Retail

Cronheim Secures $11.5M Loan for New Jersey Retail Center

by Amy Works October 30, 2014

SEA GIRT, N.J. — Cronheim Mortgage has secured $11.5 million in financing for Brook 35 Plaza in Sea Girt. The 15-year interest-only loan was placed with American General Life Insurance Company and National Union Fire Insurance Company of Pittsburgh. The borrower is Sea Girt Limited Partnership, an affiliate of Federal Realty Investment Trust. Built in 1986, Brook 35 Plaza is an open-air lifestyle center comprising three retail buildings totaling 80,877 square feet. Current tenants include Chico’s, Coach, The Gap, Starbucks Coffee, Victoria’s Secret and Williams-Sonoma. Additionally, the retail center’s second floor contains 13,240 square feet that is 100 percent leased to Morgan Stanley and Premier Executive Suites. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the transaction.

October 30, 2014

Loans New York Northeast Retail

NorthMarq Capital Negotiates $5M in Refinancing for Allied Shopping Center

by Amy Works October 30, 2014

WHITESTONE, N.Y. — NorthMarq Capital’s Long Island-based office has arranged $5 million in refinancing for Allied Shopping Center, a retail property located in Whitestone. Located at Francis and Willis Point boulevards, the property offers 42,458 square feet of retail space. The financing was structured with a 10-year term and a 25-year amortization schedule. Charles Cotsalas of NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

October 30, 2014

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Arranges $6.4M Sale of Mixed-Use Building

by Amy Works October 30, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of 307 East 85th Street, a mixed-use building located in New York City. The 9,625-square-foot property sold for $6.4 million. Peter Von Der Ahe, Joseph Koicim, David Lloyd and Daniel Handweiler of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer, a private investor, in the transaction. The five-story building offers 15 residential units and one commercial unit. The apartment mix includes four studio units, six one-bedroom units and five two-bedroom units.

October 30, 2014

Retail Texas

M&M Arranges Sale of Retail Property in Norman, Okla.

by Haisten Willis October 30, 2014

NORMAN, OKLA. — Marcus & Millichap has arranged the sale of Christian Brothers Automotive, a 4,945-square-foot, net-leased property in Norman, Okla. Jason Vitorino of Marcus & Millichap’s Dallas office represented the seller, a private investor. Steven Schechter of the firm’s Encino office represented the buyer, a personal trust that purchased the property in a 1031 tax-deferred exchange. Christian Brothers Automotive is located at 3050 Yarbrough Way in Norman, just north of Rock Creek Road. The Houston-based company has more than 115 locations in 15 states.

October 30, 2014

Hawaii Retail Western

Forever 21 to Open at Ka Makana Alii Mall

by Nellie Day October 30, 2014

HONOLULU, HAWAII – Forever 21 has announced plans to open a 12,000-square-foot store at Ka Makana Alii, a 1.4-million-square-foot regional mall being developed in West Oahu. Ka Makana Alii will break ground later this year. The first phase is scheduled to open in 2016. The new mall will feature more than 150 shopping, dining and entertainment options, two hotels and LEED-certified office space. It will be anchored by Macy’s and H&M. This will be the first Forever 21 in West Oahu, and the fifth in Hawaii. The mall is being developed by DeBartolo Development.

October 30, 2014

California Retail Western

Blue Line Pizza Opens at the Westlake Shopping Center in Daly City

by Nellie Day October 30, 2014

SAN FRANCISCO – Blue Line Pizza recently opened its fifth San Francisco Bay Area restaurant at the Westlake Shopping Center. The center is located at 511 Westlake Center, just south of San Francisco. The restaurant will occupy 2,978 square feet. The center is anchored by Trader Joe’s, Safeway, Walgreens, Home Depot and Cost Plus World Market. Blue Line Pizza also has restaurants in Burlingame, Campbell, Mountain View and San Carlos. The restaurant was represented by Ross White of SRS Real Estate Partners.

October 30, 2014

Illinois Midwest Retail

Quantum Brokers $1.9M Sale of 13,265 SF Shopping Center in Oak Lawn, Ill.

by Danielle Everson October 29, 2014

OAK LAWN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $1.9 million sale of a 13,265-square foot shopping center in Oak Lawn. 51st Avenue Station is located at 5114-5130 W. 95th St. The shopping center was approximately 75 percent occupied at the time of closing with tenants such as Chiro One Wellness Center, Cold Stone Creamery, Miracle Ear, Al’s Italian Beef and Nancy’s Pizza. Chad Firsel of Quantum represented the seller, an east coast large money-center bank , and the buyer, a Clarendon Hills, Ill.-based acquisition company.

October 29, 2014

Northeast Retail Rhode Island

Marcus & Millichap Brokers $4.4M Sale of Two Rhode Island Retail Centers

by Amy Works October 29, 2014

COVENTRY, R.I. — Marcus & Millichap has arranged the sale of two retail centers, located at 670-678 and 710-720 Centre of New England Blvd. in Coventry. MTM-CNE LLC sold the assets, which total 16,895 square feet, for $4.4 million to 1465 Third Avenue LLC. Current tenants include 863 Sushi, Cilantro Grille, Royal Nails, UPS, Spring, We-R-Wireless, GameStop, Starkey Hearing, Supercuts and T-Mobile. Bob Horvath and Todd Tremblay of Marcus & Millichap represented both the seller and buyer in the transaction.

October 29, 2014

Restaurant Retail Texas

New Tenants Come to Mixed-Use Development in Metro Dallas

by Haisten Willis October 29, 2014

THE COLONY, TEXAS — Several new tenants are set to move into Grandscape, a mixed-use development in The Colony. A Hampton Inn & Suites is projected to open in the fourth quarter of 2015, and a Homewood Suites will open in the fourth quarter of 2016. In addition, Cheddar’s Casual Café and Rock & Brews will open in the summer of 2015. Two more restaurants — Hard Eight BBQ and Mi Cocina — will open in the third quarter of 2015.

October 29, 2014

Retail Texas

NAI Robert Lynn Arranges 45,000 SF Lease in Dallas

by Haisten Willis October 29, 2014

DALLAS — NAI Robert Lynn’s retail division has arranged a 45,000-square-foot retail lease to Texas Family Fitness at 910 W. Parker Blvd. in Plano. Dan Avnery represented the tenant in the transaction. The space is located in the Plano Towne Square shopping center near anchor stores such as Inwood National Bank, Rent-A-Center and Dollar General. The shopping center was originally built in 1985 and is located at North Central Expressway and Parker Boulevard. This will be Texas Family Fitness’ second location in Plano.

October 29, 2014

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