Retail

Simon Property Group, Invesco Complete $1.1B Purchase of The Shops at Crystals in Las Vegas

by Nellie Day April 18, 2016

LAS VEGAS — Simon Property Group and Invesco Real Estate have completed the acquisition of The Shops at Crystals in Las Vegas for $1.1 billion. The two companies are 50-50 joint venture partners in this acquisition. The Shops at Crystals is a 324,000-square-foot retail complex anchored by 10 luxury flagship stores, including Louis Vuitton, Gucci, Dolce & Gabbana, Tom Ford, Prada, Fendi and Tiffany & Co. It also contains 30 unique-to-market luxury retailers like Céline, Saint Laurent and Richard Mille. The asset features a dedicated tram station that connects to the Bellagio Resort & Casino, Aria Resort & Casino and Monte Carlo Resort & Casino. The Shops at Crystals is situated within City Center, a mixed-use development that includes Aria Resort & Casino, a 4,004-room casino resort; Mandarin Oriental Las Vegas, a 392-room boutique hotel with 225 luxury condominium residences; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and Veer Towers, which contain 669 luxury condominium residences.

April 18, 2016

California Loans Retail Western

NorthMarq Capital Secures $13.6M Refinancing for Marshalls Plaza in Los Angeles

by Nellie Day April 18, 2016

LOS ANGLES — NorthMarq Capital has arranged $13.6 million in financing for Marshalls Plaza, a retail property located at 707-815 W. Second St. in Los Angeles. Ory Schwartz of NorthMarq Capital’s Los Angeles office secured the 10-year financing, which features a 30-year amortization schedule, through a CMBS lender for the undisclosed borrower. Marshalls, DD’s Discounts and Dollar Tree are tenants at the 151,286-square-foot property.

April 18, 2016

Oregon Retail Western

Commercial Income Advisors Brokers $4.4M Sale of 7-Eleven in Portland

by Nellie Day April 18, 2016

PORTLAND, ORE. — Commercial Income Advisors Inc. has arranged the $4.4 million sale of a single-tenant, triple-net-leased 7-Eleven located in Portland. John Halvorson of Commercial Income Advisors represented the Orange County-based buyer in the transaction, and arranged $1.3 million worth of acquisition financing for the purchase. The property was acquired through a 1031 exchange.

April 18, 2016

California Retail Western

Charles Dunn Co. Arranges $3.2M Sale of Union Bank in Suburban Los Angeles

by Nellie Day April 18, 2016

BELLFLOWER, CALIF. — Charles Dunn Co. has arranged the $3.2 million sale of a 5,000-square-foot, single-tenant, triple-net-leased property occupied by Union Bank in the Los Angeles suburb of Bellflower. Kyle Gulock and Jason Cope of Charles Dunn represented both the seller, a private investor from Orange County, and the buyer, a Chinese investor, in the transaction.

April 18, 2016

Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

JV Receives $45M Loan for 180-Unit Mixed-Use Apartment, Retail Tower in Philadelphia

by Amy Works April 18, 2016

PHILADELPHIA — Scully Co., Alterra Property Group and Spring Creek Investment Management have received $45 million in refinancing for Avenir, a 180-unit mixed-use apartment and retail tower in Philadelphia’s Center City. Ryan Ade and Jim Cadranell of HFF arranged the seven-year, fixed-rate loan through Webster Bank for the borrower. Loan proceeds will replace the existing construction loan on the property. Located at 1501-1515 Chestnut St., the 16-story building was converted from office space to 101,628 square feet of residential space and 8,887 square feet of ground-floor retail space. On-site amenities include a fitness center, screening room, conference and business suites, resident lounge, indoor bike storage and cycle stations, and a 24-hour concierge service.

April 18, 2016

Northeast Retail Vermont

Nedde Real Estate Brokers Sale of Retail Property in Vermont

by Amy Works April 18, 2016

ST. ABANS, VT. — Nedde Real Estate has arranged the sale of a retail property located at 8 N. Main St. in St. Abans. Doug Nedde and Grant Butterfield from Nedde Real Estate and Alain Youkel of Youkel Architecture + Development have acquired a 22,000-square-foot historic TD Bank building for an undisclosed price. TD Bank will continue to operate from the first floor, while the second, third and fourth floors will be converted into market-rate apartments.

April 18, 2016

Retail Texas

M&M Arranges Sale of 23,760 SF Retail Property in Huntsville

by Haisten Willis April 18, 2016

HUNTSVILLE, TEXAS — Marcus & Millichap has arranged the sale of Huntsville Crossing Shopping Center, a 23,760-square-foot retail property located in Huntsville. Glen Kunofsky, Russell Wachtler and Jerry Goldstein of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. A California buyer purchased the shopping center utilizing a 1031 tax-deferred exchange. Tenants include Buffalo Wild Wings, Chipotle Mexican Grill, Mattress One and Spec’s Liquor.

April 18, 2016

Industrial Office Retail Texas

Newcor Negotiates Purchase of 5.8 Acres in The Woodlands

by Haisten Willis April 18, 2016

THE WOODLANDS, TEXAS — David Alexander of Newcor Commercial Real Estate has represented Gus Kaiser in the purchase of 5.8 acres at 33127 Lois Lane and FM 1488 in The Woodlands. Scott Furches of RE/Max Hometown represented the seller, DRD Limestone LLC.

April 18, 2016

Industrial Kentucky Restaurant Southeast

Brown-Forman Unveils Design Plans for Old Forester Distillery Along ‘Whiskey Row’ in Louisville

by John Nelson April 18, 2016

LOUISVILLE, KY. — Brown-Forman Corp., a Louisville-based spirits and wine company, has released 11 new renderings that detail its design for the new Old Forester Distillery, a 60,000-square-foot bourbon distilling operation and visitor experience located at 117 and 119 Main St. along Louisville’s historic “Whiskey Row.” Brown-Forman expects to produce 100,000 cases of Old Forester, a 146-year-old bourbon brand, annually at the new operation. Old Forester Distillery is scheduled to be complete by late 2017.

April 18, 2016

Florida Georgia Retail Southeast

Phillips Edison Buys Two Grocery-Anchored Shopping Centers in Georgia, Florida

by John Nelson April 18, 2016

CARTERSVILLE, GA. AND RIVERVIEW, FLA. — Phillips Edison Grocery Center REIT II Inc. has purchased two grocery-anchored shopping centers in Cartersville and Riverview. The properties include the 375,067-square-foot Bartow Marketplace in Cartersville and the 78,442-square-foot Bloomingdale Hills in Riverview. Bartow Marketplace’s tenant roster includes a 204,170-square-foot Walmart Supercenter, and a 130,497-square-foot Lowe’s Home Improvement. Other tenants include Cricket Wireless, CPR Cell Phone Repair, Rue 21, World Finance Loans, Dollar Tree, Metro PCS, Pearle Vision, Gamestop, Peachstate Auto Insurance, Sally Beauty Supply and Payless Shoe Source. Bloomingdale Hills’ tenant roster includes a 57,756-square-foot Walmart Neighborhood Market, Happy’s Home Centers, Great Clips and Great Expressions Dental. As of April 14, 2016, Phillips Edison Grocery Center REIT II owns and manages 66 grocery-anchored centers totaling roughly 7.9 million square feet.

April 18, 2016

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