Retail

Cushman & Wakefield Brokers $86M Sale of Manhattan Retail Property

by Amy Works April 10, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail co-op unit at 85 Fifth Ave. in Manhattan’s Ladies’ Mile Historic District. The property sold in an all-cash transaction for $86 million, or $6,643 per square foot. The 12,946-square-foot turnkey retail space features 6,406 square feet of ground floor space with 15-foot ceiling heights and 6,540 square feet of sellable lower level space with 10-foot ceiling heights. The property is currently leased to Anthropologie until April 2021. Bob Knakal and John Ciraulo of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

April 10, 2015

Northeast Retail Rhode Island

RK Centers Acquires 98,575 SF Retail Center in Rhode Island for $16.7M

by Amy Works April 10, 2015

MIDDLETOWN, R.I. — RK Centers has acquired Middletown Village, a retail center located on Route 114 in Middletown, for $16.7 million. The 98,575-square-foot center is occupied by a variety of national tenants, including Barnes & Noble, Sports Authority, Michaels and Petco. The name of the seller was not released.

April 10, 2015

Midwest Minnesota Retail

Marcus & Millichap Arranges Sale of 98,157 SF Shopping Center in Stillwater, Minn.

by Danielle Everson April 10, 2015

STILLWATER, MINN. — Marcus & Millichap has arranged the $8.9 million sale of Oak Park Ponds, a 98,157-square-foot shopping center in Stillwater. Oak Park Ponds is located at 5801 Neal Ave. N. Kowalski’s Markets is a long-term anchor at the property. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office, along Sean Doyle and Cory Villaume of the firm’s Minneapolis office, represented the seller, a limited liability company. Matt Hazelton, Adam ‘AJ’ Prins and Michael Marzinske of Marcus & Millichap’s Minneapolis office represented the buyer, another limited liability company.

April 10, 2015

Retail Texas

Tyler’s Leases 17,274 SF for First Fort Worth Location

by Haisten Willis April 10, 2015

Fort Worth, Texas —Tyler’s will open a 17,274-square-foot store at the Trademark Property Co.’s WestBend mixed-use development in Fort Worth’s University District. Slated to open in early 2016, the regional retailer will bring athletic, lifestyle and collegiate apparel, footwear, eyewear and accessories to WestBend. It’s the company’s first location in Fort Worth and seventh statewide. Tyler’s will join the line-up of current WestBend tenants, including Zoë’s Kitchen, East Hampton Sandwich Co., and Silver Fox. In addition, The Fresh Market is slated to open this summer, and Grimaldi’s Coal-Brick Oven Pizzeria is slated to open this fall at the development. Upon completion in fall 2015, WestBend will include 280,000 square feet of retail, dining and office space.

April 10, 2015

California Retail Western

Legendary Restaurant Brands Franchisee Agrees to Develop 100 New Restaurants in California

by Nellie Day April 10, 2015

SANTA CLARA, CALIF. — Legendary Restaurant Brands has signed an exclusive master development agreement that will allow it to bring up to 100 new Bennigan’s and Steak and Ale restaurants to California. Narender Taneja, franchise owner of the recently remodeled Bennigan’s in Santa Clara, secured the exclusive master and sub-franchising rights for the state. Taneja recently finalized agreements to bring two new Bennigan’s to Fremont and San Jose, Calif. They are scheduled to open in the third and fourth quarters, respectively. Taneja also secured the rights to sub-franchise the brands to approved operators within California.

April 10, 2015

California Retail Western

Prudential Acquires Stake in Bella Terra Shopping Center in Huntington Beach

by Nellie Day April 10, 2015

HUNTINGTON BEACH, CALIF. — Prudential Real Estate Investors (PREI) has formed a joint venture with DJM Capital Partners to own and manage Bella Terra Shopping Center in Huntington Beach. The purchase price was not disclosed. DJM has owned and operated the 840,909-square-foot outdoor retail center since 2005. The Class A property is located at 7777 Edinger Ave. PREI acquired about a 75 percent stake in the center, while DJM will maintain about a 25 percent stake. DJM will continue to lead the property management and leasing aspects of the property. The firm originally purchased Bella Terra in 2005 with its previous partner, an institutional investor advised by Sarofim Realty Advisors. That entity sold its interest to PREI. The asset underwent a transformation shortly after this initial acquisition. The new joint venture between PREI and DJM Capital Partners includes the original shopping center and the new Costco. DJM separately owns and operates the retail underneath Bella Terra’s luxury apartments. Sarofim Realty Advisors and DJM Capital Partners were advised by Eastdil Secured.

April 10, 2015

California Retail Western

The Shops at Palm Springs Marketplace Trades for $3.1M

by Nellie Day April 10, 2015

PALM SPRINGS, CALIF. – The Shops at Palm Springs Marketplace, a 10,301-square-foot, free-standing pad within the Palm Springs Marketplace, has sold to Huntington Beach Partnership for $3.1 million. The center is situated on the southeast corner of East Vista Chino and North Sunrise Way in Palm Springs. The Shops’ tenants include Subway, Little Caesars Pizza, Bank of America, Kaiser Permanente, Genetics Nutrition, David Andrew Salon and USA Taekwondo Center. Palm Springs Marketplace is anchored by Stater Bros. Other notable tenants include Arco, McDonald’s, Taco Bell, AutoZone, O’Reilly Auto Parts, Dollar Tree and Dairy Queen. Huntington Beach Partnership was represented by Harcourts & Freeman. The seller was Ramsey Real Estate Group.

April 10, 2015

Loans North Carolina Retail Southeast

Grandbridge Arranges $8.9M Acquisition Loan for Shopping Center in Charlotte

by John Nelson April 10, 2015

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has closed an $8.9 million acquisition loan for Camfield Corners, a 69,857-square-foot shopping center in Charlotte’s Ballantyne area. The Bi-Lo-anchored center was 97 percent leased at the time of financing. Wesley Fricks of Grandbridge’s Raleigh office originated the loan through Starwood Mortgage Capital, a CMBS lender, on behalf of the New York-based borrower. The fixed-rate loan has a 10-year term and a 30-year amortization schedule.

April 10, 2015

Florida Loans Retail Southeast

Dockerty Romer & Co. Arranges $6.8M Acquisition Loan for Shopping Center in Broward County

by John Nelson April 10, 2015

DEERFIELD BEACH, FLA. — Dockerty Romer & Co. has arranged a $6.8 million acquisition loan for The Shoppes of Hillsboro, a 61,165-square-foot shopping center located along Hillsboro Boulevard in Deerfield Beach, a town in Broward County. The shopping center was 99 percent leased at the time of financing to tenants including Optimum Bank, Gentle Dental and Bank United. Bob Dockerty of Dockerty Romer arranged the 10-year loan through a New York-based CMBS lender on behalf of the borrower, BREF Hillsboro LLC. The loan was structured at an interest rate fixed below 4 percent and with five years of interest-only payments.

April 10, 2015

Illinois Midwest Restaurant Retail

Mid-America Represents Heavy Metal-Themed Restaurant in Expansion to Schaumburg, Ill.

by Danielle Everson April 9, 2015

SCHAUMBURG, ILL. — Mid-America Real Estate Corp. has arranged a retail lease on behalf of Kuma’s Corner in Schaumburg. Kuma’s Corner will occupy 3,747 square feet at Woodfield Village Green, which is located at the intersection of Golf and Meacham roads. Kuma’s is a casual dining restaurant and bar with a heavy metal theme. The new location is expected to open summer 2015. Steve Frishman and Andrew Becker of Mid-America represented the tenant in the transaction. In addition to the Schaumburg lease, Kuma’s operates two existing locations in Chicago, which are located at 2900 W. Belmont Ave. and 666 W. Diversey Parkway.

April 9, 2015

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