Retail

HFF Arranges Joint Venture Equity and Financing for Denver Pavilions

by Nellie Day August 17, 2015

DENVER — Holliday Fenoglio Fowler (HFF) has arranged joint venture equity and financing for a recapitalization of Denver Pavilions, a 351,347-square-foot, open-air regional shopping mall located in downtown Denver. Mary Sullivan, John Jugl and Eric Tupler of HFF worked on behalf of the owner, Gart Properties, to arrange a joint venture equity partnership with MetLife Real Estate Investors, and to place a 10-year, fixed-rate loan for the partnership with Cornerstone Real Estate Advisers. The 95 percent leased center was renovated in 2010, and is home to tenants including H&M, United Artists theater, Lucky Strike Lanes, Hard Rock Café, Coyote Ugly Saloon, Barnes and Noble, Forever 21, Banana Republic and BareMinerals.

August 17, 2015

Mixed-Use Multifamily New York Northeast Restaurant Retail

Marcus & Millichap Brokers $11.9M Sale of Mixed-Use Property in Chelsea

by Amy Works August 17, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of a five-story, mixed-use building located at 165 W. 23rd St. in New York City’s Chelsea neighborhood. The asset sold for $11.9 million, or $1,471 per square foot. The property features a two-story restaurant and four multifamily units consisting of one studio, two one-bedroom units and one two-bedroom apartment. The apartment units were delivered vacant to the buyer. Peter Von Der Ahe, Shlomo Manne, Joe Koicim and Sean Lefkovits of Marcus & Millichap’s Manhattan office represented the seller and procured the buyer in the transaction. The names of both parties were not released.

August 17, 2015

Multifamily New York Northeast Retail

Savanna Sells 3,219 SF Retail, Residential Building in Brooklyn

by Amy Works August 17, 2015

NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the sale of a retail and residential property located at 210 Bedford Ave. in Brooklyn’s Williamsburg neighborhood. An affiliate of Status Capital LLC acquired the three-story, 3,219-square-foot property for an undisclosed price. After purchasing the property in 2013, Savanna leased the ground-floor retail space to Juice Generation and converted the residential space into a luxury duplex townhome.

August 17, 2015

New York Northeast Retail

Welco Realty Arranges 50,000 SF Retail Lease in Brooklyn

by Amy Works August 17, 2015

NEW YORK CITY — Welco Realty Inc., a partner of X Team International, has arranged a 50,000-square-foot leased with Fairway Market at Georgetown Shopping Center in Brooklyn. The store, which will be the second in Brooklyn, will be located on Ralph Avenue. Fairway Market will be replacing Waldbaum’s supermarket. Welco Realty represented both the tenant and the landlord, Astoria Holding Corp., in the transaction.

August 17, 2015

Georgia Retail Southeast

GLL Real Estate Partners Purchases TOWN Brookhaven

by John Nelson August 17, 2015

BROOKHAVEN, GA. — GLL Real Estate Partners has acquired TOWN Brookhaven, a 460,609-square-foot shopping center located at 4330 N.W. Peachtree Road E. in Brookhaven, an affluent suburb of Atlanta. The mixed-use property was 94 percent leased at the time of sale, with anchors including Cinebistro, Costco, LA Fitness, Marshalls and Publix. In addition to retailers and restaurants, TOWN Brookhaven features 22,000 square feet of office space. GLL Real Estate Partners purchased the property from a partnership between The Sembler Co. and Bell Partners. Eastdil Secured’s Atlanta office brokered the transaction. The sales price was undisclosed but media outlets are reporting TOWN Brookhaven sold for $162 million. TOWN Brookhaven is the retail and office component of a $400 million mixed-use development featuring 949 existing luxury apartment units and 374 units under construction.

August 17, 2015

Florida Retail Southeast

Sterling Organization Sells Shopping Center in Tampa Bay MSA for $18.9M

by John Nelson August 17, 2015

LARGO, FLA. — Sterling Organization has sold Barclay Square, a 99,054-square-foot grocery-anchored shopping center in Largo, a city in the Tampa Bay MSA. Northbrook, Ill.-based Pine Tree Commercial Realty purchased the shopping center from Sterling Organization for $18.9 million. Originally developed in 1988 and renovated in 2008, the shopping center is located on the northeast corner of Walsingham and Indian Rocks roads one mile east of the Gulf of Mexico. A 42,018-square-foot Walmart Neighborhood Market anchors the shopping center. Adam Feinstein of Cushman & Wakefield brokered the transaction. Sterling Organization purchased Barclay Square via its Sterling Value Add Partners LP institutional fund for $10.8 million in 2012.

August 17, 2015

Illinois Midwest Retail

The Boulder Group Arranges Sale of Net-Leased OfficeMax in East Peoria, Ill. for $2.8M

by Jeff Shaw August 14, 2015

EAST PEORIA, ILL. — The Boulder Group has arranged the sale of a net-leased OfficeMax for $2.8 million located at 200 Riverside Drive in East Peoria. The 1.86-acre OfficeMax store is centrally located within Peoria’s primary retail area that is anchored by Bass Pro Shops, Walmart Supercenter, Lowe’s, Costco, Target, Kohl’s and Gordmans. There are over eight years remaining on the recently extended OfficeMax lease, which expires in October 2023. The lease features two five-year renewal option periods with rental escalations in each. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based family partnership. The buyer was a high-net-worth individual based in the Northeast.

August 14, 2015

Industrial Retail Texas

First American Freight Furniture and Mattress to Open in San Antonio

by Haisten Willis August 14, 2015

SAN ANTONIO — American Freight Furniture and Mattress has opened its first location in Texas. The 45,000-square-foot store is located at 639 Lanark Drive in San Antonio, an industrial area commonly known as the Alamo Industrial Center. American Freight Furniture and Mattress is a discount furniture warehouse open to the public. Home furnishings and furniture are received from manufacturers due to factory closeouts, liquidations, dealer cancellations and retail chain buyouts. American Freight orders directly from the product manufacturer and utilizes warehouses rather than showrooms. Furniture brands sold at American Freight include Simmons, Serta and NordicRest.

August 14, 2015

Industrial Loans Multifamily Northeast Office Retail Rhode Island

Colliers International Arranges $6.3M Refinance Loan for Pearl Street Lofts, Pearl Street Commons

by Amy Works August 14, 2015

PROVIDENCE, R.I. — Colliers International has arranged $6.3 million in refinancing for Pearl Street Lofts and Pearl Street Commons, a mixed-use complex located within Westminster Crossing in Providence. Colliers secured the five-year, fixed-rate loan through Boston Private for the borrower, Providence-based The Armory Revival Company. Loan proceeds will be used to refinance the existing debt on the properties, allowing once separate assets to be merged into a single economic unit. Pearl Street Lofts consists of 38 loft-style apartments totaling 44,241 square feet of residential space and 43,179 square feet of commercial/warehouse space. The 8,663-square-foot Pearl Street Commons consists of four commercial condominiums configured into five office suites. Jeffrey Black of Colliers represented the borrower in the financing.

August 14, 2015

New Jersey Northeast Retail

Jeffrey Realty Completes Multiple Deals Across New Jersey

by Amy Works August 14, 2015

TOTOWA, LINDEN AND HILLSBOROUGH, N.J. — North Plainfield, N.J.-based Jeffery Realty Retail Specialist has completed multiple retail leases across New Jersey. In Totowa, Bill Farkas of Jeffery Realty negotiated the relocation of Scrubs & Beyond to 3,035 square feet at Albill Plaza from Willowbrook Mall. In Linden, Shane Wierks and Augie Caruso of Jeffrey Realty arranged an 1,800-square-foot lease for Menchie’s at a 700,000-square-foot power center at 601-901 W. Edgar Road. In Hillsborough, Wierks and Joe Hydro of Jeffrey Realty completed three leases at New Center Village on Triangle Road. Honor Yoga rented 1,500 square feet, Max Fitness signed for 1,500 square feet and DaVita inked a deal for 7,500 square feet.

August 14, 2015

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