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Retail

525-Main-St-MN
MidwestMinnesotaRetail

Marcus & Millichap Brokers $3.2M Sale of Minnesota Retail Property

by Amy Works

NEW BRIGHTON, MINN. — Marcus & Millichap has arranged the sale of Main Street Village, a retail property located at 525 Main St. in New Brighton. The 21,045-square-foot property sold for $3.2 million. At the time of closing, the property was 93 percent occupied. Michael Ahles, Cory Villaume, Sean Doyle, Matthew Hazelton and Adam Pins of Marcus & Millichap represented the seller, a developer, in the transaction. Doyle, Prins, Villaume and Hazelton, along with Mike Marzinske, also of Marcus & Millichap, represented the buyer, a private investor, in the deal.

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CaliforniaRetailWestern

Faris Lee Investments Arranges $4.8M Sale of Single-Tenant CVS/pharmacy

by Nellie Day

VALLEJO, CALIF. — Faris Lee Investments has arranged the $4.8 million sale of a 16,500-square-foot single-tenant, triple-net lease CVS/pharmacy located in Vallejo. The transaction has a capitalization rate of 4.3 percent, the lowest recorded for a single-tenant CVS/pharmacy-occupied property. Christopher DePierro and Jeff Conover of Faris Lee represented the seller, Rivers Rock Vallejo LLC, and LemRx Realty Advisors represented the buyer, Calpine Corp., in the transaction. The property is currently under construction, and will open in October.

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LoansNorth CarolinaRetailSoutheast

Marcus & Millichap Capital Arranges $11.8M Loan for Sports Complex in North Carolina

by John Nelson

WAKE FOREST, N.C. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.8 million acquisition loan for The Factory, a 187,695-square-foot retail and sports complex in Wake Forest. One of the largest sports complexes in the country, the public access complex covers more than 35 acres with two full-sized NHL rinks and more than 17 acres of baseball fields. The Factory was 99.8 percent leased at the time of sale to sports centers such as the YMCA of the Triangle, North Wake Baseball Association and Polar Ice House, and retail options like the Village Deli and Grill and Gonza Tacos y Tequila. The complex, built in 1964 and renovated in 2004, consists of five buildings. Jared Cassidy of MMCC’s Washington, D.C., office arranged the loan through a national balance sheet lender. Matt Greenspon of Marcus & Millichap’s Raleigh office consulted on the buy side. The undisclosed buyer purchased the asset for $17.9 million.

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RestaurantRetailTexas

CBRE Arranges Lease for Peli Peli Kitchen in Houston

by John Nelson

HOUSTON — CBRE has arranged a 3,535-square-foot lease with Peli Peli Kitchen, a new fast-casual restaurant chain inspired by modern South African and Southern cuisines. The restaurant will be located within the Gateway at Spring Valley development at 9090 Katy Freeway in Houston. Eric Lestin and Kyle Golding of CBRE’s Houston office represented Peli Peli in the site selection and lease transaction. The new restaurant is slated to open by spring 2016. Peli Peli Kitchen joins its sister restaurant Peli Peli, which has locations in the Vintage Park Shopping Center and the Houston Galleria. Houston-based Ersa Grae Corp. is the developer of Gateway at Spring Valley, located at the corner of Campbell Road and I-10.

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IndianaMidwestRetail

GBT Realty Corp. to Develop $35M Regional Retail Center in Indiana

by Amy Works

JEFFERSONVILLE, IND. — GBT Realty Corp. has partnered with The Koetter Group to develop a $35 million regional retail center within Jeffersonville Town Center, a master-planned, mixed-use development in Jeffersonville in far southern Indiana. The companies are under contract to purchase 24.7 acres located immediately across from the Phase I Marketplace at Jeffersonville Town Center. The 240,000-square-foot shopping destination will feature two anchor tenants of 55,000 and 63,000 square feet; two junior anchor tenants of 28,000 and 22,000 square feet; and 30,000 square feet of small-shop space. Additionally, two buildings along Town Center Boulevard will feature 25,000 square feet of small-shop space for local and regional retail, dining and service provides. Site work is expected to begin immediately upon land acquisition, which is expected to close in December. The development is slated to open in the spring of 2017.

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MidwestMixed-UseMultifamilyOfficeOhioRetail

City of Independence, Fairmount Properties Partner on Mixed-Use Developments in Ohio

by Amy Works

INDEPENDENCE, OHIO — The City of Independence has approved a series of area development plans and selected Cleveland, Ohio-based Fairmount Properties LLC as a development partner. The city, located about 12 miles south of Cleveland, plans to develop and redevelop various city-owned property in downtown Independence, including the former Independence Middle School, and a 33-acre site in the Northwest Quadrant of Rockside Road. The overall plan focuses on bringing much-needed residential, commercial and public amenities to the community, while the initial scope of the development planning will concentrate on adding new for-sale residential choices to the downtown market. Additionally, a complementary neighborhood retail component is included in the initial planning, which will expand housing options for young professionals, empty nesters and downsizers. The vision for the 33-acre, city-owned property is a mixed-use district with a corporate focus that also incorporates ancillary retail, restaurant, entertainment and residential uses within a compact and walkable street pattern. The city and Fairmount will immediately begin the pre-development process for the projects. The anticipated completion for the initial phases of development is scheduled for 2017.

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5345-Canal-Rd-OH
MidwestMixed-UseMultifamilyOfficeOhioRetail

17,500 SF Mixed-Use Property in Ohio Sells for $610,000

by Amy Works

VALLEY VIEW, OHIO — A partnership has acquired a 17,500-square-foot mixed-use property located at 5345 Canal Road in Valley View, a suburb of Cleveland. A financial institution sold the asset for $610,000. At the time of closing, the property was more than 90 percent occupied. James McHale of Marcus & Millichap’s Cleveland office represented both parties in the transaction.

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New YorkNortheastRetail

Target Leases 20,795 SF for First Flexible Format Store in NYC

by Amy Works

NEW YORK CITY — Target Corp. has signed a 15-year lease with Muss Development for 20,795 square feet of space at 7000 Austin Street, a mixed-use property located in the Forest Hills section of Queens. The new flexible-format store — the first in the city — is slated to open in mid-2016. The two-story Target will feature an assortment of goods tailored to city dwellers, including fresh groceries, a pharmacy, health and beauty necessities, tech accessories, electronics and home goods designed for single-family homes and condos. Target will take the space currently occupied by Barnes & Noble, which declined to exercise an extension option. Additional tenants at the fully leased property include Starbucks Coffee, Men’s Wearhouse, Eddie Bauer, TITLE Boxing Club and T.G.I. Friday’s. Jeffrey Howard and Doug Weinstein of Ripco Real Estate represented Target, while Muss Development had in-house representation for the transaction.

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PRG-Wyncote-PA
NortheastPennsylvaniaRetail

Rock Climbing Gym Leases 10,000 SF Property in Suburban Philadelphia

by Amy Works

WYNCOTE, PA. — Philadelphia Rock Gym (PRG) has inked a multi-year lease for a 10,000-square-foot warehouse facility, located at 827 Glenside Ave., Suite 200 in Wyncote. The facility will be PRG’s fourth rock climbing location in the greater Philadelphia area. PRG is an indoor rock climbing gym known for its state-of-the-art climbing walls, full-service fitness centers and private party wall rentals. Swope Lees Commercial represented the tenant in the transaction with the landlord, Midgard Properties LP.

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New YorkNortheastRetail

lululemon athletica Leases6,400 SF of Retail Space in NoHo

by Amy Works

NEW YORK CITY — lululemon athletica inc. has leased 6,400 square feet of retail space at 50 Bond St. in New York City’s NoHo district. The athletic apparel company will occupy the space that Eva Scrivo Salon is vacating. The two-level retail unit features 13-foot ceilings on the ground floor and more than 30 feet of frontage on Bond Street. Designed by Cleverdon & Putzel and built in 1896, the property also features six full-floor residential condominiums. The landlord, Thor Equities, recently acquired the retail unit. Terms of the lease were not released. Eva Scrivo Salon is relocating to 5,500 square feet at 193 Fifth Ave. in the Flatiron district.

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