Retail

Meridian Capital Arranges $18M in Acquisition Financing for Mixed-Use Property in Manhattan

by Amy Works February 15, 2016

NEW YORK CITY — Meridian Capital Group has arranged $18 million in acquisition financing for the purchase of a mixed-use property, located at 16 E. 18th St. in Manhattan. The borrower was Stone Street Properties. The three-year loan, which was provided by a national balance sheet lender, features a floating rate and interest-only payments for the full term with two one-year extension options. The building features eight residential units and one retail unit, which is occupied by Paragon Sports. The buyer plans to renovate the full-floor residential units. Drew Anderman and Alan Blank of Meridian negotiated the financing transaction.

February 15, 2016

Retail Southeast Virginia

Sterling Organization Acquires Shopping Center in Metro D.C. for $42.5M

by John Nelson February 15, 2016

MANASSAS, VA. — Sterling Organization has purchased Westgate Shopping Center, a grocery-anchored shopping center located in the Washington, D.C., suburb of Manassas, for $42.5 million. The 171,909-square-foot property is located at the southeast corner of Sudley Road and Lomond Drive, roughly 25 miles west of downtown Washington, D.C. Westgate was 99 percent leased at the time of the sale to tenants such as Giant, CVS/pharmacy, Barnes & Noble, Total Wine, Pier 1 Imports, Panera Bread, Virginia ABC, Baja Fresh and Sleepy’s. Sterling purchased the shopping center through its institutional stabilized fund Sterling United Properties I LP from a subsidiary of Katz Properties.

February 15, 2016

Florida Retail Southeast

CBRE Brokers $28.6M Sale of Power Retail Center in South Florida

by John Nelson February 15, 2016

ROYAL PALM BEACH, FLA. — CBRE has arranged the $28.6 million sale of Buckingham Plaza, a 91,000-square-foot retail power center in Royal Palm Beach in suburban Palm Beach County. The property was 100 percent leased at the time of sale to tenants such as T.J. Maxx, Michaels, Shoe Carnival and Tuesday Morning. The shopping center has cross connectivity with the Shoppes at Isla Verde. An affiliate of San Francisco-based Stockbridge Capital Group purchased Buckingham Plaza from an affiliate of Boca Raton-based PEBB Enterprises. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction.

February 15, 2016

California Retail Western

Armstrong Development Properties to Redevelop Auto Dealership in Sacramento

by Nellie Day February 15, 2016

SACRAMENTO, CALIF. — Sacramento-based Armstrong Development Properties Inc. is developing a retail center at the former Hubacher Cadillac dealership, located at 1 Cadillac Drive in Sacramento. Situated on 6.4 acres at the corner of Howe Avenue and Fair Oaks Boulevard, the site will be redeveloped into a multi-tenant retail center, including a 16,900-square-foot CVS/pharmacy, 8,900 square feet of restaurant and shop space, and a 36,144-square-foot Raley’s grocery store. Demolition on the existing car dealership began in 2015, and the new center is slated for completion in spring 2017.

February 15, 2016

California Retail Western

Room & Board Signs 12,000 SF Lease at South Coast Collection in Costa Mesa

by Nellie Day February 15, 2016

COSTA MESA, CALIF. — Room & Board has signed an eight-year, 12,000-square-foot lease for retail space within South Coast Collection (SOCO), located at 3303-3323 Hyland Ave. in Costa Mesa. The Minneapolis-based modern furniture and home furnishings retailer is relocating to SOCO from South Coast Plaza where it had occupied 36,000 square feet for 15 years. SOCO features more than 300,000 square feet of showrooms, restaurants, artisan food purveyors, boutiques and creative studios. Myron Sokolsky of NAI Capital represented the tenant in the lease transaction. Terms of the transaction were not released.

February 15, 2016

California Retail Western

CBRE Arranges $5.3M Sale of Shopping Center in Calexico

by Nellie Day February 12, 2016

CALEXICO, CALIF. — CBRE Group has brokered the sale of Calexico Commons, a shopping center located at 2300 Imperial Ave. in Calexico. B.H. Properties LLC sold the 145,378-square-foot property to an affiliate of Pacific Properties Group Inc. for $5.3 million. Built in 1982 and situated on 10.7 acres, Dollar Tree and Fallas Paredes anchor the center. Reg Kobzi, Brad Jones and Joel Wilson of CBRE represented the seller in the transaction.

February 12, 2016

California Retail Western

Grand Restaurant Group Brings New Restaurant to Rancho Santa Fe

by Nellie Day February 12, 2016

RANCHO SANTA FE, CALIF. — Grand Restaurant Group has signed a seven-year lease for 5,808 square feet of restaurant space at 6106 Paseo Delicias within Rancho Santa Fe Village in Rancho Santa Fe. The company plans to open Ponsaty’s, a restaurant led by Chef Patrick Ponsaty, in June at the space, which was the former Delicias site. Bill Shrader and David Maxwell of Colliers International represented the landlord, Millar Properties, while Michelle Bothof of Brush Real Estate and Financial Services represented the tenant in the transaction.

February 12, 2016

the-market-at-czech-hall-oklahoma-city-gbt-realty-corporation

Oklahoma Retail Texas

GBT Acquires Site for Retail Center in Oklahoma City

by Haisten Willis February 12, 2016

OKLAHOMA CITY, OKLA. — GBT Realty Corp. has acquired 30 acres in Oklahoma City to develop the first phase of a $50 million development known as The Market at Czech Hall. The project is a 450,000-square-foot regional neighborhood center. Phase one includes the construction of 180,000 square feet of retail, along with seven available outparcels, with the first tenant expected to open fall 2016. GBT purchased the property on Jan. 11 for $3 million. The development team includes engineering firm Crafton Tull and MJM Architects.

February 12, 2016

Retail Texas

Ten-X Brokers Sale of Houston Retail Center for $2.2M

by Haisten Willis February 12, 2016

HOUSTON — Ten-X, formerly known as Auction.com, has brokered the sale of Lighthouse Plaza, a 10,600-square-foot retail strip center in Houston that sold on the Auction.com platform for $2.2 million. A local individual investor purchased the 2013-built, 100-percent occupied center. A local LLC was the seller. Saqib Ali of Champions Real Estate, who worked with Alexander Lavell of Ten-X, brokered the transaction. Located at 8245 Mills Road, Lighthouse Plaza is a single-building structure.

February 12, 2016

Illinois Loans Midwest Office Retail Wisconsin

Cohen Financial Arranges $28.2M in Acquisition Financing for Properties Across Midwest

by Christina Cannon February 12, 2016

CHICAGO — Chicago-based Cohen Financial has arranged $28.2 million in acquisition financing for LLJ Ventures LLC. The California-based buyer has purchased several properties in the state of Illinois and Wisconsin. In the first transaction, Dan Rosenberg of Cohen Financial arranged an $11 million loan with a 10-year term for The Armitage Collection, a portfolio of five retail buildings in the Lincoln Park neighborhood of Chicago. The buildings in the portfolio are 100 percent leased. In the second transaction, Rosenberg arranged a $17.2 million, 10-year CMBS loan for a 57,000-square-foot medical office, Racine Dental, in Racine, Wis.

February 12, 2016

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