Retail

M&M Arranges Sale of Two Retail Properties in Metro Houston

by Haisten Willis March 5, 2015

SUGAR LAND, HUMBLE, TEXAS — Marcus & Millichap has arranged the sale of two retail properties in metro Houston. The first is a 14,641-square-foot CVS drug store located in Sugar Land. James Bell of Marcus & Millichap’s Houston office represented the buyer, a private investor, who utilized a 1031 exchange. The CVS was built in 2014 and is located at 4523 L.J. Parkway. The second transaction was the sale of Plazas at Lake Houston Parkway, a 14,511-square-foot retail property located in Humble. Bell marketed the property on behalf of the seller, a Houston developer. The Plazas at Lake Houston Parkway retail property is located at 20121 W. Lake Houston Pkwy.

March 5, 2015

Several Factors Keeping Retail Construction in Check Across Metro Chicago

by Danielle Everson March 5, 2015

Mid-America Real Estate’s annual Chicagoland Shopping Center Report shows construction completions totaled 2.4 million square feet in 2014, a slight uptick from the 2.26 million square feet completed in 2013. Looking ahead, 2015 should yield a little over 2 million square feet, which will likely prove to be within the normal range for development going forward. However, this is significantly less than the 8.3 million square feet completed in 2007. One of the primary causes of this decline is the demand for new shopping center space in the suburbs is primarily limited to single users, predominately grocery stores. While the demand for multi-tenant retail developments in urban markets remains high, the barriers to entry are significant. Consider, for example, that of the combined 26 new projects delivered in 2014 and planned for 2015, only one project, Regency Centers’ Shops on Main in Schererville, Indiana, is a suburban project built to accommodate more than one big-box retailer. Anchored by Gordmans, Shops on Main is also home to DSW, Home Goods, Ross, Pier 1 Imports and a planned Whole Foods. All of the remaining suburban projects are limited to single users such as Walmart/Sam’s Club, Target, Mariano’s or Meijer. The mid-sized boxes …

March 5, 2015

Illinois Loans Midwest Retail

Cohen Financial Arranges $9M Acquisition Loan for Retail Property in Barrington, Ill.

by Danielle Everson March 4, 2015

BARRINGTON, ILL. — Cohen Financial has arranged a $9 million acquisition loan for The Shops at Flint Creek, an upscale retail shopping center located at 500 N. Hough St. in Barrington. Heinen’s Grocery Store anchors the shopping center, which is fully leased. Dan Rosenberg of Cohen Financial’s Chicago office secured the fixed-rate CMBS loan, which is structured with a 10-year term and a 75 percent loan-to-value ratio. Rosenberg secured the loan with Citigroup Global Markets Inc. The borrower is a venture of Next Realty, a national owner of retail properties.

March 4, 2015

Retail Texas

Trademark to Renovate The Shops At Highland Village in Dallas

by Haisten Willis March 4, 2015

DALLAS — Trademark Property Co., the operating partner for The Shops at Highland Village, will complete a multi-million dollar renovation of the 352,000-square-foot shopping center located in Dallas. The project will include common area improvements, upgraded landscaping, the addition of new amenities for adults and children, updated facades and new signage throughout the property. Trademark conducted a design meeting last summer at The Shops at Highland Village with numerous architects, the onsite management team and city officials to collaborate and formulate a strategic plan and direction for the property.

March 4, 2015

Retail Texas

Venture Arranges New Lease for Northern Tool + Equipment in Metro Dallas

by Haisten Willis March 4, 2015

PLANO, TEXAS — Venture Commercial Real Estate has arranged a long-term lease for Northern Tool + Equipment in Plano. The new lease will add 5,040 square feet to its 15,000-square-foot store at 99 Ranch Marketplace located at 111 W. Spring Creek Pkwy. Venture’s Clay Mote represented the tenant in lease negotiations. Oliver Robinson of Centennial Real Estate Services LLC represented the landlord, Spring Creek Retail LLC.

March 4, 2015

Florida Retail Southeast

Davidoff of Geneva to Open 5,000 SF Cigar Store in Tampa

by John Nelson March 4, 2015

TAMPA, FLA. — Davidoff of Geneva USA plans to open a new 5,000-square-foot cigar store in the MetWest International Retail Village in Tampa. The new store, known as “Davidoff of Geneva-Since 1911,” will be the largest Davidoff store in the world and the company’s first licensed flagship store outside of Las Vegas. The company will open the new store in late 2015 in partnership with Jeff and Tanya Borysiewicz, owners of Orlando-based Corona Cigar Co. The new location will be completely humidified and will feature cigar retail space, multiple indoor and outdoor lounges, private lockers and a full bar serving high-end alcoholic beverages.

March 4, 2015

Northeast Pennsylvania Retail

CBRE Brokers $24.5M Sale of Lawndale Plaza in Philadelphia

by Amy Works March 4, 2015

PHILADELPHIA — CBRE has brokered the sale of Lawndale Plaza, a 93,282-square-foot retail center in Philadelphia. Highland Development Group and The Glenville Group sold the property for $24.5 million to Cedar Realty Trust. Developed in 1998, the property is anchored by a 63,342-square-foot ShopRite. Additional tenants at the 100 percent occupied property include Advance Auto Parts, T-Mobile and Dunkin’ Donuts. Brad Nathanson and Tom Gorman of CBRE represented both parties in the transaction.

March 4, 2015

Market Reports Massachusetts Northeast Northeast Market Reports Retail

New Construction & Increasing Vacancy in Eastern Massachusetts Retail Market

by Jaime Lackey March 4, 2015

While it was unfortunate to see retail vacancy in Eastern Massachusetts on the upswing during 2014, it was more than offset by new retail construction as major development resurfaced. At year-end, total retail inventory was 191.6 million square feet, an increase from the prior year of approximately 2.1 million square feet. Vacant retail space in the region was up more than 1.3 million square feet, due to major contractions and liquidations such as Building 19, Dots, and Shaw’s Supermarkets. Net absorption ended the year ahead by 712,500 square feet. The 10 towns with the greatest retail supply remain in place from a year ago with one exception: thanks to new Walmart Supercenter and Sam’s Club locations, Fall River replaced Peabody. The top retail hub is Boston, followed by Cambridge, Natick, Brockton and Framingham. Among communities with at least 500,000 square feet of retail space, five towns broke into the top 10 with lowest vacancy rates: Foxboro, Hingham, Hudson, Danvers, and Everett. Abington remained at the top with a 1.2 percent vacancy rate. Foxborough made the biggest leap — up from 58th last year — as the result of Patriot Place filling significant vacancy, and Ocean State Job Lot opening in …

March 4, 2015

Restaurant Retail Texas

Victory Park Adds Five New Retail Tenants in Dallas

by Haisten Willis March 3, 2015

DALLAS — Five new restaurant and retail additions have been made at Victory Park, the first wave of retail announcements in the Dallas district’s redevelopment. The new tenants bring more than 10,500 square feet of added retail, restaurant and service-related businesses to the district, which is being developed by Trademark Property Co. The new tenants include; BuzzBrews, a 4,612-square-foot restaurant opening its fourth Dallas location in the fall of 2015; Jimmy John’s, a 1,767-square-foot restaurant slated to open in spring 2015 at 2416 Victory Park Lane; Victory Park CrossFit, a 2,523-square-foot fitness center scheduled to open in spring 2015 at 2312 Victory Park Lane; Read Between the Lines, a 1,164-square-foot stationary store now open at 2412 Victory Park Lane; and Simply Elegant, a 474-square-foot floral design store now open at 2424 Victory Park Lane. In addition to these new tenants, Victory Park features more than 165,000 square feet of retail, restaurant and entertainment space. In addition, the district includes 621,000 square feet of Class A office space, the 252-room W Dallas – Victory Hotel, and more than 1,700 residential units.

March 3, 2015

Loans Midwest Minnesota Retail

Grandbridge Arranges $5.5M in Refinancing for Retail Property in Sartell, Minn.

by Danielle Everson March 3, 2015

SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.5 million loan to refinance a 62,000-square-foot retail property in Sartell. Tony Carlson of Grandbridge’s Minneapolis-based office originated the 11-year loan, which includes a 25-year amortization schedule. A life insurance company provided funding for the loan. The undisclosed borrower will use the loan to pay off existing debt.

March 3, 2015

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