Retail

Burlington Coat Factory Shoppes at Fayetteville

GBT Realty to Develop $25M Shopping Center in Fayetteville

by John Nelson May 14, 2015

FAYETTEVILLE, N.C. — GBT Realty Corp. has acquired a 15-acre site on US Highway 401/Skibo Road and Richwood Court in Fayetteville that will house The Shoppes of Fayetteville. The $25 million, 126,500-square-foot center will be anchored by Fayetteville’s first Burlington Coat Factory and an unnamed sporting goods retailer. The shopping center will be located adjacent to The Home Depot and Target. The Brentwood, Tenn.-based developer plans to deliver the shopping center in summer 2016, with the 50,000-square-foot Burlington opening in spring 2016.

May 14, 2015

Alabama Retail Southeast

Marcus & Millichap Brokers $16M Sale of Shopping Center in Huntsville

by John Nelson May 14, 2015

HUNTSVILLE, ALA. — Marcus & Millichap has brokered the $16 million sale of University Place, a 168,212-square-foot shopping center located at 6125 University Drive in Huntsville. The center was 37 percent leased at the time of sale to tenants such as 88 Kitchen, United States Armed Forces, Cheddar’s Casual Café, Panda Express, Phil’s Restaurant and Zaxby’s. The anchor tenant, Burlington Coat Factory, was not part of the sale. Joseph French Jr., Schuyler Boylan and Eddie Greenhalgh of Marcus & Millichap represented the seller, a private firm based in New York. The buyer is a private investment firm based in Canada.

May 14, 2015

Westgate Shopping Center Little Rock Arkansas

Arkansas Retail South Carolina Southeast

The Shopping Center Group Brokers Sale of Retail Centers in Metro Greenville, Little Rock

by John Nelson May 14, 2015

EASLEY, S.C. AND LITTLE ROCK, ARK. — The Shopping Center Group has finalized the sales of The Shops at Easley Town Center in the Greenville submarket of Easley and Westgate Shopping Center in northwest Little Rock. A private investor based in California purchased the 21,300-square-foot Shops at Easley Town Center from Akron, Ohio-based Cedarwood Development for an undisclosed price. Built in 2012, the unanchored shopping center was 92 percent leased at the time of sale to tenants such as Five Guys Burgers and Fries, GameStop, AT&T Mobility, Aspen Dental, Jersey Mike’s, Sprint and GNC. An affiliate of Denver-based Baceline Investments purchased Westgate Shopping Center from Weingarten Realty for $6.7 million. Built in 1965, the center was 96 percent leased at the time of sale to tenants such as Stein Mart, Dunkin’ Donuts, Top Nails, Tanglewood Drug Store, All Aboard, Subway and Jackson Hewitt Tax Service. Anthony Blanco, Lenard Williams and Mallory Ham of The Shopping Center Group represented the sellers in both transactions. The team partnered with Flake & Kelley Commercial in the Westgate sale.

May 14, 2015

Loans Maryland Retail Southeast

NorthMarq Capital Arranges $5.3M Loan for Maryland Shopping Center

by John Nelson May 14, 2015

FREDERICK, MD. — NorthMarq Capital has arranged the $5.3 million refinance of Festival at Frederick, a 90,359-square-foot shopping center located at 430-490 Prospect Blvd. in Frederick. Todd Crouse of NorthMarq Capital’s Raleigh office arranged the 10-year loan with a 15-year amortization schedule through an unnamed life insurance company.

May 14, 2015

Market Reports Midwest Midwest Market Reports Missouri Retail

Shopping Center Developers are Increasingly Active in Metro St. Louis

by Danielle Everson May 14, 2015

Statistically speaking, retail real estate market conditions have remained relatively stable in St. Louis throughout 2014 and early 2015. Close to 88,000 square feet of new retail space was delivered in the first quarter of this year, resulting in a slight uptick in vacancies. At the end of the first quarter, the overall vacancy rate stood at 7.3 percent, up 10 basis points from the prior quarter, according to CoStar Group. The pace of new development is expected to escalate this year, with several new projects on the drawing board: • Pace Properties is under contract in Midtown — across from the IKEA that will soon open — to develop Midtown Station. The project will include 150,000 square feet of retail space. • Summit Development Group is under contract in Richmond Heights to develop a mixed-use project totaling 120,000 square feet that will feature a combination of restaurant and retail space — possibly even a grocer — and a hotel. The project will be known as The Crossings at Richmond Heights. • The city of Kirkwood has approved plans to redevelop the southeast and southwest corners of Lindbergh Boulevard and Manchester Road to make way for a Fresh Thyme Farmers …

May 14, 2015

Retail Texas

Inland Purchases Green Tree Shopping Center in Metro Houston

by Haisten Willis May 13, 2015

KATY, TEXAS — Inland Real Estate Income Trust Inc. has acquired the 147,658-square-foot Green Tree Shopping Center in Katy. Sharon Anderson-Cox and Matthew Tice of Inland Real Estate Acquisitions arranged the purchase of the property on behalf of Inland Income Trust. Located at 231 S. Fry Road, Green Tree Shopping Center is 99.1 percent leased to tenants including T.J. Maxx, PetSmart, Ulta and Party City. The property is shadow-anchored by a Target.

May 13, 2015

Retail Texas

Japan-Based Daiso Opens First Texas Location in Metro Dallas

by Haisten Willis May 13, 2015

CARROLLTON, TEXAS — Japan-based Daiso will open at NewQuest Properties’ development of Carrollton Town Center. The 11,000-square-foot location will be Daiso’s first store in Texas and will carry dining, kitchen, living, bath and stationery merchandise, 99 percent of which is developed in-house. Daiso operates 3,300 stores worldwide with a total of 44 stores in the United States, and plans to open 20 stores throughout Texas. The Carrollton store is scheduled to open this summer. Carrollton Town Center is located at the intersection of President George Bush Turnpike and Old Denton Road. Carrollton Town Center is undergoing a $7 million facelift and will be anchored by a new 99 Ranch Market. The development will feature Asian restaurants and retailers such as Gen Korean, Kung Fu Tea and Dan Sung Sa.

May 13, 2015

Retail Texas

Bright Realty Brokers Sale of Land in Metro Dallas

by Haisten Willis May 13, 2015

LEWISVILLE, TEXAS — Bright Realty has brokered the sale of 5.6 acres in Lewisville in the Castle Hills area. The company owned 19 acres of SH 121 frontage road property adjacent to Nebraska Furniture Mart and has sold the final acreage to Unser Racing for an indoor go-cart racing and events center. Tim McNutt and Britton Lankford of Bright Realty brokered the sale for Bright Realty. Forshey Hoobler and Craig Phelps of JLL represented the buyer.

May 13, 2015

Florida Mixed-Use Office Retail Southeast

Prudential Real Estate Investors Purchases The Mercato in Naples

by John Nelson May 13, 2015

NAPLES, FLA. — Prudential Real Estate Investors (PREI) has purchased the office and retail portion of The Mercato, a 456,359-square-foot mixed-use development in Naples, on behalf of institutional investors. The terms of the transaction were not disclosed. Mercato’s retail portion is anchored by Whole Foods Market, Nordstrom Rack, a 12-screen Silverspot Theatre, The Capital Grille, McCormick & Schmick’s, Sur La Table and The Paper Source. The office portion is leased to tenants such as Wells Fargo, Bank of America, Merrill Lynch and regional law and financial service firms. PREI has retained Madison Marquette to manage and lease the office and retail portions of Mercato. Daniel Finkle, Manuel De Zárraga, Luis Castillo and Kim Flores of HFF marketed The Mercato on behalf of the seller, a partnership between Madison Marquette, Barron Collier Cos. and The Lutgert Cos. In late November 2013, GE Capital Real Estate provided a $145 million refinance for The Mercato.

May 13, 2015

Mixed-Use Retail Southeast Tennessee

Bass Pro Shops at the Pyramid in Downtown Memphis Celebrates Grand Opening

by John Nelson May 13, 2015

MEMPHIS, TENN. — Bass Pro Shops at the Pyramid, a new national destination experience located in downtown Memphis, is now open to the public. Located inside a massive transformed sports arena, the project includes a wilderness hotel called Big Cypress Lodge, nearly 600,000 gallons of water features, a cypress swamp with 100-foot-tall trees, the interactive Ducks Unlimited Waterfowling Heritage Center and The Lookout, a glass-floored cantilevering observation deck at the top of the steel Pyramid. Bass Pro Shops at the Pyramid represents the largest investment in size and scope that Bass Pro Shops has ever made outside of its national headquarters in Springfield, Mo., and includes a number of amenities and attractions including the first hotel located inside a Bass Pro Shops store. Standing 32 stories tall along the banks of the Mississippi River, the Pyramid is an icon of the Memphis skyline. First envisioned as a sports and entertainment venue, the complex opened in 1991 and hosted professional sports and concerts until it closed in 2004. After years of uncertainty about the Pyramid’s future, the city of Memphis invited Bass Pro Shops to establish an innovative retail destination that could revitalize the building. After four years of design and …

May 13, 2015

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