Retail

McFadden Center in Santa Ana Sells for $30.7M

by Nellie Day January 16, 2015

SANTA ANA, CALIF. — Newport Asset Management Group has purchased McFadden Center, a 184,737-square-foot retail and office complex in Santa Ana, for $30.7 million. The center is located at 1714 East McFadden Ave. The center features 11 buildings occupied by 57 tenants. The buildings include two retail pads, one retail-in-line building with 18 suites and eight business park buildings with a total of 79 suites. McFadden Center is currently 98 percent occupied. Newport plans to renovate the center as part of its long-term hold strategy. The firm was represented by Ryan Swanson and Kurt Bruggeman of Lee & Associates Irvine. “McFadden Center was an attractive purchase because it offers excellent cash flow and diversified income stream from industrial, office and retail tenants alike in a central OC location,” Swanson says. The seller, Olen Properties, was represented by HFF’s Mike McCann, Ryan Gallagher and Dan Curtis.

January 16, 2015

New Jersey Northeast Retail Texas

Simon Purchases The Mills at Jersey Gardens and University Park Village in Fort Worth

by Amy Works January 16, 2015

ELIZABETH, N.J., AND FORT WORTH, TEXAS — Simon has closed on its acquisition of two retail centers in New Jersey and Fort Worth, Texas, for an aggregate purchase price of $1.09 billion, including the assumption of existing mortgage debt. The two properties were acquired in connection with the closing of Washington Prime Group’s acquisition of Glimcher Realty Trust. Located in Elizabeth, Jersey Gardens, which has been renamed The Mills at Jersey Gardens, features a variety of tenants, including Bed, Bath & Beyond; Century 21; Coach Factory; Forever XX1; Lord & Taylor Outlet; Michael Kors; Neiman Marcus Last Call; Nike Factory Store; Saks Fifth Avenue Off 5th; and AMC Theatres. University Park Village in Fort Worth is tenanted by Ann Taylor, Anthropologie, Apple, Athleta, Banana Republic, Chico’s, Free People, J. Crew, Lululemon Athletica, Madewell, Michael Kors, Pottery Barn, Talbots, Vera Bradley, White House | Black Market, and Williams-Sonoma.

January 16, 2015

California Retail Western

Shops at Camarillo Town Center Sells for $4.4M

by Nellie Day January 15, 2015

CAMARILLO, CALIF. – The Shops at Camarillo Town Center, an 8,000-square-foot retail center in Camarillo, has sold to YS Properties for $4.4 million. The center is located at 415 W. Ventura Blvd. It is fully occupied by Subway, T-Mobile, Lindora Weight Loss Center and Eyeglass Factory. The Shops is part of the larger Camarillo Town Center. This 457,128-square-foot power center is anchored by Home Depot, Target, BevMo, Ross and Walmart Neighborhood Market. YS Properties was represented by Connie Kim of Coldwell Banker Wilshire. The seller, a private Orange County investor, was represented by Chris DePierro and Jeff Conover of Faris Lee.

January 15, 2015

Retail Texas

M&M Arranges Sale of 9,000 SF Retail Property in Metro Dallas

by Haisten Willis January 15, 2015

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of a Walmart shadow-anchored retail center, a 9,000-square foot property located in Arlington. Jason Vitorino and Jared Aubrey of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino and Aubrey also procured the buyer, a limited liability company. Farhan Kabani of Mark One Capital’s Dallas office arranged the acquisition financing. The property is located at 1140 Bardin Road, less than one mile south of I-20. Built in 2004, the asset is situated in a major retail corridor. Surrounding retailers include Walmart, Home Depot, Lowe’s Home Improvement, Burlington Coat Factory, Hobby Lobby, Ross Dress for Less, Dollar Tree, Fry’s, Michaels, Best Buy and Party City. The property was 100 percent occupied at the time of listing.

January 15, 2015

Restaurant Retail Texas

Brooklyn Crust & Bistro Opens at Mustang Square in Metro Dallas

by Haisten Willis January 15, 2015

GRAPEVINE, TEXAS — Irving-based Realty Capital Management LLC has leased 2,250 square feet of restaurant space to Brooklyn Crust & Bistro in Mustang Square, which is located on Highway 26 at Mustang Drive in Grapevine. The restaurant is the newest endeavor of Chef Sage Sakiri, known for his cuisine at Café Panache and Red Sage Bistro. Brooklyn Crust & Bistro will be a casual dining experience featuring New York-style pizza, as well as other dishes by Chef Sage. Mark Boone of Realty Capital Management represented the landlord and tenant in this transaction.

January 15, 2015

Florida Loans Retail Southeast

Integra Real Estate Capital Arranges $49M Loan for Miami Shopping Center

by John Nelson January 15, 2015

MIAMI — New York City-based Integra Real Estate Capital has arranged a $49 million, non-recourse loan for Fontainbleau Park Plaza, a 235,000-square-foot shopping center in Miami. The shopping center’s anchor tenants include Walmart Supercenter and LA Fitness. Russell Kimyagarov of Integra arranged the 10-year, interest-only loan on behalf of the borrower, a Miami-based ownership group.

January 15, 2015

Florida Retail Southeast

Branch Properties Breaks Ground on $40.8M Island Walk Project in Palm Coast

by John Nelson January 15, 2015

PALM COAST, FLA. — Atlanta-based Branch Properties LLC has begun construction on Phase I of Island Walk, a $40.8 million retail and restaurant redevelopment of the Palm Harbor shopping center in Palm Coast. Phase I includes the demolition of the buildings to the west of the existing Publix. The redevelopment will add 50,000 square feet of retail space to Palm Harbor. Phase I, which includes the majority of Island Walk’s small shop tenants, is expected to be complete in the spring. Phase II, which will include the redevelopment/expansion of the Publix and the addition of more small shop space, is slated to finish in the fall. Publix has signed a lease for the new 53,785-square-foot store, which is roughly 20 percent larger than the existing store. Phase III, which will include additional retail space to the east of the Publix, is slated to open in mid-2016. Palm Harbor’s tenant roster, including Publix, Starbucks Coffee, The UPS Store, Eyeglass Express, Coast Dental & Orthodontics and Salsa’s Mexican Restaurant, will remain open during the redevelopment. Branch Properties, along with Michael Collard Properties, purchased the 28.7-acre site for the future Island Walk in May 2014 from The Inland Real Estate Group.

January 15, 2015

Connecticut Market Reports Northeast Northeast Market Reports Retail

Retail Development Branches Out in Connecticut

by Jaime Lackey January 15, 2015

Large-scale new retail development in Connecticut has historically been relegated to super-regional markets or traditional retail nodes — north of Fairfield County, for the most part. It’s really a simple formula: strong national and regional retailers typically want to be surrounded by dynamic retail synergy, and if there’s a great enough demand for a specific market, developers jump on the opportunity to capitalize. It’s happened in Manchester/South Windsor, it’s happened in Milford and its happened in Danbury. From time to time we see pockets of development in less traditional markets but overall, developers stick to “less risky” markets where demand is imminent and the municipalities are of the pro-development variety. Recently, though, larger-scale developments in smaller towns are starting to appear more frequently and retailers and brokers seem to be slowly embracing the emerging trend. Are we running out of developable land in the super regional markets? I don’t think this is the case. I think developers are recognizing that well-placed, large-scale retail projects in smaller towns are garnering significant interest from national brands of all sizes. Developers have had success getting the ever-important anchors to these sites, and that is more than half the battle. -Smaller-format retailers follow in …

January 15, 2015

Midwest Retail Wisconsin

Mid-America Arranges Sale of Chippewa Commons in Chippewa Falls, Wis.

by Danielle Everson January 14, 2015

CHIPPEWA FALLS, WIS. — Mid-America Real Estate Corp. has arranged the sale of Chippewa Commons in Chippewa Falls. An Eau Claire, Wis.-based private investment group purchased the 169,631-square-foot, multi-tenant shopping center. Chippewa Commons is located at the southeast corner of U.S. Highway 124 and Woodward Avenue. Dollar Tree, GNC, H&R Block and Check ‘n Go are tenants at the center. Ben Wineman of Mid-America and Mark Robinson of Mid-America Real Estate – Minnesota LLC brokered the transaction on behalf of a public traded real estate investment trust.

January 14, 2015

Illinois Midwest Retail

Quantum Brokers Sale of 57,499 SF Shopping Center in Orland Park, Ill.

by Danielle Everson January 14, 2015

ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $5.4 million sale of a 57,499-square-foot shopping center. Marley Creek Square is located at 18000-18092 Wolf Road in Orland Park. The center consists of three buildings — a 27,550-square-foot building inline with Jewel-Osco and anchored by Chase Bank; a 24,461-square-foot building anchored by Barraco’s restaurant; and a 5,488-square-foot outlot building anchored by Starbucks and Jimmy Johns. A local real estate operator sold the property to a Rolling Meadows, Ill.-based private real estate investor. Chad Firsel and Conor Bossy of Quantum represented the seller in the transaction.

January 14, 2015

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