Retail

M&M Brokers $5.8M Sale of 50,266 SF Retail Property in Massillon, Ohio

by Danielle Everson May 6, 2015

MASSILLON, OHIO — Marcus & Millichap has brokered the $5.8 million sale of Massillon City Center, a 50,266-square-foot retail property located on Lincoln Way West in Massillon. The center is 91 percent occupied. Tenants at the property include Buffalo Wild Wings, Verizon Wireless and Rockne’s. A Bob Evans restaurant is an outparcel at the property. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, a private fund, and the buyer, an individual New York-based investor.

May 6, 2015

Illinois Midwest Retail Wisconsin

NAI Hiffman Arranges Five New Leases for Burger King in Wisconsin and Illinois

by Danielle Everson May 6, 2015

MILWAUKEE AND WESTCHESTER, ILL. — NAI Hiffman has arranged five new leases for Burger King in Wisconsin and Illinois. The new leases include four locations in Wisconsin: the northwest corner of 14th and Wells streets in Milwaukee; the southeast corner of North and Prospect avenues in Milwaukee; the southeast corner of Moorland Road and College Avenue in Muskego, Wis.; and the southwest corner of College and Chicago avenues in South Milwaukee. The fifth lease is a co-brand concept with BP Amoco located at the southeast corner of I-290 and Mannheim Road in Westchester. Michael Meksto of NAI Hiffman represented Burger King in the transactions. Over 10 new leases are expected for completion in 2015 across Illinois, Wisconsin and Indiana. Burger King selected Meksto to lead expansion efforts into Michigan, Ohio, Kentucky, Western Iowa and Tennessee.

May 6, 2015

Florida Retail Southeast

CocoWalk Lifestyle Center in Miami Sells for $87.5M

by John Nelson May 6, 2015

MIAMI — CocoWalk, a 198,000-square-foot lifestyle center located in Miami’s Coconut Grove neighborhood, has sold for $87.5 million. The property was constructed in 1990 and is located approximately two miles from the University of Miami. Federal Realty Investment Trust purchased an 80 percent interest in the property. The REIT purchased the stake with local market partners Grass River Property and The Comras Co.

May 6, 2015

Connecticut Northeast Retail

Thimble Island Brewing Co. Inks Lease for 30,000 SF Building in Connecticut

by Amy Works May 6, 2015

BRANFORD, CONN. — Thimble Island Brewing Co. (TIBC) has signed a lease for a 30,000-square-foot building, located at 16 Business Park Dr. in Branford. TIBC is expected to open the doors of the newly renovated and expanded facility this summer. Founded in 2012, TIBC now offers several standard varieties on tap at bars and restaurants throughout the Connecticut shoreline, as well as specialty brews in the brewery’s tasting room. Tim McMahon of O,R&L Commercial represented TIBC in the transaction.

May 6, 2015

California Retail Western

Juanita Tate Marketplace in Los Angeles Receives $22M Refinance

by Nellie Day May 6, 2015

LOS ANGELES — Juanita Tate Marketplace, a 77,000-square-foot shopping center in Los Angeles, has received a $22 million refinance. The center is located at the intersection of East Slauson and South Central avenues in the city’s South Central neighborhood. Juanita Tate is anchored by CVS and Northgate González Markets. It was recently purchased by the borrowers, Optimus Properties and Infinity Redevelopment, who plan to make minor upgrades and modifications to the newly built property. The 10-year, fixed-rate loan features a 4.1 percent interest rate with two years of interest-only and a 30-year amortization schedule. It was arranged by Shahin Yazdi of George Smith Partners. The center was originally developed in partnership with the City of Los Angeles and the non-profit organization Concerned Citizens of South Los Angeles (CCSCLA) to bring retail options and jobs to the region. The property’s construction loan was a city-funded Section 108 loan. This kind of loan is provided by cities for projects that will help revitalize neighborhoods through new low-income housing or job creation. The deal was made a little easier by the fact that the center’s purchase price “far exceeded” its valuation, according to Yazdi. He notes the property value was estimated in the …

May 6, 2015

Market Reports New York Northeast Northeast Market Reports Retail

Brooklyn Retail Grew 80 Percent in Just Two Years

by Jaime Lackey May 6, 2015

It’s no longer a secret that Brooklyn is booming, particularly the borough’s retail scene. Retail rents have climbed continuously over the last five years. Retail density has increased almost exponentially. A recent study by CPEX of Brooklyn’s notable retail corridors (meaning areas with rents averaging more than $35 per square foot) found the number of these corridors has increased 80 percent in just two years. But what’s driving Brooklyn’s record pace of retail growth? Several market factors have created a perfect storm for Brooklyn’s retail resurgence. Development in the borough has peaked over the past two years, with permits for new residential developments up 116 percent in that timespan. Nearly 20,000 new units are in the pipeline, almost twice the number of permits in Manhattan and 149 percent more than the other outer boroughs combined. The office vacancy rate has dropped to 4.2 percent in Brooklyn, the lowest in the United States. Tourism continues to spike thanks to the borough’s noteworthy parks, the year-round arts and cultural events in the Brooklyn Academy of Music (BAM) Cultural District, and the Barclays Center’s sporting and concert events. In the meantime, hotel developments are trying to keep pace with the influx of tourists …

May 6, 2015

California Retail Western

Northsight Village Shopping Center in Scottsdale Sells for $11.5M

by Nellie Day May 5, 2015

SCOTTSDALE, ARIZ. – Northsight Village Shopping Center, an 88,031-square-foot retail center in Scottsdale, has sold to Arizona Partners for $11.5 million. The center is located just north of Raintree Drive. It is anchored by Savers. The seller was GDA Real Estate Services. The transaction was executed by Ari Spiro and Sean Stutzman of ORION Investment Real Estate.

May 5, 2015

California Retail Western

Sycamore Terrace Shopping Center in Vista Changes Hands

by Nellie Day May 5, 2015

VISTA, CALIF. – Sycamore Terrace, a 10,543-square-foot shopping center in Vista, has sold to Sycamore Terrace Vista CA LLC for an undisclosed sum. The center is located at 316 and 320 Sycamore Ave. It is anchored by Panda Express. Other notable tenants include My Kid’s Dentist, the U.S. Army and Fred Loya Insurance. CBRE’s Reg Kobzi and Matt Shope represented both the buyer and seller, WS Sycamore Terrace LLC, in this transaction.

May 5, 2015

California Retail Western

Naree Thai Leases Retail Space in Long Beach

by Nellie Day May 5, 2015

LONG BEACH, CALIF. – Naree Thai has signed a 10-year lease for 2,343 square feet of retail space in Long Beach. The space is located at 555 E. Ocean Blvd. Naree Thai also owns the nearby Thiptara Thai Restaurant. The company was represented by Sean Lieppman of Lee & Associates in Long Beach. The landlord, 555 Ocean LP, was represented by Shaun McCullough and Jeff Coburn of the same firm.

May 5, 2015

Retail Texas

HopFusion Ale Works Brewery to Renovate Former Industrial Space in Fort Worth

by Haisten Willis May 5, 2015

FORT WORTH, TEXAS — HopFusion Ale Works, a new Fort Worth brewery, has leased 8,500 square feet of industrial space in the building located at 200 E. Broadway St., known as the Texaco Building, in Fort Worth’s Southside. Located one block east of South Main between Vickery Boulevard and Pennsylvania Avenue, the building was constructed in 1950. LHS 200 Broadway LLC owns the property. HopFusion Ale Works will be leasing the larger of the two spaces available in the building, and construction will soon start on the brewery, which is set to open later this year. Co-owners Macy Moore and Matt Hill plan to use the space not only as a production brewery, but also as an art gallery featuring local artists. Four beers will be featured when the brewery opens, with additional beers to follow soon after the opening.

May 5, 2015

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