Retail

Michigan Retailers Are Expanding, Rents Are Growing, Investors Are Capitalizing

by Christina Cannon August 11, 2016

Chances are you have read the stories in the news lately about the challenges facing Michigan, the City of Detroit, or more recently the state’s seventh largest city, Flint. Between the chronicles of a once ailing automotive industry, the Chapter 9 bankruptcy filing by the City of Detroit in 2013 — the largest municipal bankruptcy in history — and most recently lead-tainted city water in Flint, there have been dozens of national headlines, sharp sound bites, and a litany of negative press coverage over the past few years. In short, over the past decade we have witnessed a roller coaster of economic events that have created a rather palpable investor stigma for Detroit and the State of Michigan as a whole. Despite the negative tone surrounding investment opportunities in Michigan, the state’s strong commercial real estate market is creating value for investors acquiring retail assets. Historically, Michigan shopping centers have traded at cap rates 50 to 100 basis below their national peers. Is this discount still warranted? Tide turns in Great Lakes As a brokerage firm dedicated to the sale of investment properties and retail tenant representation, Landmark Investment Sales and its parent company, Landmark Commercial Real Estate Services Inc., …

August 11, 2016

California Retail Western

Home Ranch Center in Yorba Linda Trades Hands for $15.9M

by Nellie Day August 10, 2016

YORBA LINDA, CALIF. — A Beverly Hills-based investment group has acquired Home Ranch Center, a 54,169-square-foot shopping center located in the Orange County community of Yorba Linda. The property — located roughly 35 miles outside of Los Angeles — comprises three buildings that are home to tenants including Blue Agave, Edible Arrangements, Crepe Maker, State Farm and Papa John’s. CJ Osbrink and Gleb Lvovich of HFF marketed the property on behalf of the seller, YL Friends Church.

August 10, 2016

California Mixed-Use Multifamily Retail Western

Kennedy Wilson Arranges $16M Sale of Mixed-Use Property in Santa Monica

by Nellie Day August 10, 2016

SANTA MONICA, CALIF. — Kennedy Wilson has arranged the $16 million sale of a 23,500-square-foot retail and multifamily property located at the corner of 11th Street and Wilshire Boulevard in Santa Monica. The multifamily component of the property consists of five units. All of the property’s buildings were fully leased at the time of sale. Ed Sachse, Fred Cordova and Christine Deschaine of Kennedy Wilson represented both the buyer, 11th and Wilshire LLC, and the seller, Paragon Properties, in the transaction.

August 10, 2016

Nevada Retail Western

DZ Net Lease Brokers $3.7M Sale of CVS/pharmacy in Las Vegas

by Nellie Day August 10, 2016

LAS VEGAS — DZ Net Lease Realty LLC has arranged the $3.7 million sale of a 12,000-square-foot CVS/pharmacy located in Las Vegas. The ground lease has 11 years remaining on its term, with rental increases every five years. David Zacharia of DZ Net Lease marketed the property on behalf of the seller, an undisclosed Las Vegas-based family. The buyer was an undisclosed individual based in California.

August 10, 2016

Arizona Retail Western

Hanley Investment Arranges $2.3M Sale of Retail Center in Metro Phoenix

by Nellie Day August 10, 2016

LAVEEN, ARIZ. — Hanley Investment Group Real Estate Advisors has arranged the $2.3 million sale of 51st & Southern, a 15,498-square-foot retail property located eight miles southwest of downtown Phoenix in Laveen. The property was 92 percent occupied at the time of sale by tenants including Carniceria Mi Ranchito Market, MetroPCS, Kabob Express and Smoothie Run. The center was built in 2008, and is shadow-anchored by Burger King. Eric Wohl of Hanley Investment represented the seller, an undisclosed, Scottsdale-based private investment company. Jenette Bennett of Kidder Mathews represented the buyer, a Canadian private investor.

August 10, 2016

Loans North Carolina Retail Southeast

Q10 Professional Mortgage Arranges $8.2M CMBS Loan for Market at Wake Forest

by John Nelson August 10, 2016

WAKE FOREST, N.C. — Q10 Professional Mortgage of North Carolina LLC has originated an $8.2 million loan for Market at Wake Forest, a 116,341-square-foot retail center located in Wake Forest. Food Lion anchors the property. Spencer Wilson of Q10 Professional Mortgage originated the non-recourse, permanent loan through an unnamed CMBS lender.

August 10, 2016

Florida Retail Southeast

IRC Retail Centers Acquires Phase II of Goldenrod Marketplace in Orlando for $6M

by John Nelson August 10, 2016

ORLANDO, FLA. — IRC Retail Centers has purchased Phase II of Goldenrod Marketplace, a community shopping center located at the intersection of Narcoossee and Goldenrod roads in Orlando, for $6 million in cash. Goldenrod Marketplace Phase II comprises approximately 33,140 square feet of in-line retail space that is nearly fully leased to Dollar Tree, Great Clips, Lucky Me, Payless Shoes, Rue 21 and Sally Beauty. IRC Retail Centers previously acquired the 97,500-square-foot Phase I of Goldenrod Marketplace in December 2013.

August 10, 2016

Illinois Midwest Retail

Besyata Investment Group, ALTO Real Estate Funds Acquire Shopping Center in Metro Chicago for $32M

by Christina Cannon August 10, 2016

HOMEWOOD, ILL. — A joint venture between Besyata Investment Group and ALTO Real Estate Funds has acquired a 235,000-square-foot retail center in Homewood, approximately 30 miles south of Chicago, for $32 million. Washington Park Plaza is 95 percent leased to tenants such as Ross Dress for Less, T.J. Maxx, Best Buy, Jo-Ann Fabric, Petco, Famous Footwear, Dressbarn, Lane Bryant, AT&T, Great Clips, Chili’s and Starbucks. The center is comprised of seven buildings. The seller in the transaction was undisclosed, and Mid-America Asset Management will market the property for lease and oversee the management of the center.

August 10, 2016

New York Northeast Office Retail

Savanna, Hornig Capital Complete 165,000 SF Office/Retail Conversion in Brooklyn

by Amy Works August 10, 2016

NEW YORK CITY — Savanna and its joint venture partner, Hornig Capital Partners, have completed the redevelopment of 95 Evergreen Avenue in Brooklyn’s Bushwick neighborhood. The joint venture acquired the five-story, 165,000-square-foot former Schlitz Brewery in 2015 and implemented a $30 million project to transform the building into high-end office and retail space. The project included renovating and upgrading the façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers and HVAC systems. Fogarty Finger designed the new space. Initially built for Schlitz brewing operations, the building features 15- to 37-foot ceilings and efficient floor plates of up to 37,500 square feet. New features to the building include a roof deck with views of the Manhattan skyline and a custom light fixture in the lobby with 8,400 backlit Schlitz bottles. Mitchell Arkin and Joseph Cirone of Cushman & Wakefield are marketing the office space, while Andrew Clemens of Ripco Real Estate is handling leasing for the retail space.

August 10, 2016

Loans Multifamily New York Northeast Retail

Ready Capital Closes $5.5M in Financing for Two Multifamily/Retail Properties in Brooklyn

by Amy Works August 10, 2016

NEW YORK CITY — Ready Capital Structured Finance has arranged $5.5 million in acquisition, renovation and stabilization financing for two mixed-use multifamily and retail properties located at 644 Manhattan Ave. and 730 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Upon acquisition, the borrower plans to renovate both buildings, extend the ground-floor retail to cater to national tenants, restaurants or boutique stores, and complete the residential lease-up of both properties. Ready Capital closed the non-recourse, interest-only loan that features flexible pre-payment options with a two-year term as well as a one-year extension option, inclusive of a facility to provide for interest and carry reserves and future funding of capital expenditures, tenant improvements and leasing commissions.

August 10, 2016

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