Retail

TRAVERSE CITY, MICH. — Bernard Financial Group has arranged a $4.3 million loan for Airport 31 Retail Center. The 65,000-square-foot space is located in Traverse City. Airport 31 LLC is the borrowing entity. Assurity Life Insurance Co. is the lender, and Bernard Financial Group will service the loan. Dave Dismondy of Bernard Financial originated the loan.

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JACKSON AND GRAND RAPIDS, MICH. — Mid-America Real Estate-Michigan has negotiated two retail leases totaling 28,146 square feet. Party City has inked a deal for a 25,746-square-foot freestanding building located at 1510 North West in Jackson. The lease term is for 10-years. Brad Rosenberg, Tony Schmitt and Adam Goodman of Mid-America represented Party City in the transaction. CBRE represented the landlord who is undisclosed. Potbelly Sandwich Shop signed a 10-year, 2,400-square-foot lease in Knapp’s Crossing in Grand Rapids. Rosenberg and Goodman represented Potbelly. The landlord in the transaction is undisclosed.

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WAUKESHA AND WAUWATOSA WIS. — Siegel-Gallagher has arranged two leases totaling 8,078 square feet in Southeast Wisconsin. Flexible Finance of Wisconsin LLC has leased 1,500 square feet of retail space from Garni Properties WI LLC. Sunset Retail Center is located at 530 W. Sunset Drive in Waukesha, approximately 20 miles west of Milwaukee. Devin Tessmer and Shaun Dempsey of Siegel-Gallagher arranged the transaction. In a separate leasing deal, Saint A Inc. will occupy 6,578 square feet of office space at the Forum, located at 3333 N. Mayfair Road in Wauwatosa, a western suburb of Milwaukee. Mayfair LLC is the landlord. Dan Walsh and John Dulmes of Siegel-Gallagher arranged the transaction.

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Fairmont

PASADENA, TEXAS — Transwestern’s Houston headquarters has brokered the sale of Fairmont Parkway Shopping Center. An undisclosed South American buyer acquired the 172,002-square-foot power center located at the intersection of Beltway 8 and Fairmont Parkway in Pasadena for an undisclosed price. Micha van Marcke, Paul Barile, Janice Sellis and Chace Henke of Transwestern represented the seller, A-S 82 Fairmont Parkway — Beltway 8 LP. Jan Sparks, Michael Snodgrass and Tim Bennett of Transwestern secured the debt for the buyer. Fairmont Parkway Shopping Center is located in a regional retail hub for Pasadena and communities such as Deer Park and La Porte. The area consists of 1 million square feet of retail. Fairmont Parkway Shopping Center’s tenants include 24-Hour Fitness, iT’Z Family, Comerica Bank, Goodwill, Pei Wei and Food & Fun. The property was 96 percent occupied at the time of sale.

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LEANDER, TEXAS — Randalls Food Markets and Cypress Equities will host a ground breaking ceremony for Crystal Falls Town Center, a 94,000-square-foot shopping center, on Thursday, Oct. 15. The center will be anchored by a new Randalls grocery store in the master-planned community of Crystal Falls in Leander, and is projected to open in fall 2016. Randalls president Sidney Hopper, Cypress Equities senior vice president Stephen Schmidt, Leander Mayor Chris Fielder and Leander Chamber of Commerce president and CEO Bridget Brandt will be on hand at the ceremony. The center will be located at 3501 N. Lakeline Blvd.

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The retail market in Los Angeles is demonstrating exponential growth. Rents are going up, cap rates are going down and occupancy is soaring. Naturally, as lease prices rise, so do sale prices. As such, it is becoming increasingly difficult for investors to find opportunities where substantial rent growth is possible. Tenant competition is also fierce, and landlords are benefitting from extremely high demand throughout the market. Competition Abounds It’s only natural that retailers are competing over space as occupancy rises. One trend that has emerged in Los Angeles is competition among not only direct competitors, but indirect competitors as well. For example, a small grocer might compete with a Ross Dress 4 Less for the same location. Fueling this competition is an increase in large national retailers seeking out smaller urban spaces in downtown areas. Target, for example, is opening a store in LA’s Koreatown on Vermont and 6th streets at the base of a high-rise apartment building. When national soft goods chains open in urban hubs, there will be an evolution of retail surrounding those stores. Smaller discount stores and mom-and-pop retailers will likely suffer, which will lead to vacancies that tend to open the doors for new specialty …

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SIERRA VISTA, ARIZ. — Friedman Integrated Real Estate Solutions, in a joint venture with its institutional equity partner, has acquired Plaza Vista Mall, a 227,110-square-foot retail power center located in Sierra Vista. The center is 95.8 percent occupied by tenants including Cal Ranch, Hobby Lobby, Marshalls, Dollar Tree, Cato, Payless ShoeSource, Ross Dress for Less and Sally Beauty.

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LAKE FOREST, CALIF. — Lake Forest-based Del Taco is set to develop 27 new locations with three groups in central California. Three new locations are set to open within the next six months. Mike Sater, one of BP/Tesoro ARCO and AM/PM’s largest west coast franchisees, has signed a 20-store development agreement for six counties in the central valley. Sater’s first two Del Taco stores will open in Fresno and Clovis, with a third planned for Merced.

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1305-Prairie

HOUSTON — HighStreet Net Lease Group, a Texas-based company specializing in the sale and acquisition of net leased investment properties, represented a Houston-based investor in the acquisition of a three-story office complex with retail on the ground floor. The 14,400-square-foot mixed-use building is located at 1305 Prairie St. in downtown Houston. Matt Moake of HighStreet represented the buyer. Fred Ghabriel of Bejjani & Associates represented the seller, a local partnership that owned the property for 30 years. The historic building was constructed in 1920 and was once the site of General Sam Houston’s home. The new owner plans to renovate the interior and exterior of the property. The property includes a surface parking lot.

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