Retail

Faris Lee Investments Arranges $6.6M Sale of Retail Property in Massachusetts

by Amy Works February 18, 2016

FRANKLIN, MASS. — Faris Lee Investments has brokered the sale of Franklin Shops, a newly developed retail property located at 648 Old W. Central St. in Franklin. A private investor acquired the property from a private developer for $6.6 million. Starbucks Coffee, Noodles Co. and MedPost Urgent Care occupy the 8,911-square-foot property, which was completed in 2015. All three tenants have new, 10-year net leases in place. Matthew Mousavi and Patrick Luthre of Faris Lee Investments represented the seller in the transaction.

February 18, 2016

Cooks-Corner-Shopping-Center-Brunswick-ME

Maine Northeast Retail

Katz Properties Acquires 302,000 SF Shopping Center in Maine for $13.2M

by Amy Works February 17, 2016

BRUNSWICK, MAINE — Katz Properties has acquired Cook’s Corner Shopping Center, a 302,000-square-foot shopping center in Brunswick, for $13.2 million. Situated on 32.5 acres, the property is occupied by a diverse tenant mix including Sears, Regal Cinema, Big Lots, TJ Maxx, Staples, Dollar Tree, Applebee’s, Dunkin’ Donuts and Five Guys Burgers & Fries. At the time of sale, the property was 84 percent occupied. Acquisition financing was provided by Blue Hills Bank of Massachusetts and arranged by Tim Breda and Peter Kenn of Goedecke & Co. Geoffrey Millerd and Justin Smith of Newmark Grubb Knight Frank represented the undisclosed seller in the transaction.

February 17, 2016

Illinois Midwest Retail

The Missner Group to Build 14,000 SF of Retail Space in Suburban Chicago

by Christina Cannon February 17, 2016

ORLAND PARK AND NAPERVILLE, ILL. — The Missner Group will construct two retail spaces totaling 14,000 square feet in suburban Chicago. In the first project, The Missner Group will build a 10,000-square-foot facility in Orland Park, about 26 miles southwest of Chicago. Two existing buildings will be demolished to make room for the new building, which will house a Mattress Firm store and restaurant State & Main. The center, which will be located at 29 E. Orland Square Drive, will be an outlot of Orland Square Mall. Ireland Architects is serving as the architect for the project. In the second project, The Missner Group will demolish an existing building in Naperville, about 35 miles southwest of Chicago, to construct a 4,000-square-foot, freestanding building for a Mattress Firm. Oliveri Architects is providing the architectural services for this project. The Missner Group will also construct a parking lot and complete landscaping and utilities for both projects. United Growth is the developer for the retail properties, which will be completed this spring.

February 17, 2016

Illinois Midwest Retail

SVN | Chicago Commercial Brokers $1.6M Sale of Retail Property in Chicago Suburb

by Christina Cannon February 17, 2016

DOWNERS GROVE, ILL. — SVN | Chicago Commercial has brokered the $1.6 million sale of an 11,919-square-foot retail property in Downers Grove, approximately 23 miles west of Chicago. Drendel Commons, built in 2008, is located at 2561-2593 Ogden Ave. and features tenants such as Hertz, National Guard, Downers Grove Chiropractic & Acupuncture and NY Pizza Pie. Tim Franz of SVN | Chicago Commercial was the sole broker in the transaction. Both the buyer and seller in the deal were undisclosed.

February 17, 2016

Nevada Retail Western

Lee & Associates Arranges $25.5M Sale of Shopping Center in Reno

by Nellie Day February 17, 2016

RENO, NEV. — Lee & Associates has arranged the $25.5 million sale of South Creek, a 66,834-square-foot, 29-unit shopping center located in Reno. Lyle Chamberlain of Lee & Associates represented the seller, Horseshoe Bend LLC, and Chad Coons of Gilmore Coons Commercial Real Estate represented the buyer, Alves South Creek, in the transaction.

February 17, 2016

California Retail Western

American Apparel Emerges From Chapter 11 Bankruptcy

by Nellie Day February 17, 2016

LOS ANGELES — American Apparel, a manufacturer, distributor and retailer of branded fashion-basic apparel, has emerged from Chapter 11 as a private company after successfully implementing its plan of reorganization, approved by the Delaware bankruptcy court on Jan. 27, 2016. Under the reorganization plan, the company also converted its corporate form from a Delaware corporation to a Delaware limited liability company and, therefore, is now known as American Apparel LLC. American Apparel’s legal advisor in connection with the restructuring was Jones Day. FTI Consulting served as its restructuring advisor and Moelis & Company served as its investment banker for the restructuring. Milbank, Tweed, Hadley & McCloy LLP was the legal advisor to the bondholders and Ducera Partners LLC served as restructuring advisor. As of Feb. 1, 2016, American Apparel LLC operated 202 retail stores in 19 countries including the United States and Canada.

February 17, 2016

California Restaurant Retail Western

Dickey’s To Open 100th California Restaurant

by Nellie Day February 17, 2016

INDIO, CALIF. — Dickey’s Barbecue Pit is set to open its 100th California location. Dickey’s already has more than 530 locations in 43 states. After Texas, California has the most Dickey’s locations. Owner/operators Michael and Margarita Tucker currently own the Dickey’s Barbecue Pit location in La Quinta and have signed a development agreement to open three more stores in Indio, Moreno Valley and Redlands in 2016.

February 17, 2016

Market Reports New Jersey Northeast Northeast Market Reports Retail

New Jersey Retail Market Sees Continued Strength

by Jaime Lackey February 17, 2016

Despite a bump in big-box inventory in the wake of the A&P bankruptcy, the New Jersey retail real estate market continues to gain strength. Leasing activity remains robust, with strong suburban markets augmented by heightened urban activity. The inventory of properties for sale remains tight, while new development is highlighted by large-scale projects. This year’s major headline has been A&P’s bankruptcy. The sell-off of the grocer’s stores is ongoing, with Stop & Shop and Acme key bidders. Still, the stores remaining unsold are forcing landlords to think outside the box and/or redevelop their shopping centers, providing the opportunity to improve tenant mix and increase lease rates. Meanwhile, these immediate opportunities could slow down nearby projects in the works, including developments that could have come out of the ground in 2016 or 2017. Hot markets include Paramus, a perennial favorite. Also in the north, the redevelopment of Wayne Town Center has attracted Costco, Nordstrom Rack, Saks Off 5th, Dick’s Sporting Goods, and ULTA. In Bridgewater, Whole Foods signed a lease at Bridgewater Crossing, and negotiations are progressing with several major off-price and full-price specialty retailers. In Union County, Clark Commons opened with Whole Foods, LA Fitness, Home Goods, Michaels, Petco, ULTA, …

February 17, 2016

Mixed-Use Office Restaurant Retail Texas

New Restaurant to Open in Villagio Town Center Mixed-Use Project in Metro Houston

by Haisten Willis February 16, 2016

KATY, TEXAS — Preparations are underway to launch a new concept of Hungry’s Café & Bistro, a dining venue with locations around Houston. Neima Sharifi and Sherbim Sharifi, nephews of Hungry’s original founder, are planning a mid-March opening for Local Table by Hungry’s in Villagio Town Center, where the company has leased 4,558 square feet of restaurant space. The Sharifi brothers have leased the last retail vacancy in Villagio Town Center, which is located at 22756 Westheimer Parkway in Katy. The 107,119-square-foot project’s office component is nearly 100 percent leased, with just 2,000 square feet of shell space available. Rachael Keener of NewQuest Properties represented the landlord, Villagio Investment Holdings, and also served as Hungry’s tenant representative. The prototype restaurant will include an inside bar plus a patio that opens to the courtyard. The Local Table site search had concentrated on Katy and The Woodlands. Local Table will include take-out and delivery service at lunch and casual dinner dining.

February 16, 2016

New Jersey Northeast Retail

Walters Group Breaks Ground for Five Below at Stafford Park Shopping Center in New Jersey

by Amy Works February 16, 2016

STAFFORD TOWNSHIP, N.J. — Walters Group is constructing a Five Below store at Stafford Park Shopping Center in Stafford Township. Slated for completion by mid-2016, the 8,176-square-foot retail space will be leased to Five Below under a 10-year contract. The 400,000-square-foot Stafford Park Shopping Center is occupied by Costco, Target, PetSmart, Dick’s Sporting Goods, Best Buy, Olive Garden, AT&T, The Vitamin Shoppe and Ulta Beauty, among others. Walters Group developed the center in 2008.

February 16, 2016

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