Retail

HFF Arranges $18.5M Refinancing for Retail Center in Suburban Philadelphia

by Amy Works November 18, 2015

WEST CHESTER, PA. — HFF has arranged $18.5 million in refinancing for West Goshen Town Centre, a grocery-anchored retail center located at Route 3 and Five Points Road in West Chester, a suburb of Philadelphia. Brandolini Cos. was the borrower. Situated on 17.6 acres, the property is fully leased to ShopRite, A.C. Moore, Applebee’s Neighborhood Grill, Panera Bread, AT&T, Massage Envy, GameStop, Great Clips, Sun East Federal Credit Union and H&R Block. Ryan Ade of HFF secured the fixed-rate loan, which was provided by an institutional lender, for the borrower.

November 18, 2015

Renaissane-Square-RD-Management-Evesham-NJ

Mixed-Use Multifamily New Jersey Northeast Office Restaurant Retail

RD Management to Redevelop The Shoppes and Residences at Renaissance Square

by Amy Works November 18, 2015

EVESHAM, N.J. — RD Management LLC has unveiled its redevelopment plans for The Shoppes and Residences at Renaissance Square, located on Route 70 in Evesham. Formerly known has Tri-Towne Plaza, the center offers 112,245 square feet of mixed-use space. The redevelopment includes the addition of five buildings, containing 338 apartments; an open space with jogging paths, walkways and a pond; new signage; upgrades to the retail portion; and the addition of new retail and restaurant facilities to the existing space. The development is scheduled to commence in spring 2016.

November 18, 2015

Maryland Retail Southeast

Retail Properties of America Acquires Towson Square in Metro Baltimore for $39.7M

by John Nelson November 18, 2015

TOWSON, MD. — Retail Properties of America Inc. (RPAI), a shopping center REIT, has purchased Towson Square, a 138,000-square-foot, entertainment-based retail center anchored by a newly constructed Cinemark Theatre in Towson, roughly 12 miles north of Baltimore. RPAI purchased the center on an unencumbered basis for $39.7 million. Towson Square includes national and regional restaurant concepts such as BJ’s Restaurant and Brewhouse, World of Beer, Bobby’s Burger Palace, Bonefish Grill and Nando’s Peri-Peri. Opened in 2014, Towson Square is currently 96.6 percent leased and is located adjacent to the RPAI’s existing center, Towson Circle. RPAI expects to integrate both centers into one property as part of the larger planned redevelopment. Year to date, RPAI has completed $463.1 million of unencumbered acquisitions.

November 18, 2015

Florida Retail Southeast

Crossman & Co. Arranges $3.7M Sale of Pensacola Retail Center

by John Nelson November 18, 2015

PENSACOLA, FLA. — Crossman & Co. has arranged the $3.7 million sale of the Shoppes at Milestone, a 19,700-square-foot retail strip center in Pensacola. Bruce Lyons and Brian Carolan of Crossman & Co. worked on behalf of the undisclosed seller in the transaction. Westwood Financial Corp. acquired the fully occupied center. Tenants at Shoppes at Milestone include shadow-anchor Publix, Jersey Mike’s, Hot Heads Burritos, H&R Block, Cricket Wireless, Papa Murphy’s and Enterprise Rent-a-Car.

November 18, 2015

California Retail Western

Gelson’s to Purchase Six Haggen Properties in Southern California

by Nellie Day November 18, 2015

ENCINO, CALIF. — Encino-based supermarket chain Gelson’s Markets has won final approval to buy six Haggen grocery/pharmacy properties in Southern California. Acquisitions will include 2627 Lincoln Blvd., Santa Monica; 25636 Crown Valley Parkway, Ladera Ranch; 36-101 Bob Hope Drive, Rancho Mirage; 2707 Via De La Valle, Del Mar; 730 Turquoise St., San Diego; and 1736 Avenida De Los Arboles, Thousand Oaks. Haggen filed for Chapter 11 bankruptcy this past September. Gelson’s plans to relaunch the acquisitions early next year under its own brand with initial improvements to product selection and merchandising, followed several months later by redesign and construction. Existing pharmacies will remain open during the transition.

November 18, 2015

California Loans Retail Western

Thorofare Capital Funds $7.7M Loan for Acquisition of LA Retail Property

by Nellie Day November 17, 2015

LOS ANGELES — Thorofare Capital has provided a $7.7 million bridge loan to a partnership between Cadence Capital Investments and Oakwood Real Estate Partners for the off-market acquisition of a retail property located near The Grove on Beverly Boulevard in Los Angeles. The non-recourse, one-year, interest-only loan features a fixed rate. The borrower plans to reposition the 12,500-square-foot property, which was 56 percent leased at the time of closing.

November 17, 2015

California Retail Western

Marcus & Millichap Arranges $4.1M Sale of Retail Property in San Leandro

by Nellie Day November 17, 2015

SAN LEANDRO, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at E. 14th St. in San Leandro. A limited liability company bought the 22,520-square-foot property, which is occupied by CVS/pharmacy, for $4.1 million. Fabio Sangiorgi of Marcus & Millichap’s Palo Alto office represented the buyer in the transaction. The name of the seller was not released.

November 17, 2015

Nevada Retail Western

Conn’s Opens 100th Store in Las Vegas

by Nellie Day November 17, 2015

NORTH LAS VEGAS, NEV. — Conn’s Inc., a Houston-based furniture and specialty home goods retailer, has opened its 100th store. The new, 52,000-square-foot centennial Conn’s HomePlus store is located in North Las Vegas. The company is on schedule to open between 15 and 18 stores in its current fiscal year, which ends on Jan. 31. Conn’s plans to open as many as 25 stores in its 2017 fiscal year. Conn’s is a furniture and specialty retailer currently operating 100 retail locations in 12 states: Arizona, Colorado, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.

November 17, 2015

Retail Washington Western

Amazon Opens First Bookstore in Seattle

by Nellie Day November 17, 2015

SEATTLE — Online retail giant Amazon has opened its first brick-and-mortar bookstore, Amazon Books, at University Village in north Seattle. The store opens 20 years after Amazon began selling books — severely discounted compared to traditional retailers — over the Internet. The 5,500-square-foot store, which offers as many as 6,000 titles and an additional 2,000 square feet of storage, is a physical extension of the company website, combining the benefits of online pricing with traditional book shopping, the company told the Associated Press in a statement. Inside the store, shoppers will find book displays that contain cards with ratings and reviews. Shoppers can buy the book now, or save the review card and purchase the book online later. The store will not be a location to pick up Amazon orders. While the store will showcase Amazon’s Kindle e-readers, Fire tablets and Fire TV streaming-media devices, it will focus first on being a bookstore. All books will face outward, displaying their entire covers rather than only the spines showing.

November 17, 2015

California Retail Western

Ross Appoints President & Chief Merchandising Officer of dd’s Discounts

by Nellie Day November 17, 2015

DUBLIN, CALIF. — Ross Stores, Inc. has appointed Brian Morrow as president and chief merchandising officer of dd’s Discounts, effective Dec. 7. Morrow will report directly to Barbara Rentler, the company’s CEO, and be responsible for directing all aspects of merchandising at dd’s Discounts. Morrow has more than 30 years of merchandising management experience including roles with Macy’s West, Mervyn’s, Macy’s North/Marshall Field’s and May Company. Most recently, he served as president and chief merchandising officer for Stein Mart Inc.

November 17, 2015

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