Retail

Marcus & Millichap Arranges $10.2M Sale of Sunrise Center in Palm Springs

by Nellie Day October 9, 2015

PALM SPRINGS, CALIF. — Marcus & Millichap has brokered the sale of Sunrise Center, a retail center located at 100 S. Sunrise Way in Palm Springs. The property sold for $10.2 million, or $206 per square foot. Renovated in 2009, tenants include Fresh & Easy Market, VIP Urgent Care, Palm Liquors, Power of Fitness and Regal Cleaners. At the time of sale, the property was 96 percent leased. Jack Hopkins and Matthew Hardke of Marcus & Millichap represented the buyer, an investor in an 1031 exchange, while Gregory Mills and Dave Lincoln, also of Marcus & Millichap, represented the undisclosed seller. Sharone Sabar of Marcus & Millichap arranged debt placement for the acquisition.

October 9, 2015

Loans Retail Washington Western

HFF Secures $24.8 Million Financing for Retail Center in Washington

by Nellie Day October 8, 2015

VANCOUVER, WASH. — Holliday Fenoglio Fowler (HFF) has arranged $24.8 million in proceeds to finance Hazel Dell Towne Center, a 264,191-square-foot retail center located in Vancouver, Washington. Bruce Ganong, Casey Davidson and Brandon Roth of HFF worked on behalf of the sponsor, Pine Tree Commercial Realty LLC, to place the five-year, floating-rate loan with East West Bank. Tenants at the 84 percent leased center include Kohl’s, Bed Bath & Beyond, Petco, Office Depot, Party City, Payless ShoeSource and Supercuts.

October 8, 2015

California Retail Western

BIG USA, RED Development Add Five Properties to Recently Launched Joint Venture

by Nellie Day October 8, 2015

BEVERLY HILLS, CALIF. — Beverly Hills-based BIG Shopping Centers USA and RED Development have added five retail assets totaling 1.5 million square feet to their recently launched joint venture BIG RED Portfolio LLC. Acquired properties include Chandler Festival, a 494,858-square-foot power center, Chandler Village, a 296,460-square-foot power center and Chandler Gateway, a 261,678-square-foot power center, all located in Chandler, Arizona; One Pacific Place, a 91,143-square-foot outdoor shopping center located in Omaha, Nebraska; and Greenway Station, a 291,315-square-foot lifestyle center located in Middleton, Wisconsin.

October 8, 2015

Hawaii Retail Western

Six New Restaurants to Open at Ka Makana Ali’i in West Oahu

by Nellie Day October 8, 2015

KAPOLEI, HAWAII — Six new restaurants are set to open at DeBartolo Development’s Ka Makana Ali’i, a 1.4-million-square-foot regional mall currently under construction in Kapolei in West Oahu. Openings will include a 6,200-square-foot California Pizza Kitchen, Luibueno’s, Nagoya Ramen, Auntie Anne’s, Cinnabon and Gloria Jean’s Coffee. Phase I of the center is expected to open in late 2016.

October 8, 2015

Georgia Retail Southeast

SEDA Arranges $11.5M Sale of Retail Center in Savannah

by John Nelson October 8, 2015

SAVANNAH, GA. — SEDA (Southeastern Development Associates), formerly Blanchard & Calhoun, has brokered the $11.5 million sale of Fort Howard Square, a 113,00-square-foot retail center located in Savannah. The property was 96 percent leased at the time of sale to tenants such as Goody’s, Fred’s, rue 21 and Hibbett Sports. Walmart shadow anchors the center. Ryan McArdle, David Rivers and Steve Collins of SEDA’s investment sales team represented the buyer, a publicly traded REIT, and the seller in the transaction.

October 8, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Ariel Property Advisors Brokers the Sales of Two East Harlem Properties Totaling $11.7M

by Amy Works October 8, 2015

NEW YORK CITY — Ariel Property Advisors has arranged the sales of two properties, totaling $11.7 million, in East Harlem. In the first transaction, a private investor acquired a six-story mixed-use property located at 124-128 E. 107th St. in East Harlem for $9.1 million, or $449 per square foot. The 20,395-square-foot building contains 34 residential units, two commercial units and two superintendent units. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property represented the seller, a private real estate firm, and procured the buyer. In the second deal, a private investor purchased a development site located at 2282 Second Ave. in East Harlem for $2.6 million, or $215 per buildable square feet. The property offers approximately 12,191 total buildable square feet for mixed-use development. Samuel Atlas, Tortorici, Sozio, Gillis and Berkowitz of Ariel Property represented the seller, a private real estate firm, and procured the buyer in the transaction.

October 8, 2015

Illinois Midwest Retail

Mid-America Brokers $19.6M Sale of 40,306 SF Retail Property in Chicago

by Christina Cannon October 8, 2015

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of the Roosevelt Galleria in Chicago. Acadia Realty Trust purchased the 40,306-square-foot retail property for $19.6 million. Tenants include Golfsmith, Petco, Sleepy’s, United Healthcare and The Vitamin Shoppe. Joe Girardi and Stan Nitzberg of Mid-America were the sole brokers in the transaction and represented the seller, Ravine Park Partners and Development Resources.

October 8, 2015

Indiana Midwest Retail

Quantum Brokers $1.9M Sale of 36,800 SF Property in Merrillville, Ind.

by Christina Cannon October 8, 2015

MERRILLVILLE, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a 36,800-square-foot, multi-tenant retail building located at 5160-5210 E. 81st Ave. in Merrillville, approximately 40 miles southeast of Chicago. The property, Madalyn Plaza, sold for $1.9 million and is comprised of two multi-tenant retail buildings and two warehouse units. The two retail buildings, which total 22,406 square feet, are currently 71 percent occupied. Chad Firsel of Quantum was the sole broker in the transaction.

October 8, 2015

Massachusetts Mixed-Use Multifamily Northeast Office Retail

Oaktree FX Opens 74-Unit Brookside Square in West Concord, Mass.

by Amy Works October 7, 2015

WEST CONCORD, MASS. — Oaktree FX, a partnership between Oaktree Development and FX Investments, has opened Brookside Square, a transit-oriented, mixed-use development in West Concord. The $32 million property features 74 luxury apartments and 36,000 square feet of commercial and office space within a short walking distance to the West Concord Commuter Rail Station. The property features a mix of studio, one- and two-bedroom units priced from $1,755 to $3,265. On-site amenities include an underground parking garage, community room with gas fireplace and WiFi access, fitness center and a community deck overlooking Nashoba Brook. The property is managed by WinnResidential.

October 7, 2015

New Jersey Northeast Retail

Nottingham Shopping Center Sells for $6.4M in New Jersey

by Amy Works October 7, 2015

HAMILTON, N.J. — Mercer Realty LLC has completed the disposition of Nottingham Shopping Center in Hamilton. An affiliate of PAG Investments purchased the 24,396-square-foot retail center for $6.4 million. Situated on approximately six acres at 2021 Nottingham Way, three-building property is occupied by a freestanding Walgreens, Dunkin’ Donuts and Aromaz Carpet. Chris Munley and Jose Cruz of HFF represented the seller, while Chaim Dahan of The Dahan Law Firm represented the buyer in the transaction.

October 7, 2015

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