LEAGUE CITY, TEXAS — Marcus & Millichap has arranged the sale of Laurel Bay Center, a 22,286-square-foot retail property located in League City. Nik Kapetanakis, Gus Lagos and Keith Lloyd of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a bank/financial institution. Laurel Bay Center is located at 2660 Marina Bay Drive.
DALLAS — Four new retailers are joining Village on the Parkway, a 357,731-square-foot retail center situated on 31 acres in Dallas, and will open their doors at the property over the next few months. Vestar, a privately held real estate company, currently handles property management, leasing and marketing at the center. Leasing for this project is done in partnership with Venture Commercial brokers Easley Waggoner and Tim Henson. The new retailers include: Soma, a women’s intimate apparel boutique which will occupy 2,549 square feet; Francesca’s, a women’s clothing and accessory store which will occupy 1,400 square feet; Chico’s, offering branded clothing and accessories for women which will occupy 3,453 square feet; Beauty Brands, a salon and spa superstore which will occupy 6,844 square feet. With these four tenants, Village on the Parkway is now 92 percent leased. Additional major tenants include Whole Foods Market, AMC Theatres, Ra Sushi, Gloria’s Latin Cuisine, Yard House, AT&T and 24 Hour Fitness.
NEW YORK CITY — Madison Realty Capital and Siguler Guff have acquired a retail condo property located at One Hanson Place in Brooklyn’s Fort Greene neighborhood. The joint venture purchased the 41,400-square-foot property for $20.4 million. The property sits at the base of the 41-story One Hanson Place, which was built in 1972. The name of the seller was not released.
STAFFORD, VA. — Coldwell Banker Commercial Elite has brokered the $3.6 million sale of a multi-tenant retail strip center located at 125 Corporate Drive in Stafford. The 8,000-square-foot building was built in 2013 at the entrance to Quantico Corporate Center, an 85-acre mixed-use campus that is home to global defense corporations, universities and U.S. government offices. The retail strip center was fully leased at the time of sale to retailers such as Subway, I Luv Teriyaki, Pancho Villa, Dream Nails and a barber shop. A group of Northern Virginia investors based out of Fairfax Station purchased the retail property. Donny Self of Coldwell Banker Commercial Elite represented the seller, Quantico Retail Building LLC, in the transaction.
The Cleveland retail market has shown a dramatic recovery over the last five years. The overall vacancy rate has fallen from just over 14 percent in 2011 to slightly under 9 percent at the beginning of 2015, and rental rates have noticeably increased. As a result, there have been some landmark sales as part of a brisk investment market and new retail development has started in earnest. However, there are also some high-profile retail centers that continue to be plagued by a variety of issues, in spite of the market’s turnaround. Nearly $400 million of retail properties have changed hands over the last 12 months and this sector is the most active of all the property types. While local investors have certainly played a part, the majority of the buyers have been from outside the region. Among the most active non-local purchasers has been a pair of REITs — Inland Real Estate Corp. (NYSE: IRC) and Devonshire REIT. Recent purchases by Inland include Creekside Commons, a 200,000-square-foot center that sold for $28.3 million and Cedar Center North, a 60,000-square-foot center that sold for $15.4 million. Meanwhile, Devonshire REIT has acquired The Plaza at Chapel Hills, a 450,000-square-foot center that sold …
GLENDALE, CALIF. – College Plaza, a 5,528-square-foot retail building in the Los Angeles submarket of Glendale, has sold to James Hsu for $6.3 million. The building is located at 1500 Canada Blvd. It was built in 2005. Notable tenants include Coffee Bean and Flame Broiler. The buyer was represented by Peggy Chen of Ko Tai Realty. The seller, Hovik Khatchaturian of Turian Properties, was represented by Alex Vasquez of Stevenson Real Estate Services.
DENVER — Baceline Investments LLC has acquired 10 neighborhood retail centers totaling 418,000 square feet in the Midwest and Mid-South for $33.3 million. It is the largest transaction in the history of the Denver-based private equity real estate firm. The portfolio will be part of Baceline’s high-yield income strategy designed to produce substantial income through the ownership of stable, cash-flowing commercial real estate. The acquired properties include: • Park Center, a 105,032-square-foot center in Memphis, Tenn.; • Shoppes of Loveland, a 64,607-square-foot center in Loveland, Ohio, near Cincinnati; • Towne Square, a 55,168-square-foot center in Florence, Ky., near Cincinnati; • Mainline Plaza, a 42,182-square-foot center in Belleville, Ill., near St. Louis; • Fort Plaza, a 39,994-square-foot center in Omaha, Neb.; • Weber Place, a 38,802-square-foot center in Omaha, Neb. • Midway Plaza, a 27,200-square-foot center in Fairview Heights, Ill. near St. Louis; • Noland View, an 18,480-square-foot center in Independence, Mo. near Kansas City; • Holly Hills, a 16,847-square-foot center in St. Louis; • Eagle Creek, a 9,239-square-foot center in Indianapolis.
GRAND RAPIDS, MICH. — The grand opening of Tanger Outlets Grand Rapids will take place Friday, July 31. This is the third Tanger Outlets retail center to open in the Great Lakes State. The 350,000-square-foot outlet center will contain 80 stores, including J. Crew Factory, Brooks Brothers Factory Store, Nike Factory Store and Cole Haan. The $77 million project has already had a positive economic impact, according to Tanger, including the creation of over 300 construction jobs and 1,000 part-time and full-time retail management and sales positions. The retail center is located approximately 11 miles south of downtown Grand Rapids at the southwest quadrant of US-131 and 84th Street in Byron Township.
NORTHVILLE, MICH. — Bernard Financial Group has arranged a $2.2 million refinancing loan for the Haggerty Road Retail complex in Northville, a western suburb of Detroit. The property consists of 8,400 square feet of retail and restaurant space and is leased through 2019. The retail and restaurant tenants include Verizon, Qdoba Mexican Grill and Reitz Enterprises. Dave Dismondy of Bernard Financial originated the loan for the borrower, Haggerty Eight LLC. The lender is Genworth, which has a correspondent relationship with Bernard Financial.
COON RAPIDS, MINN. — Marcus & Millichap has arranged the sale of a net-leased property occupied by Taco Bell, located at 13057 Round Lake Blvd. in Coon Rapids, approximately 15 miles north of Minneapolis. The 2,016-square-foot building sold for $2.1 million. Mark Lovering and Dan Yozwiak of Marcus and Millichap’s office in Columbus, Ohio, represented the seller, a limited liability company. Calvin Lee of Marcus & Millichap’s Los Angeles office secured and represented the buyer, a private investor. Craig Patterson, regional manager and broker of record in Marcus & Millichap’s Minneapolis office, assisted in closing the transaction.
