Retail

CBL Adds West Elm, Pieology Pizzeria to Friendly Center’s Tenant Roster in Greensboro

by John Nelson February 11, 2016

GREENSBORO, N.C. — CBL & Associates Properties Inc. has added home retailer West Elm and Pieology Pizzeria to Friendly Center, an upscale shopping center in Greensboro. Existing tenants at Friendly Center include lululemon athletica, Anthropologie, Altar’d State and Whole Foods Market. West Elm and Pieology are part of the center’s new 12,709-square-foot expansion, which will be situated between Anthropologie and Whole Foods facing West Friendly Avenue. Construction on the expansion is underway, and CBL expects the two new retailers to open this fall. A third soon-to-be-named retailer will also occupy space in the center’s expansion.

February 11, 2016

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $28M Loan for 294,141 SF Shopping Center in New Jersey

by Amy Works February 11, 2016

MANVILLE, N.J. — Cronheim Mortgage has arranged $28 million in financing for Marketplace at Manville, a shopping center located in Manville. The 15-year loan has a 30-year amortization schedule and a 3.8 percent interest rate. The 294,141-square-foot retail center is occupied by Walmart Supercenter, Reading Cinemas, Dollar Zone, Retro Fitness, GNC, McDonalds, Sleepy’s and Great Clips. Constructed in 1999, the property is managed by Purchase, N.Y.-based National Realty & Development Corp. Andrew Stewart and Dev Morris of Cronheim Mortgage secured the financing, which was placed with AG Life.

February 11, 2016

Illinois Midwest Retail

MB Real Estate Negotiates $6.8M Sale of Retail Property in Suburban Chicago

by Christina Cannon February 11, 2016

ELK GROVE VILLAGE, ILL. — MB Real Estate has brokered the sale of a 24,910-square-foot retail property in Elk Grove Village, approximately 25 miles northwest of Chicago. A private family purchased Strawberry Hill Plaza for $6.8 million as part of a 1031 exchange. Located at 601-633 Meacham Road, the shopping center was built in 1986 and is situated on 3.1 acres. The building is a single-story, multi-tenant center that has parking for 172 vehicles. Tenants at Strawberry Hill Plaza include Subway, The Great American Bagel and Merlin Muffler. McDonald’s and Taco Bell are both situated on outparcels to the shopping center. David Kimball and Jay Beadle of MB Real Estate represented the buyer in the transaction. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the undisclosed seller, which had owned the property since its construction in 1986.

February 11, 2016

Nevada Retail Western

AW Family Trust Buys Silverado Auto Plaza in Las Vegas for $8.9M

by Nellie Day February 11, 2016

LAS VEGAS — AW Family Trust has purchased the 21,639-square-foot Silverado Auto Plaza building in Las Vegas for $8.9 million. The plaza is located at 1280, 1310 and 1340 E. Silverado Ranch Blvd. Virtus Commercial’s Chris Emanuel and John Blommer represented the seller.

February 11, 2016

Market Reports Midwest Midwest Market Reports Ohio Retail

Cincinnati, Dayton Retail Markets Thrive Despite Changing Consumer Preferences

by Christina Cannon February 11, 2016

When talking about the retail sector, the economy has to be part of the conversation. Trends in retail concepts follow consumer behavior. In 2010, when the recovery began, wealthy consumers were the first to return to the marketplace. Not surprisingly, luxury retail concepts followed these wealthy shoppers. To appeal to consumers who were experiencing a slower recovery and to address the concerns of consumers who were still budget-conscious coming out of the downturn, discount retailers and off-price concepts also flooded the market at the same time. These two ends of the spectrum have dominated the retail landscape, leading to challenges for the middle-priced retailers. Despite the acceleration of the economic recovery, these retailers will continue to face challenges as many consumers have maintained a fiscally conservative, or even frugal, mindset. E-Commerce Has Clout The prediction that the advent of the Internet would spell the death of the brick-and-mortar store has not come to fruition. However, e-commerce’s impact on retail is certainly undeniable. Although 75 percent of retail sales still take place in stores, consumers are becoming more educated about products and prices as a result of the Internet. Consumer surveys show that 75 percent of millennials use the Internet to …

February 11, 2016

New York Northeast Retail

Cushman & Wakefield Brokers $12.6M Sale of Retail Building in Queens

by Amy Works February 10, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale the sale of retail property located at 163-30 Cross Bay Blvd. in the Howard Bay neighborhood of Queens. The property sold for $12.6 million. Originally built in 2009, the property underwent a substantial renovation in 2014. The 9,767-square-foot property is currently triple-net leased to Duane Reade through October 2028. Duane Reade subsequently subleased the space to Key Foods. Bob Knakal, Jonathan Hageman and Brian Sarath of Cushman & Wakefield handled the transaction.

February 10, 2016

Retail Texas

SHOP Cos. Arranges Sale of 14,680 SF Retail Center in Metro Dallas

by Haisten Willis February 10, 2016

CROSS ROADS, TEXAS — SHOP Cos. Investment Sales has arranged the sale of Crossroads Crossing, a 14,680-square-foot shopping center located in Cross Roads. Crossroads Crossing is situated at the northwest quadrant of US Highway 380 and FM 720. At the time of closing the property was 100 percent leased to tenants including Domino’s, State Farm Insurance, January’s Salon, Cornerstone Dental and Villa Grande Mexican Restaurant. Tommy Tucker with SHOP Cos. represented the seller, a Carrollton-based private partnership, and procured the buyer, a Dallas-based limited liability company.

February 10, 2016

Midwest Ohio Retail

IPA Brokers $15.8M Sale of 229,142 SF Shopping Center in Lancaster

by Christina Cannon February 10, 2016

LANCASTER, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 229,142-square-foot shopping center in Lancaster. River Valley Plaza sold for $15.8 million. The seller was a Columbus-based owner, and the buyer was a Canadian investment group. The property is located at 1300 River Valley Blvd. and is 97 percent occupied with 82 tenants. Target, Hobby Lobby and T.J. Maxx anchor River Valley Plaza and collectively occupy 80 percent of the center’s gross leasable area. Target has been a tenant since 1994, and Hobby Lobby recently extended its lease into 2025. T. J. Maxx just signed on for an additional five years. Subway has occupied space in the shopping center since 1990. Erin Patton, Craig Fuller and Scott Wiles represented the seller and procured the buyer.

February 10, 2016

Illinois Midwest Retail

The Boulder Group Completes $9.5M Sale of Property Leased to LA Fitness in Chicago

by Christina Cannon February 10, 2016

CHICAGO — The Boulder Group has completed the sale of a single-tenant, net-leased retail property in Chicago for $9.5 million. The property, leased to LA Fitness, is located at 6107 N. Broadway St. The seller, Crossroads Development, renovated the two-story, 22,000-square-foot building in 2014. The 1031 exchange buyer in the transaction is a high-net-worth individual based on the West Coast. The property will retain its current management group and includes on-site parking. According to CoStar Group, the 5.6 percent cap rate represents the lowest cap rate ever recorded for the sale of a single-tenant LA Fitness property. The lease for LA Fitness expires in June 2029 and features 10 percent rental escalations every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.

February 10, 2016

Arizona Retail Western

Colliers International Arranges $9.7M Sale of Mountain Park Plaza in Phoenix

by Nellie Day February 9, 2016

PHOENIX — Colliers International has arranged the $9.7 million sale of Mountain Park Plaza, an 87,672-square-foot shopping center located in Phoenix. Mindy Korth and Kirk Kuller of Colliers represented the seller, Issaquah, Wash.-based Western America Commercial, in the transaction. The buyer was Fairfield, N.J.-based Lamar Cos. Tenants at the 95-percent-occupied center include anchor Fry’s Food and Drug, Nationwide Vision and Sally Beauty Supply. Three pads occupied by a Fry’s Food Stores fueling station, Taco Bell and Kidz Connextion Dental Center were not included in the sale.

February 9, 2016

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