Retail

TradeMark Arranges 55,000 SF Lease with Harris Teeter at Seaboard Station in Downtown Raleigh

by John Nelson July 28, 2016

RALEIGH, N.C. — TradeMark Properties has arranged a 55,000-square-foot lease transaction with Harris Teeter at Seaboard Station, a 92,000-square-foot shopping center that anchors the north end of downtown Raleigh. The shopping center is located adjacent to William Peace University off Peace and Halifax streets. Seaboard Station has been fully occupied since its sale in 2013. TradeMark Properties, the management and leasing agent for Seaboard Station, has partnered with Lowe Enterprises to develop expansion and development concepts for the project to allow for more retail space and the possibility of apartment residences and/or lodging. Built in the 1940s, Seaboard Station was originally a train depot and warehouse complex.

July 28, 2016

Georgia Retail Southeast

Ten-X, Hale Retail Group Arrange $17M Sale of Grocery-Anchored Shopping Center in Metro Atlanta

by John Nelson July 28, 2016

DULUTH, GA. — Ten-X, formerly Auction.com, has teamed up with Hale Retail Group to market and sale Gwinnett Prado Shopping Center, a 361,715-square-foot, supermarket-anchored shopping center in Duluth. A subsidiary of Insignia LLC purchased the asset for $17 million using the Ten-X Commercial platform. Built in 1988, the shopping center is situated on 32 acres at 2250 and 2300 Pleasant Hill Road in metro Atlanta’s Gwinnett County. Gwinnett Prado is anchored by a 102,000-square-foot Great Wall supermarket. Other tenants include Office Max and T-Mobile. Philip Kates, Adam Sklaver and Dean Lewis of Ten-X, along with Sam Hale of Hale Retail Group, marketed and sold the shopping center on behalf of the seller, an individual investor. Gwinnett Prado marks the third-largest transaction on the Ten-X platform since its launch in 2009 as Auction.com.

July 28, 2016

Features Retail Top Stories

Four Tips for Ensuring Your Retail Center Remains Relevant

by Christina Cannon July 28, 2016

Several years after a punishing recessionary cycle, Michigan’s retail marketplace finds itself at somewhat of a crossroads. Steady and sustained economic growth and a robust retail recovery have things moving in the right direction. With few new large shopping centers opening in the last five to six years, these positive trends have led to the absorption of a great deal of available space. Consequently, demand for quality space has been picking up and retail rents have recently begun rising quite rapidly. At the same time, the relative lack of new construction presents its own challenges. It has prompted more tenants to commit to long-term renewals. In addition, with quality space in prime locations at a premium, more developers and retailers are electing to enhance or expand their existing stores. Fundamentally, the state’s evolving retail marketplace looks quite different than it did in the mid to late 2000s. The 2009 economic crash delivered a real blow to the lifestyle centers that were a big part of the pre-recession expansion, and those developments have had to scramble to adapt. Many have had to convert from a traditional lifestyle center model to more of a hybrid concept, integrating more middle-market and service-oriented tenants. …

July 28, 2016

Illinois Midwest Retail

ALTO Fund II Acquires 235,000 SF Shopping Center in Metro Chicago for $32M

by Christina Cannon July 27, 2016

HOMEWOOD, ILL. — ALTO Fund II, a New York-based real estate investment fund, in a joint venture with Besyata Investment Group, has acquired a 235,000-square-foot shopping center in Homewood, approximately 30 miles south of Chicago, for $32 million. Washington Park Plaza is 95 percent occupied and tenants include Starbucks, TJ Maxx, Ross Dress for Less, Petco and Party City. The seller in the transaction was undisclosed.

July 27, 2016

Illinois Midwest Retail

Boulder Group Brokers $4.2M Sale of Three-Tenant Retail Center in Romeoville, Illinois

by Christina Cannon July 27, 2016

ROMEOVILLE, ILL. — The Boulder Group has brokered the sale of a three-tenant, net-leased shopping center in Romeoville, approximately 40 miles southwest of Chicago, for $4.2 million. The property is located at 253 S. Weber Road, and tenants include Chipotle, Dunkin’ Donuts and Sleepy’s. Target and Kohl’s shadow anchor the center, which was built in 2014. The buyer was a Northeast-based real estate investment company in a 1031 exchange transaction. The seller was a Midwest real estate company. Dunkin’ Donuts and Chipotle have approximately eight years remaining on their lease, and Sleepy’s has six years remaining on its lease.

July 27, 2016

Loans Midwest Ohio Retail

Franklin Street Closes $3.2M Loan for 16,200 SF Shopping Center Near Cincinnati

by Christina Cannon July 27, 2016

WEST CHESTER, OHIO — Franklin Street Capital Advisors has closed a $3.2 million loan for a 16,200-square-foot retail strip center in West Chester, approximately 25 miles north of Cincinnati. Union Place is fully occupied and includes tenants such as First Watch, PNC Bank, El Rancho Bueno and Jimmy John’s. The shopping center is situated on 5.5 acres and was built in 2004. Ben Miller and Casey Siggins of Franklin Street Capital secured the loan on behalf of the buyer in a 1031 exchange. The five-year loan includes a 4.2 percent fixed rate with a 25-year amortization schedule. Fort Knox Federal Credit Union was the lender.

July 27, 2016

Mixed-Use New Jersey Northeast Office Retail

Marcus & Millichap Brokers $3.2M Sale of Mixed-Use Building in New Jersey

by Amy Works July 27, 2016

BAYONNE, N.J. — Marcus & Millichap has arranged the sale of Bayonne Plaza, a mixed-use property located at 473 Broadway in Bayonne. A private investor acquired the property from a developer for $3.2 million. The building features 29,577 square feet of space. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented the seller and the buyer in the deal.

July 27, 2016

New Jersey Northeast Retail

CBRE Negotiates Sales of Two Retail Properties in New Jersey Totaling $2.05M

by Amy Works July 27, 2016

BURLINGTON AND NEWARK, N.J. — CBRE has brokered the sales of two retail properties in New Jersey. In the first transaction, a double net-leased Dollar Tree property, located at 1204 Route 130 N in Burlington, sold as part of a 1031 exchange for $1.4 million. The name of the seller and buyer were not released. In the second deal, a 19,500-square-foot retail property located at 727 Frelinghuysen Ave. in Newark sold for $650,000 to an undisclosed buyer. At the time of sale, the property was 75 percent vacant. The name of the seller was not released. Charles Berger, Mark Silverman, Elli Klapper and Samuel Bernhaut of CBRE brokered the transactions.

July 27, 2016

District of Columbia Mixed-Use Multifamily Office Retail Southeast Top Stories

First Potomac Realty Trust Sells Storey Park in Washington D.C. for $54.5M

by Haisten Willis July 27, 2016

WASHINGTON, D.C. — First Potomac Realty Trust (NYSE: FPO) has sold Storey Park, a mixed-use project currently under development in the NoMa submarket of Washington, to 1005 LLC for $54.5 million. When completed, Storey Park will include 350,000 square feet of office space, 65,000 square feet of retail and 300 loft apartments. An estimated completion date was not disclosed. The buyer is a partnership between Perseus Realty LLC and W-G Capital LLC, an affiliate of Four Points LLC and Greencourt Capital. First Potomac and Perseus Realty jointly acquired the site in August 2011, with First Potomac owning a 97 percent interest. The proceeds from the sale were used to repay a $22 million land loan at the property, and First Potomac used its portion of the remaining proceeds to repay outstanding borrowings on its unsecured revolving credit facility. Perseus Realty began as a Washington, D.C.-focused investment firm in 2004 and has created a development portfolio within the metropolitan area. W-G Capital is a Washington, D.C.-based private equity firm focused on real estate investments in the United States with a particular focus on the northeast corridor and the nation’s capital. FPO is a real estate investment trust that owns, operates, develops and …

July 27, 2016

California Loans Retail Western

HFF Secures $66M Refinancing for Plaza 183 in Metro Los Angeles

by Nellie Day July 26, 2016

CERRITOS, CALIF. — HFF has secured a $66 million refinancing for Plaza 183, a 360,875-square-foot, open-air retail center located in the Los Angeles suburb of Cerritos. The property began an extensive renovation in 2014, most of which was completed in 2015, with more renovations scheduled to begin later this year. The center is over 97 percent leased to tenants including Burlington Coat Factory, Nordstrom Rack, Saks Off Fifth, T.J. Maxx, Buffalo Wild Wings, Guitar Center, Olive Garden, Old Navy, Off Broadway, Jersey Mike’s, Lane Bryant and 24-hour Fitness. Paul Brindley, Eric Tupler and Steven Paskover of HFF worked on behalf of the borrower, Cerritos Retail CenterCal LLC, to secure the 10-year, fixed-rate loan with Principal Life Insurance Co. Principal Real Estate Investors advised the lender in the transaction. Loan proceeds are being used to refinance the original acquisition and renovation financing.

July 26, 2016

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