Retail

Benchmark Real Estate Group Sells Residential/Retail Building in Manhattan for $47.5M

by Amy Works May 17, 2016

NEW YORK CITY — Benchmark Real Estate Group has sold a residential and retail building located at 885 10th Ave. in Manhattan’s Midtown West neighborhood. A private family acquired the 37,000-square-foot property for $47.5 million. The six-story building features 36 newly upgraded apartment units, a roof deck, laundry facilities, bike/general storage and a smartphone-based intercom system. Additionally, the building features two ground-floor retail spaces that are fully leased and 20,000 square feet of buildable air rights. Eric Anton, Jeff Julien and Steven Rutman of HFF represented the seller in the deal.

May 17, 2016

Massachusetts Northeast Retail

Frazer Capital Sells Newbury Street Retail Condo in Boston for $6.2M

by Amy Works May 17, 2016

BOSTON — Frazer Capital has completed the disposition of a retail condominium located at 165 Newbury St. in Boston’s Back Bay neighborhood. 165 Newbury Street Owner LLC acquired the property for $6.2 million, or $5,952 per square foot. Leased to Starbucks Coffee on a long-term basis, the property features 1,050 square feet of retail space and a 350-square-foot patio. Robert Griffin, Geoffrey Millerd and Paul Penman of NGKF Capital Markets represented the seller in the transaction.

May 17, 2016

Retail Washington Western

CBRE Arranges $26.7M Sale of Lincoln Plaza in Tacoma

by Nellie Day May 17, 2016

TACOMA, WASH. — CBRE has arranged the $26.7 million sale of Lincoln Plaza, an 80,922-square-foot retail center located in Tacoma. The center is 95 percent occupied by tenants including Big 5, Jared, Men’s Wearhouse, Sketchers, Starbucks Coffee, Wingstop and Sprint. Philip Voorhees, Brad Rable, Megan Wood, Matt Burson, Jimmy Slusher, Todd Goodman, Preston Fetrow and Dino Christophilis of CBRE represented the seller, PASSCO Cos. LLC. The buyer, a privately held real estate partnership based in the Pacific Northwest, represented itself in the transaction.

May 17, 2016

California Retail Western

Hanley Investment Group Arranges $3.2M Sale of Glenwood Square Near Bakersfield

by Nellie Day May 17, 2016

DELANO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.2 million sale of Glenwood Square, a 6,808-square-foot retail strip center located in Delano, just north of Bakersfield. The property is anchored by Starbucks Coffee, and is fully occupied by tenants including Subway, T-Mobile, Tutti Frutti and Select Staffing. Bill Asher of Hanley represented the seller, Glenwood Cecil LLC, in the transaction. Sean Daryani of RE/MAX represented the buyer, a Los Angeles-based family trust.

May 17, 2016

Retail Southeast Tennessee

IKEA to Install Tennessee’s Largest Solar Rooftop System on Future Memphis Store

by John Nelson May 17, 2016

MEMPHIS, TENN. — IKEA plans to install Tennessee’s largest solar rooftop system atop its Memphis store set to open in the fall. The 271,000-square-foot IKEA Memphis will be situated on 35 acres in the Wolfchase Corridor along the southwestern side of I-40 near the Germantown Parkway exit. The store will feature approximately 800 parking spaces. Atlanta-based Hannah Solar is installing the 250,675-square-foot solar array beginning this summer. Linkous Construction is managing the site work and building the store, which will represent the 44th solar project for IKEA. The Swedish-based retailer plans for its stores to be energy independent by 2020.

May 17, 2016

Mixed-Use Multifamily Retail Southeast Top Stories Virginia

Regency Centers, AvalonBay Acquire Market Common Clarendon Mixed-Use Property in Arlington for $406M

by Katie Sloan May 17, 2016

ARLINGTON, VA. — A joint venture between Regency Centers Corp. (NYSE: REG) and AvalonBay Communities Inc. (NYSE: AVB) has acquired Market Common Clarendon, a mixed-use development located in Arlington, for $406 million. The project, located approximately five miles from Washington, D.C., consists of 300 Class A apartments and 300,000 square feet of retail space anchored by Whole Foods Market, Apple, Crate & Barrel, The Container Store, Pottery Barn and Williams-Sonoma. The asset also features an adjacent vacant building for future development. Arlington County records show that TIAA-CREF bought the properties for a little more than $166 million in 2002, according to the Washington Business Journal. AvalonBay will acquire all of the residential components, while Regency will acquire the retail and all remaining components. To reach the $406 million purchase price, AvalonBay contributed $120.3 million and Regency contributed $285.7 million. “Market Common Clarendon is a seasoned and cycle-tested 10-acre urban shopping center,” says Barry Argalas, senior vice president of national transactions for Regency Centers. “The combination of a dense, affluent and highly educated customer base, along with the convenient access to the Clarendon metro station, all contribute to the success of the retailers.” Regency Centers’ stock price closed at $78.27 per share …

May 17, 2016

New York Northeast Retail

King’s Mall in New York Changes Hands for $19.6M

by Amy Works May 16, 2016

KINGSTON, N.Y. — Unison Realty Partners has completed the disposition of King’s Mall, a retail-anchored shopping center located in Kingston. An affiliate of Paragon Realty Group acquired the 186,000-square-foot property for $19.6 million. Tenants at the property include Marshalls, HomeGoods, DSW, Ulta Beauty and Mother Earth’s Storehouse. Newmark Grubb Knight Frank brokered the transaction.

May 16, 2016

Retail South Carolina Southeast

Misuma Holdings, Peak Financial to Begin $30M Redevelopment of Myrtle Beach Mall

by John Nelson May 16, 2016

MYRTLE BEACH, S.C. — Misuma Holdings and Peak Financial Partners Inc. have announced plans to begin a $30 million redevelopment of Myrtle Beach Mall. The redevelopment will de-mall the property to create an open-air retail, restaurant and entertainment district. The project, which is being leased by Avison Young and managed by JLL, will include the redevelopment of more than 375,000 square feet of space, major architectural renovations, significant landscaping, lighting and facilities improvements and the addition of more than a dozen new tenants. The owners plan to begin the redevelopment in 2017. Existing tenants at the center include Belk, J.C. Penney, Carmike Cinema 12 and Bass Pro Shops Outdoor World.

May 16, 2016

Maryland Retail Southeast

KLNB Retail Brokers $20M Sale of Shopping Center in Metro D.C.

by John Nelson May 16, 2016

CLINTON, MD. — KLNB Retail has brokered the $20 million sale of Clinton Plaza, a 210,000-square-foot shopping center located at 8899 Woodyard Road in Clinton, roughly 16 miles from Washington, D.C. The property is located approximately three miles south of Joint Base Andrews, the home of Andrews Air Force Base and Naval Air Facility Washington. Kmart occupies a 107,000-square-foot anchor space at Clinton Plaza, which features 10 inline restaurants and several pad sites leased to tenants such as Checkers and Popeyes Chicken. There is a vacant 43,000-square-foot junior anchor space and an additional 10,000 square feet of space available for lease. Andy Stape and Vito Lupo led KLNB Retail’s investment sales team in representing the seller, Columbia Regency Retail Partners LLC. The KLNB Retail team also procured the buyer, Clinton Investors LLC.

May 16, 2016

Restaurant Retail Texas

Vitorino Group Arranges Sale of Old Chicago Pizza in Fort Worth

by Haisten Willis May 16, 2016

FORT WORTH, TEXAS — The Vitorino Group, a commercial real estate investment sales firm in Dallas, has arranged the sale of an Old Chicago Pizza ground lease in Fort Worth. The property is located on a 2.3-acre outparcel to Presidio Towne Crossing, a 600,000-square-foot power center anchored by both a Super Target and Costco in north Fort Worth. The transaction consists of a 15-year ground lease term with rental increases and new construction.

May 16, 2016

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