Retail

Goodman Real Estate Services Group Brokers $10.5M Sale of Shoppes at Chapel Hill

by Danielle Everson November 11, 2014

CUYAHOGA FALLS, OHIO — Goodman Real Estate Services Group LLC has brokered the $10.5 million sale of the Shoppes at Chapel Hill, an 84,758-square-foot shopping center in Cuyahoga Falls. The property, built in 1992, is 98.5 percent leased to tenants such as Michaels, Staples, Panera Bread, Jimmy John’s, Aaron’s and Brick House Tavern + Tap. Target shadow-anchors the shopping center. Kyle Hartung of Goodman represented the undisclosed seller of the property and also procured the buyer, a Florida-based real estate investment and development company.

November 11, 2014

Iowa Loans Midwest Retail

Cronheim Mortgage Secures $9.7M Bridge Loan for Retail Center Acquisition

by Danielle Everson November 11, 2014

DAVENPORT, IOWA — Cronheim Mortgage has secured a $9.7 million bridge loan to fund the acquisition, renovation and lease-up of a 235,000-square-foot retail center in Davenport. JoAnn Fabric and Crafts Stores, Planet Fitness and Iowa Workforce Development anchor the center, which is 70 percent occupied. The property is located across the street from NorthPark Mall. The five-year bridge financing was structured to 80 percent of the project’s hard costs. David Turley and Janet Proscia of Cronheim Mortgage arranged the non-recourse loan. Cronheim’s private equity affiliate, Channel Funds, acquired the property in partnership with Madison, N.J.-based Capstone Group.

November 11, 2014

New Hampshire Northeast Retail

Unison Realty Partners Takes 149,680 SF Retail Center for $13.4M in New Hampshire

by Amy Works November 11, 2014

KEENE, N.H. — Unison Realty Partners has acquired Fairbanks Plaza, located at 420-480 West St. in Keene, for $13.4 million. Situated on 14.98 acres, the 149,680-square-foot retail center is occupied by Kohl’s, Aldi Supermarket and Sears, among others. James Koury, Ben Sayles and Brett Paulsrud of HFF represented the seller, H.J. Heyman and Sons LLC, in the transaction.

November 11, 2014

Arizona Retail Western

LA Fitness Building in Goodyear Sells for $12M

by Nellie Day November 11, 2014

GOODYEAR, ARIZ. – A 45,000-square-foot retail building in Goodyear that is triple-net leased to LA Fitness has sold to a private family trust from Los Angeles for $12 million. The property is located at 1382 South Cotton Lane. LA Fitness is on a long-term, 15-year lease with about 11 years remaining on the initial term. The building was originally constructed in 2009. The 1031 exchange buyer was represented by Republic Commercial Real Estate. The seller, DTD – Devco 9 LLC, was represented by Chris Tramontano, Patrick Luther and Matthew Mousavi of Faris Lee Investments.

November 11, 2014

Retail Texas

SHOP Cos. Investment Sales Brokers Sale of Retail Center in Metro Dallas

by Haisten Willis November 10, 2014

COPPELL, TEXAS — SHOP Cos. Investment Sale has brokered the sale of Riverchase Plaza, a 21,116-square-foot retail center in Coppell. The property sits 25 miles northwest of downtown Dallas at the corner of Macarthur Boulevard and Belt Line Road. Riverchase Plaza was 94 percent leased at the time of closing to tenants including Bank of America, O’Reilly Auto Parts, Pro-Cuts and Allstate Insurance. Tommy Tucker with SHOP Cos. Investment Sales represented the seller, a Dallas-based LLC. A Florida-based private investor purchased the property.

November 10, 2014

Retail Washington Western

Guitar Center to Open at Redmond Town Center

by Nellie Day November 10, 2014

REDMOND, WASH. – Guitar Center has announced plans to open at the Redmond Town Center next spring. The Southern California-based music company will occupy 15,000 square feet on the second level of the shopping complex, just above Eddie Bauer. Four new retailers are also set to join the center, which is located in Redmond, just northeast of Bellevue. They include Big 5 Sporting Goods, Evereve, Cow Chip Cookies and Jujubeet. The landlord is JSH Properties.

November 10, 2014

Arizona Retail Western

Retail Building at Emerald Design Center in Tempe Sells for $2.6M

by Nellie Day November 10, 2014

TEMPE, ARIZ. – A 38,225-square-foot retail building at Emerald Design Center has sold to Otium Real Estate Co. for $2.6 million. The free-standing building is located at 1725 West Ruby Drive. Otium is the owner/user entity of the current tenant, Salt Creek Home, a furniture store that has occupied the building since 2010. The showroom was built in 2006 as part of the 250,000-square-foot Emerald Design Center. The center features an eclectic mix of home furnishing retailers in the East Valley. Rick Robertson, Dave Johnson and Jerry Marrell of Lee & Associates represented both the buyer and the seller, Granco Enterprises, in this transaction.

November 10, 2014

Arizona Retail Western

Popeye’s Louisiana Kitchen to Open New Location in Phoenix

by Nellie Day November 10, 2014

PHOENIX – Popeye’s Louisiana Kitchen will open a 2,565-square-foot outpost in Phoenix. The new restaurant is situated at the southwest corner of Central and Dunlap. It was formerly occupied by KFC. The site will be repurposed for the new Popeye’s location, which will open next year. Popeye’s was represented by Darren Pitts, Michael Clark, Nick Ault and Dave Cheatham of Velocity Retail. The landlord, an entity controlled by Lawrence Geyser & Associates, was represented by Jason Fessinger of Strategic Retail Group.

November 10, 2014

Michigan Midwest Restaurant Retail

Howard Schwartz Arranges Lease for Buffalo Wild Wings in Royal Oak, Mich.

by Danielle Everson November 10, 2014

ROYAL OAK, MICH. — Howard Schwartz Commercial Real Estate LLC has arranged the lease of 9,144 square feet in Royal Oak. Buffalo Wild Wings will occupy space at the former Barnes & Noble bookstore located at 500 S. Main St. Diversified Restaurant Holdings Inc. leased the space and will complete $2.6 million in renovations for the restaurant. The new eatery is expected to open January 2015.

November 10, 2014

Connecticut Northeast Retail

Avison Young Brokers 10,000 SF Retail Lease in Connecticut

by Amy Works November 10, 2014

SHELTON, CONN. — Avison Young has brokered a 10,000-square-foot lease at 100 Trap Falls Road in Shelton. Option Care Enterprises Inc., a subsidiary of Walgreens, inked a long-term deal for the space. Cambridge Hanover owns the 81,526-square-foot property, which recently underwent capital improvements to convert the building from a single-tenant industrial property to a multi-tenant flex building. Sean Cahill of Avison Young’s Fairfield/Westchester office represented the landlord, while Christina Blair of CBRE represented the tenant in the transaction.

November 10, 2014

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