Retail

TerraCRG Arranges Sales of Two Mixed-Use Buildings in Brooklyn

by Amy Works August 26, 2015

NEW YORK CITY — TerraCRG has brokered the sales of two mixed-use properties in Brooklyn for a combined $10.5 million. In the first deal, a Manhattan ownership group acquired 3901 Fifth Avenue in Brooklyn’s Sunset Park area for $3.2 million, or $540 per square foot, from a Brooklyn family. The three-story, 6,000-square-foot property consists of four ground-floor retail spaces, three apartments and one office space. In the second transaction, a property located at 6901 Fifth Avenue in Brooklyn’s Bay Ridge neighborhood sold for $7.3 million, or $455 per square foot. The 10,248-square-foot property is currently occupied by Bank of America and features more than 7,000 square feet of available air rights. Adam Hess, Sam Shalumov, Edward Setton, Kirill Galperin and Amanda Keller were the sole brokers in both transactions.

August 26, 2015

New York Northeast Restaurant Retail

Starbucks Coffee Opens in Islandia, New York

by Amy Works August 26, 2015

ISLANDIA, N.Y. — Starbucks Coffee has opened a new location at the northwest corner of Long Island Expressway North Service Road and Old Nichols Road in Islandia. The 1,860-square-foot location occupies the drive-thru end cap of a 7,773-square-foot building. Wilbur Breslin and Robert Delavale of Breslin Realty arranged and negotiated the transaction with the landlord. The Breslin team also negotiated the drive-thru approvals with the Village of Islandia.

August 26, 2015

Hospitality Mixed-Use Multifamily New Jersey Northeast Office Retail

iStar to Redevelop Asbury Park Waterfront in New Jersey

by Amy Works August 25, 2015

ASBURY PARK, N.J. — iStar has announced a multi-billion-dollar redevelopment plan to transform a 1.25-mile portion of Asbury Park’s waterfront into a mixed-use development. Ten years in the making, the project will feature residential, hospitality and infrastructure space. The 20-project redevelopment includes The Asbury, a 110-key independent hotel designed by Stonehill & Taylor Architects set to open summer 2016; Monroe, a 34-unit condominium property opening in summer 2016; Asbury Lanes, a music and bowling venue; and 1101 Ocean, a mixed-use hotel/condominium/retail project designed by Handel Architects. Upon completion, the redevelopment project will add more than 2,100 homes and 300 hotel rooms to the town. The project team includes hotel innovator David Bowd; architects Gary Handel, Paul Taylor and Chad Oppenheim; landscape designer Madison Cox; and landscape architects Melillo + Bauer Associates. Anda Andrei, formerly of Ian Schrager Co., is serving as creative lead for the redevelopment project, which will include music venues, galleries, chef-owned restaurants, local retailers, nightspots and seasonal farmers’ markets. Additionally, the development team is partnering with Asbury Park businesses, cultural institutions, entrepreneurs, artists and community groups to help revitalize the neighborhood. iStar is financing the 20 individual projects that comprise the Asbury Park redevelopment.

August 25, 2015

Loans Massachusetts Northeast Retail

HFF Secures $35.2M in Combined Financing for Two Retail Properties

by Amy Works August 25, 2015

WALTHAM AND NORTH ANDOVER, MASS. — HFF has secured two acquisition loans totaling $35.2 million for retail properties in Massachusetts. Working on behalf of the borrower, Linear Retail Properties, HFF arranged the fixed-rate, first mortgage loans with different lenders in two separate transactions. A $14.5 million loan was placed with Cambridge Trust Company for Main Street Marketplace at 1030 Main St. in Waltham, and a $20.6 million loan was secured through Washington Trust with Middlesex Savings Bank for Eaglewood Shops at 145 Turnpike St. in North Andover. The 44,461-square-foot Main Street Marketplace is fully leased to 13 local, regional and national tenants, including iParty, Panera Bread, Chipotle Mexican Grill, GNC, Aspen Dental, Supercuts, Five Guys and AT&T. The fully leased, 77,558-square-foot Eaglewood Shops is occupied by Pier 1 Imports, Jos. A. Bank, Burtons Grill, Chipotle Mexican Grill, Thyme Sushi and b good. Riaz Cassum and Breet Paulsrud of HFF arranged the financing for the borrower.

August 25, 2015

Multifamily New York Northeast Retail

Certes Partners Buys 85,000 SF Upper West Side Development Site for $26.5M

by Amy Works August 25, 2015

NEW YORK CITY — Certes Partners, a New York City-based real estate development and investment firm, has acquired a development site at 214-218 W. 95th St. on the Upper West Side. The former Hertz parking garage sold for $26.5 million in an off-market transaction. While development plans for the site have not been released yet, the site is suitable for residential development or operations as a parking garage. Certes currently owns the adjacent property, 206 W. 95th St., which the firm is currently developing. The combined assemblage allows development of an 18-store, more than 85,000-square-foot property.

August 25, 2015

Retail Texas

Kite Realty Acquires Power Center in Fort Worth

by Haisten Willis August 25, 2015

FORT WORTH, TEXAS — Kite Realty Group Trust has acquired Chapel Hill Shopping Center, a 200,000-square-foot power center located in Fort Worth. The center is 96 percent leased and anchored by Central Market, The Container Store and Cost Plus World Market. Other tenants include Ann Taylor, Beauty Brands, New Balance and Men’s Wearhouse. The purchase price was funded using 1031 sale proceeds and other cash and liquidity sources. Chapel Hill Shopping Center is located at the intersection of I-30 and Hulen Street. The area has an estimated population of 275,000 residents within a five-mile radius. David Disney and Adam Crockett of Disney Investment Group represented the seller and also procured the buyer in the transaction.

August 25, 2015

Retail Texas

M&M Arranges Sale of Net Leased Property in Metro Dallas

by Haisten Willis August 25, 2015

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Chase Motor Bank, a net leased property located in Arlington. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Chase Motor Bank is located at 745 W. Lamar Blvd. The property has a corporate guarantee from JPMorgan Chase Bank. The tenant recently exercised a three-year lease extension to coincide with the lease expiration date of the adjacent Chase Banking Center. There are 10 years remaining on the term, with two, five-year options for renewal. The motor bank was constructed in 1982 and served as a motor bank to The American Bank of Arlington, which was later acquired by Chase. The lot size is 30,100 square feet.

August 25, 2015

North Carolina Retail Southeast

Wheeler REIT Buys Three Food Lion-Anchored Centers in North Carolina for $15.3M

by John Nelson August 25, 2015

VIRGINIA BEACH, VA. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has purchased three Food Lion-anchored shopping centers in North Carolina for $15.3 million. Wheeler REIT purchased the centers at roughly $89.38 per square foot using a combination of cash and debt. The properties include the 50,000-square-foot Cardinal Plaza in Henderson, the 65,336-square-foot Franklinton Square in Franklinton and the 56,100-square-foot Nashville Commons in Nashville. The sellers in all three transactions were entities controlled by members of the Barnett family.

August 25, 2015

California Retail Western

DTZ Arranges $32.5M Sale of Jackson Square in California

by Nellie Day August 25, 2015

HAYWARD, CALIF. — DTZ has arranged the $32.5 million sale of Jackson Square, a 114,220-square-foot retail center located in Hayward in the San Francisco Bay area. ROIC California LLC, a subsidiary of Retail Opportunity Investments Corp., acquired the center. Dan Wald, Eric Kathrein and Justin Sharp of DTZ represented the seller, Terramar Retail Centers LLC, in the transaction. Safeway, CVS/pharmacy and 24 Hour Fitness anchor the center, with a tenant roster including Starbucks Coffee, Chase Bank, Round Table Pizza and Patelco Credit Union.

August 25, 2015

California Retail Western

La Costa Towne Center to Undergo $15M Renovation and Renaming

by Nellie Day August 25, 2015

CARLSBAD, CALIF. — Linwood Ventures’ La Costa Towne Center, a 123,000-square-foot shopping center located in Carlsbad, is undergoing a $15 million renovation and will be renamed The Beacon La Costa. Beginning in fall, changes will include a complete renovation of the anchor building, façade enhancements and upgrades to the project’s parking and common areas including new parklets and outdoor dining terraces. Equinox will occupy the 31,000-square-foot anchor space once occupied by Vons grocery store.

August 25, 2015

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