Retail

Partnership Buys 517,000 SF Ledgewood Mall in Roxbury, New Jersey

by Amy Works August 5, 2015

ROXBURY, N.J. — A joint venture between Advance Realty, DeBartolo Development and Invesco has acquired Ledgewood Mall in Roxbury for an undisclosed sum. Built in 1972 and situated on 46 acres, the three-building 517,000-square-foot property consists of a 445,000-square-foot enclosed mall, a 60,000-square-foot outbuilding and a 12,000-square-foot outbuilding. Current tenants include Walmart, The Sports Authority, Marshalls, Barnes & Noble, Ashley Furniture and Ruby Tuesday. Christopher Bellapianta of Advance Realty led the transaction on behalf of the joint venture. The name of the seller was not disclosed.

August 5, 2015

Colorado Retail Western

Pine Tree Commercial Buys Arvada Marketplace-Connection Near Denver

by Nellie Day August 5, 2015

DENVER — Pine Tree Commercial Realty has acquired Arvada Marketplace-Connection, a 367,510-square-foot shopping center in the Denver submarket of Arvada, for $54.9 million. The center is located at the intersection of Wadsworth Boulevard and interstates 70 and 76. Arvada Marketplace-Connection was built in 1987. A 142,491-square-foot Sam’s Club anchors the center. Other notable tenants include Sports Authority, Dollar Tree and Youfit health club. CBRE’s Brad Lyons executed the transaction. The seller was RPAI. Bank of America provided the financing.

August 5, 2015

New York Northeast Retail

Urstadt Biddle Properties Acquires 25,000 SF Shopping Center in New York

by Amy Works August 5, 2015

HARRISON, N.Y. — Urstadt Biddle Properties Inc. has acquired The Harrison Shopping Center in Harrison. Located on Halstead Avenue, the 25,000-square-foot shopping center is anchored by an A&P Fresh Supermarket, which will be replaced by a prominent grocer. Additional tenants include a bakery, hair salon, florist, restaurants and A&T. Urstadt Biddle acquired the property, which was built in 1957, for an undisclosed price in an all-cash transaction. The name of the seller was not released.

August 5, 2015

Maine Market Reports Northeast Northeast Market Reports Retail

Southern Maine’s Retail Market is Steady and Strong

by Jaime Lackey August 5, 2015

The retail market in Southern Maine remains strong through mid-year 2015. Retail vacancy rates are low, investment sales are up, new retail projects are actively under construction, and plans for new retail developments are on the horizon. Positive trends in Maine’s retail sector have been evident for several years now, indicating that the market has stabilized and there is strong potential for further commercial growth over the next several years. According to Malone Commercial Brokers’ 2014 State of the Market Retail Survey, the Greater Portland retail vacancy rate for 2014 was 3.68 percent, compared to 10.8 percent in 2009. The vacancy rate has consistently dropped every year since 2009, with 2014 marking the lowest vacancy rate in Greater Portland in six years. Initially, annual retail vacancy rate declines in Southern Maine were related to the absorption of empty big boxes and retail centers located in the Maine Mall District in South Portland, as well as the newly created retail hubs built along the Maine Turnpike corridor during the construction boom in the early 2000s. By 2012, one of these new retail hubs located in the City of Biddeford saw Lowe’s, Linen ’N Things, Old Navy, and Best Buy close their …

August 5, 2015

Illinois Midwest Retail

Quantum Real Estate Advisors brokers sale of a 47,158 SF shopping center in Lansing, Ill.

by Jonathan Mehall August 4, 2015

LANSING, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 47,158-square-foot multi-tenant retail center for $2.9 million located at 17030 S. Torrence Ave. in Lansing, about 27 miles south of Chicago. A Dollar General anchors the property. The retail center was 75 percent occupied at the time of sale. A local real estate investor based in Schaumburg, Ill., sold the property. The buyer was a private real estate investor based in Milwaukee. Chad Firsel and Daniel Waszak of Quantum were the sole brokers in the transaction.

August 4, 2015

Midwest Ohio Retail

Marcus & Millichap Brokers Sale of a 6,100 SF Retail Property in Hilliard, Ohio

by Jonathan Mehall August 4, 2015

HILLIARD, OHIO — Marcus & Millichap has brokered the sale of a 6,100-square-foot retail center to an undisclosed buyer for $3.6 million in Hilliard. The center is located at 1593 Hilliard Rome Road, about 14 miles northwest of Columbus. A Starbucks and Mattress Firm occupy the property. Construction on the retail center was completed this summer. Lisa Sickinger of Marcus & Millichap’s Cincinnati office represented the seller, a limited liability company.

August 4, 2015

California Loans Retail Western

NorthMarq Capital Secures $9.6M Refinance of Lakeview Terrace Center

by Nellie Day August 4, 2015

LAKEVIEW TERRACE, CALIF. — NorthMarq Capital has arranged the $9.6 million refinance of Lakeview Terrace Center, a 78,634-square-foot shopping center located in Lakeview Terrace. David Blum of NorthMarq arranged the cash-out, 10-year term loan with 1.5 years’ interest followed by a 30-year amortization schedule through a CMBS lender. The largest tenant in the unanchored center is Lakeview Farmers Market.

August 4, 2015

Nevada Retail Western

Miller’s Ale House Restaurant in Las Vegas Sells for $5.2M

by Nellie Day August 4, 2015

LAS VEGAS — The 9,500-square-foot Miller’s Ale House Restaurant located in the Las Vegas submarket of Henderson was sold for $5.25 million. Miller’s Ale House has 14 years remaining on its triple-net lease. Rob Moore of Faris Lee represented the seller, Sunstone Arroyo LLC, and StreetView Realty represented the buyer, FL Grandland LLC.

August 4, 2015

Loans New Jersey New York Northeast Office Retail

Cronheim Secures $26.9M in Financing for Four Properties

by Amy Works August 4, 2015

JERSEY CITY, BRICK AND NEPTUNE, N.J., AND COBLESKILL, N.Y. — Cronheim Mortgage has secured $26.9 million in financing for four individual properties located in Jersey City, Brick, Neptune and Cobleskill. Each loan was structured on a 10/30 basis for affiliated entities of New York-based National Realty & Development Corp. The properties include Old Colony Square, a 100,073-square-foot retail center in Jersey City owned by Grand Street Realty; LHOP Holding LP’s 13-building Lions Head Office Park in Brick; two retail pads in Neptune owned by Red Baron Property Resources LP; and C.P. Plaza LP’s 24,500-square-foot retail center in Cobleskill. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the financing.

August 4, 2015

Northeast Pennsylvania Retail

The Shopping Center Group Brokers Sale of Scranton Regional Mall

by Amy Works August 4, 2015

SCRANTON, PA. — The Shopping Center Group has brokered the sale of The Mall at Steamtown, located at 300 Lackawanna Ave. in Scranton. Steamtown 300 LLC purchased the property for an undisclosed sum. Situated adjacent to the Steamtown National Historical Site, a railroad museum, the 558,816-square-foot enclosed regional mall was developed in the early 1990s as part of the revitalization of downtown Scranton. The mall is anchored by Boscov’s Department Store. The Shopping Center Group represented the undisclosed seller in the transaction.

August 4, 2015

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