Retail

CBRE Arranges $25.5M Sale of Two Retail Properties in New Jersey

by Amy Works December 22, 2016

VOORHEES TOWNSHIP AND MATAWAN, NEW JERSEY — CBRE has brokered the sale of two freestanding retail properties located in New Jersey for a combined total of $25.5 million in two separate transactions. In the first deal, an institutional buyer acquired a 168,599-square-foot Lowe’s Home Improvement Warehouse, located at 144 NJ-73 in Voorhees Township, from a regional developer. Matthew Gorman and Michael Shover of CBRE represented both parties in the transaction. In the second deal, a regional developer sold a newly constructed 12,705-square-foot Walgreens, located at 339 Matawan Road in Matawan, to an undisclosed buyer. Gorman and Shover represented the seller in the transaction.

December 22, 2016

Mixed-Use New York Northeast Office Retail

Joint Venture Acquires Land Parcel in Brooklyn for Mixed-Use Development

by Amy Works December 22, 2016

NEW YORK CITY — A joint venture between CIM Group, Kushner and LIVWRK has acquired a land parcel at 85 Jay St. in Brooklyn’s Dumbo neighborhood from Watchtower Real Estate for an undisclosed price. The partnership plans to develop a mixed-use project on the parcel, which is currently a 135,000-square-foot parking lot. Additional details of the development have not been released. In August, the joint venture acquired a 739,000-square-foot property at 25-30 Columbia Heights in Brooklyn.

December 22, 2016

Delaware Loans Northeast Retail

Delle Donne & Associates Receives $35M in Refinancing for 294,213 SF Retail Property in Delaware

by Amy Works December 22, 2016

BEAR, DEL. — Delle Donne & Associates has received a $35 million loan for the refinancing of Governor’s Square Shopping Center, a fully leased retail property located at 401 Governor’s Place in Bear, a suburb of Wilmington, Del. Loan proceeds will be used to retire existing debt. The 294,213-square-foot, two-building property is occupied by ShopRite, Kmart, American Signature Furniture, Rite Aid, Sneaker Villa H&R Block, Karate for Kids, RadioShack, Bear Chiropractic, Subway and GameStop. The center also includes three pad sites leased to Wells Fargo, Taco Bell and McDonald’s. Ryan Ade of HFF secured the financing for the borrower.

December 22, 2016

Connecticut Northeast Restaurant Retail

RHYS Brokers 3,500 SF Restaurant Lease in Newton, Connecticut

by Amy Works December 22, 2016

NEWTON, CONN. — RHYS represented Market Hospitality Group in the signing of a new lease at Village Lexington Gardens, located at 32 Church Hill Road in Newtown. The 3,500-square-foot space will be occupied by 5th Market Place Kitchen & Bar, a New American-style restaurant. The new restaurant is slated to open in July 2017. Ryan Stranko and Tyler Lyman of RHYS represented the tenant, while Doug Rose of Coldwell Banker Scalzo Group represented the landlord, Mesa General Contractors, in the deal.

December 22, 2016

Illinois Midwest 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

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