Retail

Barnett Capital Sells Chicago Retail Property for $5.7M

by Christina Cannon March 4, 2016

CHICAGO — Barnett Capital has sold a 90,490-square-foot retail property to 3115 Properties for $5.7 million. The building is located at 3115-23 N. Broadway in Chicago. Located in the Lakeview neighborhood, the five-story building features tenants such as Intelligentsia Coffee & Tea, The Apartment People and Contacts & Specs. The property also contains a five-story parking garage. Keely Polczynski of CBRE represented Barnett Capital, and Danny Spitz of Baum Realty represented 3115 Properties LLC.

March 4, 2016

Nevada Retail Western

Shopoff Realty Acquires Iron Horse Shopping Center in Suburban Reno

by Nellie Day March 4, 2016

SPARKS, NEV. — Shopoff Realty Investments has acquired Iron Horse Shopping Center, a 186,000-square-foot retail center located in the Reno suburb of Sparks, for an undisclosed sum. Shopoff has committed more than $1 million for improvements to the property. The retail center was 33 percent occupied at the time of sale by tenants including Dollar General, Subway, Payless Shoes, Sizzler, Jack in the Box and El Pollo Loco. The center is anchored by a Save-Mart, which was not included in the purchase.

March 4, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Ariel Property Advisors Brokers $3M Sale of Central Harlem Mixed-Use Property

by Amy Works March 4, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a mixed-use property located at 273 Lenox Ave. in Central Harlem. The four-story building sold for $3 million, or $811 per square foot. The approximately 3,699-square-foot property features two residential units and two commercial spaces. Jesse Deutch, Victor Sozio, Josh Berkowitz, Matthew Gillis and Josh Kwilecki of Ariel Property Advisors represented the seller, a private investor, while POG Real Estate Inc. procured the buyer, a private investor, in the deal.

March 4, 2016

Satellite Cinemas The Gallery at South DeKalb Decatur

Georgia Retail Southeast

Thor Equities to Open Satellite Cinemas Theater in The Gallery at South DeKalb in Decatur

by John Nelson March 4, 2016

DECATUR, GA. — Thor Equities, owner of The Gallery at South DeKalb in Decatur, plans to open a new 12-screen Satellite Cinemas movie theater at the mall in April. The 42,000-square-foot theater will join The Gallery’s more than 100 retailers and community services, including Macy’s, Fallas, Footlocker, DTLR, U.S. Post Office, Georgia Department of Drivers Services and GameStop. Urban Retail Properties manages the 800,000-square-foot mall. The theater, which will replace the former Screenworks theater, will feature in-auditorium dining, concessions, stadium seating and a 3D projection system.

March 4, 2016

Granite-Clover-Self-Storage-Londonderry-NH

New Hampshire Northeast Retail

NAI Norwood Group Brokers $28.8M Sale of Five-Property Self-Storage Portfolio in New Hampshire

by Amy Works March 3, 2016

AMHERST, NASHUA, LONDONDERRY, DERRY AND PEMBROKE, N.H. — NAI Norwood Group has arranged the sale of a five-property Granite Clover Self-Storage portfolio located in Amherst, Nashua, Londonderry, Derry and Pembroke. National Storage Affiliates Trust acquired the assets from multiple entities under the Granite Clover Self-Storage trademark for $28.8 million. The assets total 235,000 rentable square feet with 1,900 self-storage units. Joseph Mendola of NAI Norwood Group represented the seller in the transaction.

March 3, 2016

Mixed-Use Multifamily New York Northeast Restaurant Retail

Cushman & Wakefield Arranges $10M Sale of Mixed-Use Building in East Harlem

by Amy Works March 3, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 265 Pleasant Ave. in Manhattan’s East Harlem neighborhood. A private investor acquired the seven-story, 19,584-square-foot mixed-use building for $10 million in a 1031 exchange. The property features one commercial unit, which is occupied by Rao’s Restaurant, and 22 residential units. Thomas Gammino and Lev Kimyagarov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

March 3, 2016

Northeast Pennsylvania Retail

Marcus & Millichap Arranges $1M Ground Lease Sale in Pennsylvania

by Amy Works March 3, 2016

CANONSBURG, PA. — Marcus & Millichap has arranged the sale of a Dunkin’ Donuts ground lease at 105 Casavina Drive in Canonsburg. A private investor acquired the 2,653-square-foot net-leased property for $1 million. Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, a partnership, and secured and represented the buyer in the transaction.

March 3, 2016

Midwest Retail Wisconsin

Kohl’s to Close 18 Stores Nationwide in 2016

by Christina Cannon March 3, 2016

MENOMONEE FALLS, WIS. — Menomonee Falls-based Kohl’s Corp. (NYSE: KSS) is set to close 18 underperforming stores during 2016, according to the company’s fourth-quarter earnings report released Feb. 25. The closures, representing less than one percent of total sales, will generate annual savings of approximately $45 million and annual depreciation savings of approximately $10 million. Specific locations will be announced by the end of March. Kohl’s expects to incur approximately $150 million to $170 million in charges as a result of these planned closures and realignment at the company’s headquarters, which occurred in early February. “While the decision to close stores is a difficult one, we evaluated all of the elements that contribute to making a store successful, and we were thoughtful and strategic in our approach,” says Kevin Mansell, chairman, president and CEO of Kohl’s. “We are committed to leveraging our resources on more productive assets.” Alongside these closures, Kohl’s plans to pilot a new, smaller format Kohl’s store, with seven planned to open in various regions around the country this year. Kohl’s also plans to open two Off-Aisle pilot stores in Wisconsin, as well as 12 Fila outlet stores — marking Kohl’s first entry into the outlet space. …

March 3, 2016

Midwest Ohio Retail

Cooper Commercial Arranges $2.9M Sale of 101,621 SF Retail Center in Columbus

by Christina Cannon March 3, 2016

COLUMBUS — The Cooper Commercial Investment Group has arranged the $2.9 million sale of a 101,621-square-foot retail center in Columbus. Livingston Avenue Center is anchored by Big Lots and Save-a-Lot. Dan Cooper of Cooper Commercial represented the seller, a Columbus-based private investment group, in the transaction. The private investment buyer was based in California. The transaction featured an 8.2 percent capitalization rate and was sold at 99 percent of list price.

March 3, 2016

Georgia Retail Southeast

Edens Breaks Ground on $95M Moores Mill Development in Atlanta

by John Nelson March 3, 2016

ATLANTA — Edens, a Columbia, S.C.-based developer, owner and operator of shopping centers, has broken ground on Moores Mill, a 70,000-square-foot shopping center in Atlanta’s West Midtown District. The $95 million project will be anchored by Publix and feature a mix of retailers and restaurants, as well as apartment residences, according to the Atlanta Business Chronicle. Located on Moores Mill Road at Marietta Boulevard, Edens plans to deliver the property in June 2017. Edens held a groundbreaking ceremony on Wednesday, March 2 that was attended by Atlanta Mayor Kasim Reed, Edens executives, local government officials and economic development officers.

March 3, 2016

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