Retail

Reichel Realty Signs Presidente Supermarket to 45,500 SF Lease in Palm Springs

by John Nelson March 31, 2015

PALM SPRINGS, FLA. — Reichel Realty has arranged the lease for Presidente Supermarket, a large Hispanic supermarket chain, to anchor Forest Hill Center, a 150,000-square-foot shopping center located at Forest Hill Boulevard and Congress Avenue in Palm Springs. Beginning in the spring, Presidente will occupy the 45,500-square-foot space that was recently vacated by Winn-Dixie. Presidente’s new 20-year lease is valued at $10 million. Reichel Realty represented the landlord, Four Florida Properties, a family trust, in the lease transaction. Final negotiations are also underway for a national fast food restaurant to develop an outparcel at Forest Hill Center. Presidente Supermarkets has nearly 40 locations from Miami-Dade to Palm Beach counties.

March 31, 2015

Loans Massachusetts Northeast Office Retail

HFF Secures $55M Financing for Office/Retail Building in Boston’s Back Bay

by Amy Works March 31, 2015

BOSTON — HFF has arranged $55 million in first mortgage financing for a boutique office and retail property located at 185 Dartmouth St. in Boston’s Back Bay neighborhood. HFF placed the long-term, fixed-rate loan with HSBC Bank for the borrower, Synergy Investments. The loan proceeds were used to pay off existing debt, provide the necessary capital to complete the property’s rehabilitation plan and return equity upon stabilization. Completed in 1937, the 11-story building features 164,559 square feet of Class A office and retail space and 45 on-site parking spaces. Current tenants include Denham Capital, First American Title, Boston Athletic Association, Starbucks, Freshii and FedEx Kinkos. Greg LaBine and Patrick McAneny of HFF secured the financing for the borrower.

March 31, 2015

Massachusetts Northeast Retail

Marcus & Millichap Arranges $8.7M Sale of Retail Property in Massachusetts

by Amy Works March 31, 2015

BEVERLY, MASS. — Marcus & Millichap has arranged the sale of a retail property in Beverly. MAR Realty LLC purchased the property for $8.7 million, with a 5.46 percent cap rate, from Westward Apple Orchards LP. The property is occupied by Walgreens under a 25-year lease that includes five-year extension options. The lease was executed in November 2012. Bob Horvath and Todd Tremblay of Marcus & Millichap brokered the transaction.

March 31, 2015

California Retail Western

Faris Lee Arranges $29.3M Sale of Rosedale Village in Bakersfield, Calif.

by Haisten Willis March 30, 2015

BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the $29.3 million sale of a 222,000-square-foot, Class B shopping center in Bakersfield. Rosedale Village is located at Rosedale Highway and Calloway Road. Donald MacLellan, Rick Chichester, Chris DiPeierro and Tom Chichester of Faris Lee Investments represented the buyer, JH Real Estate Partners. The team also represented the seller, Standard Management. Faris Lee Investments is a retail advisory and investment sales firm.

March 30, 2015

California Restaurant Retail Western

Solana Beach Pho Bar & Grill Signs 2,881 SF Lease in San Diego

by Haisten Willis March 30, 2015

SAN DIEGO — Solana Beach Pho Bar & Grill, a Vietnamese restaurant, has signed a 2,881-square-foot lease at 1005 Rosecrans St. in San Diego. The landlord is OliverMcMillan Rosecrans LLC. The lease is for 10 years with a consideration of $1.1 million, according to Flocke & Avoyer Commercial Real Estate. Steve Avoyer, Matt Peckham and Michael Stuhmer of Flocke & Avoyer Commercial Real Estate represented OliverMcMillan Rosecrans in the transaction. Jose Bravo of Vanguard Resource Group represented the tenant.

March 30, 2015

Midwest Retail Wisconsin

Cohen Financial Arranges $11M Loan for Retail Property In Lake Geneva, Wis.

by Danielle Everson March 30, 2015

LAKE GENEVA, WIS. — Cohen Financial has arranged an $11 million refinancing loan for Geneva Square, a retail center in Lake Geneva. The 169,692-square-foot property is 98 percent leased and is located at Interchange N and US-12. Anchor tenants include a 50,000-square-foot Piggly Wiggly and the 63,000-square-foot Aurora Health Center, a health care provider. Don Trossman of Cohen Financial secured the fixed-rate, seven-year loan, which includes a 25-year amortization schedule. The borrower is Lake Geneva Investors LLC. Schermerhorn Commercial Real Estate of Illinois manages the property. Geneva Square was built in 1980. The current owner purchased the property in 1999. Aurora Health Center became a tenant in 2005, and the Piggly Wiggly franchisee has been a tenant in the property since it was built.

March 30, 2015

Restaurant Retail Texas

The Woodmont Co. Arranges Ground Lease in Metro Dallas

by Haisten Willis March 30, 2015

MANSFIELD, TEXAS — The Woodmont Co. has arranged a ground lease with Raising Cane’s Chicken Fingers at Mansfield Town Center. Raising Cane’s is a restaurant chain offering chicken fingers as its only main course. Raising Cane’s expects to open their 2,650-square-foot restaurant this summer. Bryan Dyer of The Woodmont Co. represented the owner of Mansfield Town Center, Kossman Development Co, in the transaction. Kevie Beard of Venture Commercial represented the unnamed tenant. Mansfield Town Center is located at the intersection of U.S. Highway 287 and Cooper Street in Tarrant County. The center is 96 percent leased and boasts more than 40 retailers.

March 30, 2015

Washington Square Piggly Wiggly North Carolina

North Carolina Retail Southeast

Wheeler REIT to Acquire North Carolina Shopping Center for $20M

by John Nelson March 30, 2015

WASHINGTON, N.C. — Wheeler Real Estate Investment Trust Inc. has entered into a contract to acquire Washington Square, a 261,566-square-foot shopping center located in Washington. The Virginia Beach, Va.-based REIT will acquire the property from a private seller in an off-market transaction for $20 million using a combination of cash and debt. Built in 1971, the shopping center is fully leased to tenants such as Piggly Wiggly, Rite Aid, Hallmark, Shoe Show and Cato Fashions. Piggly Wiggly’s lease expires in 2017 and Food Lion has executed a lease to replace the grocer.

March 30, 2015

Retail Southeast Tennessee

SRS Real Estate Brokers $14.4M Sale of Shopping Center in Germantown

by John Nelson March 30, 2015

GERMANTOWN, TENN. — SRS Real Estate Partners has brokered the $14.4 million sale of a 137,181-square-foot shopping center located at 2015 Exeter Road in Germantown, roughly 21 miles east of Memphis. Finard Germantown LLC sold the property to Farmex Rail LLC, an affiliate of DNA Partners LLC. Hobby Lobby and Bed Bath & Beyond anchor the shopping center. Kyle Stonis and Pierce Mayson of SRS Real Estate’s Atlanta office represented the seller in the transaction. The buyer didn’t have representation in the transaction.

March 30, 2015

Florida Retail Southeast

Phillips Edison’s Investment Fund Buys Shopping Center in Tampa Bay Area for $6.3M

by John Nelson March 30, 2015

SEMINOLE, FLA. — Phillips Edison Grocery Center REIT II Inc. has purchased Oakhurst Plaza, a 51,740-square-foot shopping center located at 9201-9394 Oakhurst Road in Seminole, for $6.3 million. Seminole is a town located in the Tampa Bay metro area. Mike Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller, One Bayshore LLC, in the transaction. Ben McLeish of Colliers’ Tampa Bay office recently arranged two retail leases at the Publix-anchored shopping center on behalf of the seller — Hope N Love Animal Hospital and Westshore Pizza. Through its sponsored funds, Phillips Edison & Co. owns and operates 36 shopping centers in Florida, most of which are anchored by Publix.

March 30, 2015

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