Retail

Newmark Realty Capital Arranges $43.5M Loan for Grocery-Anchored Center

by Nellie Day January 25, 2016

WOODLAND HILLS, CALIF. — Newmark Realty Capital Inc. has arranged $43.5 million in permanent financing for a 122,523-square-foot grocery-anchored shopping center located in the Woodland Hills submarket of Los Angeles. The center is anchored by Ralphs and located adjacent to Warner Center. George Mitsanas and Doug Tisdale of Newmark’s Los Angeles office arranged the fixed-rate, non-recourse financing on behalf of the borrower. The 10-year loan was placed with a life insurance company and provides interest-only payments during the first five years, followed by a 30-year amortization.

January 25, 2016

Colorado Loans Retail Western

NorthMarq Arranges $28M Refinancing of Glenwood Meadows in Colorado

by Nellie Day January 25, 2016

GLENWOOD SPRINGS, COLO. — NorthMarq has arranged the $28 million refinance of Glenwood Meadows, a 145,000-square-foot shopping center located in Glenwood Springs, approximately 150 miles west of Denver. Tenants at the center include Chili’s, Petco, Vitamin Cottage, Bed Bath & Beyond and Ulta Beauty. Target and Lowe’s anchor the center, neither of which are part of the subject collateral. Paul Bruder and Conor McCahill of NorthMarq arranged the refinancing for the borrower through a life insurance company.

January 25, 2016

the-woodlands-terramount-village-shopping-center

Retail Texas

M&M Arranges Sale of 24,794 SF Retail Center in The Woodlands

by Haisten Willis January 25, 2016

THE WOODLANDS, TEXAS — Marcus & Millichap has arranged the sale of Terramont Village Shopping Center, a 24,794-square-foot retail property located in Village of Sterling Ridge in The Woodlands. Jerry Goldstein of Marcus & Millichap’s Houston office, along with and Nate Newman of the firm’s The Woodland’s office, marketed the property on behalf of the seller, EDENS, a retail REIT based in Columbia, S.C. Goldstein and Newman also secured and represented the buyer, a private investor. Terramont Village Shopping Center is located at 30340 FM 2978 Road, just south of its intersection with Woodlands Parkway.

January 25, 2016

Shoppes at St. Lucie West Port St. Lucie

Florida Retail Southeast

Menin Development Sells Shopping Center in Port St. Lucie for $77M

by John Nelson January 25, 2016

PORT ST. LUCIE, FLA. — An affiliate of Delray Beach, Fla.-based Menin Development has sold Shoppes at St. Lucie West, a 265,000-square-foot shopping center in Port St. Lucie, to an institutional investor group for $77 million. The center’s anchor tenants include Publix, LA Fitness, Home Goods and Burlington Coat Factory. In addition to the retail space, the sale includes 13 acres of undeveloped land that is entitled for 120,000 square feet of retail space. Menin has now sold more than $300 million of its shopping center portfolio over the past 14 months, shifting its focus toward acquiring single-tenant and high-street retail and mixed-use properties across South Florida and the West Coast.

January 25, 2016

Maryland Retail Southeast Virginia

Retail Properties of America Buys Two Shopping Centers in Mid-Atlantic for $72.7M

by John Nelson January 25, 2016

FALLS CHURCH, VA. AND HAGERSTOWN, MD. — Retail Properties of America Inc. (RPAI) has acquired a two-property portfolio of shopping centers in the Baltimore-Washington, D.C. corridor for a combined purchase price of $72.7 million. The Oak Brook, Ill.-based shopping center REIT purchased the 138,000-square-foot Merrifield Town Center II in Falls Church for $45.7 million and the 113,000-square-foot Shoppes at Hagerstown in Hagerstown for $27 million. RPAI owns both Merrifield Town Center I and II and plans to redevelop Merrifield II into a mixed-use project that will complement Merrifield I. Shoppes at Hagerstown was 93 percent leased at the time of sale to tenants such as Best Buy, Party City, Dollar Tree, Five Below and Starbucks Coffee.

January 25, 2016

Florida Retail Southeast

Marcus & Millichap Brokers Sale of Two Retail Centers in Broward County for $14.2M

by John Nelson January 25, 2016

POMPANO BEACH AND LAUDERHILL, FLA. — Marcus & Millichap has arranged the sales of two shopping centers in Broward County totaling $14.2 million. The properties include the 74,575-square-foot Palm Plaza in Pompano Beach and the 66,103-square-foot Oakbrook Plaza in Lauderhill. Palm Plaza comprises two retail buildings, an Enterprise outparcel, a four-pump gas station and an industrial/flex building. Oakbrook Plaza is leased to a mix of local retailers and Dunkin’ Donuts. A partnership based in Plantation, Fla., purchased Palm Plaza for $7.5 million and Oakbrook Plaza for $6.7 million. Douglas Mandel of Marcus & Millichap represented the sellers in both transactions, and Adam Duncan and Joseph Thomas of Marcus & Millichap represented the buyer in the Palm Plaza transaction.

January 25, 2016

Georgia Market Reports Retail Southeast Southeast Market Reports

Mixed-Use Projects with Grocery Anchors Top the Bill for Atlanta Retail Market

by John Nelson January 25, 2016

Economic indicators that support the retail market in Atlanta, like unemployment and the addition of non-farm payroll jobs, show positive signs that the sector has recovered from the economic downturn. Unemployment dropped to 6.1 percent in July 2015, compared with 7.6 percent a year earlier, and companies are showing no signs of slowing down on the hiring process. Non-farm payroll jobs in July reached 2.58 million, an increase of 85,000 jobs, or 3.4 percent, from a year ago. Atlanta’s vacancy rate continues to fall, dropping from 8.1 percent earlier this year to 7.9 percent in the second quarter, according to CoStar. While space is hard to come by, the good news is that some developments are popping up. In fact, during the second quarter, 12 buildings were completed totaling 208,524 square feet. Mixed-use projects featuring multifamily units are still active, particularly when a grocery store anchor is involved. Fuqua Development is building a six-acre project on Piedmont Road near Cheshire Bridge Road that will feature 300 apartment units, as well as 34,000 square feet of retail space. Sprouts Farmers Market will anchor the retail space with a 26,000-square-foot store. Fuqua Development also broke ground on Kennesaw Marketplace in June. Academy …

January 25, 2016

California Retail Western

Charles Dunn Co. Arranges $2.1M Sale of Retail Property in Culver City

by Nellie Day January 22, 2016

CULVER CITY, CALIF. — Charles Dunn Co. has brokered the sale of a single-tenant retail property located at 5400 Sepulveda Blvd. in Culver City. A partnership of two family trusts and two charitable organizations sold the property to Jack in the Box for $2.1 million. Jack in the Box has occupied the 9,309-square-foot property since it was built in 1963. Justin Mendelson and Ashley Saye of Charles Dunn Co. represented the seller in the transaction.

January 22, 2016

California Retail Western

Hanley Investment Group Negotiates $1.4M Sale of Hammer Plaza in Stockton

by Nellie Day January 22, 2016

STOCKTON, CALIF. — Hanley Investment Group has arranged the sale of Hammer Plaza, a 20,388-square-foot retail center located at 2701 E. Hammer Lane in Stockton. A Tracy, Calif.-based private investor acquired the property from a Stockton-based investor for $1.4 million. Built in 1980 and situated on 1.5 acres, the property was 55 percent vacant at the time of sale. Eric Vu of Hanley Investment Group represented the seller and buyer in the transaction.

January 22, 2016

California Retail Western

EMMES Realty Services to Open Crunch Fitness Downtown in San Diego

by Nellie Day January 22, 2016

SAN DIEGO — EMMES Realty Services has signed a lease with CFG Downtown LLC to open Crunch Fitness Downtown, a four-level fitness center at 701 B St. in downtown San Diego. Slated to open in the later this year, the 30,000-square-foot fitness center will feature a glass-enclosed cardio deck overlooking the renovated lobby; tiered memberships, including preferred pricing for all EMMES tenants; locker rooms; towel service; an advanced spin studio with state-of-the-art equipment; hydrotherapy and tanning; personal training; group training, including high intensity interval training; and turf and open areas for plyometric training and functional/athletic-based training. The new fitness center represents an approximately $3.5 million investment in the 24-story, Class A office building.

January 22, 2016

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