Retail

Oak-Hill-Plaza-bbd-commercial-austin-texas

BBD Commercial to Redevelop Oak Hill Plaza in Austin

by Haisten Willis March 4, 2016

AUSTIN, TEXAS — BBD Commercial, an Austin-based real estate development firm, has taken over management, marketing and leasing of Oak Hill Plaza, located at 7101 Highway 71 in Austin. In addition to running the day-to-day operations, the company has a major facelift planned for the 115,512-square-foot property. Auto Zone, Wells Fargo Bank and Jim’s Restaurant anchor the plaza. The shopping center has 36,000 square feet of available retail and restaurant space consisting of suites ranging from 1,220 to more than 15,000 square feet, including a 3,500-square-foot end cap space slotted for a restaurant. BBD’s renovation plans include a remodeled façade and repainted exterior, a marquee restaurant end cap with patio, a resurfaced and re-striped parking lot, new lighting and landscaping, a new roof and a re-constructed monument sign. Bill Ott and Tim Jarvis are leading BBD’s renovation and leasing efforts. Construction will start in May and will be completed within six months. Engen Contracting and Noack-Little architects are working with BBD on the project.

March 4, 2016

Restaurant Retail Texas

River Oaks to Build Outdoor Retail Center in West El Paso

by Haisten Willis March 4, 2016

EL PASO, TEXAS — El Paso-based developer River Oaks Properties plans to build a pedestrian-friendly outdoor retail center in west El Paso. West Towne Marketplace will be an open-air retail and entertainment destination located on the northeast corner of Interstate 10 and Paseo del Norte. The center will feature tree-lined streets and native plants. It will be built to include gathering spaces designed to encourage relaxation. The anticipated completion date for the center is October 2017. West Towne Marketplace spans 63 acres and will include more than 500,000 square feet of retail, restaurants and entertainment. It will feature a grocery anchor, sporting goods and clothing retailers, along with a movie theater, specialty retail stores and restaurants. Phoenix-based Butler Design Group is designing West Towne Marketplace. Richard Amstater of RJL Real Estate Consultants is handling the leasing of the project.

March 4, 2016

Illinois Midwest Retail

Barnett Capital Sells Chicago Retail Property for $5.7M

by Christina Cannon March 4, 2016

CHICAGO — Barnett Capital has sold a 90,490-square-foot retail property to 3115 Properties for $5.7 million. The building is located at 3115-23 N. Broadway in Chicago. Located in the Lakeview neighborhood, the five-story building features tenants such as Intelligentsia Coffee & Tea, The Apartment People and Contacts & Specs. The property also contains a five-story parking garage. Keely Polczynski of CBRE represented Barnett Capital, and Danny Spitz of Baum Realty represented 3115 Properties LLC.

March 4, 2016

Nevada Retail Western

Shopoff Realty Acquires Iron Horse Shopping Center in Suburban Reno

by Nellie Day March 4, 2016

SPARKS, NEV. — Shopoff Realty Investments has acquired Iron Horse Shopping Center, a 186,000-square-foot retail center located in the Reno suburb of Sparks, for an undisclosed sum. Shopoff has committed more than $1 million for improvements to the property. The retail center was 33 percent occupied at the time of sale by tenants including Dollar General, Subway, Payless Shoes, Sizzler, Jack in the Box and El Pollo Loco. The center is anchored by a Save-Mart, which was not included in the purchase.

March 4, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Ariel Property Advisors Brokers $3M Sale of Central Harlem Mixed-Use Property

by Amy Works March 4, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a mixed-use property located at 273 Lenox Ave. in Central Harlem. The four-story building sold for $3 million, or $811 per square foot. The approximately 3,699-square-foot property features two residential units and two commercial spaces. Jesse Deutch, Victor Sozio, Josh Berkowitz, Matthew Gillis and Josh Kwilecki of Ariel Property Advisors represented the seller, a private investor, while POG Real Estate Inc. procured the buyer, a private investor, in the deal.

March 4, 2016

Satellite Cinemas The Gallery at South DeKalb Decatur

Georgia Retail Southeast

Thor Equities to Open Satellite Cinemas Theater in The Gallery at South DeKalb in Decatur

by John Nelson March 4, 2016

DECATUR, GA. — Thor Equities, owner of The Gallery at South DeKalb in Decatur, plans to open a new 12-screen Satellite Cinemas movie theater at the mall in April. The 42,000-square-foot theater will join The Gallery’s more than 100 retailers and community services, including Macy’s, Fallas, Footlocker, DTLR, U.S. Post Office, Georgia Department of Drivers Services and GameStop. Urban Retail Properties manages the 800,000-square-foot mall. The theater, which will replace the former Screenworks theater, will feature in-auditorium dining, concessions, stadium seating and a 3D projection system.

March 4, 2016

Granite-Clover-Self-Storage-Londonderry-NH

New Hampshire Northeast Retail

NAI Norwood Group Brokers $28.8M Sale of Five-Property Self-Storage Portfolio in New Hampshire

by Amy Works March 3, 2016

AMHERST, NASHUA, LONDONDERRY, DERRY AND PEMBROKE, N.H. — NAI Norwood Group has arranged the sale of a five-property Granite Clover Self-Storage portfolio located in Amherst, Nashua, Londonderry, Derry and Pembroke. National Storage Affiliates Trust acquired the assets from multiple entities under the Granite Clover Self-Storage trademark for $28.8 million. The assets total 235,000 rentable square feet with 1,900 self-storage units. Joseph Mendola of NAI Norwood Group represented the seller in the transaction.

March 3, 2016

Mixed-Use Multifamily New York Northeast Restaurant Retail

Cushman & Wakefield Arranges $10M Sale of Mixed-Use Building in East Harlem

by Amy Works March 3, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 265 Pleasant Ave. in Manhattan’s East Harlem neighborhood. A private investor acquired the seven-story, 19,584-square-foot mixed-use building for $10 million in a 1031 exchange. The property features one commercial unit, which is occupied by Rao’s Restaurant, and 22 residential units. Thomas Gammino and Lev Kimyagarov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

March 3, 2016

Northeast Pennsylvania Retail

Marcus & Millichap Arranges $1M Ground Lease Sale in Pennsylvania

by Amy Works March 3, 2016

CANONSBURG, PA. — Marcus & Millichap has arranged the sale of a Dunkin’ Donuts ground lease at 105 Casavina Drive in Canonsburg. A private investor acquired the 2,653-square-foot net-leased property for $1 million. Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, a partnership, and secured and represented the buyer in the transaction.

March 3, 2016

Midwest Retail Wisconsin

Kohl’s to Close 18 Stores Nationwide in 2016

by Christina Cannon March 3, 2016

MENOMONEE FALLS, WIS. — Menomonee Falls-based Kohl’s Corp. (NYSE: KSS) is set to close 18 underperforming stores during 2016, according to the company’s fourth-quarter earnings report released Feb. 25. The closures, representing less than one percent of total sales, will generate annual savings of approximately $45 million and annual depreciation savings of approximately $10 million. Specific locations will be announced by the end of March. Kohl’s expects to incur approximately $150 million to $170 million in charges as a result of these planned closures and realignment at the company’s headquarters, which occurred in early February. “While the decision to close stores is a difficult one, we evaluated all of the elements that contribute to making a store successful, and we were thoughtful and strategic in our approach,” says Kevin Mansell, chairman, president and CEO of Kohl’s. “We are committed to leveraging our resources on more productive assets.” Alongside these closures, Kohl’s plans to pilot a new, smaller format Kohl’s store, with seven planned to open in various regions around the country this year. Kohl’s also plans to open two Off-Aisle pilot stores in Wisconsin, as well as 12 Fila outlet stores — marking Kohl’s first entry into the outlet space. …

March 3, 2016

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