Retail

Chick-fil-A, Villa Savannah to Open Locations in Atlanta’s West Midtown District

by John Nelson August 7, 2015

ATLANTA — Chick-fil-A and Villa Savannah, a boutique fashion and home decor retailer based in Savannah, have signed on to open new locations in Atlanta’s West Midtown district. Frank Buonanotte, founder of The Shopping Center Group, and Jeff Stein, founder of Stein Investment Group, are the landowners of the two sites in West Midtown. Chick-fil-A will open a 4,500-square-foot store with double drive-thru access at the intersection of Northside Drive and Ethel Street, just south of 14th Street. Buonanotte and Stein acquired the site in October 2014. Villa Savannah has signed a lease for a new 2,700-square-foot store at Westside Ironworks, bringing the mixed-use development to 92 percent occupancy before completion. Chick-fil-A plans to open its new restaurant in December, and Villa Savannah plans to open in October. Other Westside Ironworks retailers opening in the near future include Dixon Rye, Tom+Chee, O-Ku and Barcelona.

August 7, 2015

Midwest Retail Wisconsin

Baum Realty Group Brokers $1.5M Sale of a Dollar Tree in Baraboo, Wis.

by Jonathan Mehall August 6, 2015

BARABOO, WIS. — Baum Realty Group has brokered the sale of a single-tenant, net leased Dollar Tree property located at 905 U.S. Highway 12 in Baraboo, approximately 47 miles northwest of Madison. The property sold for $1.5 million, which represents one of the lowest cap rates for a Dollar Tree property outside of California, with less than 10 years remaining on the lease term. Dollar Tree signed a new seven-year lease with no early termination clause. The new build-to-suit development is situated across the street from Walmart and Menards. Patrick Forkin and Brad Teitelbaum of Baum Realty Group represented the seller, a private developer, in the transaction. The buyer was a private investor from Minnesota.

August 6, 2015

Mixed-Use Retail Texas

Trademark Property Co. Signs New Tenants for Waterside Mixed-Use Development

by Haisten Willis August 6, 2015

FORT WORTH, TEXAS — Eight new tenants are set to join Trademark Property Co.’s 63-acre Waterside mixed-use development, which is currently under construction at Bryant Irvin Road and Arborlawn Drive along the Trinity River in Fort Worth. More than 20,000 square feet of new retail and restaurants, along with anchor tenant Whole Foods Market, will open as part of the center’s first phase. The new tenants include Taco Diner, a Mexico City-style taqueria, which will open a 3,900-square-foot restaurant; Zoës Kitchen, a fast casual restaurant concept serving Mediterranean-inspired dishes, which will open a 2,800-square-foot restaurant; Blaze Pizza, a counter-serve pizzeria, which will open a 2,800-square-foot restaurant; Sleep Train, a top mattress retailer, which will open a 3,602-square-foot location. The lineup of new tenants also includes Massage Heights, Envy Nails, Amazing Lash Studio and Pretty Kitty. Construction on Waterside’s first phase began in 2014 and is slated for completion in late spring 2016. Phase I will also include 375 multifamily units built by Transwestern Development Co.. At full build out, Waterside will include 200,000 square feet of retail space and riverside restaurants, 800 multifamily units and two or three hotels.

August 6, 2015

Northeast Pennsylvania Retail

PREIT Sells 700,000 SF Uniontown Mall for $23M

by Amy Works August 6, 2015

UNIONTOWN, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed the disposition of Uniontown Mall located at 1368 Mall Run Road in Uniontown. The 700,000-square-foot property sold for $23 million to an undisclosed buyer. The property is anchored by JC Penney, Sears, Bon-Ton, Burlington Coat Factory and Teletech Customer Care. The buyer also separately acquired the fee interest in the ground underlying the mall from an unaffiliated party.

August 6, 2015

North Carolina Retail Southeast

CBRE|Raleigh Arranges 45,500 SF Lease for H Mart

by John Nelson August 6, 2015

CARY, N.C. — On behalf of landlord Centrex Properties Inc., CBRE|Raleigh has arranged a 45,500-square-foot lease with H Mart, an Asian-inspired supermarket chain based in Queens, N.Y. The grocer will anchor the 79,000-square-foot Cornerstone Village, a shopping center located at the intersection of David Drive and High House Road in Cary, a suburb of Raleigh. Other tenants at Cornerstone Village include Sun Tan City, Doherty’s Irish Pub, Fantastic Sams and Eye Care Associates. H Mart plans to open its new store in the second quarter of 2016. Charlie Coyne and Reagan Crabtree of CBRE|Raleigh worked with Pam Hochmuth and Lynda Lange of Centrex Properties in the lease transaction.

August 6, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $15.8M Sale of Mixed-Use Building in Manhattan

by Amy Works August 6, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building located at 5008 Broadway in Manhattan’s Inwood neighborhood. The six-story property sold for $15.8 million, or approximately $325 per square foot, in an all-cash transaction. The 48,576-square-foot property features five retail units and 47 residential units in a mix of one-, two- and three-bedroom layouts. Robert Shapiro of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

August 6, 2015

Colorado Retail Western

Orchard Town Center Adds Seven New Tenants

by Nellie Day August 6, 2015

WESTMINSTER, COLO. — Orchard Town Center, a 914,000-square-foot open-air regional retail center located in Westminster, has added seven new tenants to its roster. Additions include a newly opened Bitto Bistro; a 2,673-square-foot Crushed Red to open in August; a 3,085-square-foot 20/20 EyeVenue to open in September; a 6,644-square-foot Katie Eile to open in October; and a 4,500-square-foot Rusty Bucket Restaurant and Tavern, a 23,000-square-foot Marshalls, and a 5,000-square-foot Maurices, all to open in spring 2016. Other recent openings include a 7,500-square-foot DXL and a 4,346-square-foot Panera Bread. Phoenix-based Vestar, who acquired the property in 2014 in a joint venture with UBS, oversees property management, leasing and marketing at Orchard Town Center.

August 6, 2015

Retail Texas

The Woodmont Co. Arranges $6.3M Sale of Metro Dallas Retail Property

by Haisten Willis August 5, 2015

NORTH RICHLAND HILLS, TEXAS — The Woodmont Co. has completed the $6.3 million sale of North Hills Village, a 188,856-square-foot retail center located in North Richland Hills, to a private investor. Brad Cruickshank, Trip Green and Randy Bell of The Woodmont Co. represented the seller, a subsidiary of LNR Partners LLC, in the transaction. Built in 1988, the two-building property is located at 7520-7640 N.E. Loop 820 and is situated on 16.4 acres. It was 34 percent occupied at the time of sale with tenants including Cinemark Theaters, Mattress Firm, Subway and T-Mobile. North Hills Village is adjacent to City Pointe Center, a 74-acre mixed-use and municipal complex currently in development.

August 5, 2015

Loans Retail Texas

HFF Arranges $10.2M Acquisition Loan for Retail Center in Metro Dallas

by Haisten Willis August 5, 2015

PLANO, TEXAS — HFF has arranged $10.2 million in first lien financing for the acquisition of Ruisseau Village, a 124,567-square-foot neighborhood retail center in Plano. HFF worked on behalf of the borrower, a private real estate investor, to place the 10-year, fixed-rate loan through Morgan Stanley Bank N.A. Located at 3303-3309 N. Central Expressway, Ruisseau Village is situated on 12.6 acres at the northwest corner of West Parker Road and North Central Expressway, which connects Plano to downtown Dallas. Renovated in 2014, the center consists of two single-story buildings leased to Top Golf, Hertz, Boxes to Go, Monarch Dental, Jazzercise, Kelly Moore Paints, The Mum Shop, Rover Dramawerks and restaurants including Bavarian Grill and A-Star Buffett. Kevin Mackenzie, Greg Brown and Jim Curtin led HFF’s debt placement team representing the borrower.

August 5, 2015

Multifamily New York Northeast Retail

Eastern Consolidated Arranges $58M Sale of 14 Upper Manhattan Multifamily Buildings

by Amy Works August 5, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of 14 multifamily properties, with 176 residential units and eight retail stores, located in Upper Manhattan, in two separate transactions. Morningside Partners I LP and 9-11 CPN LLC sold the properties for $58 million to an undisclosed private investor. Thirteen of the walk-up apartment buildings are located on one city block between Manhattan Avenue, Frederick Douglass Boulevard, West 114th Street and West 115th Street in Morningside Heights. The 13 properties, which total more than 125,000 square feet, sold for $47 million, or $376 per square foot. In a separate transaction, a five-story, 23,640-square-foot property located at 9-11 Central Park North sold for $11 million, or $465 per square foot.

August 5, 2015

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