Retail

CityCenter Holdings, Invesco, Simon Property Group Agree to Buy The Shops at Crystals in Las Vegas for $1.1B

by Jeff Shaw March 18, 2016

LAS VEGAS — A joint venture between CityCenter Holdings LLC, Invesco Real Estate (NYSE: IVZ) and Simon Property Group (NYSE: SPG) has agreed to acquire The Shops at Crystals in Las Vegas from an undisclosed seller for approximately $1.1 billion. CityCenter Holdings LLC is itself a joint venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp. The Shop at Crystals is located at the entryway of City Center in the heart of the Las Vegas Strip. City Center is a mixed-use development that includes ARIA Resort & Casino, a 4,004-room casino resort; Mandarin Oriental Las Vegas, a 392-room boutique hotel with 225 luxury condominium residences; Crystals, a retail and entertainment district consisting of approximately 355,000 square feet of leasable retail space; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and the Veer Towers, which contain 669 luxury condominium residences. The transaction to acquire the 324,000-square-foot shopping center is expected to close in the second quarter of this year. “This transaction demonstrates the strength in Las Vegas as a premier destination for visitors around the world,” says Jim Murren, chairman and CEO of MGM Resorts International. “We believe that Invesco Real Estate and Simon Property Group are the …

March 18, 2016

Retail Washington Western

Vestar Acquires James Center in Metro Seattle for $31.4M

by Nellie Day March 18, 2016

TACOMA, WASH. — Vestar has acquired James Center, a 140,240-square-foot shopping center located in Tacoma, for $31.4 million. The center is located at 6901 S. 19th St. directly across from Tacoma Community College. Tenants at James Center include Fred Meyer, Rite Aid, Starbucks Coffee, Subway, Verizon, Menchie’s, U.S. Bank, IHOP, FedEx, Kinko’s and Ivar’s. Over the past 12 months, Vestar has acquired five retail centers valued at $670 million throughout the Western U.S.

March 18, 2016

California Retail Western

HFF Secures $22.75M Refinancing for Retail Center on U.S./Mexico Border

by Nellie Day March 18, 2016

SAN YSIDRO, CALIF. — HFF has secured a $22.75 million refinancing for The Plaza at the Border, a 98,120-square-foot retail center located along the U.S./Mexico border in San Ysidro. Aldon Cole and Tim Wright of HFF worked on behalf of the borrower, The Shamrock Group LLC, to place the three-year, floating-rate loan with NorthStar Real Estate Income II Inc. Tenants at the center include T.J. Maxx, Ross Dress for Less, Vitamin Shoppe, Fashion Q, Rue 21 and Ulta Beauty.

March 18, 2016

Loans Retail Texas

Eastern Union Arranges $8.8M Refinancing of Tulsa Promenade Mall

by Haisten Willis March 18, 2016

TULSA, OKLA. — Eastern Union Funding has secured an $8.8 million loan for the refinancing of the Tulsa Promenade, a 424,633-square-foot enclosed regional mall in Tulsa, Okla. Abe Kolman of Eastern Union arranged the non-recourse, five-year loan on behalf of Tulsa Promenade Realty Management LLC, a New York-based borrower. Ready Capital Structured Finance was the lender. The loan includes future tenant improvements and leasing commissions that will be used to address lease rollover at the property, which was purchased in a short sale more than two years ago for $12.3 million. Situated on 22 acres, the mall is anchored by Dillard’s, Macy’s, JCPenney and Sky Fitness & Wellbeing. Regal Promenade Palace Stadium 12 is also located in the mall.

March 18, 2016

Illinois Midwest Mixed-Use Multifamily Retail

Baum Realty Group Brokers Sale of Three Chicagoland Properties for $49.5M

by Christina Cannon March 18, 2016

LINCOLNWOOD AND CHICAGO, ILL. — Baum Realty Group LLC has brokered the sale of three Chicagoland properties for $49.5 million. In the first deal, Baum Realty represented an undisclosed seller in the disposition of a 45,000-square-foot retail center anchored by CVS. The property is located at 7175 N. Lincoln Ave. in Lincolnwood and sold for $9.8 million. In the second transaction, Baum Realty represented the buyer of a 90,000-square-foot mixed-use property in Chicago. Located at 3115 N. Broadway, the facility consists of ground-floor retail and a four-level parking garage. The buyer plans to convert the property, acquired for $5.7 million, for multifamily use. Lux24 is a 73-unit apartment tower in Chicago’s West Loop that sold for $34 million. Baum Realty brokered the off-market transaction of the 66,000-square-foot property. Danny Spitz and Greg Dietz of Baum Realty brokered all three transactions.

March 18, 2016

Florida Retail Southeast

Codina Partners Signs Publix to Anchor Downtown Doral in Metro Miami

by John Nelson March 18, 2016

DORAL, FLA. — Codina Partners has signed a lease with Publix Super Markets to anchor Downtown Doral, a live/work/play/learn development under construction in downtown Doral, a suburb of Miami. The Publix will be located on N.W. 53rd Terrace and serve as the development’s sole grocer. Downtown Doral will also feature 70 retail stores and restaurants, 400,000 square feet of office space, 2,840 residential units, a charter elementary school and public green spaces. Construction on the Publix is expected to begin in September 2016 with an expected December 2017 opening.

March 18, 2016

Market Reports Restaurant Retail Texas Texas Market Reports

Retail, Restaurant Activity in The Woodlands is Robust and Continues to Grow

by Haisten Willis March 18, 2016

Retail and restaurant activity is strong in Houston. The Woodlands, an award-winning master planned community located 27 miles north of downtown Houston, has defied the negative impact of the oil and gas market by staying extremely solid with high occupancy and strong rents. Both retail and restaurants have seen robust growth. “Despite reports of Houston’s economic slowdown, the retail market isn’t fazed by the dropping oil prices,” says CBRE’s Houston retail research report for third quarter 2015. “In fact, construction has increased, national retailers are bullish on the Bayou City and five years of the strongest population gains in the nation are driving healthy retail growth.” Retail occupancy in the Far North sector, including The Woodlands, remains at approximately 94 percent for the third quarter of 2015, according to CBRE. Suburban Expansion While traffic in the Houston area continues to become congested, suburban cities such as The Woodlands offer shoppers and diners almost all of their retail needs within the walls of the community. Residents are finding no reason to leave. Retail in Houston and The Woodlands is limited by supply. As quickly as construction begins on new retail sites, preleasing occurs. “Fortunately, there is currently 2.6 million square feet …

March 18, 2016

Mixed-Use New York Northeast Office Retail

Howard Hughes Corp. Completes $390M Sale of Lower Manhattan Development Site

by Amy Works March 17, 2016

NEW YORK CITY — The Howard Hughes Corp. has completed the sale of a development site located at 80 South St. in Lower Manhattan. China Oceanwide Holdings acquired the 42,694-square-foot lot for $390 million. Adjacent to the revitalized Seaport District, the site is capable of supporting 817,784 square feet of fully entitled development rights. The newly repositioned Seaport District will encompass seven buildings on several city blocks totaling more than 365,000 square feet of dining, shopping, entertainment and cultural event space.

March 17, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Brokers $11M Sale of Two Buildings in Brooklyn

by Amy Works March 17, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two buildings, located at 706-764 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Agmine Corp. acquired the assets, which are located on the same tax lot, for $11 million, or $709 per square foot. 764 Manhattan Avenue is a mixed-use building offering four retail units and nine residential units, and 760 Manhattan Avenue features two stories of commercial space, with RadioShack occupying the ground-floor unit. Combined, the properties offer 15,500 square feet of commercial and residential space. Brendan Maddigan of Cushman & Wakefield represented the seller, the Hazelwood family, in the transaction.

March 17, 2016

Retail Texas

M&M Arranges Sale of 19,927 SF Retail Property in Houston

by Haisten Willis March 17, 2016

HOUSTON — Marcus & Millichap has arranged the sale of West Shopping Center, a 19,927-square-foot retail property located in Houston. Watt Harrison and James Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. West Shopping Center is located at 13442 Bellaire Boulevard in Houston.

March 17, 2016

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