Retail

DeBartolo Development to Open 1.4 MSF Mall in Hawaii

by Nellie Day September 8, 2016

KAPOLEI, HAWAII— DeBartolo Development is set to open Ka Makana Alii, a 1.4 million-square-foot regional mall currently under construction in the West Oahu city of Kapolei, in late October. Anchored by the first Macy’s in West Oahu, Phase I of Ka Makana Alii features more than 100 shops and restaurants, a state-of-the-art Consolidated Theatres and the state’s first Hampton Inn & Suites. DeBartolo Development broke ground on the project in March 2015. Other tenants at the center will include H&M, Forever 21, Victoria’s Secret, Old Navy, Five Guys Burgers and Fries, California Pizza Kitchen, AT&T, PetSmart and Foot Locker.

September 8, 2016

Hawaii Loans Retail Western

Sonnenblick-Eichner Co. Secures $59M Refinancing for Pearl City Gateway in Hawaii

by Nellie Day September 8, 2016

PEARL CITY, HAWAII — Sonnenblick-Eichner Co. has secured a $59 million in first mortgage debt to refinance Pearl City Gateway, a 146,205-square-foot shopping center located roughly 12 miles outside of Honolulu in Pearl City. The 10-year, fixed-rate financing was secured on behalf of the borrower, Robertson Properties Group, through New York Life Real Estate Investors. The loan carries an interest rate of less than 4 percent with a 30-year amortization schedule. Pearl City Gateway is fully leased to tenants including Babies R Us, TJ Maxx, Petco, McDonalds, AT&T, Domino’s and Subway.

September 8, 2016

California Retail Western

Wesco Properties Acquires Two-Building Retail Property in Orange County for $13.7M

by Nellie Day September 8, 2016

IRVINE, CALIF. — Wesco Properties Inc. has acquired a two-building retail site located in Irvine for $13.7 million. The buildings total 12,577 square feet, and are leased to Mimi’s Café and Islands Restaurant. Jeff Conover of Faris Lee represented the seller, VR Irvine Pad LLC, and Tony Dorn of Beitler Commercial Realty Services represented the buyer in the 1031 exchange transaction.

September 8, 2016

California Restaurant Retail Western

Burgerim Opens Second U.S. Location

by Nellie Day September 8, 2016

LOS ANGELES — Burgerim, a better-burger concept, has opened its second U.S. location in Montclair, Calif. Burgerim is set to open 33 franchised restaurants in the next year across the country, including in Memphis, Tenn.; Boca Raton, Fla.; and Houston, Texas. Burgerim currently operates in over 200 locations in 16 countries. Burgerim’s first U.S. location is at 5001 Melrose Ave., in Los Angeles.

September 8, 2016

New Jersey Northeast Retail

CBRE Brokers $15.6M Sale of Retail Property in New Jersey

by Amy Works September 8, 2016

MAPLE SHADE, N.J. — CBRE has arranged the sale of a retail property located at 131 E. Kings Highway in Maple Shade. Apex Financial Advisors acquired the property from SIN Ventures Maple Shade for $15.6 million. The 109,841-square-foot, free-standing property is occupied by BJ’s Wholesale Club. Brad Nathanson of CBRE represented the seller and procured the buyer in the deal.

September 8, 2016

New Jersey Northeast Retail

Milbrook Properties Signs Three New Tenants to Shopping Center in New Jersey

by Amy Works September 8, 2016

LINDEN, N.J. — Milbrook Properties has signed three new tenants to Aviation Marketplace, its 644,565-square-foot shopping center located at 601-901 W. Edgar Road in Linden. In the first deal, Massage Envy Spa inked a 10-year lease for 2,598 square feet of space. Jeffrey Realty and RJ Brunelli Real Estate co-brokered the transaction. In the second lease, European Wax Center signed a 10-year deal for 1,522 square feet of space. Jeffrey Realty and RJ Brunelli Real Estate also co-brokered this lease. In the final transaction, Source Plasma Manufacturing leased 3,661 square feet of space for 11 years. Jeffrey Realty co-brokered the deal. Additional tenants at the center include Shop Rite, The Home Depot, Marshalls, Old Navy, AC Moore, The Avenue, Applebee’s, Ten Spot, GNC, Allstate and GameStop.

September 8, 2016

Retail Texas

Guitar Center to Open New Location in Metro Dallas

by Haisten Willis September 8, 2016

CEDAR HILL, TEXAS — Guitar Center has leased 13,349 square feet of junior anchor space at Cedar Hill Pointe, a retail center located at the northwest corner of Pleasant Run Road and U.S. Highway 67 in Cedar Hill. Steve Gray and Phillip Hooks of The Weitzman Group handled negotiations as leasing agents for the shopping center’s owner, along with Cole Burdette and Rob Franks of JLL. The new Guitar Center location is scheduled to open this fall. Other tenants in the shopping center include Jason’s Deli, Sherwin Williams, Sleep Number, FedEx Kinko’s, SAS Shoes and Fantastic Sams.

September 8, 2016

Retail Texas

M&M Arranges Sale of 9,100 SF Net-Leased Retail Property in Central Texas

by Haisten Willis September 8, 2016

LAGUNA PARK, TEXAS — Marcus & Millichap has arranged the sale of a 9,100-square-foot retail building in Laguna Park net-leased to Dollar General. Thomas Costello of Marcus & Millichap’s office in The Woodlands secured the buyer, a private partnership. The property is located at Secunda Street and Highway 22.

September 8, 2016

Florida Retail Southeast

CBRE Brokers $37.8M Sale of Shopping Center in Central Florida

by John Nelson September 8, 2016

LADY LAKE, FLA. — CBRE has brokered the $37.8 million sale of Rolling Acres, a 189,390-square-foot shopping center located along U.S. Highway 441 in Lady Lake. The property is anchored by TJ Maxx, Ross Dress for Less, Petco, Staples, Beall’s Outlet and Michaels. Outparcel tenants include Chick-fil-A, Outback Steakhouse and Carrabba’s Italian Grill. Cole Credit Property Trust IV Inc. purchased Rolling Acres from an affiliate of Sterling Global Financial Ltd. Dennis Carson and Casey Rosen of CBRE’s national retail investment group’s Florida team represented the seller in the transaction.

September 8, 2016

New York Northeast Retail Top Stories

Two Non-Traded Retail REITs Merge in $1.4B Transaction

by John Nelson September 8, 2016

NEW YORK CITY — American Finance Trust Inc. (AFIN) has acquired all of the outstanding common stock of American Realty Capital – Retail Centers of America Inc. (RCA) for approximately $1.4 billion, including the assumption or repayment of $432 million in debt. The merger of the two New York-based, non-traded REITs creates a retail REIT with an enterprise value of approximately $3.9 billion. The combined company will retain the AFIN name and continue to be led by AFIN’s management team, with the addition of Kase Abusharkh from RCA, who will serve as AFIN’s chief investment officer of the multi-tenant portfolio. Members of both boards of directors will continue to serve on the board of the combined company. “The combination of AFIN and RCA will help the company achieve critical scale, afford improved access to capital markets, result in significant cost savings for shareholders and increase coverage of our distributions,” said Michael Weil, CEO of AFIN. “For AFIN, today’s announcement is a key step forward in our plan to grow earnings.” AFIN, formerly known as American Realty Capital Trust V Inc., was formed in January 2013 to acquire mostly freestanding, single-tenant retail properties leased to investment grade or other creditworthy tenants. …

September 8, 2016

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