Retail

CBRE Brokers Sale of Net-Leased Retail Building in Metro Cincinnati for $1.9M

by Christina Cannon November 9, 2015

NORTHGATE, OHIO — CBRE Group has arranged the sale of a long-term, net-leased Burger King restaurant in Northgate, 20 miles northwest of Cincinnati. The purchase price was $1.9 million. The 2,600-square-foot property is situated on an outparcel within the Northgate Mall development. Mall tenants include ULTA, Marshalls, Michaels, XScape Cinemas, hhgregg and Burlington Coat Factory. Hank Davis of CBRE represented the seller, Tabani Group. Barry Silver of Silver Group represented the undisclosed buyer. GPS Hospitality operates the Burger King.

November 9, 2015

Mixed-Use Multifamily New Jersey Northeast Retail

Joint Venture to Develop Mixed-Use Center Near New Jersey City University

by Amy Works November 6, 2015

JERSEY CITY, N.J. — A joint venture between affiliates of Claremont Properties Inc. and The Hampshire Companies is developing a mixed-use project at the intersection of New Jersey State Highway Route 440 and Stegman Boulevard in Jersey City. The 22-acre urban redevelopment will feature ground-level retail space, including a ShopRite, an LA Fitness, a performing arts center and residential space. The partnership appointed Silbert Realty & Management Co. Inc. as the exclusive marketing and leasing agent for combined Blocks 3 & 2, which will feature approximately 22,000 square feet of ground-level retail, commercial and restaurant space with on-site and metered parking. The first phase (Block 3), which is slated for spring construction, will be a five-story building with 163 apartments and 10,000 square feet of ground-level retail, commercial and restaurant space available for lease. The estimated delivery of the commercial space is April 2017.

November 6, 2015

California Retail Western

Joint Venture Sells Food 4 Less Retail Property in Stanton for $18.5M

by Nellie Day November 6, 2015

STANTON, CALIF. — A joint venture between Heslin Holdings Inc., a privately owned commercial real estate investment and development firm, and San Diego-based Becker Properties has completed the disposition of a retail property located at 7910 Katella Ave. in Stanton. Safeco purchased the 81,000-square-foot property for $18.5 million. Food 4 Less fully occupies the building on a long-term lease through 2026. Steve Frey at Sperry Commercial and Chris Sands of Sands Investment Group represented Heslin Holdings in the transaction.

November 6, 2015

California Retail Western

TCA Architects Unveils Renderings for Mixed-Use Project in San Diego

by Nellie Day November 6, 2015

SAN DIEGO — TCA Architects has unveiled its design for Millennium Mission Valley, a mixed-use community located in San Diego’s Mission Valley. Situated on 5.3 acres, the property will feature 291 apartment homes, 14 live-work units and more than 9,000 square feet of retail space. The retail component includes two single-story retail structures and the 14 live-work units, which feature storefronts and retail awnings. The residential component is situated behind the retail space and a public paseo. Developed by The Dinerstein Companies, the project is scheduled for completion in fall 2017.

November 6, 2015

Restaurant Retail Texas

Wingstop to Open in North Dallas

by Katie Sloan November 6, 2015

DALLAS — Bright Realty has brokered the lease for a new Wingstop in Dallas. The 1,781-square-foot restaurant will be located at the intersection of Preston Road and Frankford Road. Britton Lankford of Bright Realty represented the tenant in the transaction.

November 6, 2015

Maryland Retail Southeast

Sterling Organization Acquires 319,518 SF Retail Property Near Baltimore for $31.6M

by Christina Cannon November 6, 2015

PASADENA, MD. — Sterling Organization has acquired a 319,518-square-foot retail center in Pasadena, approximately 15 miles south of Baltimore. Sterling Organization purchased Pasadena Crossroads in an off-market transaction from Pasadena Crossroads LLC for $31.6 million. The shopping center is anchored by Kmart, Shoppers Food & Pharmacy, Babies “R” Us, LA Fitness and Gardiner Wolf Furniture. The center is currently 100 percent occupied and was built in the 1970s. Pasadena Crossroads is located across the street from a new 120,000-square-foot Walmart, which is set to open this month.

November 6, 2015

Midwest Ohio Retail

Marcus & Millichap Brokers $2.7M Sale of Net-Leased Retail Property South of Dayton

by Christina Cannon November 6, 2015

CENTERVILLE, OHIO — Marcus & Millichap has brokered the sale of a 19,722-square-foot retail property in Centerville, a southern suburb of Dayton, for $2.7 million. Cross Pointe IV is located at 199 E. Alex Bell Road and is fully occupied. Tenants include Firestone and AT&T. The property is an outparcel to a larger retail center that is anchored by Marshalls, Earth Fare, Petco and Bed Bath & Beyond. C.J. Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a private investor. The team also secured and represented the buyer, an out-of-state private investor.

November 6, 2015

Illinois Midwest Retail

Boulder Group Arranges $2.1M Sale of Net Leased Property in Round Lake Beach, Illinois

by Christina Cannon November 6, 2015

ROUND LAKE BEACH, ILL. — The Boulder Group has completed the sale of a retail building in Round Lake Beach, about 50 miles northwest of Chicago, for $2.1 million. The two-tenant, net leased building is located at 418-20 E. Rollins Road. Tenants at the retail property include Heartland Dental and AT&T, each of which has a 10-year lease. The buyer was a private partnership in a 1031 exchange, and the seller was a Midwest-based real estate development company. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both undisclosed parties.

November 6, 2015

Midwest Missouri Retail

Sansone Group Breaks Ground on 4,345 SF Retail Center in St. Louis Suburb

by Christina Cannon November 6, 2015

SUNSET HILLS, MO. — Sansone Group has purchased a property formerly occupied by Sanders Automotive in Sunset Hills, a southwest suburb of St. Louis, for an undisclosed price. The seller was Gene Sanders Inc. The building on the site, located at 10775 Watson Road, is being torn down and will be redeveloped as a 4,345-square-foot retail center. Watson Plaza will feature a 1,650-sqare-foot Starbucks and a 2,695-square-foot Mattress Direct. Construction costs are estimated to be $2.5 million. Construction has already begun, and both stores are slated to open in the summer of 2016.

November 6, 2015

Mixed-Use Multifamily New York Northeast Retail

Joint Venture Selected to Redevelop, Manage Flatbush Caton Market in NYC

by Amy Works November 5, 2015

NEW YORK CITY — The New York City Economic Development Corp. has selected a joint venture of Urbane Development, BRP Development and Caribbean American Chamber of Commerce and Industry (CACCI) to redevelop and manage Flatbush Caton Market, located at 814 Flatbush Ave. in Brooklyn. The market was established in 2000 to provide former street vendors a permanent indoor market to sell their wares, and in 2013 NYCEDC released a RFP to redevelop and manage the market into a commercial, residential and community space. The joint venture’s winning 212,000-square-foot redevelopment plan includes more than 20,000 square feet of retail space, 10,000 square feet of community facilities and 166 affordable housing units, as well as an assemblage of business training and support initiatives to strengthen existing vendors and support entrepreneurial growth. Designed by Freeform + Deform, the project will feature convertible indoor/outdoor swing space, modular vendor pods, and multiple production spaces for food, natural personal care and fashion/textile uses. Redevelopment is underway with an expected completion date of late 2019 or early 2020.

November 5, 2015

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