Retail

French Billionaire Buys Manhattan Office, Retail Building from Thor Equities for $525M

by Nellie Day June 13, 2016

NEW YORK CITY — French billionaire Marc Ladreit de Lacharrière has purchased a 100,000-square-foot office and retail building in Manhattan for $525 million. The building is located at 693 Fifth Ave. in Midtown’s Plaza District. The 20-story property’s retail component houses the flagship store of international luxury brand Valentino. It includes four full levels of retail space with 50 feet of Fifth Avenue frontage. Notable office tenants include Carpenters Workshop Gallery, Louis Licari and Phillips Auctioneers. Thor Equities acquired the building in 2010 from Japanese department store Takashimaya for $142 million. Thor then restructured the interior to create a multi-level retail space, which Valentino occupied in 2013. The renovation included a modern floor-to-ceiling window façade from the ground level through the eighth floor. Thor also worked with designer David Chipperfield to create a new building lobby. Thor Equities owns a number of other properties on Fifth Avenue including 685 Fifth Ave., the future home of the new Coach global flagship store. “We continue to believe strongly in the retail and office market on Fifth Avenue and throughout New York City,” says Joe Sitt, Thor’s CEO. “However, after successfully implementing our business plan of improving this prime retail and office location …

June 13, 2016

Market Reports Retail Southeast Southeast Market Reports Tennessee

Memphis Retail Market is a Hotbed for Leasing, Sales Activity and Redevelopments

by John Nelson June 13, 2016

The retail market in Memphis has continued to improve over the past year with new developments now open for business and redevelopment projects popping up across the metro area. Memphis, most commonly known for its blues and barbecue, has recently become the dreamland for those looking to lease, buy or redevelop assets. Vacancy rates are falling, new tenants and stakeholders are entering the market and retail investment sales continue to be in high demand. With several new development projects in the pipeline, the metro area is looking to capitalize on the new infrastructure. Memphis, located in the southwest corner of Tennessee within Shelby County, boasts a large metropolitan statistical area comprising Crittenden County in Arkansas; Benton, DeSoto, Marshall, Tate and Tunica counties in Mississippi; and Fayette and Tipton counties in Tennessee. One of the most attractive features of life in Memphis is the area’s remarkably low cost of living, which has allowed Memphis to become the city where one eats and stays instead of eats and plays, adding increasing demand on the commercial real estate market. According to a variety of real estate professionals doing business in the area, national and international investors and developers are looking to Memphis because …

June 13, 2016

Illinois Midwest Retail

Novak Construction Builds $18.3M Walmart Supercenter in Richton Park, Illinois

by Christina Cannon June 10, 2016

RICHTON PARK, ILL. — Novak Construction has completed a new 184,000-square-foot, $18.3 million Walmart Supercenter in Richton Park, approximately 35 miles south of Chicago. The store includes a grocery, produce and bakery area; vision center; photo center; electronics and sporting goods departments; credit service station; indoor and outdoor garden center; and indoor pharmacy with drive-thru. The 28-acre site also included two detention basins, a frontage road, retaining wall, parking for 800 cars and a full-service fueling center. The adjacent roadways were widened to accommodate the new store, and traffic signals were added to the intersections. Construction took eight months to complete. Merriam, Kan.-based BRR Architecture Ltd. designed the project.

June 10, 2016

Georgia Retail Southeast

Publix Super Markets Buys Shopping Center in Metro Atlanta

by John Nelson June 10, 2016

SNELLVILLE, GA. — Publix Super Markets Inc. has purchased Publix at Centerville, a 68,752-square-foot shopping center located at the southeast corner of Centerville Highway and Centerville-Rosebud Road in Snellville, a Gwinnett County suburb of Atlanta. CBRE’s national retail investment group represented the seller, GDC Properties Inc., in the transaction. Publix at Centerville was 94 percent leased at the time of sale to tenants such as Publix, Subway and GNC.

June 10, 2016

Loans Retail Texas

NorthMarq Capital Secures $3.5M Refinance of Shopping Center in Dallas

by Haisten Willis June 10, 2016

DALLAS — Bart Dickinson of NorthMarq Capital’s Dallas office has arranged the $3.5 million refinancing of Oak Lawn Crossing shopping center, a 19,500-square-foot retail property located at 2920 Oak Lawn Ave. in Dallas. The loan was structured with a 12-year term and 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

June 10, 2016

California Retail Western

KTGY Unveils Design for Retailer Expansion at SouthBay Pavilion in Metro Los Angeles

by Nellie Day June 10, 2016

CARSON, CALIF. — KTGY Architecture + Planning has unveiled the design for Vintage Real Estate’s retailer expansion at SouthBay Pavilion, a 1.2 million-square-foot enclosed shopping center located in the Los Angeles suburb of Carson. KTGY worked with Vintage Real Estate to redesign the mall’s over-all lease plan to make way for a new 17,000-square-foot F21 RED store, and new retail and food tenants, as well as new flooring, restrooms and other upgrades to the property. The firm adapted Forever 21’s F21 RED brand for the new SouthBay Pavilion store, which includes floor-to-ceiling display window boxes, textured wall treatments and red metal panels. The expansion includes food concepts Wing Stop, Jamba Juice, Chile Verde Mexican Food and health retailer Vitamin World. The anticipated completion date for the redevelopment is early 2017.

June 10, 2016

California Retail Western

Charles Dunn Co. Brokers $2.9M Acquisition of Retail Property in Canoga Park

by Nellie Day June 10, 2016

CANOGA PARK, CALIF. — Charles Dunn Co. has arranged the acquisition of a single-tenant retail property located at 8232 De Soto Ave. in Canoga Park. A private investor from Orange County acquired the 3,139-square-foot property from a Los Angeles-based private investor for $2.9 million, or $948 per square foot. Built in 2001, the property is triple-net leased to Wendy’s. Kyle Gulock and Jason Cope of Charles Dunn Co. represented the buyer, while Sands Investments Group represented the seller.

June 10, 2016

California Retail Western

24 Hour Fitness Opens 17,000 SF Gym at Del Amo Crossing in Torrance

by Nellie Day June 10, 2016

TORRANCE, CALIF. — Irvine, Calif.-based The Muller Company has signed 24 Hour Fitness to Del Amo Crossing, a 422,000-square-foot, mixed-use complex located at 21515 Hawthorne Blvd. Designed by Nadel Architects, the two-story 24 Hour Fitness will be located in a new 44,000-square-foot building, which will be adjacent to the existing office structure. The $22 million, 15-year lease will be the chain’s first super sport club in the area. Construction is slated to begin in the first quarter of 2017, the fitness center is slated to open in late 2018. Bryan Norcott of Savills Studley represented 24 Hour Fitness, and Chris Sinfield and Leslie Mayer of Cushman & Wakefield represented The Muller Company.

June 10, 2016

New York Northeast Retail

Joint Venture Completes $45M Sale of 84,000 SF Movie Theater Complex in Queens

by Amy Works June 9, 2016

NEW YORK CITY — A joint venture between Forest City Realty Trust and Madison International Realty has completed the sale of Steinway Street Theaters, known locally as UA Kaufman Astoria Cinemas in Astoria, Queens. An affiliate of Kaufman Astoria Studios acquired the property from the joint venture for $45 million. The 84,000-square-foot movie theater complex opened in 1999.

June 9, 2016

Office Retail Southeast Tennessee

NGKF Secures ServiceMaster’s 315,450 SF Lease Relocation to Downtown Memphis

by Christina Cannon June 9, 2016

MEMPHIS, TENN. — Newmark Grubb Knight Frank (NGKF) has arranged the 315,450-square-foot lease relocation and adaptive reuse project for ServiceMaster, a home and commercial services provider whose products and services include home warranties, home inspections, furniture repair, residential cleaning, disaster restoration and termite and pest control. The publicly traded company plans to transform the former Peabody Place mall in downtown Memphis into Class A office space for its global headquarters. ServiceMaster will consolidate its office operations currently headquartered in four buildings within the suburban Poplar Avenue Corridor in Memphis. Neal Golden and Aaron Sommer of NGKF represented ServiceMaster in the two-year site selection process and lease transaction. ServiceMaster was considering relocating its corporate headquarters to other markets such as Atlanta, Dallas, Austin, Orlando and Tampa before selecting Memphis. The company plans to move approximately 1,200 employees to the renovated building by the end of 2017.

June 9, 2016

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