Retail

HK Group Brokers $22.5M Sale of Retail Property in Connecticut

by Amy Works May 13, 2015

WESTPORT, CONN. — HK Group has brokered the sale of a retail property located at 44 Main St. in Westport. An affiliate of Westport-based Paragon Realty Group, in partnership with Clarion Partners, purchased the property for $22.5 million from 44 Main Street Inc. Built in 1909, the 22,873-square-foot three-story property is currently occupied by Banana Republic and The Nail Spa Bless Corp. The property is zoned BCD – Business Center District. Matthew Keefe, David Lindland and Franco Fellah of HK Group were the sole brokers in the transaction. Steven Siegelaub of Berkowitz, Trager & Trager and David Godfrey of Gunn Godfrey Allison provided legal counsel for the seller.

May 13, 2015

California Retail Western

JLL Acquires Wilson Retail Group

by Nellie Day May 13, 2015

LOS ANGELES — JLL has acquired Wilson Retail Group, a Los Angeles-based independent retail brokerage and capital markets firm, for an undisclosed sum. The merger will bring 16 Wilson associates to JLL. It will allow JLL to provide a broader range of brokerage and investment sales services to retailers and investors in a core urban gateway. Chris Wilson will now serve as executive vice president, Southwest brokerage lead at JLL Retail; Scott Burns will serve as executive vice president, retail brokerage lead for JLL’s Los Angeles office; and Geoff Tranchina will serve as executive vice president of investment sales. The new Wilson executive team will report to Peter Belisle, market director for JLL’s Southwest region. They will work closely with Naveen Jaggi, president of JLL’s Americas Retail Brokerage business. JLL’s Retail Group is the largest third-party retail property manager in the United States. JLL’s retail portfolio has more than 500 centers totaling 69 million square feet under management. The portfolio includes regional malls, lifestyle centers, grocery-anchored centers, power centers, central business districts, transportation facilities and mixed-use projects.

May 13, 2015

Michigan Midwest Retail

Cooper Commercial Investment Group Brokers $7.2M Sale of Rivertown Center

by Danielle Everson May 12, 2015

GRANDVILLE, MICH. — The Cooper Commercial Investment Group has brokered the $7.2 million sale of the Rivertown Center, a 60,876-square-foot, multi-tenant retail center in Grandville. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investment group, and the Illinois-based buyer. The property, which was built in 2000, is 93 percent occupied. Some tenants include Planet Fitness, Qdoba, Noodles & Co., Hallmark, Family Christian Stores, Chicago Title and Plato’s Closet.

May 12, 2015

Midwest Minnesota Retail

M&M Arranges Sale of Two Childcare Properties in Minnesota

by Danielle Everson May 12, 2015

SAINT PAUL AND ROSEVILLE, MINN. — Marcus & Millichap has arranged the $850,000 sale of two Kindercare Learning Centers located in Minnesota. The properties are located at 1541 Humboldt Ave. in Saint Paul and 2186 Fairview Ave. N. in Roseville. Reed Fenton and Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office represented the seller and the buyer, both private investors. Craig Patterson of the firm assisted in closing the transaction. The property at 1541 Humboldt Ave. was built-to-suit for Kindercare in 1977. The building spans approximately 4,950 square feet. The property at 2186 Fairview Ave. N. was built-to-suit for Kindercare in 1976 and also spans approximately 4,950 square feet.

May 12, 2015

Retail Texas

Franklin Street Arranges $3.2M Sale of Pleasanton Plaza in Metro San Antonio

by Haisten Willis May 12, 2015

PLEASANTON, TEXAS — Franklin Street Real Estate Services has arranged STL Retail Properties’ $3.2 million purchase of Pleasanton Plaza, a 70,466-square-foot, Bealls-anchored center located in Pleasanton. Bryan Belk of Franklin Street’s Atlanta office represented the buyer in the transaction. Pleasanton Plaza, located at 1715 W. Oaklawn Road, is fully occupied by Bealls and Tractor Supply. The buyer plans to hold the property long-term.

May 12, 2015

Mixed-Use Restaurant Retail Texas

Good Union Urban Barbeque to Open in CityLine Mixed-Use Development

by Haisten Willis May 12, 2015

RICHARDSON, TEXAS — KDC, a real estate development and investment firm, has announced that Good Union Urban Barbeque will open its first location at CityLine, the company’s 186-acre mixed-use project in Richardson. The restaurant will serve Texas barbeque. Meat will be smoked on an indoor fire pit equipped with ventilation to accommodate the building. There will be a patio facing the central plaza where guests can enjoy craft beers and premium cocktails from the full-service bar while listening to live music in the park. The 3,903-square-foot restaurant is scheduled to open in the fall of 2015. It will be located in the base of One CityLine at 1150 State St.

May 12, 2015

Retail Southeast Virginia

Finmarc Management Sells Shopping Center in Tysons Corner for $31.1M

by John Nelson May 12, 2015

TYSONS CORNER, VA. — Finmarc Management Inc. and its partners have sold a 40,000-square-foot neighborhood shopping center located at 8459 Leesburg Pike in Tysons Corner for $31.1 million. Retail Properties of America Inc. purchased the asset, which was fully leased at the time of sale. The shopping center’s tenant roster includes Golfsmith USA, Chick-fil-A, Chipotle Mexican Grill, Roti Restaurant and Hamilton Sofa & Leather Gallery. Ken Goldberg of Uniwest Realty represented the buyer in the transaction.

May 12, 2015

Georgia Retail Southeast

Carolina Holdings Opens Retail Strip Center Near Savannah

by John Nelson May 12, 2015

POOLER, GA. — Developer Carolina Holdings Inc. has opened Mill Creek Landing, a retail strip center located at 6 Mill Creek Circle in Pooler, roughly 10 miles outside of Savannah. The property is located at the intersection of Pooler Parkway and I-95 in front of Sam’s Club and adjacent to the new Tanger Outlets Savannah, which opened in April of this year. Mill Creek Landing’s tenant roster includes Chipotle Mexican Grill and Five Guys Burgers and Fries, the first locations in Pooler for both restaurants. The development team included architect McMillan Pazdan Smith, civil engineer LeCraw Engineering and general contractor Harper Corp. GrandSouth Bank provided construction financing for the project.

May 12, 2015

New York Northeast Office Restaurant Retail

TerraCRG Brokers $26.7M Purchase of Brooklyn Development Site

by Amy Works May 12, 2015

NEW YORK CITY — TerraCRG has brokered the purchase of a development site located at 333 Johnson Ave. in Brooklyn’s Bushwick neighborhood. Normandy Real Estate Partners, Royalton Capital LLC and Sciame Development purchased the site for $26.7 million. The buyers plan to develop a commercial complex on the site with retail, restaurant and office space. Additionally, the new property will feature 40,000 square feet of outdoor space and the restaurant space will be clustered on the White Street-facing courtyard with the opportunity for rooftop dining, as well as on-site artisanal food production space. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the buyers, while Sydney Blumstein of Corcoran represented the undisclosed seller in the transaction.

May 12, 2015

Market Reports New Mexico Retail Western Western Market Reports

Retailers Expand, Enter New Mexico

by Nellie Day May 12, 2015

The New Mexico retail market is continuing to change in a positive manner, which bodes well for property owners and businesses. There are new national, regional and local tenants looking at this market, moving in and around the shopping centers of New Mexico. New shopping centers are being built, while existing shopping centers are being redeveloped and traded. Some of the most significant transactions include Columbus Pacific acquiring Sierra Vista Shopping Center in Albuquerque and moving Stein Mart and Hobby Lobby into a former K-Mart space. Pete Daskalos Properties has also purchased Four Hills Village Shopping Center on Central and Tramway in the Southeast Heights submarket. The center now has a new movie cinema, among other changes to its anchors and tenant roster. A K-Mart building at Rio Rancho at Hilltop Plaza Shopping Center was also sold after the store vacated. The new landlord is looking to re-anchor that space as well. These big box vacancies have created redevelopment opportunities for existing shopping centers located in established trade centers while rents are increasing as the larger spaces are subdivided and leased to other tenants. This has created momentum in the market and upward pressure on asking lease rates. Other retailers …

May 12, 2015

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