Retail

Cushman & Wakefield Arranges Sale of Four Grocery-Anchored Centers in Metro Las Vegas

by Nellie Day June 13, 2016

HENDERSON AND NORTH LAS VEGAS, NEV. — Cushman & Wakefield has arranged the sale of four grocery-anchored shopping centers located in Henderson and North Las Vegas. The properties, totaling 336,096 square feet, were sold in four transactions to individual buyers. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, Donahue Schriber Realty Group, in all four transactions. Assets include Smith’s Food and Drug Store-anchored Pebble Marketplace, Paseo Verde Plaza, Eldorado Plaza and Trader Joe’s-anchored Green Valley Plaza. The centers are home to tenants including Chase Bank, Jack in the Box, Starbucks Coffee, Dollar Tree and Big 5 Sporting Goods.

June 13, 2016

Loans Louisiana Retail Southeast

Wells Fargo Provides $73M Loan for Fremaux Town Center in Louisiana

by John Nelson June 13, 2016

SLIDELL, LA. — Wells Fargo has provided a $73 million, 10-year loan for Fremaux Town Center, a roughly 635,000-square-foot open-air retail shopping center located at the southwest corner of I-10 and Fremaux Avenue in Slidell. Fremaux Town Center is currently 95 percent leased and jointly owned by affiliates of CBL & Associates Properties Inc. and Stirling Properties LLC. The borrowers used proceeds from the loan to retire two existing construction loans.

June 13, 2016

California Restaurant Retail Western

Johnny Rockets To Open 14 New Restaurants in Malls in 2016

by Nellie Day June 13, 2016

LAKE FOREST, CALIF. — Johnny Rockets plans to open 14 additional mall locations this year. In honor of its 30th anniversary, Johnny Rockets recently announced a brand refresh, which included a new restaurant design and logo. The new restaurant design, which was first introduced at Destiny USA Mall in Syracuse, N.Y., includes modern technology, a fresh design and enhanced staff uniforms. Since the refresh, the Destiny USA Mall location has experienced a nearly 22 percent growth in sales, according to the company. In addition to its mall franchise program, Johnny Rockets has expanded into outlet centers, which now attract more shoppers with higher-end retail stores and food offerings according to recent trends. The brand currently operates 18 outlet locations and is planning an additional five in the near future. Founded in 1986, Johnny Rockets operates more than 350 franchise and corporate locations in 28 countries around the world.

June 13, 2016

New York Northeast Office Retail Top Stories

French Billionaire Buys Manhattan Office, Retail Building from Thor Equities for $525M

by Nellie Day June 13, 2016

NEW YORK CITY — French billionaire Marc Ladreit de Lacharrière has purchased a 100,000-square-foot office and retail building in Manhattan for $525 million. The building is located at 693 Fifth Ave. in Midtown’s Plaza District. The 20-story property’s retail component houses the flagship store of international luxury brand Valentino. It includes four full levels of retail space with 50 feet of Fifth Avenue frontage. Notable office tenants include Carpenters Workshop Gallery, Louis Licari and Phillips Auctioneers. Thor Equities acquired the building in 2010 from Japanese department store Takashimaya for $142 million. Thor then restructured the interior to create a multi-level retail space, which Valentino occupied in 2013. The renovation included a modern floor-to-ceiling window façade from the ground level through the eighth floor. Thor also worked with designer David Chipperfield to create a new building lobby. Thor Equities owns a number of other properties on Fifth Avenue including 685 Fifth Ave., the future home of the new Coach global flagship store. “We continue to believe strongly in the retail and office market on Fifth Avenue and throughout New York City,” says Joe Sitt, Thor’s CEO. “However, after successfully implementing our business plan of improving this prime retail and office location …

June 13, 2016

Market Reports Retail Southeast Southeast Market Reports Tennessee

Memphis Retail Market is a Hotbed for Leasing, Sales Activity and Redevelopments

by John Nelson June 13, 2016

The retail market in Memphis has continued to improve over the past year with new developments now open for business and redevelopment projects popping up across the metro area. Memphis, most commonly known for its blues and barbecue, has recently become the dreamland for those looking to lease, buy or redevelop assets. Vacancy rates are falling, new tenants and stakeholders are entering the market and retail investment sales continue to be in high demand. With several new development projects in the pipeline, the metro area is looking to capitalize on the new infrastructure. Memphis, located in the southwest corner of Tennessee within Shelby County, boasts a large metropolitan statistical area comprising Crittenden County in Arkansas; Benton, DeSoto, Marshall, Tate and Tunica counties in Mississippi; and Fayette and Tipton counties in Tennessee. One of the most attractive features of life in Memphis is the area’s remarkably low cost of living, which has allowed Memphis to become the city where one eats and stays instead of eats and plays, adding increasing demand on the commercial real estate market. According to a variety of real estate professionals doing business in the area, national and international investors and developers are looking to Memphis because …

June 13, 2016

Illinois Midwest Retail

Novak Construction Builds $18.3M Walmart Supercenter in Richton Park, Illinois

by Christina Cannon June 10, 2016

RICHTON PARK, ILL. — Novak Construction has completed a new 184,000-square-foot, $18.3 million Walmart Supercenter in Richton Park, approximately 35 miles south of Chicago. The store includes a grocery, produce and bakery area; vision center; photo center; electronics and sporting goods departments; credit service station; indoor and outdoor garden center; and indoor pharmacy with drive-thru. The 28-acre site also included two detention basins, a frontage road, retaining wall, parking for 800 cars and a full-service fueling center. The adjacent roadways were widened to accommodate the new store, and traffic signals were added to the intersections. Construction took eight months to complete. Merriam, Kan.-based BRR Architecture Ltd. designed the project.

June 10, 2016

Georgia Retail Southeast

Publix Super Markets Buys Shopping Center in Metro Atlanta

by John Nelson June 10, 2016

SNELLVILLE, GA. — Publix Super Markets Inc. has purchased Publix at Centerville, a 68,752-square-foot shopping center located at the southeast corner of Centerville Highway and Centerville-Rosebud Road in Snellville, a Gwinnett County suburb of Atlanta. CBRE’s national retail investment group represented the seller, GDC Properties Inc., in the transaction. Publix at Centerville was 94 percent leased at the time of sale to tenants such as Publix, Subway and GNC.

June 10, 2016

Loans Retail Texas

NorthMarq Capital Secures $3.5M Refinance of Shopping Center in Dallas

by Haisten Willis June 10, 2016

DALLAS — Bart Dickinson of NorthMarq Capital’s Dallas office has arranged the $3.5 million refinancing of Oak Lawn Crossing shopping center, a 19,500-square-foot retail property located at 2920 Oak Lawn Ave. in Dallas. The loan was structured with a 12-year term and 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

June 10, 2016

California Retail Western

KTGY Unveils Design for Retailer Expansion at SouthBay Pavilion in Metro Los Angeles

by Nellie Day June 10, 2016

CARSON, CALIF. — KTGY Architecture + Planning has unveiled the design for Vintage Real Estate’s retailer expansion at SouthBay Pavilion, a 1.2 million-square-foot enclosed shopping center located in the Los Angeles suburb of Carson. KTGY worked with Vintage Real Estate to redesign the mall’s over-all lease plan to make way for a new 17,000-square-foot F21 RED store, and new retail and food tenants, as well as new flooring, restrooms and other upgrades to the property. The firm adapted Forever 21’s F21 RED brand for the new SouthBay Pavilion store, which includes floor-to-ceiling display window boxes, textured wall treatments and red metal panels. The expansion includes food concepts Wing Stop, Jamba Juice, Chile Verde Mexican Food and health retailer Vitamin World. The anticipated completion date for the redevelopment is early 2017.

June 10, 2016

California Retail Western

Charles Dunn Co. Brokers $2.9M Acquisition of Retail Property in Canoga Park

by Nellie Day June 10, 2016

CANOGA PARK, CALIF. — Charles Dunn Co. has arranged the acquisition of a single-tenant retail property located at 8232 De Soto Ave. in Canoga Park. A private investor from Orange County acquired the 3,139-square-foot property from a Los Angeles-based private investor for $2.9 million, or $948 per square foot. Built in 2001, the property is triple-net leased to Wendy’s. Kyle Gulock and Jason Cope of Charles Dunn Co. represented the buyer, while Sands Investments Group represented the seller.

June 10, 2016

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