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

Trace Station Shopping Center Ridgeland Mississippi

Mississippi Retail Southeast

Crossman & Co. Brokers $5.4M Sale of Shopping Center in Mississippi

by John Nelson February 4, 2015

RIDGELAND, MISS. — Crossman & Co. has brokered the $5.4 million sale of Trace Station Shopping Center, a 47,510-square-foot retail center located at 500 Highway 51 North in Ridgeland, part of the Jackson MSA. The three single-story buildings sitting on 6.5 acres were sold to a private investor. The property is positioned at the intersection of Jackson Street and Highway 51. The center was 96 percent leased at the time of sale to local and regional tenants such as Edible Arrangements, Fleet Feet, Lost Pizza Co. and Cazadore’s Mexican. Brian Carolan of Crossman & Co. represented the seller, a Wall Street loan pool, and partnered with Hugh Johnson of J. Walter Michel Agency, a Jackson-based company, during the transaction.

February 4, 2015

Loans New Jersey Northeast Office Retail

HFF Arranges $221.8M Loan for 30-Property Retail, Office Portfolio

by Amy Works February 4, 2015

FLORHAM PARK, N.J. — Florham-based HFF, on behalf of Paramount Realty Services, has arranged $221.8 million in financing for an approximately 2 million-square-foot portfolio consisting of 30 retail, office and medical office properties in Pennsylvania and Maryland. The portfolio was 96 percent occupied at the time of closing. Jon Mikula, Jim Cadranell, Samuel Seiden and Michael Cerulo of HFF represented the borrower in the transaction. The financing was closed with a portfolio lender. Additional details of the deal were not released.

February 4, 2015

California Retail Western

Carter’s Opens at Westgate Center in San Jose

by Nellie Day February 4, 2015

SAN JOSE, CALIF. – Carter’s has opened a 9,505-square-foot outpost in the Westgate Center in San Jose. The center is located at the northeast corner of Hamilton and Saratoga. It is anchored by Target, Nordstrom Rack, Walmart Neighborhood Market, Nike Factory Store, Old Navy, Burlington Coat Factory, Michaels and Ross. Carter’s was represented by Dawn Greiner and Laura Tinetti of SRS Real Estate Partners. The landlord is Federal Realty Investment Trust.

February 4, 2015

Arizona Retail Western

Romano’s Macaroni Grill Building in Goodyear Sells for $3M

by Nellie Day February 3, 2015

GOODYEAR, ARIZ. – A 6,810-square-foot building in Goodyear that is net leased to Romano’s Macaroni Grill has sold to an unnamed buyer for $3 million. The building is located at 1828 North Litchfield Road. The seller, a limited liability company, was represented by Jamie Medress and Mark Ruble of Marcus & Millichap’s Phoenix office.

February 3, 2015

Verandah Publix Super Markets Fort Myers

Florida Retail Southeast

Continental Realty Sells Shopping Center in Fort Myers for $14.4M

by John Nelson February 3, 2015

FORT MYERS, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold The Shops at Verandah, a 72,795-square-foot shopping center located at 11961 Palm Beach Blvd. in Fort Myers for $14.4 million. The Shops at Verandah was 98 percent leased to tenants such as Advance America, Principal Life Insurance, Subway, Pizza Hut, H&R Block, Beef O’Brady’s and Allstate. CRC sold the Publix-anchored shopping center to Publix Supermarkets Inc. Jim Michalak and Mike Cvetetic of Plaza Advisors represented CRC in the transaction. The Shops at Verandah was built in 2005 as part of Verandah, a 1,500-acre premier master-planned community that includes two 18-hole golf courses designed by Bob Cupp and Jack Nicklaus.

February 3, 2015

North Carolina Retail Southeast

Ferncroft Capital Acquires Whole-Foods Anchored Shopping Center in Winston-Salem for $12M

by John Nelson February 3, 2015

WINSTON-SALEM, N.C. — Ferncroft Capital has purchased Miller Crossing in Winston-Salem for $12 million. The 40,292-square-foot shopping center is anchored by Whole Foods Market. The shopping center is located near the intersection of Miller Street and Stratford Road and is adjacent to the Wake Forest Baptist Hospital campus. Berkeley Capital represented the seller in the transaction while Bank of North Carolina provided acquisition financing. Meridian Realty will continue to handle management and leasing.

February 3, 2015

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