Retail

Eastern Union Arranges $8.8M Refinancing of Tulsa Promenade Mall

by Haisten Willis March 18, 2016

TULSA, OKLA. — Eastern Union Funding has secured an $8.8 million loan for the refinancing of the Tulsa Promenade, a 424,633-square-foot enclosed regional mall in Tulsa, Okla. Abe Kolman of Eastern Union arranged the non-recourse, five-year loan on behalf of Tulsa Promenade Realty Management LLC, a New York-based borrower. Ready Capital Structured Finance was the lender. The loan includes future tenant improvements and leasing commissions that will be used to address lease rollover at the property, which was purchased in a short sale more than two years ago for $12.3 million. Situated on 22 acres, the mall is anchored by Dillard’s, Macy’s, JCPenney and Sky Fitness & Wellbeing. Regal Promenade Palace Stadium 12 is also located in the mall.

March 18, 2016

Illinois Midwest Mixed-Use Multifamily Retail

Baum Realty Group Brokers Sale of Three Chicagoland Properties for $49.5M

by Christina Cannon March 18, 2016

LINCOLNWOOD AND CHICAGO, ILL. — Baum Realty Group LLC has brokered the sale of three Chicagoland properties for $49.5 million. In the first deal, Baum Realty represented an undisclosed seller in the disposition of a 45,000-square-foot retail center anchored by CVS. The property is located at 7175 N. Lincoln Ave. in Lincolnwood and sold for $9.8 million. In the second transaction, Baum Realty represented the buyer of a 90,000-square-foot mixed-use property in Chicago. Located at 3115 N. Broadway, the facility consists of ground-floor retail and a four-level parking garage. The buyer plans to convert the property, acquired for $5.7 million, for multifamily use. Lux24 is a 73-unit apartment tower in Chicago’s West Loop that sold for $34 million. Baum Realty brokered the off-market transaction of the 66,000-square-foot property. Danny Spitz and Greg Dietz of Baum Realty brokered all three transactions.

March 18, 2016

Florida Retail Southeast

Codina Partners Signs Publix to Anchor Downtown Doral in Metro Miami

by John Nelson March 18, 2016

DORAL, FLA. — Codina Partners has signed a lease with Publix Super Markets to anchor Downtown Doral, a live/work/play/learn development under construction in downtown Doral, a suburb of Miami. The Publix will be located on N.W. 53rd Terrace and serve as the development’s sole grocer. Downtown Doral will also feature 70 retail stores and restaurants, 400,000 square feet of office space, 2,840 residential units, a charter elementary school and public green spaces. Construction on the Publix is expected to begin in September 2016 with an expected December 2017 opening.

March 18, 2016

Market Reports Restaurant Retail Texas Texas Market Reports

Retail, Restaurant Activity in The Woodlands is Robust and Continues to Grow

by Haisten Willis March 18, 2016

Retail and restaurant activity is strong in Houston. The Woodlands, an award-winning master planned community located 27 miles north of downtown Houston, has defied the negative impact of the oil and gas market by staying extremely solid with high occupancy and strong rents. Both retail and restaurants have seen robust growth. “Despite reports of Houston’s economic slowdown, the retail market isn’t fazed by the dropping oil prices,” says CBRE’s Houston retail research report for third quarter 2015. “In fact, construction has increased, national retailers are bullish on the Bayou City and five years of the strongest population gains in the nation are driving healthy retail growth.” Retail occupancy in the Far North sector, including The Woodlands, remains at approximately 94 percent for the third quarter of 2015, according to CBRE. Suburban Expansion While traffic in the Houston area continues to become congested, suburban cities such as The Woodlands offer shoppers and diners almost all of their retail needs within the walls of the community. Residents are finding no reason to leave. Retail in Houston and The Woodlands is limited by supply. As quickly as construction begins on new retail sites, preleasing occurs. “Fortunately, there is currently 2.6 million square feet …

March 18, 2016

Mixed-Use New York Northeast Office Retail

Howard Hughes Corp. Completes $390M Sale of Lower Manhattan Development Site

by Amy Works March 17, 2016

NEW YORK CITY — The Howard Hughes Corp. has completed the sale of a development site located at 80 South St. in Lower Manhattan. China Oceanwide Holdings acquired the 42,694-square-foot lot for $390 million. Adjacent to the revitalized Seaport District, the site is capable of supporting 817,784 square feet of fully entitled development rights. The newly repositioned Seaport District will encompass seven buildings on several city blocks totaling more than 365,000 square feet of dining, shopping, entertainment and cultural event space.

March 17, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Brokers $11M Sale of Two Buildings in Brooklyn

by Amy Works March 17, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two buildings, located at 706-764 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Agmine Corp. acquired the assets, which are located on the same tax lot, for $11 million, or $709 per square foot. 764 Manhattan Avenue is a mixed-use building offering four retail units and nine residential units, and 760 Manhattan Avenue features two stories of commercial space, with RadioShack occupying the ground-floor unit. Combined, the properties offer 15,500 square feet of commercial and residential space. Brendan Maddigan of Cushman & Wakefield represented the seller, the Hazelwood family, in the transaction.

March 17, 2016

Retail Texas

M&M Arranges Sale of 19,927 SF Retail Property in Houston

by Haisten Willis March 17, 2016

HOUSTON — Marcus & Millichap has arranged the sale of West Shopping Center, a 19,927-square-foot retail property located in Houston. Watt Harrison and James Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. West Shopping Center is located at 13442 Bellaire Boulevard in Houston.

March 17, 2016

Restaurant Retail Texas

Piattello Italian Kitchen to Open in Waterside Mixed-Use Development

by Haisten Willis March 17, 2016

FORT WORTH, TEXAS — Marcus Paslay, chef and owner of Clay Pigeon, will open his second restaurant, Piattello Italian Kitchen, this fall in Fort Worth’s Waterside mixed-use development. Piattello will feature a seasonal menu. Paslay’s take on Italian fare will include pastas as well as pizzas from a wood-burning oven. In the mornings, part of the restaurant will be open as Piattello Coffee Bar. The restaurant will span 5,300 square feet with a covered patio. Mitchell Garman Architects of Dallas will design the interior.

March 17, 2016

Midwest Minnesota Retail

Mid-America Brokers $3.8M Sale of Shopping Center Outside of Minneapolis

by Christina Cannon March 17, 2016

BUFFALO, MINN. — Mid-America Real Estate has brokered the sale of Buffalo Crossing, a 19,753-square-foot retail property for $3.8 million. A local investment group acquired the property from an undisclosed seller. The shopping center is located in Buffalo, approximately 40 miles northwest of Minneapolis. Situated along Highway 55, Buffalo Crossroads is anchored by Jimmy John’s and Anytime Fitness. Mark Robinson of Mid-America represented the buyer in the transaction.

March 17, 2016

Loans New Jersey Northeast Retail

NorthMarq Capital Secures $11.3M Acquisition Financing for Retail Property in New Jersey

by Amy Works March 16, 2016

PARAMUS, N.J. — NorthMarq Capital has negotiated $11.3 million in refinancing for the acquisition of a retail property at 501 Route 17 in Paramus. The 10-year loan features a 25-year amortization schedule. The 38,729-square-foot property is anchored by Staples. Ed Riekstins of NorthMarq secured the financing for the undisclosed borrower through its correspondent relationship with a life insurance company.

March 16, 2016

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