Retail

Fontana Retail Center Sells for $2.6M

by Nellie Day January 27, 2015

FONTANA, CALIF. – A 7,194 square-foot retail center in Fontana has sold to a private Riverside investor for $2.6 million. The center is located at 17218 Foothill Blvd. It is shadow-anchored by Brunswick Foothill Bowling Center. The property, which was built in 2008, is situated across from a Walmart-anchored shopping center. The buyer was represented by Janet Valentin of VRE Commercial. The seller, a private, Los Angeles-based trust, was represented by Brad Umansky, Frank Vora and Greg Bedell of Progressive Real Estate Partners.

January 27, 2015

New York Northeast Retail

Marcus & Millichap Brokers $5.9M Sale of Retail Property in Queens

by Amy Works January 27, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of a retail property located at 7508 and 7524 Broadway in Queens. The 7,940-square-foot property sold for $5.9 million. The property is located between Broadway and 41st Avenue in the Woodside/Elmhurst section of Queens. Matthew Fotis, Lazarus Apostolidis and Tae Lee of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer, a private investor, in the transaction.

January 27, 2015

Restaurant Retail Texas

New Restaurants Sign Leases at Hughes Landing in The Woodlands

by Haisten Willis January 27, 2015

THE WOODLANDS, TEXAS — Truluck’s and Starbucks are set to join Hughes Landing, a 66-acre mixed-use development in The Woodlands. Truluck’s will be located in restaurant row in Hughes Landing, while Starbucks will be located on the retail level of One Lakes Edge, a 390-unit multifamily development. Hughes Landing features a mixture of restaurants and retail, entertainment venues, up to 800 multifamily residences, Class A office space and a full-service Embassy Suites scheduled to open in late 2015. Truluck’s plans to begin construction on its 10,000-square-foot space this spring, and expects to complete construction this fall. The restaurant features seafood, steaks and wine. The 1,820-square-foot Starbucks location is expected to open in March and will provide coffee, teas and snacks. Rip Reynolds of The Howard Hughes Corp. represented The Woodlands in the transactions. Pete Stewart Properties Inc. represented Truluck’s. Walter Salek and Lasater Miller with The Retail Connection represented Starbucks.

January 27, 2015

Illinois Midwest Retail

Peet’s Coffee & Tea Opens in The Wrigley Building; Ghirardelli to Open Memorial Day

by Danielle Everson January 27, 2015

CHICAGO — Peet’s Coffee & Tea Inc. has opened a new store and Ghirardelli Chocolate Co. has signed a new lease in Chicago’s Wrigley Building. Peet’s will occupy 1,140 square feet on the ground floor of the south tower of the building at 400-410 N. Michigan Ave. The Peet’s store has been built with the company’s new store design that showcases the art of its coffee making and also features historic photos of The Wrigley Building from the early 20th century. Ghirardelli Chocolate Co. has signed a new lease for 7,000 square feet of retail space in the south tower for an ice cream and chocolate shop. The new store is set to open on Memorial Day. The Wrigley Building is owned by a group of investors led by BDT Capital Partners and includes Zeller Realty Group, and Eric Lefkofsky and Brad Keywell personally, as minority investors.

January 27, 2015

Midwest Ohio Retail

M&M Arranges $2.1M Sale of 4,749 SF Retail Property in Hilliard, Ohio

by Danielle Everson January 27, 2015

HILLIARD, OHIO — Marcus & Millichap has arranged the $2.1 million sale of George’s Corner IV, a 4,749-square-foot retail property in Hilliard, approximately 13 miles northwest of Columbus. George’s Corner IV is located at 1840 Hilliard Rome Road. The two-tenant center features Visionworks, an eyewear retailer, and Tom + Chee, a Cincinnati-based specialty grilled-cheese restaurant. The center is a renovated former restaurant located on an outparcel to a Target center. A Memphis, Tenn.-based limited liability company purchased the property. John Reehil and Arthur Kaplan of Marcus & Millichap’s Columbus office represented the seller, a limited liability company.

January 27, 2015

Retail Texas

The Center at Pearland Parkway Retail Development Opens in Metro Houston

by Haisten Willis January 26, 2015

PEARLAND, TEXAS — The Center at Pearland Parkway has opened in Houston. Located at the intersection of FM 518 and Pearland Parkway, Stream Realty Partners’ newest retail development provides 165,000 square feet of anchor and junior-anchor, inline and pad site space. Located in Pearland, The Center at Pearland Parkway includes tenants such as T.J. Maxx, Ross Dress for Less, Petco, Palais Royal, Five Below, Rack Room Shoes, rue21 and Salons by JC.

January 26, 2015

Illinois Midwest Office Retail

JLL Income Property Trust Acquires Parking Garage in Chicago’s River North Area

by Danielle Everson January 26, 2015

CHICAGO — Jones Lang LaSalle Income Property Trust Inc. has acquired a six-story, 366-stall parking garage known as Ohio Ontario Self Park in Chicago for $16.9 million. The parking garage is a component of the mixed-use development located at 33 W. Ontario Street in Chicago’s River North area. The development includes a 59-story, 364-unit condominium tower with its own deeded parking and ground level retail. In conjunction with the acquisition, JLL Income Property Trust entered into a lease with a subsidiary of Imperial Parking, a firm founded in Vancouver in 1962.

January 26, 2015

California Retail Western

Carrillo Plaza Shopping Center in Santa Barbara Sells for $12.2M

by Nellie Day January 26, 2015

SANTA BARBARA, CALIF. – Carrillo Plaza, an 18,743-square-foot shopping center in downtown Santa Barbara, has sold to New Group-Santa Barbara LLC for $12.2 million. The center is located at 210 W. Carrillo Blvd. It is anchored by Starbucks. The property was completely renovated over the past four years. The seller, Carrillo Holdings LLC, was represented by Bill Bauman and Kyle Miller of Savills Studley.

January 26, 2015

Mixed-Use Multifamily New York Northeast Retail

Greystone Buys Two Park Slope Properties for Residential, Mixed-use Developments

by Amy Works January 26, 2015

NEW YORK CITY — Greystone has acquired two adjacent properties — a landmarked building and a vacant lot — in Brooklyn’s Park Slope neighborhood for a combined total of $21.1 million. Located at 227 Fourth Ave., the first property, known as Brooklyn Lyceum, was originally constructed as a public bathhouse. The property was most recently used as a café and performance space. Greystone won a bid for the property at a Kings County foreclosure auction in October 2014 for $7.6 million. Greystone plans to restore the building’s façade and transform property into a townhouse-style condominium residence with ground-floor retails space. The second property, which sold for $13.5 million, is an adjoining vacant lot located at 225 Fourth Ave. Greystone plans to develop a mixed-use property on the site with approximately 68 rental units and 3,500 square feet of first-floor retail space. Additionally, the residential building will feature a fitness room, bike storage and roof deck.

January 26, 2015

New York Northeast Retail

Two West Village Retail Condos Trade Hands for $11.4M

by Amy Works January 26, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of two contiguous retail condominium units totaling 11,505 square feet for $11.4 million, or $986 per square foot. The properties are located on the ground-level of a 10-story multifamily property located at 80 Carmine St. in Manhattan’s West Greenwich Village. One property includes a 3,050-square-foot vacant unit featuring a full kitchen and 100 street-level seats, a 4,955-square-foot basement space with a prep kitchen and 120 seats, and 1,180 square feet of outdoor space. The second unit is a 3,500-square-foot space, which is occupied by Kumon Learning Center. Barbara Dansker and Zachary Ziskin of Marcus & Millichap’s Manhattan office represented the buyer and seller, both of which were undisclosed, in the transaction.

January 26, 2015

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