451-467 N. Western Ave. in Los Angeles. The transaction was structured with a 10-year term with three years of interest-only payments, followed by a 27-year amortization schedule. David Blum of NorthMarq arranged the financing for the borrower through a regional bank.

May 16, 2016

Massachusetts Mixed-Use Northeast Retail Top Stories

Edens to Build $200M Mixed-Use Development in Boston’s South Bay

by Nellie Day May 16, 2016

BOSTON — The Boston Redevelopment Authority Board has given approval for Edens to construct a 700,000-square-foot mixed-use development in the South Bay submarket of Boston. The 10-acre, $200 million development will sit adjacent to Edens’ South Bay Center in Boston’s Dorchester neighborhood. This approval was the last hurdle to starting the project, and Edens plans to break ground in June. The proposal calls for 113,000 square feet of restaurants and shops, a 12-screen luxury AMC Theatre with IMAX, a flagship Wahlburger’s, a 130-room hotel and two parking garages. Edens will also partner with Mill Creek Residential to develop 475 multifamily units at the project. The multifamily component will contain a mix of studio to three-bedroom apartments. The mixed-use project will be built on a site that currently contains a vacant industrial property and concrete plant. During construction, Edens also plans to upgrade the 427,289-square-foot South Bay Center, which is home to tenants such as OfficeMax, Marshalls, Old Navy, Target, The Home Depot, Bed Bath & Beyond and TJ Maxx. Columbia, S.C.-based Edens develops, owns and operates community shopping centers in primary U.S. markets. Its institutional-quality portfolio contains more than 130 retail centers. Mill Creek Residential Trust LLC is a national …

May 16, 2016

Retail Texas

Three New Stores to Open in The Shops at Park Lane

by Haisten Willis May 13, 2016

DALLAS — Three new tenants are scheduled to open at The Shops at Park Lane, a mixed-use development bordered by Park Lane and North Central Expressway in Dallas. The new tenants are DSW Designer Shoe Warehouse, Francesca’s and Carlen’s Luxury Optical. DSW Designer Shoe Warehouse, a footwear and accessories retailer, will open an 18,500-square-foot, two-level store in spring 2017 adjacent to F21 RED and ULTA. Francesca’s and Carlen’s Luxury Optical will open on the ground floor of the center’s five-story office and retail building anchored by J.Crew Mercantile and DXL. Francesca’s will open in May in a 2,045-square-foot space featuring women’s apparel, jewelry, accessories and gifts. In August, Carlen’s Luxury Optical will open a 1,500-square-foot store with luxury eye brands, optical frames and designer sunglasses. Licensed opticians will provide consultations for eyewear and lenses. Northwood Investors owns The Shops at Park Lane, and Northwood Retail manages the property.

May 13, 2016

Office Retail Texas

Jack Dawson Joins SRS Real Estate Partners as Senior Associate

by Haisten Willis May 13, 2016

DALLAS — Jack Dawson has joined SRS Real Estate Partners as a senior associate in the firm’s Dallas/Fort Worth office. Dawson focuses on tenant and landlord representation as well as investment sales. Dawson joins SRS with three years of experience in commercial real estate. He has worked with several retailers in the Dallas and north Texas markets such as AIO/Cricket Wireless, JPMorgan Chase Bank, Sub Zero Ice Cream and Eskimo Hut. He has also worked with many landlords in various project leasing assignments, and marketed several investment sale listings. Dawson has a bachelor’s degree from Southern Methodist University, where he was a Hunt Leadership scholar and a Cox Business School BBA scholar. He is a member of the International Council of Shopping Centers (ICSC) and North Texas Commercial Association of Realtors (NTCAR). Additionally, Dawson regularly works with the Yellow Rose Gala Foundation, a group that supports multiple sclerosis research.

May 13, 2016

Massachusetts Northeast Retail

SVN|Parsons Commercial Buys 36,000 SF Retail Center in Massachusetts for $3.1M

by Amy Works May 13, 2016

ASHLAND, MASS. — SVN|Parsons Commercial Group|Boston has acquired a retail center located at 300 Eliot St. in Ashland for $3.1 million. The 36,000-square-foot property is fully leased with long-term tenants. Garrett Quinn of SVN|Parsons Commercial Group|Boston brokered the transaction. The seller was Ash Realty Trust, which originally purchased the property in 1996. SVN|Parsons owns the adjacent flex/industrial buildings: 240 Eliot Street, 250 Eliot Street, 260-270 Eliot Street, 280 Eliot Street and 290 Eliot Street. With this purchase, Parsons has expanded its Eliot Street portfolio to 279,233 square feet across six buildings, while controlling 20 acres of land.

May 13, 2016

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