Retail

SHOP Cos. Arranges Sale of 14,680 SF Retail Center in Metro Dallas

by Haisten Willis February 10, 2016

CROSS ROADS, TEXAS — SHOP Cos. Investment Sales has arranged the sale of Crossroads Crossing, a 14,680-square-foot shopping center located in Cross Roads. Crossroads Crossing is situated at the northwest quadrant of US Highway 380 and FM 720. At the time of closing the property was 100 percent leased to tenants including Domino’s, State Farm Insurance, January’s Salon, Cornerstone Dental and Villa Grande Mexican Restaurant. Tommy Tucker with SHOP Cos. represented the seller, a Carrollton-based private partnership, and procured the buyer, a Dallas-based limited liability company.

February 10, 2016

IPA Brokers $15.8M Sale of 229,142 SF Shopping Center in Lancaster

by Christina Cannon February 10, 2016

LANCASTER, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 229,142-square-foot shopping center in Lancaster. River Valley Plaza sold for $15.8 million. The seller was a Columbus-based owner, and the buyer was a Canadian investment group. The property is located at 1300 River Valley Blvd. and is 97 percent occupied with 82 tenants. Target, Hobby Lobby and T.J. Maxx anchor River Valley Plaza and collectively occupy 80 percent of the center’s gross leasable area. Target has been a tenant since 1994, and Hobby Lobby recently extended its lease into 2025. T. J. Maxx just signed on for an additional five years. Subway has occupied space in the shopping center since 1990. Erin Patton, Craig Fuller and Scott Wiles represented the seller and procured the buyer.

February 10, 2016

Illinois Midwest Retail

The Boulder Group Completes $9.5M Sale of Property Leased to LA Fitness in Chicago

by Christina Cannon February 10, 2016

CHICAGO — The Boulder Group has completed the sale of a single-tenant, net-leased retail property in Chicago for $9.5 million. The property, leased to LA Fitness, is located at 6107 N. Broadway St. The seller, Crossroads Development, renovated the two-story, 22,000-square-foot building in 2014. The 1031 exchange buyer in the transaction is a high-net-worth individual based on the West Coast. The property will retain its current management group and includes on-site parking. According to CoStar Group, the 5.6 percent cap rate represents the lowest cap rate ever recorded for the sale of a single-tenant LA Fitness property. The lease for LA Fitness expires in June 2029 and features 10 percent rental escalations every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.

February 10, 2016

Arizona Retail Western

Colliers International Arranges $9.7M Sale of Mountain Park Plaza in Phoenix

by Nellie Day February 9, 2016

PHOENIX — Colliers International has arranged the $9.7 million sale of Mountain Park Plaza, an 87,672-square-foot shopping center located in Phoenix. Mindy Korth and Kirk Kuller of Colliers represented the seller, Issaquah, Wash.-based Western America Commercial, in the transaction. The buyer was Fairfield, N.J.-based Lamar Cos. Tenants at the 95-percent-occupied center include anchor Fry’s Food and Drug, Nationwide Vision and Sally Beauty Supply. Three pads occupied by a Fry’s Food Stores fueling station, Taco Bell and Kidz Connextion Dental Center were not included in the sale.

February 9, 2016

Loans New Jersey Northeast Retail

NorthMarq Arranges $49.4M Loan for Retail Portfolio in New Jersey

by Amy Works February 9, 2016

PARAMUS, N.J. — NorthMarq Capital has arranged $49.4 million of floating-rate financing for a 244,000-square-foot, four-property retail portfolio on Route 17 in Paramus. The borrower, Advanced Realty, will use the loan proceeds for acquisition of the assets and a funding facility for re-tenanting and redevelopment costs. Three of the buildings are located at 289-317 Route 17 South. The properties are occupied by PGA Tour Superstore and P.C. Richard & Son. Located at 60 Route 17 North, the fourth property is a 75,000-square-foot power center occupied by DSW Designer Shoe Warehouse and PetSmart. Gregory Nalbandian of NorthMarq secured the loan through Natixis Real Estate Capital for the borrower.

February 9, 2016

Multifamily New York Northeast Retail

Eastern Consolidated Negotiates $9M Sale of Brooklyn Mixed-Use Property

by Amy Works February 9, 2016

NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use property located at 86-90 Bushwick Ave., aka 811 Grand St., in Brooklyn’s East Williamsburg neighborhood. The property sold for $9 million, or $445 per square foot. The four-story building features 12 rent-regulated residential units and four retail units. The apartment units are a mix of one-, two- and three-bedroom layouts. Eskor Edem of Eastern Consolidated represented the seller, a longtime owner, while Jonathan Schwartz, also of Eastern Consolidated, represented the buyer, a local investor, in the transaction.

February 9, 2016

americanstar-mattress-1185-West-Corporate-Drive-Arlington-texas

Industrial Retail Texas

Americanstar Mattress Opens North Texas Showroom, Distribution Center in Arlington

by Haisten Willis February 9, 2016

ARLINGTON, TEXAS — Americanstar Mattress LLC has entered the north Texas market, inking a 25,230-square-foot lease for showroom and distribution space in the Great Southwest Industrial District. The California-based company has leased as-is space at 1185 W. Corporate Drive in Arlington. Will Dillard of Dallas-based Bradford Commercial Real Estate Services represented the tenant, who also has a distribution center in Houston. Americanstar’s first location in the region is accessible to I-30 and TX 360. The rear-load structure has a 24-foot clear height and four loading docks. Bill Bexley of JSC Realty Investment Services Inc. represented Avenue J Partnership Ltd., landlord of the fully leased, 50,265-square-foot industrial building.

February 9, 2016

Florida Retail Southeast

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

Newer Posts

Older Posts