Retail

PFG Capital Sells Five-Property Self-Storage Portfolio in Harrisburg for $35M

by Amy Works April 21, 2016

HARRISBURG, PA. — PFG Capital has completed the sale of a five-property self-storage portfolio in Harrisburg. Self Storage Capital Partners purchased the assets, which total 310,257 rentable square feet, for $35 million. The Storage Depot-branded portfolio consists of properties located at 6325 Allentown Blvd., 32 Milroy Road, 4401 N. Sixth St., 350 S. Seventh St. and 115 Cumberland Parkway. The portfolio consists of 243 climate-controlled units, 2,271 non-climate-controlled units, 87 income-producing surface parking spaces and eight warehouse/commercial units totaling 14,054 square feet. Richard Schontz, Barbara Guffey and Matthew Weckesser of HFF represented the seller in the transaction. James Conley of HFF arranged $25.5 million in acquisition financing for the buyer in the transaction.

April 21, 2016

Retail Utah Western

Regal Cinemas Breaks Ground on $20M Megaplex in Metro Salt Lake City

by Nellie Day April 20, 2016

TAYLORSVILLE, UTAH — Regal Cinemas has broken ground on an over $20 million megaplex located at The Crossroads of Taylorsville shopping center in the Salt Lake City suburb of Taylorsville. The 60,419-square-foot development will seat 1,400 guests in 14 auditoriums. The grand opening for the project is expected by year’s end. Regal Cinemas is part of an ongoing multi-million dollar redevelopment for The Crossroads of Taylorsville that includes local eatery Cafe Rio, which opened on the property earlier this year. Ira Mitchell of IJM represented the landlord, and Candace Gray of Envision Realty Advisors represented Regal Cinemas in the leasing transaction.

April 20, 2016

California Retail Western

SBH Real Estate Group Acquires Two Retail Properties in California for $6.2M

by Nellie Day April 20, 2016

BELLFLOWER AND GARDENA, CALIF. — SBH Real Estate Group Inc. has acquired a freestanding retail building located in Bellflower and a retail center located in Gardena for an aggregate price of $6.2 million. The 11,556-square-foot freestanding retail building in Bellflower was acquired for $2.4 million in an off-market transaction. Prior to closing, SBH signed a ten-year lease with Save A Lot for the property. Renovations are underway at the site, including a new roof, new HVAC system and upgrades to both the electrical system and parking lot. The 24,500-square-foot shopping center, located at 15015 Crenshaw Blvd. in Gardena, was acquired for $3.8 million in an all-cash transaction. Elizabeth Clark and Chris Chasin of BRC Advisors represented the sellers, Kenny and Susie Lee, and SBH in the transaction.

April 20, 2016

California Retail Western

Ware Malcomb Completes Construction of Two Car Dealerships in Laguna Niguel

by Nellie Day April 20, 2016

LAGUNA NIGUEL, CALIF. — Ware Malcomb has completed the construction of two auto dealerships – Allen Hyundai and Allen Cadillac GMC – in Laguna Niguel. Located at 28332 and 28432 Camino Capistrano, the combined projects for Allen Family Automotive Group total 36,839 square feet. The two-story Allen Cadillac GMC dealership offers 20,410 square feet of showroom and office space. The Hyundai dealership project included a 16,429-square-foot service facility and parts storage building, which was integrated into the existing building that was expanded from 2,271 square feet to 4,041 square feet. Ware Malcomb provided architectural, interior design and branding services for the project.

April 20, 2016

Georgia Retail South Carolina Southeast

Wheeler REIT Buys Shopping Centers in South Carolina, Georgia from Piggly Wiggly for $71M

by John Nelson April 20, 2016

VIRGINIA BEACH, VA. — Wheeler Real Estate Investment Trust Inc., a Virginia Beach-based retail REIT, has acquired 14 shopping centers in South Carolina and Georgia for $71 million, making it the REIT’s largest portfolio purchase to date. Wheeler REIT purchased the portfolio from Mount Pleasant, S.C.-based Piggly Wiggly Carolina Co. KeyBank Real Estate Capital provided the bulk of the acquisition financing on behalf of Wheeler REIT, and Dallas-based Revere Capital provided an $8 million loan. Brian O’Flanagan of Revere Capital’s Dallas office originated the loan. The acquired portfolio consists of 603,142 square feet and has a combined occupancy of 92 percent with grocery-anchored tenants that include Harris Teeter, Bi-Lo and Piggy Wiggly. The Shoppes at Litchfield Market Village in Pawleys Island, S.C., is one of the properties. The others include a Piggly Wiggly-anchored center in Georgetown, S.C., as well as locations in Greenwood, Mullins, Bluffton, Lexington, St. Matthews, Columbia and Ridgeland in South Carolina and one location in Darien, Ga. Kyle Stonis and Pierce Mayson of SRS Real Estate Partners’ Atlanta office brokered the transaction.

April 20, 2016

Massachusetts Northeast Office Retail

SVN|Parsons Commercial Group Brokers $7.8M Sale of Office/Retail Property in Massachusetts

by Amy Works April 19, 2016

ASHLAND, MASS. — SVN|Parsons Commercial Group|Boston has arranged the sale of an office/retail property located at 200 Homer Ave. in Ashland. WD Homer LLC acquired the property from NEREEF Ashland LLC for $7.8 million. The buyer plans to upgrade the building to attract more businesses to Ashland. Victor Galvani of SVN|Parsons Commercial Group|Boston represented the seller and buyer in the transaction.

April 19, 2016

Retail Texas

Endeavor Signs 270,000 SF in Retail Leases at The Parke in Metro Austin

by Haisten Willis April 19, 2016

CEDAR PARK, TEXAS — Endeavor Real Estate Group has signed leases with more than 20 tenants for its retail project in Cedar Park called The Parke. The property will encompass over 370,000 square feet and include retailers 365 by Whole Foods, Nordstrom Rack, ULTA, DSW, Michael’s, Marshall’s, Dick’s Sporting Goods, Field & Stream, Petco and Tuesday Morning. In total, Endeavor has leased over 270,000 square feet of leases at the project, located on 42 acres off the southwest corner of Highway 183A and New Hope Road. Endeavor broke ground on The Parke in March. The Parke’s grand opening will occur in the second quarter of 2017. More than 129,575 residents live within a five-mile radius of the site.

April 19, 2016

Restaurant Retail Texas

Silver Group Arranges Sale of Dairy Queen in Metro Dallas

by Haisten Willis April 19, 2016

BENBROOK, TEXAS — The Silver Group has arranged the sale of a single-tenant Dairy Queen restaurant located at 8636 Benbrook Blvd. in the southwest Fort Worth suburb of Benbrook. The property consists of the newly constructed, 3,000-square-foot restaurant on a 1.1-acre parcel. The tenant, Vasari LLC, operates several Dairy Queen locations. The property is situated between Panda Express and Jack in the Box and is one block from CVS/pharmacy, Walgreens, Walmart and McDonald’s. The triple net lease had a new 20-year term commencing on the closing date. Greg Cunha of The Silver Group represented the family trust, which bought the property utilizing a tax-deferred exchange.

April 19, 2016

Restaurant Retail Texas

Pierson Retail Advisors Negotiates Sale of Starbucks in Wichita Falls

by Haisten Willis April 19, 2016

WICHITA FALLS, TEXAS — Pierson Retail Advisors (PRA) has negotiated the sale of a 1,935-square-foot, single-tenant Starbucks located in Wichita Falls. PRA represented the seller, Truity Capital LLC. An out-of-state buyer purchased the asset for an undisclosed price. Starbucks recently expanded its footprint by 40 percent and renewed its lease for 10 years. Starbucks has been at the location on the southeast corner of Kemp and Kell boulevards since 2003. The entire team at PRA in Dallas handled the sale.

April 19, 2016

Restaurant Retail Southeast Tennessee

Three New Tenants to Lease Space at Edgehill Village in Nashville

by John Nelson April 19, 2016

NASHVILLE, TENN. — American Threads, Alton Lane and Barcelona Restaurant and Wine Bar have leased space at Edgehill Village, a 56,000-square-foot retail hub in Nashville. American Threads, a women’s fashion retailer, will lease 1,529 square feet; Alton Lane, a custom menswear shop, will lease 883 square feet; and Barcelona, a Spanish tapas restaurant and wine bar, will lease 5,887 square feet, becoming the largest retail tenant at the property. Edgehill Village comprises eight masonry buildings situated near Music Row at Edgehill Avenue and Villa Place. The property formerly housed Whiteway Cleaners in the 1920s. The national tenants will move into the historic mixed-use property by the end of the year. Existing tenants at Edgehill Village include retailers Warby Parker and J. Crew Mens Shop; restaurants Old Glory and Edgehill; and major entertainment companies such as Live Nation, AEG and AC Entertainment. Edgehill Village is owned by Edgehill Village Partners, an entity including real estate developers Rob Lowe, Elliott Kyle, McClain Towery of Towery Development and Jay Weaver of Atlanta-based Weaver Capital Partners.

April 19, 2016

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