Retail

24 Hour Fitness Opens 17,000 SF Gym at Del Amo Crossing in Torrance

by Nellie Day June 10, 2016

TORRANCE, CALIF. — Irvine, Calif.-based The Muller Company has signed 24 Hour Fitness to Del Amo Crossing, a 422,000-square-foot, mixed-use complex located at 21515 Hawthorne Blvd. Designed by Nadel Architects, the two-story 24 Hour Fitness will be located in a new 44,000-square-foot building, which will be adjacent to the existing office structure. The $22 million, 15-year lease will be the chain’s first super sport club in the area. Construction is slated to begin in the first quarter of 2017, the fitness center is slated to open in late 2018. Bryan Norcott of Savills Studley represented 24 Hour Fitness, and Chris Sinfield and Leslie Mayer of Cushman & Wakefield represented The Muller Company.

June 10, 2016

New York Northeast Retail

Joint Venture Completes $45M Sale of 84,000 SF Movie Theater Complex in Queens

by Amy Works June 9, 2016

NEW YORK CITY — A joint venture between Forest City Realty Trust and Madison International Realty has completed the sale of Steinway Street Theaters, known locally as UA Kaufman Astoria Cinemas in Astoria, Queens. An affiliate of Kaufman Astoria Studios acquired the property from the joint venture for $45 million. The 84,000-square-foot movie theater complex opened in 1999.

June 9, 2016

Office Retail Southeast Tennessee

NGKF Secures ServiceMaster’s 315,450 SF Lease Relocation to Downtown Memphis

by Christina Cannon June 9, 2016

MEMPHIS, TENN. — Newmark Grubb Knight Frank (NGKF) has arranged the 315,450-square-foot lease relocation and adaptive reuse project for ServiceMaster, a home and commercial services provider whose products and services include home warranties, home inspections, furniture repair, residential cleaning, disaster restoration and termite and pest control. The publicly traded company plans to transform the former Peabody Place mall in downtown Memphis into Class A office space for its global headquarters. ServiceMaster will consolidate its office operations currently headquartered in four buildings within the suburban Poplar Avenue Corridor in Memphis. Neal Golden and Aaron Sommer of NGKF represented ServiceMaster in the two-year site selection process and lease transaction. ServiceMaster was considering relocating its corporate headquarters to other markets such as Atlanta, Dallas, Austin, Orlando and Tampa before selecting Memphis. The company plans to move approximately 1,200 employees to the renovated building by the end of 2017.

June 9, 2016

Retail Washington Western

KLM Equities Acquires the Hard Rock Café Seattle for $20.8M

by Nellie Day June 9, 2016

SEATTLE — KLM Equities Inc. has acquired the Hard Rock Café Seattle near Pike Place Market in Seattle for $20.8 million. The three-story restaurant is fully leased to Hard Rock Café. Gerry Rohm, Nicholas Kucha, Nick Kassab and Danny Reddin of HFF represented the seller, Urban Visions, in the transaction.

June 9, 2016

California Retail Western

CBRE Arranges $1.7 Million Sale of Retail Property in Tempe

by Nellie Day June 9, 2016

TEMPE, ARIZ. — CBRE has arranged the $1.7 million sale of a 3,288-square-foot, freestanding retail property located at 111 W. University Drive in Tempe. Andrew Fosberg, Max Bippus and Bert Kempfert of CBRE represented the seller, Ehrhardt Investment Properties LLC, in the transaction. Greg Saltz with GPS Retail LLC represented the buyer, SimonCRE Alpha LLC. Ehrhardt Bike Shop has occupied the property for 30 years.

June 9, 2016

Midwest Ohio Retail

Sands Investment Group Brokers $10.2M Sale of Kroger in Northern Cincinnati Suburb

by Christina Cannon June 9, 2016

HAMILTON, OHIO — Sands Investment Group (SIG) has brokered the $10.2 million sale of a Kroger grocery store in Hamilton, approximately 30 miles north of Cincinnati. HOH Crimson LLC sold the 77,154-square-foot property located at 1450 S. Erie Blvd. to Exchangeright Real Estate LLC. This Kroger has increased sales every year since it opened and has 11 years remaining on its lease. Daniel Hoogesteger and Andrew Chana of SIG represented the seller in the transaction.

June 9, 2016

Walnut-Plaza-2000-FM-157-Mansfield-texas

Retail Texas

California-Based Investor Sells 19,724 SF Walnut Plaza in Metro Dallas

by Haisten Willis June 8, 2016

MANSFIELD, TEXAS — A California investor has sold the 19,724-square-foot Walnut Plaza to a local limited liability company in an all-cash transaction. The property is 81 percent leased to tenants including H&R Block and Rent-A-Center and was developed in 1985. Walnut Plaza is situated on a 1.3-acre tract with frontage along FM 157 in Mansfield. Joe Hamilton of Coldwell Banker Commercial Alliance represented the seller, Stanley Fong, who has owned the property at 2000 FM 157 since 2005. The new owner, 2000 Walnut Plaza LLC, plans to renovate the property as part of its investment strategy. In the past decade, the population has more than doubled to 77,000 residents in the three-mile trade area. The average household income tops $101,100 in a one-mile trade area. Bob Kent of Kent Realty in Addison represented the buyer.

June 8, 2016

Loans Oklahoma Retail Texas

Franklin Street Secures $1.5M Refinance Loan for Cushing Plaza in Oklahoma

by Haisten Willis June 8, 2016

CUSHING, OKLA. — Franklin Street Capital Advisors (FSCA) has closed a $1.5 million refinance loan for Cushing Plaza, a 66,454-square-foot shopping center located in Cushing. Ben Miller and Casey Siggins of FSCA secured the loan on behalf of the owner, Lone Star Equities Inc. The 10-year loan includes a 4.5 percent fixed interest rate and a 20-year amortization schedule. Anchored by Cost Cutter, the 7.6-acre property is located at 2220 E. Main St. and is fully leased to tenants including Hibbett Sporting Goods, Stage Stores, Stanley’s Rent to Own and Compliance Advantage.

June 8, 2016

Retail Texas

Coldwell Banker Commercial Negotiates Pair of Retail Sales

by Haisten Willis June 8, 2016

SAN ANTONIO and MIDLAND, TEXAS — The Net Leased Investment Group for Coldwell Banker Commercial has negotiated retail sales in San Antonio and Midland. In the first transaction, the group arranged the sale of a Red Lobster in San Antonio. Parker Carroll of Coldwell Banker Commercial represented the buyer in the acquisition of the property, which was under a 25-year net lease. In the second transaction, Coldwell Banker Commercial negotiated the sale of Scotsdale Square in Midland. The three-tenant strip center is 100 percent leased. Carroll represented the seller in the transaction.

June 8, 2016

Maryland Retail Southeast

Black Oak Associates Completes $60M Redevelopment of Eldersburg Commons in Maryland

by John Nelson June 8, 2016

ELDERSBURG, MD. — Black Oak Associates has completed the $60 million redevelopment of Eldersburg Commons, a 300,000-square-foot shopping center formerly known as Carrolltown Mall. The retail development is located at 6400 Ridge Road in Eldersburg in Carrolltown County. The official grand opening and ribbon cutting ceremony is set for June 16. The project is anchored by a 190,000-square-foot Walmart Supercenter, which opened last fall. The redevelopment has attracted 17 new retailers, including AT&T, Chipotle Mexican Grill, Dental Care at Eldersburg Commons, Jimmy John’s, MOD Pizza, Noodles & Co., Olympia Sports, Petco, Sleepy’s, T.J. Maxx, Ulta Beauty and The Vitamin Shoppe. Other tenants opening later this year include Hair Cuttery, Luxury Nails & Spa, Menchie’s Frozen Yogurt and Sunny’s Fine Wines & Liquors. Eagle Realty served as Black Oak’s lending partner for the redevelopment. The project team includes leasing broker KLNB Retail, civil engineer Development Design Consultants, general contractor Glen Arm Building Co., traffic engineer The Traffic Group, traffic consultant Lenhart Traffic Consulting, architect Banta Campbell Architects and civil engineer Kimley-Horn.

June 8, 2016

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