Retail

Friedman Brokers Sale of 67,215 SF Retail Property in Milwaukee Suburb

by Christina Cannon August 25, 2016

PORT WASHINGTON, WIS. — Friedman Integrated Real Estate Solutions has brokered the sale of a 67,215-square-foot retail center in Port Washington, approximately 30 miles north of Milwaukee, for an undisclosed price. PJR Properties, an affiliate of Piggly Wiggly Midwest LLC, purchased the property from CSFB 2002-CKP1 Seven Hills LLC – LNR. North Port Shopping Center, located at 101 W. Seven Hills Road, is situated on a 6.5-acre site and features tenants such as Sentry Foods, Cost Cutters, Subway, H&R Block and Arby’s. The property was sold at auction through Ten-X.com.

August 25, 2016

Maryland Retail Southeast

H&R Retail Arranges Hobby Lobby’s 57,497 SF Lease in Maryland

by John Nelson August 25, 2016

CALIFORNIA, MD. — H&R Retail has represented Hobby Lobby in its 57,497-square-foot lease for a new store at Laurel Glen Shopping Center. The asset is located at 45315 Alton Lane in California. David Ward and Ben Hoskins of H&R Retail, along with The Keith Corp., brokered the transaction. Shanri Holdings Corp. owns the new store, which is set to open in early 2017.

August 25, 2016

Georgia Retail Southeast

South Coast Commercial Acquires Grocery-Anchored Center in Metro Atlanta for $5.7M

by John Nelson August 24, 2016

CANTON, GA. — South Coast Commercial has acquired Riverstone Mill, a 43,350-square-foot shopping center located in the Atlanta suburb of Canton, for $5.7 million. ALDI anchors the 87 percent occupied center, which was developed in 2002. Fred Victor of Transwestern represented the seller, Coro Realty Advisors LLC, in the transaction.

August 24, 2016

Loans Mixed-Use New York Northeast Office Retail

Newmark Holdings Closes $30M in Refinancing for Mixed-Use Building in Union Square

by Amy Works August 24, 2016

NEW YORK CITY — Newmark Holdings has closed on $30 million in refinancing for 5-9 Union Square West, a mixed-use building in New York City’s Union Square. The eight-story, 105,000-square-foot building is currently over 93 percent leased to a variety of tenants, including Staples and Rockwell Architecture Design. Provided by Amalgamated Bank, the new loan features a seven-year term with a fixed interest rate of 3.13 percent and five years of interest-only payments.

August 24, 2016

New Jersey Northeast Office Retail

The S. Hekemian Group Completes ES4 Retail/Office Building in New Jersey

by Amy Works August 24, 2016

ENGLEWOOD, N.J. — The S. Hekemian Group has developed ES4, a retail and office building on located at 10 Sterling Blvd. in Englewood. The four-story, 46,000-square-foot building is currently 95 percent leased to Panera Bread, Anthony’s Coal Fired Pizza, Verizon, Fusion Academy, Sherman Group and the New Jersey office of The S. Hekemian Group. The property is managed and leased by Silbert Realty & Management Co. Spanning 21 acres, the overall development plan calls for a second phase, including a 180-room hotel and 195 apartment units.

August 24, 2016

Midwest Ohio Retail

Cooper Commercial Brokers $3.2M Sale of Shopping Center Near Cincinnati

by Christina Cannon August 24, 2016

FINNEYTOWN, OHIO — The Cooper Commercial Investment Group has brokered the $3.2 million sale of Winton & Galbraith, a 26,488-square-foot retail center in Finneytown, approximately 15 miles north of Cincinnati. Dollar Tree anchors the center, which is 100 percent occupied by other tenants including Graeter’s Ice Cream, LaRosa’s Pizza, Subway and J. Gumbo’s. An Ohio-based private investment group sold the property to a California buyer. Dan Cooper of Cooper Commercial represented the seller in the transaction.

August 24, 2016

Loans Midwest Retail Wisconsin

BMC Capital Arranges $1.7M Loan for Retail Building in Madison

by Christina Cannon August 24, 2016

MADISON, WIS. — BMC Capital has arranged a $1.7 million acquisition loan for a building occupied by Valvoline and Enterprise Rent-a-Car in Madison. The 2,368-square-foot building was constructed in 1987. The 10-year loan features a 4.8 percent fixed rate for five years and a 25-year amortization schedule. Jada Jordan of BMC Capital arranged the loan through one of the company’s correspondent banking relationships.

August 24, 2016

New York Northeast Office Retail Top Stories

Qatar Investment Authority Buys 10% Stake in Empire State Realty Trust for $622M

by Haisten Willis August 24, 2016

NEW YORK CITY — An affiliate of Qatar Investment Authority (QIA) has acquired a 9.9 percent interest in New York-based office/retail REIT Empire State Realty Trust (NYSE: ESRT) for $622 million. QIA purchased 29.6 million newly issued Class A common shares of ESRT at $21 per share. The interest was acquired on a fully diluted basis, which is currently 19.4 percent ownership of Class A shares. Darcy Stacom of CBRE Group introduced QIA to ESRT. Goldman Sachs and Eastdil Secured acted as financial advisors. Goodwin Procter, Proskauer Rose and Clifford Chance U.S. acted as counsel. White & Case acted as QIA’s legal counsel. Empire State Realty Trust owns, manages, operates, acquires and repositions office and retail properties across New York City, including the Empire State Building. The company’s office and retail portfolio covers 10.1 million rentable square feet, consisting of 9.4 million rentable square feet in 14 office properties and 720,000 rentable square feet of retail. ESRT’s stock price closed at $20.52 per share on Tuesday, Aug. 23, up from $16.41 one year ago. The State of Qatar founded Qatar Investment Authority in 2005 to strengthen the country’s economy by diversifying into new asset classes. QIA is headquartered in Doha …

August 24, 2016

Iowa Market Reports Midwest Midwest Market Reports Mixed-Use Multifamily Office Retail

Cedar Rapids Real Estate Market Stays Hot As Flood Recovery Efforts Wind Down

by Christina Cannon August 24, 2016

The historic flood of June 2008 is becoming a distant memory as the city of Cedar Rapids prepares for the dedication of the new Northwest Recreation Center, the last public facility to be completed as part of the flood recovery project. The dedication ceremony is slated for Thursday, Aug. 25. The recovery has led to a revitalization of many flood-impacted areas in the city, ranging from residential neighborhoods to the downtown business district. Now the momentum is turning toward several new projects: • This month, tenants will begin moving into the 11-story CRST tower downtown, which features 300 feet of the new flood protection system. • A 28-story, mixed-use tower is being proposed on city-owned property downtown. The development may contain retail, office, hotel and residential space led by Allen Development, an Iowa City developer. • Over 10 downtown housing projects are under construction that will create almost 400 new condo and apartment units, which will bring our core closer to a live-work-play environment. These projects are also putting vacant retail and office buildings to new uses. • The Czech Village-New Bohemia neighborhood continues to grow with historic buildings being renovated and repurposed while augmenting exciting new construction featuring retail, …

August 24, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Equicap Secures $4.5M Loan for Mixed-Use Property in Brooklyn

by Amy Works August 23, 2016

NEW YORK CITY — Equicap has arranged a $4.5 million permanent loan for a mixed-use property located in Brooklyn’s Cobble Hill neighborhood. The newly developed building features one ground-floor retail unit and 10 apartments. Daniel Hilpert of Equicap arranged the loan, which features a five-year fixed interest rate, 30-year amortization schedule and three years of interest-only payments.

August 23, 2016

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