Retail

Louisville Sees Wealth of Retail Leasing, Development Activity Across Metro Area

by John Nelson December 28, 2015

Louisville’s retail market continues to experience a shortage of space in high-demand markets in spite of several new developments opening over the past year. During this period, two major retail developments have been completed with several smaller projects under construction or in the planning stages. Second-generation big box vacancy is virtually non-existent and finding quality shop space is becoming equally challenging. As a result, rents have escalated to historic highs. The most notable additions to the Louisville market are two neighborhood centers developed by Brentwood, Tenn.-based GBT Realty Corp. Nestled amongst a rapidly expanding residential community and PGA’s notable Valhalla Golf Club in eastern Louisville, the 240,000-square-foot Middletown Commons is anchored by Hobby Lobby, Academy Sports + Outdoor, Ross Dress for Less and Liquor Barn. Jefferson Commons, located in south Louisville, is anchored by Academy Sports + Outdoor, Hancock Fabrics, HH Gregg, Michael’s, Liquor Barn and several fast-casual restaurant concepts. In western Louisville, BC Wood Properties added Hobby Lobby and Goody’s stores at the 350,000-square foot Dixie Manor Shopping Center. Southwest of the city’s central business district, the redevelopment of Dixie Valley Shopping Center expanded its footprint to include additional soft goods retailers such as Marshalls, Ross Dress for Less, …

December 28, 2015

Retail Southeast Tennessee

Preferred Apartment Communities Buys Grocery-Anchored Shopping Center in Chattanooga

by John Nelson December 24, 2015

CHATTANOOGA, TENN. — Preferred Apartment Communities Inc. (PAC) has acquired The Overlook at Hamilton Place, a 213,000-square-foot grocery-anchored shopping center in Chattanooga. The center is located at the intersection of Gunbarrel and Shallowford roads across the street from Hamilton Place, the primary super regional mall in the Chattanooga MSA. The Overlook at Hamilton Place is currently 99 percent leased and is anchored by The Fresh Market, Hobby Lobby, Best Buy and Petco. PAC acquired this asset through its wholly-owned subsidiary, New Market Properties LLC. PAC financed the acquisition utilizing a 10-year, 4.19 percent first mortgage loan from Transamerica Life Insurance Co.

December 24, 2015

California Retail Western

Marcus & Millichap Arranges $2.8M Sale of 51,010 SF Retail Property in San Bernardino

by Nellie Day December 24, 2015

SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Club Business Park, a 51,010-square-foot retail property located at 164-194 W. Club Center Drive and 2211 S. Hunt in San Bernardino. The asset sold for $2.8 million. Drew Wetherholt of Marcus & Millichap represented the seller and the buyer in the transaction.

December 24, 2015

California Retail Western

ROIC Acquires Iron Horse Plaza in Danville for $44.5M

by Nellie Day December 24, 2015

DANVILLE, CALIF. — ROIC, a publicly traded REIT, has acquired Iron Horse Plaza, a grocery-anchored shopping center located at 345 Railroad Ave. in Danville. Alamo Group Iron Horse LLC sold the property for $44.5 million. The 62,000-square-foot property is occupied by Lunardi’s, Jos. A. Banks, Peet’s, Chow, Panda Express, Supercuts and Verizon. Pedro Arroyo and David Kram of Arroyo procured the buyer and represented the seller in the transaction.

December 24, 2015

California Retail Western

CBRE Negotiates $12.3M Sale of San Bernardino Marketplace

by Nellie Day December 24, 2015

SAN BERNARDINO, CALIF. — CBRE Group Inc. has brokered the sale of San Bernardino Marketplace at 263-275 E. Ninth St. in San Bernardino. A Los Angeles-based 1031 exchange buyer acquired the 58,740-square-foot neighborhood shopping center from an undisclosed Orange County, Calif.-based family partnership for $12.3 million. Built in 1983, the property was 96 percent occupied and anchored by El Super, a specialty grocer, at the time of sale. Arthur Flores of CBRE Group Inc. represented the seller and buyer in the transaction.

December 24, 2015

California Retail Western

Faris Lee Investments Completes $9.8M Sale of The Shops at Bear Valley

by Nellie Day December 24, 2015

VICTORVILLE, CALIF. — Faris Lee Investments has brokered the sale of The Shops at Bear Valley in Victorville. A Beverly Hills, Calif.-based investment company purchased the property from Santa Barbara-based Invest West Financial for $9.8 million. Situated on 5.81 acres, the 32,023-square-foot four-building property was 95 percent occupied at the time of sale. Tenants include McDonald’s, Fitness 19, Schools First Credit Union, KinderCare and others. Shaun Riley of Faris Lee Investments represented the buyer and seller in the transaction.

December 24, 2015

California Loans Retail Western

NorthMarq Capital Secures $6.7M in Refinancing for Pearl Car Washes Portfolio

by Nellie Day December 24, 2015

SAN DIEGO — NorthMarq Capital has negotiated $6.7 million in refinancing for a portfolio of Pearl Car Washes in California. The 17,329 square-foot portfolio includes 600-602 Pearl Street in La Jolla; 215 Woodlawn Ave. in Chula Vista; 823 N. Broadway in Escondido; and 322 E. Mission Road and 2189 E. Valley Parkway in Fallbrook. The transaction was structured with a 15-year fully amortizing term. Daniel McCarthy of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with a life insurance company.

December 24, 2015

Massachusetts Northeast Office Retail

Rockpoint Group Acquires 99 Summer Street in Boston

by Amy Works December 24, 2015

BOSTON — Affiliates of Boston-based Rockpoint Group LLC have acquired 99 Summer Street, an office and retail building located in Boston. Cornerstone Real Estate Advisers sold the 20-story property for an undisclosed price. The 270,000-square-foot Class A building was 95 percent occupied at the time of sale. The property will be managed by a Rockpoint affiliate, Rockhill Management, which provides property management and related services for investments made by Rockpoint-sponsored funds.

December 24, 2015

Illinois Midwest Ohio Retail

Phillips Edison Grocery Center REIT Buys Three Shopping Centers Throughout Ohio, Illinois

by Christina Cannon December 24, 2015

CINCINNATI — Cincinnati-based Phillips Edison Grocery Center REIT II Inc. has acquired three grocery-anchored shopping centers throughout Ohio and Illinois for an undisclosed price. Amherst Marketplace, anchored by Giant Eagle, is a 79,945-square-foot retail facility located in Amherst, Ohio, approximately 34 miles east of downtown Cleveland. Other tenants at the center include Get Go Gas, Monster Tan and Best Cuts. Sheffield Crossing is an 113,688-square-foot shopping center that is also anchored by Giant Eagle. The property is located in Sheffield Village, Ohio, approximately 25 miles east of downtown Cleveland. Tenants at Sheffield Crossing include Edward Jones, Great Clips, Weight Watchers and Verizon Wireless. The Shoppes at Windmill Place is located in Batavia, Ill., approximately 43 miles west of Chicago and is a 122,176-square-foot retail property. Jewel Osco anchors the center, and other tenants include Dunkin Donuts, Mattress Firm, Zano Salon, Hair Cuttery, Subway, Hallmark and GNC.

December 24, 2015

New Jersey Northeast Retail

Advance Realty, Invesco Real Estate Acquire 244,000 SF Retail Portfolio in New Jersey

by Amy Works December 23, 2015

PARAMUS, N.J. — A partnership between Advance Realty and Invesco Real Estate has acquired a four-property, 244,000-square-foot retail portfolio located on Route 17 in Paramus for an undisclosed price. Three of the buildings are situated at 289-315 Route 17 South, while the fourth property is located at 60 Route 17 North. The assets on Route 17 South feature two standalone buildings that are occupied by PGA Tour Superstore and P.C. Richard & Son, while the third property is an older 72,184-square-foot office building that the buyer plans to redevelop. The 60 Route 17 North property is a 74,900-square-foot power center featuring a variety of tenants, including DSW Designer Shoe Warehouse, PetSmart and a 25,000-square-foot Staples store that will be re-tenanted. Christopher Bellapianta of Advance Realty led the joint venture partnership in the acquisition. The name of the seller was not released.

December 23, 2015

Newer Posts

Older Posts