Retail

Pierson Retail Advisors Arranges Sale of Market Square in Las Colinas

by Haisten Willis June 3, 2016

IRVING, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Market Square, a 49,727-square-foot neighborhood retail center located in Irving. PRA represented the seller, Prescott Interests Midway Plaza Ltd., in the transaction. Bo Avery of Tri Marsh Center purchased the asset for an undisclosed price. Market Square is 92.2 percent occupied by tenants such as Boston Market, Pizza Hut, State Farm, Gideon Math & Reading Center, FedEx Office, Subway, Kenpo Karate and MacArthur Pharmacy. The asset is made up of three buildings, including the Valero outparcel, all under a single ownership. The entire team at PRA in Dallas handled the sale.

June 3, 2016

Integrated Builders Completes Construction of 32,000 SF Auto Dealership in Massachusetts

by Amy Works June 3, 2016

GREENFIELD, MASS. — Integrated Builders has completed the construction of Greenfield Toyota and Ford, a joint car dealership located at 1 Main St. in Greenfield. Costing $5.8 million, the new 32,000-square-foot facility replaced the outdated dealership previously located on the site. The facility features 30,000 square feet of dealership space and a 2,000-square-foot system parts mezzanine level. Integrated Builders provided construction management services, while The Curtis Architectural Group served as project architect. The project team also included SVE Associates, Flood Consulting and Environmental Design Engineering Inc.

June 3, 2016

Florida Retail Southeast

Terranova Affiliate Sells Shopping Center in Metro Miami for $66.5M

by John Nelson June 3, 2016

PINECREST, FLA. — Suniland Associates Ltd., an affiliate of Terranova Corp., has sold the 82,000-square-foot Suniland Shopping Center to a Denver-based REIT for $66.5 million. The asset is located on 7.1 acres along U.S. 1 in Pinecrest, a southern suburb of Miami. The property’s tenant roster includes Flanigans, SunTrust Bank, Citicorp, the U.S. Post Office, CVS/pharmacy, Nicklaus Children’s Hospital, Pete’s Barber Shop and Wagons West. Mark Gilbert of Cushman & Wakefield brokered the transaction.

June 3, 2016

Retail Southeast Virginia

CBRE | Richmond Brokers $5.9M Sale of Midlothian Station Shopping Center

by John Nelson June 3, 2016

MIDLOTHIAN, VA. — CBRE | Richmond has brokered the $5.9 million sale of Midlothian Station, a 67,246-square-foot shopping center located at 13531-13579 Midlothian Turnpike in Midlothian. The Butz Family purchased the property, which was 91 percent leased at the time of sale to tenants such as YouFit Health Club, Ace Hardware, Taylor’s Do It Center and Coalfield Antiques. Will Bradley of CBRE | Richmond, along with Kris Knepper of CBRE | Hampton Roads, represented the seller in the transaction. Martin Blum and Andrew Ferguson of Colliers International represented the Butz Family.

June 3, 2016

Georgia Retail Southeast

SRS Arranges $1.5M Sale of Bank of America Branch in Savannah

by John Nelson June 3, 2016

SAVANNAH, GA. — SRS’ Southeast investment sales team has brokered the $1.5 million sale of an outparcel leased to Bank of America in Savannah. The 3,563-square-foot building is located at 14083 Abercorn St. in front of Savannah Mall. John Topping Jr. and Robert Drake of SRS’ Atlanta office represented the seller, SSF Savannah Properties LLC, in the transaction. Matthew Mousavi and Patrick Luther of SRS’ national net lease group in Newport Beach, Calif., represented the West Coast-based buyer, L.L. Ventures LLC.

June 3, 2016

California Retail Western

CBRE Arranges 19,000 SF Lease for Co-Opportunity Natural Foods in Culver City

by Nellie Day June 3, 2016

CULVER CITY, CALIF. — CBRE Group has completed a 19,000-square-foot lease for Co-Opportunity Natural Foods, a Santa Monica-based boutique grocery store, at Access Culver City in Culver City. Known as The Co-op, Co-Opportunity Natural Foods has sold natural, organic and local foods to the Santa Monica area since 1974. The new location, which is slated to open in early 2017, will be the company’s second store. Located at 8770 Washington Blvd., Access Culver City is a transit-oriented urban mixed-use project featuring 31,240 square feet of retail and restaurant space below 115 apartments.

June 3, 2016

California Retail Western

Marcus & Millichap Negotiates $2.4M Sale of 7,840 SF Retail Property in Los Angeles

by Nellie Day June 3, 2016

LOS ANGELES — Marcus & Millichap has arranged the sale of Vernon Square, a retail property located at 515 E. Vernon Ave. in Los Angeles. A limited liability company acquired the 7,840-square-foot asset from a private investor for $2.4 million. Built in 1988, the property features a stable tenant mix of local retailers. Chris Martin of Marcus & Millichap’s West Los Angeles office represented the seller and buyer in the transaction.

June 3, 2016

California Retail Western

Retail California Brokers 3,300 SF Retail Lease in Madera

by Nellie Day June 3, 2016

MADERA, CALIF. — Retail California, a division of Pearson Realty, has arranged the lease of 3,300 square feet of retail space at 422 S. Gateway Drive in Madera. Francisco and Valderama leased the space from 2004 Knox Family Revocable Trust for an undisclosed sum. Nick Frechou of Retail California represented the tenant and landlord in the transaction.

June 3, 2016

Loans Retail Southeast Tennessee

Goldman Sachs Provides $107M Loan to CBL for Hamilton Place Mall in Chattanooga

by John Nelson June 2, 2016

CHATTANOOGA, TENN. — Goldman Sachs Mortgage Co. has provided a $107 million loan to CBL & Associates Properties Inc. for Hamilton Place Mall, an enclosed regional mall located at 2100 Hamilton Place Blvd. in Chattanooga. Located off I-75, the mall features six department stores and roughly 200 stores and services, including Sephora, J Crew Factory, bareMinerals, Banana Republic, Barnes & Noble Booksellers, White House | Black Market and Pandora. The 10-year loan features a 4.36 percent interest rate. CBL used the loan proceeds to retire an existing $98.2 million loan maturing in August. CBL owns Hamilton Place in a 90/10 consolidated joint venture with an undisclosed partner. CBL owns, holds interests in or manages 148 properties, including 92 regional malls/open-air centers. The properties are located in 31 states and total 85.5 million square feet, including 8.6 million square feet of non-owned shopping centers managed for third parties.

June 2, 2016

Illinois Midwest Retail

Inland Private Capital Corp. Arranges $25M Sale of Mariano’s Fresh Market Near Chicago

by Christina Cannon June 2, 2016

ELMHURST, ILL. — Inland Private Capital Corp. has arranged the $25 million sale of a Mariano’s Fresh Market on behalf of one of its 1031 exchange investment programs. The 75,922-square-foot store is located at 678 N. York Road in Elmhurst, approximately 16 miles west of Chicago. The single-story building was constructed in 2013 and is situated on 5.7 acres. The buyer in the transaction was undisclosed.

June 2, 2016

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