Retail

Margules Properties Buys Jersey City’s Sip Triangle Building for $2.5M

by Amy Works February 6, 2015

JERSEY CITY, N.J. — Margules Properties has acquired the Sip Triangle Building in Jersey City for $2.5 million from an undisclosed seller. Located at 48-58 Sip Ave. and two blocks from the PATH Station in Journal Square, the 6,000-square-foot building features four retail stores and significant air rights. The property is adjacent to a 64-unit residential building with eight retail stores at 60 Sip Ave. that Margules Properties purchased in 2012. Benjamin Greenstein of Capital Realty Associates represented the buyer in the transaction.

February 6, 2015

Illinois Midwest Retail

Quantum Brokers $5.7M Sale of Retail Property in Warrenville, Ill.

by Danielle Everson February 5, 2015

WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $5.7 million sale of a dual-tenant retail building and a freestanding building in Warrenville, 12 miles northeast of Aurora. The property is located at 28231-28251 Diehl Road. Chipotle and Specialty’s Café have long-term leases at the dual-tenant retail building and a McDonald’s occupies the freestanding building. The seller was a local real estate investor based in Lake Bluff, Ill. An Eau Claire, Wis.-based private real estate investor purchased the property. Chad Firsel and Conor Bossy of Quantum were the sole brokers in the transaction.

February 5, 2015

Indiana Midwest Retail

Nadmar Realty Group Sells 190,000 SF Shopping Center in Huntington, Ind.

by Danielle Everson February 5, 2015

FORT WAYNE, IND. — Nadmar Realty Group has sold a 190,000-square-foot shopping center in Huntington, 25 miles southwest of Fort Wayne. Huntington Plaza is located at 2000 N. Jefferson St. Tenants at the property include Aaron’s, Hibbett Sports, JC Penney, Dollar General, Big Lots, Peebles and several other national and regional retailers. Joel Gorjian led Namdar in the disposition. A New York-based private investor purchased the property for an undisclosed sales price.

February 5, 2015

Illinois Midwest Retail

Mid-America Real Estate Corp. Arranges 7,790 SF Retail Lease in Chicago

by Danielle Everson February 5, 2015

CHICAGO — Mid-America Real Estate Corp. has arranged a retail lease on behalf of Millennium Dance Complex in the West Loop neighborhood of Chicago. Millennium Dance Complex signed a lease for 7,790 square feet at 1000 W. Washington Blvd. The Millennium Dance Complex is known worldwide as a studio of the commercial dance world. This is Millennium’s first location in Chicago.The dance studio is expected to open this spring. Andrew Becker and Michael Wexler of Mid-America represented the tenant in the transaction. Doug Renner and Trevor Jack of Chicago-based Baum Realty Group represented the landlord.

February 5, 2015

New York Northeast Retail

STREAM Capital Partners Brokers $3.2M Sale of Stop & Shop Ground Lease

by Amy Works February 5, 2015

FARMINGVILLE, N.Y. — STREAM Capital Partners has brokered the sale of a property located at 2350 N. Ocean Ave. in Farmingville. The property is under a long-term ground lease to Stop & Shop. A private REIT purchased the property for $3.2 million from a private owner. Jordan Shtulman and Jonathan Wolfe of STREAM Capital Partners represented the seller in the transaction.

February 5, 2015

Retail Texas

Cushman & Wakefield Arranges Sale of 179,122 SF Retail Center

by Haisten Willis February 5, 2015

ABILENE, TEXAS — Cushman & Wakefield’s Capital Markets group has arranged the sale of Shops at Abilene, a 179,122-square-foot power center located at 3517 Catclaw Drive in Abliene. Cronacher Corp. sold the asset to American Realty Capital Partners. Tom Salanty, Chris Harden and Kristopher Von Hohn of Cushman & Wakefield represented Cronacher Corp. in the transaction. National and regional retailers anchor 97 percent of Shops at Abilene’s gross leasable area. Major tenants include Bed Bath & Beyond, Michael’s, Old Navy, PetSmart, Ross, Shoe Carnival and TJ Maxx.

February 5, 2015

Illinois Market Reports Midwest Midwest Market Reports Office Retail

Chicago’s Suburban Commercial Real Estate Sector Proves Its Mettle Once Again

by Danielle Everson February 4, 2015

Here’s the Chicago commercial real estate market’s big secret: the suburbs never went away. While it’s true that office vacancy rates hit the high 20s in 2008, the truth is that suburban absorption never faltered. In early 2014, Savills Studley reviewed all office leasing transactions from 2010 to 2013, a recessionary period for the sector. The analysis revealed that of the nearly 7.4 million square feet of deals tracked, nearly three-quarters of the moves (5 million square feet) involved tenants moving from one suburb to another. Compare that trend to the relocations from the suburbs to the city, which totaled approximately 1.8 million square feet during the same period. The exodus of companies like Hillshire Brands and Motorola Mobility from the suburbs made it seem like the city was the only place to be for high-growth firms. The analysis also showed that firms moving from out of town to the area went to the suburbs rather than the city by a factor of more than 2 to 1: 385,000 square feet versus 160,000 square feet. So, it’s no surprise that the suburban Chicago office market ended 2014 with the lowest vacancy rate since 2008. The 22.6 percent vacancy rate in …

February 4, 2015

Retail Texas

New Tenants Sign on at Shopping Center in Metro Dallas

by Haisten Willis February 4, 2015

EULESS, TEXAS — CATO Fashions/CATO Plus has leased a 4,000-square-foot space at Glade Parks, which is located at 2951 State Highway 121 in Euless. The fashion retailer joins anchors Dick’s Sporting Goods, ULTA Beauty, Michaels, HomeGoods, Boot Barn and Kirkland’s within this 800,000-square-foot project. Dawn Greiner and Rick Ikeler of SRS Real Estate Partners represented the tenant in the transaction. Steve Ewing and Josh Flores of EDGE Realty Partners represented the landlord, RUBY-12-GLADERETAIL LLC.

February 4, 2015

Midwest Ohio Retail

M&M Brokers $10.75M Sale of 99,380 SF Kohl’s Department Store in Ohio

by Danielle Everson February 4, 2015

WESTERVILLE, OHIO — Marcus & Millichap has brokered the $10.75 million sale of a 99,380-square-foot Kohl’s department store in Westerville. The triple-net-leased asset is located off I-270 in a shopping plaza with an Office Max, a Marc’s discount drugstore and a grocery store. Other nearby retailers include Walmart, Kroger and Tuesday Morning. SPMC Urban Properties purchased the property in a 1031-tax-deferred exchange. Dean Zang of Marcus & Millichap’s Washington D.C. office and Craig Fuller of the firm’s Cleveland office represented the buyer. Zang, Fuller and Scott Wiles, of the firm’s Cleveland office, along with Erin Patton of the firm’s Columbus office, represented the seller, Garrison Central II LLC.

February 4, 2015

Midwest Missouri Retail

Mid-America Real Estate Arranges Sale of Shackelford Center Near St. Louis

by Danielle Everson February 4, 2015

FLORISSANT, MO. — Mid-America Real Estate Corp. has brokered the sale of Shackelford Center located in Florissant, a suburb of St. Louis. Fair Oaks, Calif.-based The Carrington Co. purchased the 49,635-square-foot grocery-anchored shopping center. Shackelford Center is located at the southeast corner of Shackelford Road and Mullanphy Lane. Schnucks anchors the shopping center. Ben Wineman and Carly Gallagher of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of a joint venture between San Antonio, Texas-based USAA Real Estate Co. and Clayton, Mo.-based The DESCO Group.

February 4, 2015

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