Retail

Hanley Investment Group Arranges $11.8M Sale of Retail Property in Huntington Park

by Nellie Day March 15, 2016

HUNTINGTON PARK, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant, absolute net-leased Walgreens property, located at 6100 Pacific Blvd. in Huntington Park. A private investor based in Northern California acquired the 15,525-square-foot property for $11.8 million. Walgreens has more than 22 years remaining on its initial 30-year term. Patrick Kent and Bill Asher of Hanley Investment Group represented the seller, a private investor based in Los Angeles, while Nigel Keep and Bill Kurfess of Kidder Mathews represented the buyer in the transaction.

March 15, 2016

Hawaii Retail Western

Nordstrom Opens New Store at Ala Moana Center in Honolulu

by Nellie Day March 15, 2016

HONOLULU — Nordstrom Inc. has opened its new, relocated store at Ala Moana Center in Honolulu. The three-level, 186,000-square-foot store features new interior and exterior design concepts, a full-service restaurant and bar, cocktail lounge and new departments. The store is a relocation from its previous home at the other end of the mall, which opened in 2008. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 326 stores in 39 states, including 121 full-line stores in the United States, Canada and Puerto Rico; 197 Nordstrom Rack stores; two Jeffrey boutiques; and one clearance store.

March 15, 2016

Mixed-Use Multifamily Retail Texas

CBRE | UCR Completes 94-Acre Land Sale in Dallas for Mixed-Use Development

by Haisten Willis March 15, 2016

DALLAS — CBRE | UCR has brokered the sale of 94 acres at the northwest corner of Lancaster Road and I-20 in southern Dallas. Centurion American, based in Farmers Branch, purchased the tract from Sun NLF for an undisclosed price. The parcel will be added to an assemblage of land, currently spanning 294 acres, for a proposed mixed-use development called University Hills. The development will include townhomes, multifamily units, entertainment and retail. Lots should be available beginning in summer 2017. Thurston Witt of CBRE | UCR represented the seller in the transaction. Robert Maxey of MetroCom Properties represented the buyer.

March 15, 2016

Massachusetts Northeast Retail

Fantini & Gorga Secures $7.3M in Financing for Two Retail Properties in Massachusetts

by Amy Works March 15, 2016

SOMERVILLE AND TAUNTON, MASS. — Fantini & Gorga has arranged two loans totaling $7.3 million in permanent financing on two retail properties in Massachusetts. In the first transaction, Fantini & Gorga arranged $2 million in refinancing for a 17,500-square-foot strip center in Somerville. The borrower was a long-term client of Fantini & Gorga. The 20-year fixed-rate loan, which was provided by a regional financial institution, features a 25-year amortization schedule. In the second deal, Fantini & Gorga secured $5.3 million in refinancing on an existing CMBS loan for a 30,000-square-foot strip center in Taunton. The new 10-year loan was originated with another CMBS lender. Mark Whelan and Wayne Clough of Fantini & Gorga arranged the financing for both transactions.

March 15, 2016

New York Northeast Retail

Eastern Consolidated Arranges $6.4M Sale of Retail Condo in Manhattan

by Amy Works March 15, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a retail condominium located at 4 W. 19th St. in Manhattan’s Flatiron district. A private real estate investor acquired the ground-floor 1,574-square-foot retail asset from a corporate entity for $6.4 million. The property is currently leased to Zuber, a luxury wallpaper and fabric firm. Ron Solarz of Eastern Consolidated represented the seller, while Roberto Ortiz and Rhonda Rogovin, also of Eastern Consolidated, represented the buyer in the transaction.

March 15, 2016

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $3.1M Sale of Mixed-Use Building in Brooklyn

by Amy Works March 15, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use building in Brooklyn’s Greenpoint neighborhood. Ben Franklin LLC acquired the 4,133-square-foot property for $3.1 million, or $762 per square foot. The four-story building features three residential units and a ground-floor retail space, which is occupied by a neighborhood bar. Brendan Maddigan of Cushman & Wakefield handled the transaction. The name of the seller was not released.

March 15, 2016

Retail Southeast Virginia

CBL Sells Majority Interest in Regional Mall in Virginia to Liberty University for $33.5M

by John Nelson March 15, 2016

LYNCHBURG, VA. — CBL & Associates Properties Inc. has sold a 75 percent interest in River Ridge, a 764,243-square-foot regional mall located in Lynchburg, to Liberty University. CBL received net cash proceeds of $33.5 million for the sale of the majority interest. CBL retains a 25 percent ownership in the asset, and is responsible for leasing and management. The mall’s tenant roster includes Macy’s, Chick-fil-A, Planet Fitness, Regal Cinemas, GNC, Spencer Gifts, JC Penney, Victoria’s Secret, Zales and T.J. Maxx.

March 15, 2016

Shannon Crossing Shopping Center Kroger Atlanta

Georgia Retail Southeast

SRS Atlanta Brokers $15.6M Sale of Kroger-Anchored Shopping Center in Atlanta

by John Nelson March 15, 2016

ATLANTA — SRS Atlanta has brokered the $15.6 million sale of Shannon Crossing Shopping Center, a Kroger-anchored property located at 4550 Jonesboro Road in Atlanta. The 101,174-square-foot shopping center is situated on 12.4 acres near the intersection of Jonesboro Road and I-85 and features a Kroger Fuel Center. A joint venture between Forge Capital Partners and The Sembler Co. purchased the asset from Schottenstein Realty Co. Kyle Stonis and Pierce Mayson of SRS Atlanta represented the seller in the transaction. The joint venture buyer was self-represented.

March 15, 2016

Loans Maryland Retail Southeast

Eastern Union Funding Arranges $4M Loan for Net-Leased BB&T Branch in Maryland

by John Nelson March 15, 2016

HYATTSVILLE, MD. — Eastern Union Funding has arranged a $4 million loan for the refinancing of a net-leased BB&T bank branch in Hyattsville. The single-tenant bank is located at 3400 East-West Highway. Marc Tropp and Shai Romirowsky of Eastern Union Funding arranged the 10-year loan through a local bank on behalf of the borrower. The limited non-recourse loan features a fixed interest rate of 4 percent and a 30-year amortization schedule.

March 15, 2016

Retail Texas

Pierson Retail Advisors Arranges Sale of Southwest Plaza in Arlington

by Haisten Willis March 14, 2016

ARLINGTON, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Southwest Plaza, a 104,766-square-foot neighborhood retail center located in Arlington. PRA represented the seller, Bo Avery SWP Enterprises, in the transaction. Manuel Ramon of Green Earth Realty, who will also lease and manage the center, represented the buyer, Ravi Randal Investment Group. The asset is shadow-anchored by Albertsons with a mix of national, regional and local tenants. The property sits on a hill and is visible from I-20. Southwest Plaza was 98 percent leased at the time of sale to tenants such as Office Depot, Sears Outlet, Ace Hardware, H&R Block, Cato Fashions and CiCi’s Pizza. The entire team at Pierson Retail Advisors in Dallas handled the sale.

March 14, 2016

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