Retail

Eastern Union Funding Secures $5.1M Acquisition Loan for Mixed-Use Property in Brooklyn

by Amy Works April 15, 2016

NEW YORK CITY — Eastern Union Funding has secured a $5.1 million loan on behalf of a Brooklyn-based investor for the acquisition of a mixed-use property located at 900 Grand St. in Brooklyn’s East Williamsburg neighborhood. The 22,600-square-foot property features two ground-floor commercial/retail spaces totaling 15,000 square feet, and residential lofts on the second floor. As a former industrial property, the building also features 12-foot to 17-foot ceiling heights, five drive-ins, two elevators and 8,000 buildable square feet. Alex Freund of Eastern Union Funding arranged the nine-year, fixed-rate loan through Suffolk County Bank.

April 15, 2016

Michigan Midwest Restaurant Retail

Chick-fil-A Breaks Ground on First Store in Michigan Expansion

by Christina Cannon April 15, 2016

LANSING, MICH. — Chick-fil-A will break ground next week on a freestanding store in Lansing, kicking off the restaurant chain’s expansion across the state. Chick-fil-A will open 15 to 20 new stores within the next five years. The first building, to be located at 5617 W. Saginaw Highway in Lansing, is slated for completion this fall. The 4,971-square-foot restaurant will feature seating for 132 people with additional patio seating. The building will also include two drive-thru lanes. The second store is expected to open at Troy’s Somerset Collection by the end of the year. The remainder of the stores in the expansion will open at a rate of approximately three to four stores per year, and the franchise is considering additional locations in Kalamazoo, metro Detroit and Grand Rapids. Chick-fil-A currently operates two stores in the state of Michigan, one at Detroit Metropolitan Airport and one on the Oakland University campus in Rochester.

April 15, 2016

Midwest Missouri Retail

Baceline Investments Acquires 36,455 SF Shopping Center Near St. Louis for $3.3M

by Christina Cannon April 15, 2016

O’FALLON, MO. — Baceline Investments LLC has acquired a 36,455-square-foot neighborhood retail center in O’Fallon, a west suburb of St. Louis, for $3.3 million. The Four Seasons Shopping Center, located at 2421-2509 Highway K, was 100 percent leased at the time of sale. The property was built in 1996 and renovated in 2012. The seller in the transaction was undisclosed.

April 15, 2016

California Retail Western

Starbucks Signs 20-Year Lease for Under-Construction Property in Oxnard

by Nellie Day April 15, 2016

OXNARD, CALIF. — Starbucks Corp. has signed a 20-year lease for a freestanding, drive-thru store at Shopping at the Rose in Oxnard. The coffee shop will join Walmart, Sam’s Club, Vons, Ross Dress for Less, Hobby Lobby and PetSmart, among other tenants, at the 500,000-square-foot power center, which is currently under construction. Linda Hagelis of Hagelis Group represented the landlord, McGrath-RHD Partners, in the transaction.

April 15, 2016

California Retail Western

Vestar to Manage 126,000 SF Village Park in Pico Rivera

by Nellie Day April 15, 2016

PICO RIVERA, CALIF. — A fund advised by UBS Asset Management has named Vestar as property manager for Village Park in Pico Rivera. A variety of tenants, including CVS/pharmacy, Harbor Freight Tools and Cinepolis, occupy the 126,000-square-foot lifestyle center. With this assignment, Vestar now manages more than 11 million square feet of retail space in the Los Angeles area.

April 15, 2016

California Retail Western

Hagelis Group Negotiates Sale of Retail Property in Ventura

by Nellie Day April 15, 2016

VENTURA, CALIF. — Hagelis Group has arranged the sale of a freestanding retail property located within Ventura’s retail corridor. A private investor from Santa Barbara acquired the property. The sale price was not disclosed, but the property was listed at $2.4 million. Rob Devericks and Bill Hagelis of Hagelis Group represented the undisclosed seller, while Kris Roth of Hayes Group represented the buyer in the transaction.

April 15, 2016

Industrial Market Reports Michigan Midwest Midwest Market Reports Multifamily Office Retail

Strong Demand, Limited Inventory Spur New Construction in West Michigan

by Christina Cannon April 15, 2016

The commercial real estate market in West Michigan was quite active in 2015 across all property sectors, including one massive data center deal that is expected to spur billions of dollars in investment. Both new development and transactions involving existing facilities drove deal volume in 2015. Consequently, vacancy rates dropped while leasing rates generally rose. We expect a high level of commercial real estate activity this year as well. A lack of inventory for existing product will continue to drive new development in 2016. Industrial Strength The industrial market, in particular, has experienced a shortage of quality product to satisfy the demands of distribution companies from across the area. The greater Grand Rapids industrial market consists of approximately 115 million square feet. At the end of 2015, the vacancy rate was 4.1 percent. This marks a significant improvement compared with the depths of the Great Recession when the vacancy rate approached 10 percent. For the first time in years, we are seeing speculative development across all sizes of industrial properties. Lease rates for these speculative buildings are significantly higher than what we have experienced in the recent past due to the relatively high cost of construction. The good news for …

April 15, 2016

New York Northeast Retail

Northeast Private Client Group Negotiates $8.8M Sale of Retail Property in New York

by Amy Works April 14, 2016

HARTSDALE, N.Y. — Northeast Private Client Group has brokered the sale of a retail property located at 150-152 S. Central Ave. in Hartsdale. A family trust sold the property to a New York-based investor for $8.8 million, or $420 per square foot. Situated on 1.7 acres, the multi-tenant property comprises 21,000 square feet and is currently occupied by Ethan Allen and Blinds to Go, each on 10-year leases with rent escalations and option periods. Edward Jordan of Northeast Private Client Group represented the seller, while Vijay Raghavan of Vijay Realtors represented the buyer in the transaction.

April 14, 2016

Louisiana Retail Southeast

Cypress Equities Buys 460,000 SF Shopping Center in Louisiana

by John Nelson April 14, 2016

COVINGTON, LA. — Dallas-based Cypress Equities has acquired Covington Nord du Lac shopping center, a 460,000-square-foot regional retail power center located in Covington, roughly 40 miles north of New Orleans. The center comprises 214,000 square feet of existing space, 83,000 square feet of partially built improvements and 162,000 square feet of planned development space. Tenants including Hobby Lobby, Academy Sports + Outdoors, Petco and Kohl’s anchor the center. Kyle Stonis, Scott Tiernan and Pierce Mayson of SRS Real Estate Partners represented Cypress Equities in the transaction.

April 14, 2016

Valley View Dick’s Sporting Goods Roanoke

Retail Southeast Virginia

H&R Retail Brokers Sale of 81,789 SF Shopping Center in Roanoke

by John Nelson April 14, 2016

ROANOKE, VA. — H&R Retail has arranged the sale of Valley View, an 81,789-square-foot shopping center located at 1123 Valley View Blvd. in Roanoke, for an undisclosed price. The center was fully leased at the time of sale to tenants including hhgregg and Dick’s Sporting Goods. Michael Gorsage and Kate Howarth of H&R Retail represented the seller, Valley View SC LLC, in the transaction. David Andrews of The Shopping Center Group represented the buyer, Southeast Holdings LLC.

April 14, 2016

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