NICHOLASVILLE, KY. — Cypress Property Group has brokered the $2.6 million sale of a 4,850-square-foot Panera Bread restaurant located at 101 Cynthia Drive in Nicholasville. The single-tenant restaurant building is leased to Panera Bread on a triple-net basis. Cypress represented the undisclosed seller in the transaction. The asset sold at a 5.76 percent cap rate, according to Cypress.
LOS ANGELES — The old formula for shopping center success no longer applies today, thanks to the advent of mobile technology, e-commerce competition and changing consumer tastes. This was the sentiment put forth by speakers and panelists at Shopping Center Business’s Entertainment Experience Evolution conference, held Feb. 24 and 25 at Regal Cinema House and the J.W. Marriott at L.A. Live in Los Angeles. Jerry France, chairman and CEO of France Media, set the stage during his opening remarks where he noted how far the retail industry has come — and how much potential is still in store. “We live and work in a very interesting country and are in a very exciting industry,” he said. “Having been in this industry for 50 years, I have seen a lot of change. Today we see a change in retail due to e-commerce versus bricks and mortar. We’re now seeing some e-commerce companies becoming bricks and mortar, so it goes both ways.” “I would not write retail off,” France continued. “I see tremendous growth ahead of us, with lots of new projects.” Indeed, there are many “new” projects on the horizon, though the meaning of this term has changed right alongside the retail …
REISTERSTOWN, MD. — Greenberg Gibbons has purchased Reisterstown Shopping Center, a 167,212-square-foot shopping center in Reisterstown, for $34.5 million. The property’s tenant roster includes Mars Supermarket, Planet Fitness and a mix of national and regional stores and restaurants. Greenberg Gibbons purchased the center from a partnership including Chesapeake Realty Partners for an undisclosed price. Greenberg Gibbons plans to remerchandise the property and bring new stores and restaurants to the retail lineup.
GALLATIN, TENN. — BC Wood Properties has sold Gallatin Center, a 138,238-square-foot shopping center located in Gallatin, for $9 million. The center’s tenant roster includes Burke’s Outlet, Ollie’s, Tractor Supply, Hibbett Sports and Goodwill. BC Wood increased the property’s occupancy from 80 percent to 99 percent during the life of its ownership of the center. The Lexington, Ky.-based shopping center owner and manager sold Gallatin Center through BC Wood Properties Fund I, an investment vehicle that BC Wood launched in 2013.
FRISCO, TEXAS — GBT Realty Corp., a national real estate development company based in Brentwood, Tenn., will develop the second Sprouts Farmers Market in Frisco and the 40th in Texas. GBT acquired 2.3 acres of the 12-acre retail site at Eldorado and Teel parkways on Feb. 16 from CMTEX Inc. for $1.1 million. To date, GBT has developed four locations in two states for the grocer. The construction of Sprouts Farmers Market is in conjunction with a 63,900-square-foot retail center planned by CMTEX Inc. The store is scheduled to open in early 2017.
BURLINGTON, MASS. — Colliers International has arranged $45 million in refinancing for Third Avenue, a newly constructed Class A retail walking street in located off Middlesex Turnpike in Burlington. Colliers secured the 22.5-year loan, which features a fixed-rate, for Nordblom Co. through Sun Life Assurance Company of Canada, a correspondent life company lender. Jeff Black and Kevin Phelan of Colliers represented the borrower in the transaction.
DANIEL ISLAND, S.C. — Crossman & Co. has brokered the sale of Daniel Island Town Center, a Publix-anchored, 68,688-square-foot shopping center located on Seven Farms Drive in Daniel Island in metro Charleston. The property was 98 percent occupied at the time of sale. Publix Super Markets Inc. purchased the shopping center from an unnamed institutional group based in the Northeast for nearly $14 million.
EULESS, TEXAS — Cinépolis USA has signed a lease for 52,000 square feet in the second phase of Glade Park, a new power retail project located at the southwest corner of SH-121 and Glade Road in Euless. Blake Shipp of The Weitzman Group handled negotiations for Cinépolis USA as the theater chain’s tenant representative in metro Dallas. Neil Baron represented the cinema chain as its in-house representative. Cinépolis USA will develop a multi-screen cinema at Glade Park that will feature automated recliners, a bar and gourmet snacks. The location is set to open in summer 2017.
NEW YORK CITY — Triangle Equities has broken ground on Lighthouse Point, a $200 million mixed-used project on the St. George waterfront in Staten Island. Triangle, along with its partner, Lubert Adler LLP, secured construction financing for the first phase of development. The project is being financed through a partnership of private and public sector groups, including $30 million of construction loans and tax credit equity from the Goldman Sachs Urban Investment Group, $29 million of construction loans from Citizens Bank, $16.5 million from Empire State Development, $6.2 million of capital from New York City, and joint venture equity from Triangle and Lubert Adler. The first phase, which is slated for completion in 2017, will feature 65,000 square feet of retail and office space, as well as restaurant space, entertainment space and a 12-story residential tower with 116 apartment units. Regus, a shared workspace provider, has signed a 15-year lease to occupy 30,000 square feet of space at the first phase. Following completion of the first phase, Triangle will rehabilitate and repurpose the four historic structures, historic wall and multiple underground vaults currently situated on the site. This repurposing will allow for additional restaurant, office and hospitality space, including a …
NEW YORK CITY — Treetop Development has acquired a development site located at 121-129 E. 144th St. in the Mott Haven section of the Bronx for an undisclosed sum. Situated in a special mixed-use district zoning area (MX-13), the property has 68,326 buildable square feet as-of-right, with the option to develop up to 91,000 square feet by utilizing the inclusionary housing bonus. Treetop, a multifamily owner and investor focused on renovating and developing market-rate properties in New York City, is in the process of determining the best use for the site. Jason Gold, Victor Sozio, Scot Hirschfield, Marko Agbaba and Michael Tortorici of Ariel Property Advisors represented the undisclosed seller and procured the buyer in the transaction.
