Retail

Marcus & Millichap Brokers $10.4M Sale of Shopping Center in Metro Atlanta

by John Nelson July 6, 2015

ROSWELL, GA. — Marcus & Millichap has brokered the $10.4 million sale of Crossville Village, a 74,790-square-foot shopping center located in Roswell, a northern suburb of Atlanta. Built in 1978 and remodeled in 2004, the shopping center is located at the intersection of Alpharetta Highway and Holcomb Bridge Road. The buyer, a private investment group led by John Perlman of Adams & Co. Real Estate Inc., assumed existing CMBS financing in the transaction. Zach Taylor and Don McMinn of Marcus & Millichap’s Atlanta office and principals of the Taylor-McMinn Team represented the seller and procured the buyer.

July 6, 2015

Trowbridge-Village-Retail-East-Lansing-MI

Loans Michigan Midwest Retail

Cohen Financial Secures $7.7M Loan for Grocery-Anchored Retail Property

by Amy Works July 2, 2015

EAST LANSING, MICH. — Cohen Financial has secured a $7.7 million CMBS loan on behalf of River Caddis Development for Trowbridge Village Retail Center in East Lansing. Located adjacent to Michigan State University, the 48,600-square-foot shopping center is anchored by Fresh Thyme Farmers Market, a Midwest-based natural foods grocery store. Cathy Bronkema of Cohen Financial secured the financing with a CMBS lender.

July 2, 2015

Michigan Midwest Restaurant Retail

NorthStar Commercial Brokers Sale of Restaurant Property in Michigan

by Amy Works July 2, 2015

HOLLAND, MICH. — NorthStar Commercial has brokered the sale of a standalone restaurant property located at 2332 N. Park Drive in Holland, approximately 29 miles southwest of Grand Rapids, Mich. An undisclosed buyer acquired the 6,007-square-foot property for $1.1 million. Aaron Eichenberg of NorthStar represented the seller, a Florida-based private investor, in the transaction. The property was previously occupied by Perkins Restaurant.

July 2, 2015

New York Northeast Retail

Cushman & Wakefield Brokers $24.3M Sale of Retail Property in Manhattan

by Amy Works July 2, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail condominium located in Manhattan’s East Village. The 15,311-square-foot property sold for $24.3 million, or $1,590 per square foot, and features more than 200 feet of wraparound frontage. The property is currently divided into three separate spaces on the ground floor and basement. Additionally, the property is undergoing renovation to include an additional 1,314 square feet of retail space. James Nelson and Bob Knakal of Cushman & Wakefield negotiated the transaction. The seller was Benchmark, but the name of the buyer was not released.

July 2, 2015

New York Northeast Retail

Thor Equities Acquires SoHo Retail Property

by Amy Works July 2, 2015

NEW YORK CITY — Thor Equities has acquired a retail property located at 51 Greene St. in SoHo for an undisclosed sum. The two-level, 30,000-square-foot building is currently occupied by Arcadia Fine Arts, a gallery specializing in sculptures, paintings and photographs by contemporary artists. The name of the seller was not disclosed.

July 2, 2015

New Jersey Northeast Retail

Marcus & Millichap Arranges $2.5M Sale of Retail Property in New Jersey

by Amy Works July 2, 2015

DENVILLE, N.J. — Marcus & Millichap has arranged the sale of a Denville Strip Center, a retail center located at 28 Diamond Spring Road in Denville. The 8,820-square-foot property sold for $2.5 million. Built in 1990, the property is 100 percent occupied by four tenants. Julienne Pape of Marcus & Millichap’s New Jersey office represented the seller, a developer, and the buyer, a partnership, in the transaction.

July 2, 2015

Loans Retail Texas

Metropolitan Capital Advisors Secures $12.8M Retail Loan in New Braunfels

by Haisten Willis July 2, 2015

NEW BRAUNFELS, TEXAS — Metropolitan Capital Advisors has arranged a loan totaling $12.8 million for a retail property located in New Braunfels. Walnut Square Shopping Center is a 95,952-square-foot retail shopping center shadow anchored by At Home (formerly known as Garden Ridge). Situated on 11.9 acres, the property’s tenant roster includes Chase Bank, AutoZone and Dollar Tree. The sponsor, a Dallas-based property company, plans to fill the largest vacant space — 31,442 square feet — with a big-box credit tenant. Metropolitan Capital placed the acquisition loan, which equated to 75 percent loan-to-cost, with a fixed interest rate of 4.5 percent. The loan structure also featured one year of interest-only payments and a 25-year amortization schedule.

July 2, 2015

Village Shops at Grande Dunes Myrtle Beach

North Carolina Retail South Carolina Southeast

Crosland Southeast to Break Ground on Two Publix-Anchored Centers in the Carolinas

by John Nelson July 2, 2015

MYRTLE BEACH, S.C. AND NEW BERN, N.C. — Crosland Southeast has closed on the land purchases of 12 acres in Myrtle Beach from L Star Management and eight acres in New Bern for two future Publix-anchored shopping centers. Village Shops at Grande Dunes in Myrtle Beach and River Place Shopping Center in New Bern represent a planned $38 million worth of development. River Place will be the first Publix location ever to break ground in coastal North Carolina. Crosland Southeast is the landlord on both lease transactions with Publix and is responsible for leasing future shop space and outparcels. Austin Williams and Brad McGinnis of Crosland Southeast’s Raleigh office jointly worked on the transactions, and Chris Taft of Crosland Southeast oversees all commercial leasing. Crosland plans to open the Village Shops at Grande Dunes in mid-2016 and River Place Shopping Center in late 2016.

July 2, 2015

Loans Retail Southeast Virginia

HFF Arranges $33.8M Refinancing of Virginia Shopping Center

by John Nelson July 2, 2015

MANASSAS, VA. — HFF has secured $33.8 million in refinancing for Davis Ford Crossing, a 152,391-square-foot neighborhood shopping center in Manassas. The center was 97.5 percent leased at the time of sale to tenants such as LA Fitness, Staples, Petco, CVS, Sleepy’s and GNC. Outparcel tenants include McDonald’s, United Bank, Arby’s and Exxon. Mark Remington and Robert Carey of HFF arranged the 10-year loan through Principal Real Estate Investors on behalf of the borrower, Rappaport. The loan features a fixed interest rate of 4.34 percent.

July 2, 2015

Indiana Midwest Retail

DTZ Brokers $6.5M Sale of Retail Land Lease in Indiana

by Amy Works July 1, 2015

CLARKSVILLE, IND. — DTZ has brokered the sale of a retail land lease in Clarksville, approximately five miles north of Louisville, Ky. Columbus Pacific Properties sold the property, which is located at the intersection of Green Tree Boulevard and State Road 131, for $6.5 million. The property is occupied by a 12-screen, 38,000-square-foot Great Escape Movie Theater, which was recently acquired by Regal Cinemas. Rob Taylor of DTZ represented the seller in the transaction. The name of the buyer was not disclosed.

July 1, 2015

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