Retail

Schottenstein Property Group Acquires Retail Property in Kansas City for $17.5M

by Christina Cannon February 24, 2016

KANSAS CITY, MO. — Schottenstein Property Group Inc. has acquired a 142,600-square-foot retail center in Kansas City for $17.5 million. Retail Properties of America Inc. sold the asset, Stateline Station, which is 85 percent leased. The property, constructed in 2004, is anchored by Marshalls, Cost Plus World Market and a separately owned Super Target. Other retailers include Petco, Tuesday Morning, Mattress Firm, Pier 1 Imports and Dollar Tree. The shopping center is located at the intersection of Highway 150 and West 135th Street in an affluent area of Kansas City where the average household income in a three-mile radius of the center is $130,141. Amy Sands, Barry Brown and Clinton Mitchell of HFF represented the seller in the transaction.

February 24, 2016

Massachusetts Northeast Restaurant Retail

R. Calabrese Agency Brokers $2.4M Acquisition of Restaurant Property in Massachusetts

by Amy Works February 23, 2016

HADLEY, MASS. — Waterbury, Conn.-based R. Calabrese Agency has arranged the acquisition of a net ground lease for a restaurant building located on Route 9 in Hadley. NF LLC acquired the property from an undisclosed seller for $2.4 million. Situated on two acres, the 7,160-square-foot building is net-leased to Texas Roadhouse. Tony Valenti and Ralph Calabrese of R. Calabrese Agency represented the buyer in the in transaction.

February 23, 2016

Restaurant Retail Texas

Venture Arranges Sale of Lakewood Square in Metro Dallas

by Haisten Willis February 23, 2016

DENTON, TEXAS — Venture Commercial Real Estate’s investment sales team has completed the sale of Lakewood Square, a 14,919-square-foot retail center located on the northeast corner of Teasley Lane and Robinson Road in Denton. Lakewood Square’s tenants include Subway, Vanilla Family Dentistry and Napoli’s Italian Restaurant. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture Commercial represented the seller, Lakewood Partners. Michelle Hudson of Hudson Peters Commercial represented the buyer, a private investor.

February 23, 2016

Retail Washington Western

Vulcan Real Estate Acquires Two Retail Properties in Seattle for $30.9M

by Nellie Day February 23, 2016

SEATTLE — Vulcan Real Estate has acquired two retail properties comprising six acres on the north and south sides of South Jackson Street in Seattle for $30.9 million. Vulcan intends to develop a mixed-use project comprised of 570 multifamily units, subterranean parking and ground floor retail in two five- and seven-story buildings on the 3.6-acre south parcel of land currently known as Promenade 23. Runberg Architecture Group is designing the project. Groundbreaking is set for mid- to late-2017, with construction expected to last 24 months. Vulcan has no current development plan for the north parcel, which is home to approximately 36,000 square feet of existing retail occupied by Walgreens and Starbucks Coffee.

February 23, 2016

Loans Nevada Retail Western

NorthMarq Secures $26M Refinancing for Desert Marketplace in Las Vegas

by Nellie Day February 23, 2016

LAS VEGAS — NorthMarq Capital has secured the $26 million refinance of Desert Marketplace, a 251,785-square-foot mixed-use property located on West Warm Springs Road in Las Vegas. Scott Monroe of NorthMarq secured the financing, which is structured with a 3-year, interest-only term with two one-year extensions. The center is composed of six buildings occupied by tenants including Walgreens, TJ Maxx, Glazier’s Food Marketplace, Petco and Big 5.

February 23, 2016

Retail South Carolina Southeast

Alex. Brown Realty, Lat Purser to Redevelop Shopping Center in Charleston

by John Nelson February 23, 2016

CHARLESTON, S.C. — A joint venture between Alex. Brown Realty Inc. (ABR), a privately owned real estate manager, and Lat Purser Associations Inc., a Charlotte-based investment firm, has purchased Ashley Oaks Plaza, a 58,720-square-foot shopping center in Charleston. The companies plan to redevelop the property, which was 81 percent leased at the time of sale. Built in 1985, the unanchored center is located less than six miles from downtown Charleston in the Ashley River Road retail corridor. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $4 million in the joint venture.

February 23, 2016

Florida Loans Retail Southeast

Integra Real Estate Capital Arranges $21M Refinance of Orlando Shopping Center

by John Nelson February 23, 2016

ORLANDO, FLA. — Integra Real Estate Capital has arranged a $21 million loan for the refinancing of Shoppes at Alafaya, a 122,600-square-foot shopping center in Orlando. Built in 2011, the property is anchored by Toys “R” Us and Dick’s Sporting Goods. Russell Kimyagarov of Integra arranged the 10-year, non-recourse, fixed-rate loan on behalf of the borrower, an ownership group based in Miami.

February 23, 2016

Florida Retail Southeast

Butler Enterprises Signs Tenants to Butler North Shopping Center in Gainesville

by John Nelson February 23, 2016

GAINESVILLE, FLA. — Butler Enterprises has signed Marshalls to a 22,000-square-foot lease and Ashley HomeStore to a 35,000-square-foot lease at Butler North in Gainesville. Both retailers will open their stores in the fall. The 750,000-square-foot shopping center is the latest phase of a 267-acre, 1.8 million-square-foot retail destination that will include Butler North, Butler Plaza and Butler Town Center, which will break ground this spring and open in 2018. In addition to Marshalls and Ashley HomeStore, Butler Enterprises has executed 18,300 square feet of leases with Jimmy John’s, Orangetheory Fitness, Eyeglass Express, Blown Salon, Florida Credit Union, Lee Nails, Jersey Mike’s and SportClips. Existing tenants at Butler North include Lowe’s Home Improvement, Sam’s Club, Walmart Supercenter and Dick’s Sporting Goods.

February 23, 2016

Retail South Carolina Southeast

Crossman & Co. Brokers Sale of Publix-Anchored Shopping Center in Charleston MSA

by John Nelson February 23, 2016

DANIEL ISLAND, S.C. — Crossman & Co. has brokered the sale of Daniel Island Town Center, a Publix-anchored, 68,688-square-foot shopping center located on Seven Farms Drive in Daniel Island in metro Charleston. The property was 98 percent occupied at the time of sale. Publix Super Markets Inc. purchased the shopping center from an unnamed institutional group based in the Northeast.

February 23, 2016

Florida Industrial New Jersey Northeast Pennsylvania Retail

Prologis Acquires 5.4M SF Industrial/Retail Portfolio in New Jersey, Pennsylvania and Florida

by Amy Works February 23, 2016

NEW JERSEY, PENNSYLVANIA AND FLORIDA — Prologis has acquired a 5.4 million-square-foot portfolio consisting of 3.2 million square feet of industrial properties and 2.2 million square feet of retail properties in multiple states. Morris Realty Associates sold the portfolio for an undisclosed sum. Included in the portfolio are ten industrial properties, eight of which are in Northern New Jersey, as well as 13 retail properties in New Jersey, Pennsylvania and Florida. After the initial acquisition, Prologis sold the retail portion of the portfolio to Blackstone Real Estate Advisors for an undisclosed price. The company plans to retain the industrial properties for long-term investment purposes. Thomas Monahan, Noah Balanoff, Anastasia Lazarides and Gerard Monahan of CBRE’s Saddle Brook, New Jersey, office represented Prologis in the acquisition. Bill Kent, also of CBRE, spearheaded the multi-state team that brokered the disposition of the retail properties.

February 23, 2016

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