Retail

CBL & Associates Properties Sells Renaissance Center in Durham for $129.2M

by John Nelson December 18, 2015

DURHAM, N.C. — CBL & Associates Properties Inc., a shopping center owner and developer based in Chattanooga, Tenn., and its 50/50 joint venture partner have sold Renaissance Center, a 363,000-square-foot community shopping center in Durham. The joint venture sold Renaissance Center to an unnamed institutional investor for $129.2 million. The property’s tenant roster includes REI, Best Buy, Chili’s, David’s Bridal, Old Navy, Nordstrom Rack, Moe’s Southwest Grill, Ruth’s Chris Steak House, Starbucks and The Melting Pot. The transaction is scheduled to close during the first quarter of 2016, subject to the assumption of a $16 million loan secured by the property’s Phase II and defeasance of a $31.6 million loan secured by the property’s Phase I.

December 18, 2015

New Jersey Northeast Retail

HFF Negotiates $30.5M Sale of 115,500 SF Retail Center in New Jersey

by Amy Works December 18, 2015

LINDEN, N.J. — HFF has brokered the sale of Linden Commons, a 115,500-square-foot retail center situated on 10.7 acres at 1701 W. Edgar Road in Linden. Prestige Properties & Development acquired the asset from Lamar Cos. for $30.5 million. Built in 1955 and reconfigured in 2014, the property is fully leased to eight tenants, including Burlington Coat Factory, Blink Fitness, TJ Maxx, Buffalo Wild Wings and Sprint. Jose Cruz, Kevin O’Hearn, Chris Munley, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.

December 18, 2015

Mixed-Use Multifamily New Jersey Northeast Restaurant Retail

First Phase of Journal Squared Tops Out in Jersey City

by Amy Works December 18, 2015

JERSEY CITY, N.J. — Construction for the first phase of Journal Squared in Jersey City has topped out at 563 feet. The 53-story building, which will feature 538 residential units, is part of the three-tower, mixed-use project that is revitalizing Jersey City’s historic Journal Square neighborhood. Scheduled for completion in late 2016, the first phase will feature a mix of studio, one-, two- and three-bedroom rental unit and more than 10,000 square feet of amenities, including a fitness center, golf simulator, children’s playroom, outdoor pool and entertaining space on the 53rd floor. Situated adjacent to the Journal Square PATH station, the three-phase project will also include a 60-story tower and a 70-story building. Upon completion, the project will bring 1,838 rental residences, 36,000 square feet of retail and restaurant space, and a pedestrian-friendly public plaza to the neighborhood. Designed by HWKN and Handel Architects, the project is being developed by KRE Group and National Real Estate Advisors.

December 18, 2015

Loans New York Northeast Retail

Houlihan-Parnes Realtors Secures $1.6M Loan for Retail Building in New York

by Amy Works December 18, 2015

MAMARONECK, N.Y. — Houlihan-Parnes Realtors has secured a $1.6 million first mortgage loan for a retail building located at 587-621 E. Boston Post Road in Mamaroneck. The seven-year, non-recourse loan has a 3.75 percent fixed-interest rate with interest-only payments for two years and a 30-year amortization schedule. The 15,270-square-foot building features 12 retailers. Bryan Houlihan and Mike O’Neill of Houlihan-Parnes arranged the financing through a local bank for the undisclosed borrower.

December 18, 2015

New York Northeast Restaurant Retail

Breslin Realty Brokers Restaurant Lease for The Greene Turtle in New York

by Amy Works December 18, 2015

EAST MEADOW, N.Y. — Breslin Realty has arranged a lease at 1740 Hempstead Turnpike in East Meadow for The Greene Turtle Sports Bar & Grille. The newly constructed 6,500-square-foot free-standing restaurant will be the franchise’s second Long Island location. The Greene Turtle Sports Bar & Grille offers American comfort food with an emphasis on local, regional and national sports. Judy Pascucci of Beslin Realty negotiated the lease transaction.

December 18, 2015

Indiana Midwest Retail

Colliers Brokers $6.5M Sale of Pyramid Place Shops in Indianapolis

by Christina Cannon December 18, 2015

INDIANAPOLIS — Colliers International has brokered the sale of a 51,974-square-foot retail center in Indianapolis for $6.5 million. Pyramid Place Shops is located at 3450 W. 86th St. at the entrance of College Park Office Park. LNR Property LLC sold the retail center to Ziff Properties Inc. Tenants at the property include Einstein Bros. Bagels, Spherion Staffing, T-Mobile, Qdoba, Firehouse Subs, Skyline Chili and Georgia Reese’s. Alex Cantu of Colliers represented the seller in the transaction.

December 18, 2015

Mixed-Use Multifamily Northeast Office Retail

NYCEDC, Bedford Courts LLC Unveil Plans for 500,000 SF Mixed-Use Development

by Amy Works December 17, 2015

NEW YORK CITY — New York City Economic Development Corp. (NYCEDC) and Bedford Courts LLC, a joint venture between BFC Partners and Slate Property Group, have unveiled plans for a 500,000-square-foot mixed-use development at the Bedford Union Armory in Brooklyn’s Crown Heights neighborhood. The development will bring hundreds of units of housing, a multi-sport recreational facility, community event space, office space and commercial space to Brooklyn. Planned in close coordination with community and local elected officials, the Bedford Union Armory project will activate the vacant building, which was built in 1903. Bedford Courts will develop the property on a long-term ground lease from the city into a 300-unit residential building and a commercial building with recreational, community and office space. Outfitted by Carmelo Anthony and The Carmelo Anthony Foundation, the recreational facility will feature basketball courts, a swimming pool and an indoor turf field. CAMBA, a Brooklyn-based non-profit organization, will operate and provide associated programming for the recreational facility and community event space.

December 17, 2015

Mixed-Use Multifamily New York Northeast Restaurant Retail

Eastern Consolidated Arranges $10M Sale of Mixed-Use Property in NYC

by Amy Works December 16, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a mixed-use building located at 157 E. 55th St. in New York’s Midtown East district. Goldie Moss Irrevocable Trust sold the 5,700-square-foot property to 157E55 Owner LLC for $10 million. The property features two vacant full-floor apartments on the top two levels and Darbar Grill, a popular restaurant, on the lower two levels. Additionally, the building features substantial air rights allowing for approximately 20,000 square feet of residential uses and 30,000 square feet of commercial or community facility space. Brian Ezratty and Scott Ellard of Eastern Consolidated represented the seller and procured the buyer in the sale.

December 16, 2015

California Retail Western

Bosa Development Buys Mixed-Use Development Site in San Diego for $33M

by Nellie Day December 15, 2015

SAN DIEGO — San Diego-based Zephyr has sold The Block, a 60,000-square-foot mixed-use site currently under development on Broadway in San Diego, to Vancouver, Canada-based Bosa Development. The final price was $33 million, according to The San Diego Union Tribune. Zephyr acquired the property in 2014 and received approvals to transform it into a mixed-use development. The incomplete re-development includes a 41-floor tower and 21-floor tower housing 498 residential units, a boutique hotel and retail space. Zoning of the site allows for development of up to 720,000 square feet. Currently, the property consists of 1950s-era retail, parking and office space. Bosa plans to demolish the existing structures and develop the mixed-use retail and residential community on the site. Joseph Wong Design Associates is the architect for The Block, which is estimated to cost at least $250 million.

December 15, 2015

California Retail Western

Ares Management Real Estate Fund Acquires Two California Retail Centers

by Nellie Day December 15, 2015

TEMECULA AND NOVATO, CALIF. — A real estate fund managed by Ares Management, in partnership with Citivest Commercial Investments LLC, has acquired two shopping centers located in Temecula and Novato, Calif. Acquisitions include Downtown Novato Center, a 98,000-square-foot retail center anchored by Lucky Supermarket in the North Bay region of the San Francisco Bay area; and Temecula Town Center, a 241,980-square-foot Target shadow-anchored shopping center located in Temecula. Terms of the transaction were undisclosed.

December 15, 2015

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