Retail

Cedar Rapids Real Estate Market Stays Hot As Flood Recovery Efforts Wind Down

by Christina Cannon August 24, 2016

The historic flood of June 2008 is becoming a distant memory as the city of Cedar Rapids prepares for the dedication of the new Northwest Recreation Center, the last public facility to be completed as part of the flood recovery project. The dedication ceremony is slated for Thursday, Aug. 25. The recovery has led to a revitalization of many flood-impacted areas in the city, ranging from residential neighborhoods to the downtown business district. Now the momentum is turning toward several new projects: • This month, tenants will begin moving into the 11-story CRST tower downtown, which features 300 feet of the new flood protection system. • A 28-story, mixed-use tower is being proposed on city-owned property downtown. The development may contain retail, office, hotel and residential space led by Allen Development, an Iowa City developer. • Over 10 downtown housing projects are under construction that will create almost 400 new condo and apartment units, which will bring our core closer to a live-work-play environment. These projects are also putting vacant retail and office buildings to new uses. • The Czech Village-New Bohemia neighborhood continues to grow with historic buildings being renovated and repurposed while augmenting exciting new construction featuring retail, …

August 24, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Equicap Secures $4.5M Loan for Mixed-Use Property in Brooklyn

by Amy Works August 23, 2016

NEW YORK CITY — Equicap has arranged a $4.5 million permanent loan for a mixed-use property located in Brooklyn’s Cobble Hill neighborhood. The newly developed building features one ground-floor retail unit and 10 apartments. Daniel Hilpert of Equicap arranged the loan, which features a five-year fixed interest rate, 30-year amortization schedule and three years of interest-only payments.

August 23, 2016

Delaware Northeast Retail

NAI Emory Hill Brokers Sale of 10,000 SF Retail Center in Delaware

by Amy Works August 23, 2016

MILLSBORO, DEL. — NAI Emory Hills has arranged the sale of Back Bay Center, a retail center located in a grocery-anchored neighborhood center along Route 24 in Millsboro. Back Bay Center LLC acquired the 10,000-square-foot property from TBB Long Neck LLC for an undisclosed sum. Situated on 2.1 acres with a pad site for future development, the property is occupied by Subway, Liberty Tax and Loan till Payday. Jim O’Hara Jr., Jim O’Hara III and Kevin O’Hara of NAI Emory Hills brokered the sale.

August 23, 2016

California Restaurant Retail Western

Lincoln Property Co., Alcion Ventures Announce Eight Tenants for Trade Food Hall in Irvine

by Nellie Day August 23, 2016

IRVINE, CALIF. — Lincoln Property Co. and Alcion Ventures have announced eight chef-driven tenants to open at Trade Food Hall in Irvine. Lincoln and Alcion purchased the 32,600-square-foot Trade Marketplace in 2014, and have since transformed the project’s food court into a 9,000-square-foot food hall. Tenants to open within the food hall include Chef Andrew Gruel’s Two Birds and Butterleaf; Chef Hop Phan’s Dos Chinos and Megadon; The Sandwich Society; Portside; Sweet Comforts; and Gyro King. Ootoro Sushi and KRISP Fresh Living will anchor the property, which is set to feature a mix of service-oriented and soft goods retailers. The project is scheduled to open this fall.

August 23, 2016

Illinois Midwest Restaurant Retail

Krispy Kreme to Open New Location in Chicago Suburb

by Christina Cannon August 23, 2016

HOMEWOOD, ILL. — Krispy Kreme will open a new store in Homewood, approximately 25 miles south of Chicago. The donut franchise will build a ground-up facility on an outparcel to a Home Depot and Jewel-Osco. This store, to be located at 17815 S. Halsted St., will be the first of eight locations opened in the Cook county area. Currently the Chicago area has only one Krispy Kreme store, which is situated in Elk Grove Village. The new Homewood location will be the franchise’s first retail location opened in the Chicago area in seven years. Lynne Brackett and Adam Foret of CBRE represented the landlord in the transaction.

August 23, 2016

California Retail Western

SBH Real Estate Group Sells 15,176 SF Retail Center in Koreatown for $6.7M

by Nellie Day August 22, 2016

LOS ANGELES — SBH Real Estate Group has completed the sale of a retail center located at 3138-3148 W. Pico Blvd. in the Koreatown neighborhood of Los Angeles. Hasty Yadegaran, a local real estate investor, acquired the property for $6.7 million, or $441 per square foot. Dollar Tree and a multi-unit coin laundry operator occupy the 15,176-square-foot property. Dan Hoogesteger and Chris Sands of Sands Investment Group represented the seller in the deal.

August 22, 2016

Midwest North Dakota Retail Western

Dollar General Enters North Dakota With Construction of Five New Stores

by Nellie Day August 22, 2016

OAKES, N.D. — Dollar General has started the construction of five new stores in southeastern North Dakota. The stores are expected to open in spring 2017 and, when completed, will expand the company’s presence to 44 states across the country. Stores are currently under construction in Oakes (Dickey County); Ellendale (Dickey County); Hankinson (Richland County); Hillsboro (Traill County); and Gwinner (Sargent County). These five stores will offer customers the traditional Dollar General store format, which is approximately 9,100 total square feet and 7,400 square feet of sales floor. Construction began on all five stores this summer. Dollar General Corporation operates 13,000 stores as of August 13.

August 22, 2016

New York Northeast Office Retail

Joint Venture Acquires 326,000 SF Commercial Building in NYC for $89M, Plans Redevelopment

by Amy Works August 22, 2016

NEW YORK CITY — Metropolitan Realty Associates and joint venture partner TIAA Global Asset Management have acquired HUB LIC, a four-story commercial building located at 47-25 34th St. in Queen’s Long Island City, for $89 million. At the time of acquisition, the 326,000-square-foot property was 48 percent leased to a mix of tenants, including POLO Ralph Lauren, TEC Systems (Honeywell), Eleni’s Bakery, Gracie and Richelieu. The buyers plan to redevelop the property into office and retail space to attract a large-format retailer and offer 80,000 square feet of contiguous office space on a single floor. The building features 16- to 21-foot ceilings, a floor-to-ceiling window line, a 7,000-square-foot pitched skylight on the second floor, skylights throughout third floors, abundant parking and eight loading docks. Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil brokered the sale of the property, while Grant Frankel and Rob Turner, also of Eastdil, arranged acquisition financing for the transaction.

August 22, 2016

Northeast Pennsylvania Retail

Simon Opens 155,000 SF Expansion at King of Prussia Mall Near Philadelphia

by Amy Works August 22, 2016

KING OF PRUSSIA, PA. — Simon has completed a 155,000-square-foot expansion at King of Prussia Mall, a shopping center located about 25 miles northwest of Philadelphia in King of Prussia. The project, which broke ground in summer 2014, adds 50 new retail and dining storefronts and increases the mall’s footprint to 2.9 million square feet. The expansion involved connecting the five-anchor, 1.7 million-square-foot plaza and the two-anchor, 902,000-square-foot court, which were separated by a roadway since initial construction. The expansion is also bringing first-to-market brands and new dining and retail options to the mall, including Altar’d State, Calligaris, Cartier, CH Carolina Herrara, Club Monaco, David Yurman, Diane von Furstenberg, Gap, Jimmy Choo, MCM, Robert Graham, Stuart Weitzman, Superdry, Vince Hai Street Kitchen, Nicoletta and Shake Shack.

August 22, 2016

Industrial New York Northeast Office Retail

Cushman & Wakefield Launches Automotive Specialty Practice Group

by Amy Works August 22, 2016

NEW YORK CITY — Cushman & Wakefield has launched an Automotive Specialty Practice group in response to the recent transformation and growth in the auto industry. Led by Jeffrey Green, the group includes a global, cross-discipline team of real estate and business advisors to auto manufacturers, suppliers, distributors and retailers. Cushman & Wakefield is the first commercial real estate service firm to market a global comprehensive Auto SPG offering. The offering’s mission is to deeply understand and address the distinctive challenges of the automotive sector from labor issues, logistics, infrastructure, technology, credits and incentives to the unique requirements of the real estate itself. Cushman & Wakefield has has relationships with various automotive industry clients around the world, including Toyota, BMW, FCA, Mercedes Benz, Magna International, Hyundai and JLR.

August 22, 2016

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