Retail

SRS Arranges Sale of The Ridge in North Austin

by Haisten Willis January 13, 2016

AUSTIN, TEXAS — SRS Real Estate Partners has represented a private development group in the sale of The Ridge, a two-building retail center in north Austin. The Ridge is located at the southeast quadrant of Parmer Lane and Tech Ridge Boulevard. The 19,300-square-foot center houses a mix of national, regional and local tenants such as Sherwin-Williams, Rush Laundry, Brooklyn Pie and Little Woodrow’s. Ryan Hoff, vice president at SRS Real Estate Partners, represented the seller in the transaction, while Logan Reichle of CBRE represented the buyer.

January 13, 2016

Academy Sports + Outdoors, Hobby Lobby to Open in Greenville

by Haisten Willis January 13, 2016

GREENVILLE, TEXAS — Academy Sports + Outdoors and Hobby Lobby will build new locations at Kari Beth Krossing, a retail power center located at the northwest corner of I-30 and State Highway 34 in Greenville. Both stores are slated to open this summer. Developed by The Stainback Organization, a commercial real estate development and brokerage company headquartered in Dallas since 1987, Kari Beth Krossing is anchored by a 138,000-square-foot Lowe’s Home Improvement store and national retailers Cotton Patch Café, Chick-fil-A, Starbucks Coffee and Discount Tire. The additions of the 63,000-square-foot Academy Sport + Outdoors and the 55,000-square-foot Hobby Lobby store, along with additional 12,400-square-foot retail/restaurant space which will include a Chipotle Mexican Grill, brings the total space to nearly 300,000 square feet.

January 13, 2016

Retail Texas

Hunington Acquires Land for Retail Development in Houston

by Haisten Willis January 13, 2016

HOUSTON — Hunington Properties has purchased 3.3 acres in Wolff Cos.’ Ten Oaks, an 83-acre master-planned development, for the development of The Shops at Ten Oaks. Construction is expected to begin in the spring on the shopping center, which includes a freestanding quick service restaurant and an additional 20,000 square feet of general retail space. Located at the northwest corner of Barker Cypress Road and Park Row, The Shops at Ten Oaks will be developed next to the newest Hunington Residential multifamily project, The Vic on Park Row. The project will also be adjacent to Western International’s Courtyard by Marriott, which opened in 2015, and Hampton Inn & Suites, which is under construction. The development is also located within the Texas Medical Center’s west campus, where Texas Children’s Hospital and Methodist Houston Hospital are both undergoing expansions.

January 13, 2016

Alabama Retail Southeast

Cushman & Wakefield Brokers $25M Sale of Shopping Center in Birmingham

by John Nelson January 13, 2016

BIRMINGHAM, ALA. — Cushman & Wakefield’s Atlanta retail investment advisors group has brokered the $25 million sale of Village at Lee Branch II, a 223,100-square-foot shopping center in Birmingham. Monarch Investments purchased the property from Rushmore Properties, a private real estate investment firm based in Chicago. Located at the intersection of U.S. Route 280 and Doug Baker Boulevard, the shopping center’s tenant roster includes Hobby Lobby, Carmike Theaters, Baumhower’s, Taziki’s Café, The Melting Pot and Sport Clips. The sale included several undeveloped pad sites. Mark Joines, Drew Fleming and Fain Hicks of Cushman & Wakefield’s Atlanta office, along with Mark Gilbert of the firm’s Miami office, represented the seller in the transaction.

January 13, 2016

Chick-fil-A 1100 Northside Drive Atlanta

Georgia Restaurant Retail Southeast

The Boulder Group Brokers Sale of Chick-fil-A in Atlanta for Record Price

by John Nelson January 13, 2016

ATLANTA — The Boulder Group has arranged the $4.8 million sale of a newly built Chick-fil-A restaurant located at 1100 Northside Drive in Atlanta’s West Midtown neighborhood. According to CoStar, the transaction represents the highest priced single-tenant Chick-fil-A property ever sold. The restaurant is situated within a half mile of Georgia Tech and Atlanta’s only IKEA location. Randy Blankstein and Zach Wright of The Boulder Group represented the buyer, a Midwest-based real estate developer, in the 1031 transaction. The seller was a partnership based in the Southeast. The ground lease is for 20 years and features rent escalations every five years, seven five-year renewal option periods and no landlord responsibilities. Founded in 1946, Chick-fil-A is a privately owned company based in Atlanta with more than 1,900 locations throughout the country.

January 13, 2016

Midwest Minnesota Retail Wisconsin

CrossAmerica to Acquire 31 Holiday Stores in Wisconsin and Minnesota for $48.5M

by Christina Cannon January 13, 2016

ALLENTOWN, PA. — Allentown-based CrossAmerica Partners LP has agreed to acquire 31 franchised Holiday convenience stores located in Wisconsin and Minnesota from SSG Corp. for $48.5 million. Of the 31 company-operated stores, 28 are located in Wisconsin and three are located in Minnesota. The acquisition is subject to customary conditions to closing and is expected to close in the first quarter of this year.

January 13, 2016

Indiana Loans Midwest Retail

Thorofare Capital Provides $32.5M Acquisition Loan for Retail Property in Indianapolis

by Christina Cannon January 13, 2016

INDIANAPOLIS — Thorofare Capital has provided an affiliate of Arciterra Group LLC with a $32.5 million acquisition loan for a retail property in Indianapolis. Castleton Square & Commons is a 256,582-square-foot power center located on Castleton Corner Drive. Tenants at the property include REI, Golfsmith, Dave & Busters, Haverty’s Furniture, Buffalo Wild Wings and DXL Casual Male. The property was 94 percent leased at the time of sale. The seller was an affiliate of Ann Arbor, Mich.-based McKinley Inc. The non-recourse, floating-rate loan is for a period of two years and includes two six-month extension options, a flexible prepayment structure and was priced at a competitive spread over LIBOR.

January 13, 2016

Mixed-Use Multifamily New York Northeast Retail

Besen & Associates Arranges $5.1M Sale of Mixed-Use Property in Brooklyn

by Amy Works January 13, 2016

NEW YORK CITY — Besen & Associates has brokered the sale of a mixed-use property located at 957 Utica Ave. in Brooklyn’s East Flatbush neighborhood. A private investor acquired the property for $5.1 million. Built in 2007, the three-story property features 18 apartment units in a mix of studio, one-, two- and three-bedroom units; 6,000 square feet of retail spaces; and a 26-space gated parking lot. The property features a 421-A tax exemption in place, which expires in June 2023. Greg Corbin and Miguel Jauregui of Besen & Associates, along with former Besen broker Jacob Aronov, represented the seller and procured the buyer in the transaction.

January 13, 2016

New York Northeast Retail

Kinsey Capital Negotiates $18.5M Sale of Retail Property in Manhattan

by Amy Works January 12, 2016

NEW YORK CITY — Kinsey Capital has arranged the sale of a retail property located at 730 Lexington Ave. in Manhattan’s Midtown East neighborhood. An affiliate of Ashkenazy Acquisition Corp. acquired the 4,111-square-foot property from The Aldo Group for $18.5 million, or $4,500 per square foot. Brent Glodowski of Kinsey Capital was the sole broker in the transaction.

January 12, 2016

Mixed-Use Multifamily New York Northeast Retail

Ariel Property Advisors Arranges $7M Sale of Development Site in East Harlem

by Amy Works January 12, 2016

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a 50-foot wide vacant lot at 1655 Madison Ave. in Manhattan’s East Harlem neighborhood. The property sold for $7 million, or $391 per buildable square foot. The site is zoned R7-2/C1-5, which provides as-of-right approximately 17,887 buildable square feet for mixed-use development or 24,375 buildable square feet with the inclusion of a community facility bonus. Victor Sozio, Shimon Shkury, Michael Tortorici, Matthew Gillis and Josh Berkowitz of Ariel Property Advisors represented the seller, a private investor, while Michelle Abramov of Highcap Group represented the buyers, a private group of international investors, in the transaction.

January 12, 2016

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