Retail

Sterling Organization Purchases Shopping Center in Metro Atlanta for $12.3M

by John Nelson October 16, 2015

NORCROSS, GA. — Sterling Organization has purchased Peachtree Parkway Plaza, a 95,509-square-foot shopping center located in Norcross, a northeast suburb of Atlanta in Gwinnett County. Sterling purchased the asset from DLC Management Corp. via the firm’s institutional fund Sterling Value Add Partners II LP for $12.3 million. Located at the intersection of Peachtree Parkway and Spalding Drive, the shopping center was 83 percent leased at the time of sale to tenants such as Goodwill, Dollar General and Youfit Health Clubs. Peachtree Parkway Plaza was originally developed in 1986. A new Taco Bell restaurant was recently built at the property, and other national businesses at the property include Blimpie Subs & Salads, Wendy’s and Arby’s.

October 16, 2015

Retail Southeast Tennessee

Baceline Investments Purchases Polo Shops in Memphis for $3.8M

by John Nelson October 16, 2015

MEMPHIS, TENN. — Baceline Investments LLC has purchased Polo Shops, two neighborhood retail centers spanning 28,860 square feet, for $3.8 million. The property is located along a major retail corridor at 7444 Winchester Road in Memphis. An entity known as TOP11 – 7444 Winchester RD LLC purchased the property at foreclosure in February 2014 for $3.1 million, according to the Memphis Daily News.

October 16, 2015

Restaurant Retail Texas

Shake Shack to Open First Dallas Location in 2016

by Haisten Willis October 15, 2015

DALLAS —Shake Shack will open its first location in Dallas at the 11-acre office and retail complex The Crescent in 2016. Shake Shack at The Crescent will be located near a corner park. The Dallas location will also be situated near downtown Dallas, Klyde Warren Park and the Dallas Arts District. The Crescent has earned LEED Silver certification from the U.S. Green Building Council. The Dallas Shake Shack menu will include a selection of local beer and wine, along with and three localized frozen custard flavors starring local bakeries and food purveyors.

October 15, 2015

Retail Texas

Deason Arranges $1.8M Refinancing of Retail Center in East Texas

by Haisten Willis October 15, 2015

JACKSONVILLE, TEXAS — Deason Financial Group has arranged the refinancing of an unanchored retail shopping center in Jacksonville for an out-of-state borrower. The $1.8 million financing was obtained at a 70 percent loan-to-value ratio with a 5-year term and 25-year amortization schedule. Built in 2001, the center spans 40,000 square feet with a total of 15 tenant spaces and occupancy at closing of 85 percent. Todd Kelsey of Deason Financial Group arranged the loan.

October 15, 2015

Loans Retail Texas

Hart Commercial Brokerage Arranges $8.9M Refinancing of Retail Space in Metro Houston

by Haisten Willis October 15, 2015

KATY, TEXAS — R. S. Hart Commercial Brokerage’s Rachel S. Grant has arranged an $8.9 million refinancing loan for 26440 FM 1093 Ltd.-Westheimer Lakes Plaza II located in Katy. The multi-tenant retail property totals 52,567 square feet and was 100 percent occupied at the time of financing. Raintree Commercial’s Corey Ferguson developed the shopping center. Brock Tautenhahn of BBVA Compass Bank provided financing.

October 15, 2015

Mixed-Use Retail Texas

New Tenants Sign on at Caldwell Cos.’ Boardwalk at Towne Lake in Houston

by Haisten Willis October 15, 2015

HOUSTON — The Boardwalk at Towne Lake, a mixed-use development in Houston, has added MOD Pizza, Nails of America and Orangetheory Fitness to its tenant roster. Other retailers at the center include Texas Children’s Pediatrics, Copper Creek Orthodontics, Massage Heights, Jaxton’s, Taisho, World of Beer and Land of a Thousand Hills Coffee Co. MOD Pizza opened its first location in Seattle in 2008. Its Towne Lake franchise location will be its sixth in Houston. Orangetheory Fitness utilizes a blend of personal training and group settings to help its members reach their fitness goals. This will be its seventh Houston location. Nails of America is a Houston-based company operating more than 14 salons in the greater Houston area. Caldwell Cos. is the developer of the lakeside development.

October 15, 2015

Loans New York Northeast Retail

Berkadia Closes $15.4M Refinancing Loan for Retail Property in New York

by Amy Works October 15, 2015

LATHAM, N.Y. — Berkadia has closed a $15.4 million refinancing loan for Latham Crossing, a retail property located in Latham. The 10-year, fixed-rate loan, which was provided by a conduit lender, features a 30-year amortization schedule with 2 years of interest-only payments, a 75 percent loan-to-value ratio and 1.25 times debt-service coverage. Located at 609 Troy Schenectady Road, the 100,000-square-foot center is fully occupied by a variety of tenants, including PetSmart and Staples. John DiCrocco of Berkadia’s New York City office arranged the financing for the undisclosed borrower.

October 15, 2015

Massachusetts Northeast Retail

Marcus & Millichap Brokers $2.3M Sale of Retail Property in Massachusetts

by Amy Works October 15, 2015

EAST FREETOWN, MASS. — Marcus & Millichap has brokered the sale of Crossroads Common, a retail property located at 1 Chace Road in East Freetown. The 28,000-square-foot asset sold for $2.3 million. The property is occupied by a mix of local and regional tenants, including Crossroads Liquors, Subway and Bristol County Savings Bank. Laurie Ann Drinkwater, Seth Richard and Andrew Gilbert of Marcus & Millichap represented the seller, a local investor, and procured the buyer, a regional business owner, in the transaction.

October 15, 2015

New York Northeast Retail

Super Fi Emporium Acquires 12,000 SF Grocery Space in East Harlem

by Amy Works October 15, 2015

NEW YORK CITY — Super Fi Emporium has purchased 12,000 square feet of retail space at HAP Investment’s residential building located at 2211 Third Ave. in East Harlem for an undisclosed price. The buyer plans to open a supermarket in the ground-floor retail space of the 120,000-square-foot rental project, which will feature 78,000 square feet of residential space, 12,000 square feet of commercial space, 5,000 square feet of parking and 700 square feet of community facility space. Faith Consolo, Joseph Aquino and Arthur Maglio of Douglas Elliman represented the seller, HAP Investment, and buyer in the transaction.

October 15, 2015

District of Columbia Retail Southeast

Marcus & Millichap Brokers $3.2M Sale of Vacant Retail Property in D.C.

by John Nelson October 15, 2015

WASHINGTON, D.C. — Marcus & Millichap has brokered the $3.2 million sale of a 5,440-square-foot vacant retail property located at 1301 H St. N.E. in Washington, D.C. The property, formerly St. John’s Church of God, sold for $2.2 million in 2013. Josh Feldman and Ben Wilson of the Feldman Group, part of Marcus & Millichap’s Washington, D.C., office, represented the seller, a group of attorneys, in the transaction. Feldman and Wilson also procured the buyer, a developer that cited interest in the H Street corridor as the reasoning behind the purchase. The developer plans to raze the property and develop a four-story, mixed-use condominium building with ground-floor retail space at the site. The property is a block from the H Street Country Club, Rock and Roll Hotel and Biergarten Haus.

October 15, 2015

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