Retail

Cushman & Wakefield Arranges $14.8M Sale of Bell Tower Village in Arizona

by Nellie Day December 7, 2016

GLENDALE, ARIZ. — Cushman & Wakefield has arranged the $14.8 million sale of Bell Tower Village, a 166,830-square-foot shopping center in Glendale. Walgreens anchors the center, which was 63.6 percent leased at the time of sale to tenants including Planet Fitness, Harbor Freight Tools, Freddy’s Frozen Custard & Steakburgers, Audio Express and Mattress Firm. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Bell Tower Village LLC, in the transaction. New Bell Tower LLC, a company formed by DPC Development Co., acquired the property.

December 7, 2016

Loans Retail Southeast Tennessee

NorthMarq Capital Arranges $28.8M Acquisition Loan for Shopping Center in Metro Nashville

by John Nelson December 7, 2016

SPRING HILL, TENN. — NorthMarq Capital has arranged a $28.8 million acquisition loan for The Crossings of Spring Hill, a 219,905-square-foot retail property located at 1001-1041 Crossing Blvd. and 1017-2020 Crossing Circle in Spring Hill, about 35 miles south of Nashville. The property’s tenant roster includes Ross Dress for Less, Dollar Tree, Rack Room Shoes, Ulta Beauty, Bed Bath & Beyond, rue21 and PetSmart. The 10-year loan features three years of interest-only payments and a 30-year amortization schedule. Chad Owens of NorthMarq Capital’s Houston regional office arranged the CMBS loan on behalf of the borrower, TCSH LLC, an entity controlled by Azad Commercial Realty Services.

December 7, 2016

Retail South Carolina Southeast

Ziff Properties Buys Shopping Center in Greenville for Self Storage Conversion

by John Nelson December 7, 2016

GREENVILLE, S.C. — Ziff Properties Inc. has purchased Buncombe Plaza, a mostly vacant, 52,000-square-foot shopping center located in Greenville’s Water Tower district. Ziff Properties will convert the asset to a 67,500-square-foot self storage facility comprising 777 controlled climate and non-controlled climate units. The property will also provide RV and boat parking. Ziff Properties will begin the redevelopment project in spring 2017.

December 7, 2016

Retail Texas

Marcus & Millichap Facilitates Sale of 41,161 SF Retail Property in Granbury, Texas

by Amy Works December 7, 2016

GRANBURY, TEXAS — Marcus & Millichap has arranged the sale of Avalon Texas Center, a retail property located at 1030 E. Highway 377 in Granbury. Built in 2002, the 41,161-square-foot retail center is situated on a 4.6-acre lot. Michael Buckner and Richard Mireles of Marcus & Millichap represented the seller, a limited liability company. The name of the buyer and acquisition price were not released.

December 7, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Brokers $9M Sale of Commercial Building in Manhattan

by Amy Works December 7, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a commercial building located at 92-94 Ludlow St. in Manhattan’s Lower East Side. The property sold in an all-cash transaction for $9 million, or $442 per buildable square foot. The site offers up to 20,342 buildable square feet and currently includes a 3,390-square-foot single-story commercial building. Zoned C6-1, the site allows for the development of commercial, residential or community facility spaces. The existing building is currently leased to Hotel Chantelle, a restaurant and club. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.

December 7, 2016

Restaurant Retail Texas

Davis Commercial Brokers Sale of 8,250 SF Commercial Land in Montrose, Texas

by Amy Works December 7, 2016

MONTROSE, TEXAS — Davis Commercial Real Estate has arranged the sale of a commercial land parcel located at 223 Westheimer in Montrose. Gazebo Management Inc. acquired the 8,250-square-foot site for the development of a dumpling restaurant. Mark Davis of Davis Commercial represented the undisclosed seller, while Charles Kwon of Realm Real Estate Professionals represented the buyer. The acquisition price was not released.

December 7, 2016

New York Northeast Retail

Heidenberg Properties Group to Redevelop Retail Property in Mahopac, New York

by Amy Works December 6, 2016

MAHOPAC, N.Y. — Heidenberg Properties Group has received final site-plan approval by the planning board of the town of Carmel for the renovation and expansion of Lake Plaza Shopping Center in Mahopac, a hamlet within Carmel. The redevelopment plan includes the demolition of an existing 24,000-square-foot Key Food supermarket and 7,800-square-foot CVS/pharmacy. That will clear room for a 54,000-square-foot Stop & Shop resulting in a new building footprint more than 20,000 square feet larger than the two existing stores. Additionally, the overall retail center will expand from 141,000 square feet to 165,000 square feet. The project also includes the renovation of the façade, repaving of the parking area and upgraded site lighting. Heidenberg Properties plans to start construction in spring 2017.

December 6, 2016

Retail Texas

Marcus & Millichap Arranges Sale of 2,807 SF Retail Property in Lubbock, Texas

by Amy Works December 6, 2016

LUBBOCK, TEXAS — Marcus & Millichap has arranged the sale of a retail property located at 7901 University Ave. in Lubbock. The 2,807-square-foot property was acquired by an individual/private trust in a 1031 exchange for an undisclosed sum. The property is net-leased to Dunkin’ Donuts and Baskin-Robbins. Michael Buckner and Richard Mireles of Marcus & Millichap represented the seller, a limited liability company, while Bruce Bentley III and Douglas Diffie, also of Marcus & Millichap, represented the buyer in the transaction.

December 6, 2016

Retail Texas

Retail Solutions Brokers Three Retail Leases Totaling 6,870 SF in Metro Austin

by Amy Works December 6, 2016

ROUND ROCK, TEXAS — Retail Solutions has brokered three leases totaling 6,870 square feet in Round Rock, a suburb 20 miles north of Austin. In the first deal, Plato’s Closet leased 3,950 square feet of retail space at Sky Ridge Plaza, located at 2000 S IH-35. Andrew Perkel of Retail Solutions represented the tenant, while Drew Smith, also of Retail Solutions, represented the undisclosed landlord. In the second lease, Comet Cleaners leased 1,460 square feet of retail space at 1304 Round Rock Ave. Tucker Francis and Smith of Retail Solutions represented the undisclosed landlord. In the third transaction, Baby Face Salon leased 1,460 square feet of retail space at 1300 Round Rock Ave. Francis and Smith represented the undisclosed landlord in the deal.

December 6, 2016

Restaurant Retail Texas

NAI Robert Lynn Arranges Two Restaurant Leases in Dallas

by Amy Works December 6, 2016

DALLAS — NAI Robert Lynn has represented two tenants in the leasing of restaurant space at Preston Center in Highland Park in Dallas. Go Fish Poke has inked a deal for 2,574 square feet of restaurant space at 6030 Luther Lane for the city’s first true poke concept restaurant. Poke is a raw fish salad or entrée that is traditionally served in Hawaii. Additionally, Yolk has leased 4,604 square feet of space at 8315 Westchester Drive. This will be the breakfast and lunch restaurant’s third location in Dallas. Kornel Romada of NAI Robert Lynn represented the tenants in both transactions. Ryan Stewart provided in-house representation for the landlord, Rosebriar Properties, in the Go Fish Poke transaction, while the Weitzman Group represented the sub-lease of LYFE Kitchen for the Yolk deal.

December 6, 2016

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