Retail

Mid-America Real Estate Arranges Sale of Shopping Center in Pleasant Prairie, Wis.

by Danielle Everson February 24, 2015

PLEASANT PRAIRIE, WIS. — Mid-America Real Estate has arranged the sale of a 9,035-square-foot, three-tenant shopping center in Pleasant Prairie. The Plaza at Prairie Ridge is located at the southeast corner of 75th Street and 104th Avenue. Oak Brook, Ill.-based Inland Real Estate Acquisitions Inc. purchased the property for an undisclosed sales price. Target, JC Penney, Dick’s Sporting Goods, and PetSmart shadow-anchor the shopping center. Carly Gallagher of Mid-America and Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC were the exclusive brokers in the transaction on behalf of the seller, Milwaukee-based Evo Properties LLC.

February 24, 2015

Illinois Midwest Retail

Brixx Wood-Fired Pizza Opens at The Depot in Fishers, Ind.

by Danielle Everson February 24, 2015

FISHERS, IND. — Brixx Wood Fired Pizza has opened as the anchor tenant of The Depot at Nickel Plate, a mixed-use development in Fishers. Brixx occupies the 3,824 square feet of retail space, with an additional outdoor dining patio, on the southeast corner of Municipal Drive and 116th Street. Brixx serves wood-fired pizzas cooked in brick ovens, salads, pastas and sandwiches, and offers 24 local and national craft beers on tap and 14 wines by the glass. The Depot at Nickel Plate features 242 units and 17,000 square feet of retail space. First units became available in December, with construction to be completed in April. The Depot also includes approximately 430 structured parking spaces.

February 24, 2015

Loans New Jersey Northeast Retail

Triangle Equities Receives $7.5M Loan for 62,000 SF Shopping Center

by Amy Works February 24, 2015

FREEHOLD, N.J. — Triangle Equities has received a $7.5 million loan for its 62,000-square-foot retail property, Freehold Raceway Village, in Freehold. The loan was provided by CIBC, and it follows the successful recapitalization of the shopping center. Located at 200-220 Trotters Way, the shopping center is 100 percent occupied by a variety of tenants, including Big Lots, Huffman Koos, Dick’s Sporting Goods, The Home Depot, Toys R Us, Raymour & Flanigan and Christmas Tree Shoppes.

February 24, 2015

Arizona Retail Western

Target, US Bank Buildings Sell in Tempe

by Nellie Day February 24, 2015

TEMPE, ARIZ. – A pair of free-standing, single-tenant buildings in Tempe that are triple-net leased to Target and US Bank have sold to Rosebud Tempe One LLC for $11.9 million. The properties are located at the northeast corner of McClintock Drive and Baseline Road. Target has occupied this space since 1988. Major employers in the area include Intel, Arizona State University and Maricopa Community Colleges. Acquisition financing was arranged by CBRE’s Geoffrey Harris. Joseph Compagno of the same firm represented both the buyer and seller, Hudson Retail Center LLC, in this transaction.

February 24, 2015

Loans New Jersey Northeast Retail

The Provident Bank Closes $55M Loan for Development of 244,450 SF Shopping Center

by Amy Works February 23, 2015

CLARK, N.J. — The Provident Bank has closed a $55 million loan for the development of Clark Commons, a 244,450-square-foot shopping center at Raritan Road and Walnut Avenue in Clark. Situated on 28 acres on the former U.S. Gypsum paper plant, the seven-building shopping center will offer 27 retail spaces. Completion is slated for late spring with a proposed grand opening in early August. The center is 100 percent preleased to Whole Foods Market, Home Goods, L.A. Fitness, Michaels, Petco, Ulta, Modell’s and Party City. Krame Development is constructing the center, which was designed by The Dietz Partnership Architects. The Provident Bank and M&T Bank provided the construction financing, with Provident serving as administrative agent. Gregory Lamb of Provident handled the transaction.

February 23, 2015

Illinois Midwest Retail

Summit Design + Build Completes Indoor Rock Climbing Facility in Chicago

by Danielle Everson February 23, 2015

CHICAGO — Summit Design + Build has completed an indoor rock climbing facility for Brooklyn Boulders at 100 S. Morgan in Chicago’s West Loop neighborhood. Brooklyn Boulders designs, builds and operates hybrid rock climbing facilities. The new 25,000-square-foot facility required the renovation and build-out of an existing building. The project included the removal of the existing 25-foot roof and the addition of a new 55-foot roof to accommodate the construction of a mezzanine and climbing walls, which span from floor to ceiling in the south building. The north building includes a climbing terrain, shared office space, a fitness studio, event space and café. Other amenities include locker rooms, showers and a customer lounge. The project was designed by Chris Ryan, the chief development officer of Brooklyn Boulders Chicago, and Massachusetts-based Arrowstreet Architecture & Design.

February 23, 2015

Retail Texas

The Boulder Group Arranges Sale of Net Leased Family Dollar in Killeen

by Haisten Willis February 23, 2015

KILLEEN, TEXAS — The Boulder Group has arranged the $1.7 million sale of a single-tenant Family Dollar property located at 4802 Bridgewood Drive in Killeen. The 9,180-square-foot, newly constructed property is located at the intersection of West Stan Schlueter and Bridgewood Drive. Jordan Kaufman of The Boulder Group represented the seller, a Texas-based private developer, in the transaction. A private Midwest-based investor purchased the property in a 1031 tax-deferred exchange. Family Dollar has 10 years remaining on its lease at the building. The lease features 10 percent rental escalations in each of the six five-year renewal option periods.

February 23, 2015

California Retail Western

Dave & Busters Building in San Diego Sells for $11.9M

by Nellie Day February 23, 2015

SAN DIEGO – A 45,000-square-foot building in San Diego that is net leased to Dave & Busters has sold to Store Capital for $11.9 million. The building is located at 2931 Camino Del Rio N., at the intersection of the 805 and 8 freeways, near Downtown San Diego. Store Capital was represented by Patrick Luther and Matthew Mousavi of Faris Lee Investments. The seller, San Diego Food & Games LLC, was represented by Jeff Conover of the same firm in this leasehold interest sale.

February 23, 2015

Retail Texas

Cushman & Wakefield Arranges Sale of Retail Center in Metro Houston

by Haisten Willis February 23, 2015

WEBSTER, TEXAS — Cushman & Wakefield Texas Retail Advisors has arranged the sale of Baybrook Gateway, a 236,854-square-foot regional power center in Webster, a suburb of Houston. Baybrook Gateway is located at the southeast corner of Bay Area Boulevard and I-45. The property was built in 1995 and is 65 percent occupied. Tenants include Ashley Furniture, Michaels, World Market, Aaron Brothers and Barnes & Noble. Tom Salanty, Chris Harden and Kris Von Hohn of Cushman & Wakefield Texas Retail Advisors represented the unnamed seller.

February 23, 2015

Retail Texas

Woodmont Co. Secures Lease for Dollar Tree in Metro Dallas

by Haisten Willis February 23, 2015

MCKINNEY, TEXAS — The Woodmont Co. has completed a seven-year, 10,709-square-foot lease with Dollar Tree within a 27,182-square-foot retail building in McKinney. The property is located at 1970 Central Expressway. Karen Mitchell and Dorinda Cavender of The Woodmont Co. completed the lease on behalf of the owner, a Texas-based limited liability company. Jim Weir of The Retail Connection represented Dollar Tree. The store will open in July and will occupy 39.4 percent of the property, bringing the asset to 80 percent leased. The property is located off Central Expressway (Highway 75) and Highway 380.

February 23, 2015

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