Retail

M&M Arranges Sale of Two Net-Leased Properties in Houston

by Haisten Willis November 21, 2014

HOUSTON — Marcus & Millichap has arranged the sale of two BlueWave Express Wash properties located in Houston. Farhan Kabani of the firm’s Dallas office arranged the loan. Bank financing was structured with a seven-year fixed term with an interest rate of 4.5 percent. The loan-to-value was 65 percent. The properties are located at 1665 Eldridge Pkwy. and 9801 Jones Road. Both properties were built in 2007 and had more than 20 years remaining on their original net leases. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino also procured the buyer, another limited liability company.

November 21, 2014

Marcus & Millichap Brokers $17M Sale of Birmingham Power Retail Center

by John Nelson November 21, 2014

BIRMINGHAM, ALA. — Marcus & Millichap has brokered the $17 million sale of Eastwood Village, a 134,256-square-foot regional power center located at 1604-1624 Montclair Road in Birmingham. The property was 99 percent leased at the time of sale to tenants such as Ross Dress for Less, Office Depot, Party City, Shoe Carnival and Tuesday Morning. A 24-hour Walmart Supercenter shadow anchors the property. Phil Sambazis and Thomas Ladt of Marcus & Millichap’s Sambazis Retail Group in San Diego represented the undisclosed seller in the transaction. Zachary Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the undisclosed buyer. Andrew Chason of the firm’s Mobile, Ala., office assisted in the transaction.

November 21, 2014

New Jersey Northeast Retail

CBRE Brokers Sale of The Pier Shops at Caesars in Atlantic City

by Amy Works November 21, 2014

ATLANTIC CITY, N.J. — CBRE has brokered the sale of The Pier Shops at Caesars in Atlantic City. Tower Investments acquired the luxury shopping destination, which is connected to Caesars Hotel and Casino, for an undisclosed price. Constructed in 2006, the 290,210-square-foot shopping center is located at One Atlantic Ocean and was built on a pier that extends 900 feet from the New Jersey shoreline. Peter Stevens, Kevin McClernon and William Tourtellotte of CBRE represented the seller in the transaction.

November 21, 2014

Indiana Midwest Retail

Friedman Arranges Sale of 39,835 SF Retail Center in Clarksville, Ind.

by Danielle Everson November 20, 2014

CLARKSVILLE, IND. — Friedman Integrated Real Estate Solutions has arranged the sale of Veterans Parkway Plaza, a 39,835-square-foot retail center in Clarksville. The shopping center is located at the intersection of Veterans Parkway and I-65, and serves the Louisville metro area north of the Ohio River. Constructed in 2005 on a three-acre site, the asset is located across the street from a Walmart and Sam’s Club, and is adjacent to a Lowe’s. Barry Swatsenbarg and Richard Deptula of Friedman represented both the undisclosed seller and buyer.

November 20, 2014

California Retail Western

Walgreens Property in Long Beach Sells for $6.4M

by Nellie Day November 20, 2014

LONG BEACH, CALIF. – A 15,200-square-foot retail property in Long Beach that is net leased to Walgreens has sold to a private West Covina investor for $6.4 million. The building is located at 2627 Pacific Ave. It includes a 24-hour drive-thru. Walgreens has less than 10 years remaining on the initial term. The 1031 exchange buyer was represented by Nick Peukpiboon and Lara Rudolph of Daum Commercial Real Estate Services. The seller, a private investor from Huntington Beach, was represented by Edward B. Hanley, Kevin T. Fryman and Eric P. Wohl of Hanley Investment Group Real Estate Advisors.

November 20, 2014

California Retail Western

Blue Line Pizza Opens in Daly City

by Nellie Day November 20, 2014

DALY CITY, CALIF. – Blue Line Pizza has opened a 2,978-square-foot pizzeria at Westlake Shopping Center in Daly City. The new outpost is located at 511 Westlake Center. This is the pizza chain’s fifth Bay Area location. The restaurant was represented by Ross White of SRS Real Estate Partners’ San Francisco office. The landlord was not named.

November 20, 2014

Colorado Retail Western

Erie Moves Forward on King Soopers Shopping Center Development

by Nellie Day November 20, 2014

ERIE, COLO. – The Town of Erie is moving forward on an agreement that would give it the exclusive option to purchase a 20-acre site where a shopping center anchored by King Soopers would soon be developed. The 125,000-square-foot center would be located at the northwest corner of Highway 7 and Sheridan. The option agreement was recently approved, making way for King Sooper to submit a development application. Once that is completed, the town and the supermarket can move forward on a development agreement.

November 20, 2014

Industrial Market Reports Michigan Midwest Midwest Market Reports Office Restaurant Retail

Lack of Quality Inventory Spurs New Round of Development in Traverse City

by Danielle Everson November 20, 2014

A blistering cold winter lingered into the late spring and left the commercial real estate market in the Grand Traverse region frozen. Businesses waited for the market and the temperatures to thaw, and a third-quarter surge has activity back on track. From Jan. 1 through Sept. 30, property sales totaled $10.3 million and 221,136 square feet, including 118,515 square feet of industrial/warehouse buildings, 79,463 square feet of professional/medical office space, and 23,158 square feet of retail/restaurant space. That‘s slightly ahead of last year’s pace. During the first three quarters of 2013, property sales totaled $9.9 million and 207,845 square feet, including 121,469 square feet of industrial/warehouse buildings, 44,160 square feet of professional/medical office space, and 42,216 square feet of retail/restaurant space. The office sector posted about a 9 percent increase in the average sales per square foot during the first three quarters of 2014, while the industrial warehouse market recorded an increase of approximately 5 percent. The retail/ restaurant sector saw a 9 percent drop in the average sales per square foot The reduction in the average sales price in the retail/restaurant market sector is mostly due to the lack of quality inventory. This lack of inventory in our market …

November 20, 2014

New Jersey Northeast Restaurant Retail

Hollister Construction Completes Jockey Hollow Bar & Kitchen in New Jersey

by Amy Works November 20, 2014

MORRISTOWN, N.J. — Hollister Construction Services has completed the transformation of Vail Mansion into Jockey Hollow Bar & Kitchen in Morristown. The construction project consisted of a complete retrofit of the historic 18,000-square-foot Vail Mansion, which was built in 1917. Developed by New York City chef and restaurateur Chris Cannon, Jockey Hollow Bar & Kitchen is a four-part restaurant concept featuring The Oyster & Wine Bar at Jockey Hollow, the Vail Bar cocktail lounge, The Rathskeller private event space and The Dining Room in Jockey Hollow. Jockey Hollow Bar & Kitchen occupies three full floors and the basement of the mansion and offers a menu of contemporary American and Italian-inspired dishes.

November 20, 2014

Northeast Pennsylvania Retail

HLC Equity Purchases 11,180 SF Retail Property for $4M

by Amy Works November 20, 2014

LANSDALE, PA. — HLC Equity has acquired an 11,180-square-foot property located at 10 W. Main St. in Lansdale. Situated on 1.2-acre pad and built in 1998, the retail property sold for $4 million, according to CoStar. Rite-Aid currently occupies the property under a long-term, triple-net lease. Additional details about the transaction were not disclosed.

November 20, 2014

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