Retail

Certes Partners Buys Retail Condo in Manhattan for $2.8M

by Amy Works March 25, 2016

NEW YORK CITY — Certes Partners has acquired a retail condominium, located at 127 Madison Ave. in Manhattan’s NoMad district. The 1,272-square-foot condominium, which features a 500-square-foot basement, sold for $2.8 million. Situated between 30th and 31st streets, the retail condo is on the ground floor of M127, a 13-story luxury condominium. The building was designed by Shop Architects and originally built in 1920. Anand Melwani of ARM Real Estate Group represented the buyer and the seller, Huang Long LLC, in the transaction.

March 25, 2016

pei-wei-1425-east-renner-road-Richardson-texas

Restaurant Retail Texas

Pei Wei to Open Second Location in Richardson

by Haisten Willis March 25, 2016

RICHARDSON, TEXAS — Pei Wei, a fast casual restaurant with an Asian-inspired menu, will open its second location in Richardson on March 28. Pei Wei is now hiring and plans to have a staff of 50 employees. The new Pei Wei location will be located at 1425 E. Renner Road, Suite 610, and will be open from 11 a.m. to 9 p.m. Sunday through Thursday and 11 a.m. to 11 p.m. Friday and Saturday.

March 25, 2016

Midwest Ohio Retail

Bedrock Real Estate Services Acquires The Avenue Shops at Tower City Center for $56.5M

by Christina Cannon March 25, 2016

CLEVELAND — Detroit-based Bedrock Real Estate Services has acquired The Avenue Shops at Tower City Center, a three-story, 366,000-square-foot retail center located in downtown Cleveland, from Forest City Realty Trust Inc. The sale price was $56.5 million, including contractual parking rights to approximately 3,300 associated parking spaces in attached decks and adjacent surface lots. The Avenue Shops at Tower City Center opened in 1990 after Forest City converted the historic Cleveland Union Terminal into the shopping mall. The center is currently comprised of more than 100 retailers and restaurants as well as an 11-screen movie theater. The Avenue Shops are connected to the Ritz-Carlton Hotel, Skylight Office Tower and Terminal Tower, and via indoor walkways to Quicken Loans Arena and JACK Cleveland Casino. Bedrock Real Estate Services is the real estate arm of Quicken Loans Inc. founder and chairman Dan Gilbert.

March 25, 2016

Illinois Midwest Retail

Mid-America Arranges $15M Sale of Fenton Commons in Metro St. Louis

by Christina Cannon March 25, 2016

FENTON, ILL. — Mid-America Real Estate Corp. has arranged the $15 million sale of Fenton Commons, an 82,242-square-foot shopping center located in the St. Louis suburb of Fenton. Best Buy, Old Navy and Barnes & Noble anchor the center, which also features Chili’s and Bank of America outlots. Ben Wineman of Mid-America and Scott Seyfried of Pace Properties worked on behalf of the seller, a private St. Louis-based partnership. A group represented by Greenwood Village, Colo.-based GDA Real Estate acquired the property.

March 25, 2016

Midwest Ohio Retail

Phillips Edison Grocery Center REIT II, TPG Real Estate Announce Partnership

by Christina Cannon March 25, 2016

CINCINNATI — Cincinnati-based Phillips Edison Grocery Center REIT II Inc. and TPG Real Estate have formed a partnership to acquire value-add, grocery-anchored shopping centers throughout the United States. The partnership will invest up to $250 million of equity and plans to leverage this capital to achieve a $750 million acquisition target. The partnership plans to acquire six grocery-anchored shopping centers and will focus on growing the platform through additional acquisitions located in fundamentally strong markets that present attractive return potential through operational and capital improvements.

March 25, 2016

Louisiana Retail Southeast

Stirling Properties, CBL Open Ambassador Town Center In Louisiana

by John Nelson March 25, 2016

LAFAYETTE, LA. — Stirling Properties and CBL & Associates Properties Inc. have opened Ambassador Town Center in Lafayette. The co-developers hosted a formal ribbon cutting ceremony attended by Lafayette City-Parish president Joel Robideaux, former City-Parish president Joey Durel, LEDA president and CEO Gregg Gothreaux and other Lafayette area community leaders. Ambassador Town Center is a roughly 60-acre retail project anchored by Costco Wholesale and Dick’s Sporting Goods/Field & Stream. Situated at Ambassador Caffery Parkway and Kaliste Saloom Road, the 430,000-square-foot property is 97 percent leased to tenants such as Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans, Red Robin, Subway, Tao Japanese Cuisine, World of Beer and Verizon Wireless. Ambassador Town Center is expected to generate roughly 1,700 permanent jobs and nearly $9 million annually in estimated sales tax collection.

March 25, 2016

Retail Southeast Virginia

JCR Cos. Purchases Shopping Center in Metro D.C. for $22.6M

by John Nelson March 25, 2016

MANASSAS, VA. — The JCR Cos. has acquired Signal Hill Shopping Center, a 105,781-square-foot, grocery-anchored shopping center in Manassas, for $22.6 million. JCR Cos. purchased the property from Regency Centers in an off-market transaction. Sandy Spring Bank provided acquisition financing. Signal Hill’s tenant roster includes Shoppers Food Warehouse, GameStop, Glory Days Grill, Panera Bread, and Chick-fil-A. JCR Cos. has sold the Chick-fil-A pad to an undisclosed buyer for $2.3 million in another off-market transaction. Signal Hill is the seventh shopping center acquisition for JCR Cos. since 2012 and its 20th transaction since the firm was founded in 2009.

March 25, 2016

Marcelo Claure David Beckham Miami Beckham United

Florida Retail Southeast Top Stories

David Beckham-Led Investment Group Buys Land in Miami for $300M Soccer Stadium

by John Nelson March 25, 2016

MIAMI — Miami Beckham United (MBU), an investment group led by international soccer star and celebrity David Beckham, has purchased two parcels of land in Miami’s Overtown neighborhood for a new soccer stadium. In December 2015, Major League Soccer (MLS) approved the location of the $300 million project, which is expected to have about 30,000 seats and 7,000 parking spaces, according to the South Florida Business Journal. The new stadium will be the home of an MLS expansion team in Miami. In addition to Beckham, MBU is headed by Marcelo Claure, CEO of Sprint, producer Simon Fuller and sports executive Tim Leiweke. The partners have said the project will be privately funded. “We have the right site, the right ownership group, and a loyal base of fans counting down the days until our first match,” said Claure in a prepared statement. “We’re all-in on Overtown, and we couldn’t be more excited about moving forward with plans to deliver the most responsible stadium in Miami history.” MBU purchased the two sites, which total 6.2 acres, at 650 N.W. 8th St. The stadium site is situated midway between Miami Beach and Miami International Airport, within walking distance of downtown Miami and two blocks …

March 25, 2016

California Retail Western

O’Reilly Auto Parts Changes Hands in Oakley

by Nellie Day March 24, 2016

OAKLEY, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant property in Oakley currently triple-net leased to O’Reilly Auto Parts. An investor from Northern California acquired the asset to complete 1031 exchanges. The 8,037-square-foot store is located at 100 E. Cypress Road. Jeremy McChesney of Hanley Investment Group represented the seller. Dan Diehl of Keller Williams Realty represented the buyer in this transaction.

March 24, 2016

Nevada Retail Western

Solar Array Now Complete Atop Future IKEA Store in Las Vegas

by Nellie Day March 24, 2016

LAS VEGAS — IKEA, a home furnishings retailer, has completed the solar installation atop its Las Vegas store, which will open on May 18, 2016. The project is the largest single-use retail rooftop solar array in Nevada, according to the company. The store’s 240,504-square-foot solar array comprises a 1.14 megawatt system, built with 3,620 panels, and will produce approximately 1.8 million kilowatt hours of electricity annually for the store — the equivalent of reducing 1,207 tons of carbon dioxide, the company claims. For the development, design and installation of IKEA Las Vegas’ solar power system, IKEA selected Helix Electric, an electrical contractor specializing in design-build electrical projects in the U.S. R&O Construction is managing the site work and building of the actual store.

March 24, 2016

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