Retail

CBRE Brokers $43.9M Sale of University Village in Riverside

by Nellie Day April 1, 2016

RIVERSIDE, CALIF. — CBRE has arranged the $43.9 million sale of University Village, a 180,681-square-foot, movie theater-anchored shopping center located in Riverside. University Village is located near the University of California at Riverside campus, and serves as the primary commercial area for the college. Philip Voorhees, Todd Goodman, Jimmy Slusher, Megan Wood, Matt Burson, Brad Rable, and Kirk Brummer of CBRE represented the seller, a Los Angeles-based partnership, in the transaction. A China-based private investor acquired the property.

April 1, 2016

California Retail Western

Kenneth Brown Salons Leases 4,000 SF in Newport Beach

by Nellie Day April 1, 2016

NEWPORT BEACH, CALIF. — Kenneth Brown Salons has signed a lease for 4,000 square feet of retail space at 2700 W. Coast Highway within Mariners Mile Square in Newport Beach. The 10-year lease begins in May. Rick Turner of DAUM Commercial represented the tenant, while Ned McCune of Mariners Mile Co. represented the landlord in the transaction.

April 1, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Tavros Development, Charney Construction Receives $44.3M in Financing for Brooklyn Land Assemblage

by Amy Works April 1, 2016

NEW YORK CITY — Tavros Development Partners and Charney Construction & Development have received $44.3 million in acquisition and pre-development financing for a 41,815-square-foot land assemblage located at 263-277 S. Fifth St. in Brooklyn’s Williamsburg section. The borrowers plan to develop a mixed-use asset featuring ground-level retail space, office and multifamily space on the fully entitled site. Aaron Appel, Jonathan Schwartz and Mark Fisher of JLL arranged the financing.

April 1, 2016

Connecticut Northeast Retail

Goodfellow Real Estate Arranges $3.7M Sale of Retail Plaza in Connecticut

by Amy Works April 1, 2016

NEWTOWN, CONN. — Goodfellow Real Estate has brokered the sale of Highland Plaza, a retail center located at 123 S. Main St. in Newtown. Newtown Highland LLC acquired the property from Highland HC LLC for $3.7 million. The property features three retail buildings. Bob Cascella of Goodfellow Real Estate represented both parties in the transaction.

April 1, 2016

Restaurant Retail Texas

Imperium to Redevelop Weatherford Town Square in Metro Dallas

by Haisten Willis April 1, 2016

WEATHERFORD, TEXAS — Imperium Holdings will develop units totaling 18,000 square feet overlooking the Parker County Courthouse in downtown Weatherford. The company is leasing and targeting several regional restaurants and entertainers for the town square redevelopment project. An average of 33,000 cars pass through the square, located at the intersection of US 51 and US 80, each day. Government, office, education and healthcare services are located on and around the square. Imperium expects to complete planning and leasing of the town square project in the coming months.

April 1, 2016

Midwest Ohio Retail

Namdar Realty Group Acquires 6,600 SF Retail Property in Cleveland

by Christina Cannon April 1, 2016

CLEVELAND — Namdar Realty Group has acquired a 6,600-square-foot retail property in Cleveland for an undisclosed price. KeyBank currently occupies the one-story building located at 5900 St. Claire Ave. CRESCO Real Estate represented the seller, a private investment fund, in the off-market transaction. The KeyBank branch renewed its lease six months prior to the transaction. Joel Gorjian of Namdar Realty Group represented the company in the deal.

April 1, 2016

Northeast Pennsylvania Retail

PREIT Sells 834,600 SF Lycoming Mall in Pennsylvania for $26.3M

by Amy Works March 31, 2016

PENNSDALE, PA. — PREIT has completed the disposition of Lycoming Mall, an enclosed mall located at 300 Lycoming Mall Circle in Pennsdale. The 834,600-square-foot asset sold for $26.3 million to an undisclosed buyer. Constructed in 1978 and redeveloped in 1990, the property’s current tenant roster includes Macy’s, Sears, JCPenney, Bon-Ton, Dick’s Sporting Goods, Books-A-Million, Burlington Coat Factory, Old Navy, American Eagle Outfitters, Bath & Body Works, The Children’s Place, Gymboree, Hollister, Justice, maurices, PacSun, Shoe Dept., Victoria’s Secret and Yankee Candle. Outparcel tenants include Best Buy, Big Lots and Friendly’s.

March 31, 2016

Loans Midwest Ohio Retail

BMC Capital Arranges $3.6M Acquisition Loan for Property Net Leased to Walgreens

by Christina Cannon March 31, 2016

LIBERTY TOWNSHIP, OHIO — BMC Capital has arranged a $3.6 million acquisition loan for a property net leased to Walgreens in Liberty Township, approximately 30 miles north of Cincinnati. The 10-year, interest-only loan features a fixed rate of 5.23 percent and a 30-year amortization schedule. Jada Jordan of BMC Capital arranged the loan for the undisclosed borrower through a CMBS lender.

March 31, 2016

Alabama Retail Southeast Virginia

PREIT Sells Three Non-Core Malls in Alabama, Virginia for $66M

by John Nelson March 31, 2016

PHILADELPHIA — Philadelphia-based PREIT has sold three non-core malls in Alabama and Virginia for $66 million. The malls include Gadsden Mall in Gadsden, Ala.; Wiregrass Commons Mall in Dothan, Ala.; and New River Valley Mall in Christianburg, Va. All three malls are anchored Belk and JC Penney. As part of its disposition strategy, PREIT has sold 13 non-core malls since November 2012, as well as a few retail power centers and land parcels, for roughly $600 million in gross proceeds. Average gross rents for the 13 malls sold were $28.82 per square foot, nearly 50 percent lower than PREIT’s portfolio average of $54.56 per square foot, excluding non-core malls. Average non-anchor occupancy for the 13 malls at the time of sale was 82.1 percent, which compares to a portfolio average of 92.9 percent at the end of 2015, excluding non-core malls.

March 31, 2016

Walgreens 0420 Forest Hill Boulevard Wellington

Florida Retail Southeast

Marcus & Millichap Brokers $9.5M Sale of Walgreens in West Palm Beach MSA

by John Nelson March 31, 2016

WELLINGTON, FLA. — Marcus & Millichap has arranged the $9.5 million sale of a 14,820-square-foot Walgreens located at 10420 Forest Hill Blvd. in Wellington, a suburb of West Palm Beach. The store is located at the entrance to The Mall at Wellington Green, a 1.3 million-square-foot regional mall anchored by Nordstrom, Dillard’s, JC Penney and Macy’s. The buyer, a limited liability company, purchased the Walgreens store at a sub 5 percent cap rate. Russell Malayery and Walter Chapman of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Benjamin Silver, Douglas Mandel and Richard Niewiadomski of Marcus & Millichap’s Fort Lauderdale office represented the buyer.

March 31, 2016

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