Retail

Colliers Brokers $16.1M Sale of Shopping Center in St. Petersburg

by John Nelson February 9, 2016

ST. PETERSBURG, FLA. — Colliers International has arranged the $16.1 million sale of Shoppes at the Royale, a 46,020-square-foot shopping center located at 1400-1500 66th St. North in St. Petersburg’s Tyrone neighborhood. Built in 2008, the property is fully leased to tenants such as Pei Wei Asian Diner, Massage Envy, Orangetheory Fitness and Verizon Wireless. In 2012, Atlanta-based Halpern Enterprises purchased the shopping center out of foreclosure at 52 percent occupancy. Halpern Enterprises sold the property to Sarall II LLC, a private investor that owns shopping centers in Sarasota and Fort Myers. Michael Milano, Ronald Schultz and Ben McLeish of Colliers International’s Tampa Bay office represented Halpern in the transaction. McLeish previously leased the property on behalf of Halpern.

February 9, 2016

North Carolina Retail Southeast Top Stories

CBL Completes Sale of Majority Interest in Triangle Town Center to DRA Advisors

by Katie Sloan February 9, 2016

RALEIGH, N.C. — CBL & Associates Properties Inc. (NYSE: CBL) has closed on a new joint venture with DRA Advisors LLC that significantly reduces the retail real estate investment trust’s ownership stake in Triangle Town Center and Commons mall in Raleigh. The new joint venture acquired the property from an existing 50/50 joint venture between CBL and The Richard E. Jacobs Group for a total consideration of $174 million, including the assumption of a $171.1 million loan secured by the property. CBL now holds a 10 percent ownership position in the asset and is responsible for leasing and managing the property. DRA Advisors holds a 90 percent ownership position. The center, which was 96 percent occupied at the end of 2015, is anchored by North Carolina’s only Saks Fifth Avenue location, and is located at the intersection of Triangle Town Boulevard and I-540 near Capital Boulevard and Old Wake Forest Road. The $171.1 million loan on the property, which matured in December 2015, has been modified and restructured with an initial term of three years maturing in December 2018. The loan includes two one-year extension options available to the new joint venture for a final maturity date of December 2020. …

February 9, 2016

California Retail Western

Majestic Realty Co. Signs Four New Tenants at Mountain Grove in Redlands

by Nellie Day February 8, 2016

REDLANDS, CALIF. — Majestic Realty Co. has signed four new tenants at Mountain Grove, a 67-acre shopping center in Redlands. Jeff Stanley of Lee & Associates represented Farmer Boys in the lease of 2,502 square feet of restaurant space; Justin Schultz of CBRE represented Nike Inc. in the lease of 25,000 square feet of retail space; and Robert Brady of Voit Real Estate represented Waba Grill in a deal for 1,495 square feet of restaurant space. Additionally, JoJo’s Grill A Dog inked a deal for 1,209 square feet of restaurant space at the shopping center. John Hunter and Tom Cozzolino provided in-house representation for the landlord, Majestic, in the transactions.

February 8, 2016

California Retail Western

Yellow Fever Leases 1,500 SF Restaurant Location in Venice

by Nellie Day February 8, 2016

VENICE, CALIF. — Yellow Fever, an Asian-inspired fast casual restaurant, has leased retail space at 2570 Lincoln Blvd. within the Plaza Marina in Venice. The 1,500-square-foot space marks the restaurant’s second location and its entry into the Los Angeles market. The restaurant features customizable Asian-inspired bowls. Michael Pakravan and Ed Sachse of Kennedy Wilson represented the tenant and the landlord, Quiet Lion 7 LP, in the transaction.

February 8, 2016

Multifamily New York Northeast Retail

Cignature Realty Negotiates $21.6M Sale of Residential Building in Manhattan

by Amy Works February 8, 2016

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a residential building located at 4300 Broadway in Upper Manhattan. Quantum Equities sold the property to Sugar Hill Capital Partners for $21.6 million. Built in 1955, the six-story, elevator-serviced building features 54 residential units and a 6,000-square-foot vacant retail space. The rent-regulated building features a mix of studios and one- and two-bedroom apartments. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented both parties in the off-market transaction.

February 8, 2016

New Hampshire Northeast Retail

Linear Retail Properties Acquires Retail Building in New Hampshire for $12M

by Amy Works February 8, 2016

NASHUA, N.H. — Burlington, Mass.-based Linear Retail Properties has acquired a free-standing building located at 235 Daniel Webster Highway in Nashua. The 29,554-square-foot property, which is occupied by Barnes & Noble Bookstore, sold for $12 million. The property is connected to three other Linear Retail centers: Daniel Webster Plaza, Daniel Webster Shops and Daniel Webster Crossing. The name of the seller was not released.

February 8, 2016

Mixed-Use Restaurant Retail Texas

Golden Chick Opens New Location in Burleson Commons Mixed-Use Development

by Haisten Willis February 8, 2016

BURLESON, TEXAS — Golden Chick has opened a new location at Burleson Commons. The property is located at the intersection of Wilshire Boulevard and FM 731 in Burleson. Golden Chick joins the new Kroger, which opened last month. Cullinan Properties, headquartered in Peoria, Ill., owns and manages Burleson Commons. SRS Real Estate’s Dallas/Fort Worth office represented Cullinan in the sales transaction. First opened in the late 1960’s in San Marcos, Golden Chick is a chain of franchise restaurants in the south and southwest United States with more than 150 locations. The chain’s flagship menu item has been its Golden Tenders, which are marinated, hand-battered chicken tenderloins.

February 8, 2016

Retail Texas

M&M Arranges Sale of 12,054 SF Retail Property in Arlington

by Haisten Willis February 8, 2016

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of North Davis Plaza, a 12,054-square-foot retail property located in Arlington. Bill G. Jordan of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a partnership. Jordan also secured the buyer, a private investor. North Davis Plaza is located at 2430 N. Davis Drive. The shopping center was built in 1985 and is 52 percent occupied. Tenants include Animal Clinic of Arlington, Mr. Jim’s Pizza, Sportswear World and The Dog Grooming Shop.

February 8, 2016

Loans Retail South Carolina Southeast

Aztec Secures $14M Construction Loan for Publix-Anchored Shopping Center in South Carolina

by John Nelson February 8, 2016

CHAPIN, S.C. — Aztec Group Inc. has secured a $14 million construction loan for Chapin Crossing Shopping Center, a Publix-anchored project underway in Chapin. The shopping center will feature a 45,600-square-foot Publix, roughly 36,000 square feet of inline shop space and three outparcels that can span up to 41,000 square feet. The project will be situated on a 20-acre lot near Lake Murray. Jason Shapiro and Sean Harrington of Aztec Group originated the three-year loan on behalf of the borrower, Chapin & Lex LLC, a joint venture between Mayan Properties, Elion Partners and CF Properties. The loan features a four-year extension option.

February 8, 2016

Louisiana Retail Southeast

Two X Team Partners Complete Northern Tool + Equipment Lease in Louisiana

by John Nelson February 8, 2016

HOUMA, LA. — Venture Commercial Real Estate and SRSA Commercial Real Estate, two X Team International partners, have arranged a 20,023-square-foot lease for Northern Tool + Equipment in Houma. The family-owned and operated chain of hardware stores will occupy space at Houma Power Center, joining Old Navy, Burkes Outlet, Shoe Carnival and Pier 1 Imports. The shopping center is located between Martin Luther King Boulevard and West Main Street. Clay Mote of Venture Commercial and Kirsten Early of SRSA Commercial represented Northern Tool in the lease deal. Austin Lavin of Corporate Realty represented the landlord, Andrew Associates LLC. The Houma store will be Northern Tool’s second location in Louisiana.

February 8, 2016

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