Retail

The Boulder Group Arranges $9.7M Sale of Walmart Ground Lease in Niles, Ill.

by Danielle Everson April 7, 2015

NILES, ILL. — The Boulder Group has arranged the $9.7 million sale of a single-tenant, trophy Walmart ground lease in Niles, a suburb north of Chicago. The property is located at 5630 W. Touhy Ave. The property was sold at the lowest cap rate ever recorded for a single-tenant Walmart property transaction above $5 million, according to Real Capital Analytics. The Walmart anchors Pointe Plaza, a 330,000-square-foot development that features Ross Dress For Less, Walgreens, Fresh Farms International Market, Dress Barn and Babies R’ Us. Walmart has approximately nine years remaining on its ground lease, which expires Feb. 29, 2024. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based high-net-worth investor who purchased the property in a 1031 exchange. Blankstein and Goodman also represented the seller, a Midwest-based investment company.

April 7, 2015

Michigan Midwest Retail

Art Van Pure Sleep Signs 4,000 SF Lease in Taylor, Mich.

by Danielle Everson April 7, 2015

TAYLOR, MICH. – Art Van Pure Sleep has signed a 4,000-square-foot lease at Eureka Plaza in Taylor. The property is located at the southeast corner of Eureka Road and Pardee Road, across from the Southland Center Mall. Tjader Gerdom and Larry Siedell of Gerdom Realty & Investment represented the landlord and tenant in the transaction. The new Pure Sleep is anticipated to open this summer.

April 7, 2015

Loans Northeast Pennsylvania Retail

HFF Arranges $60M Loan for Retail Center in Suburban Philadelphia

by Amy Works April 7, 2015

GLEN MILLS, PA. — HFF has arranged $60 million in financing for Concordville Town Centre, a retail center located at 101 Byers Dr. in Glen Mills. HFF secured the long-term, fixed-rate mortgage through an institutional insurance company for the borrower, Brandolini Cos. Consisting of 12 buildings, the 397,188-square-foot center is 99.3 percent occupied by a variety of tenants, including The Home Depot, Acme Markets, Marshalls, HomeGoods, Staples, PetSmart, Wells Fargo Bank, Outback Steakhouse, Santander Bank and Bertucci’s. Ryan Ade led the HFF team that secured the financing for the borrower.

April 7, 2015

Arizona Retail Western

The Pizza Studio Opens Second Location in Phoenix

by Nellie Day April 7, 2015

PHOENIX – The Pizza Studio has opened a 2,111-square-foot location in Phoenix. This is the restaurant’s second location in the valley and fourth in Arizona. It is located at 2375 E. Camelback Road. The landlord, Hines, was represented by DTZ’s Brent Mallonee.

April 7, 2015

Retail South Carolina Southeast

RealtyLink, Branch Properties Complete $60M Retail Development in North Myrtle Beach

by Haisten Willis April 6, 2015

NORTH MYRTLE BEACH, S.C. — Greenville, S.C.-based RealtyLink LLC and Atlanta-based Branch Properties LLC have completed Coastal North Town Center, a $60 million retail power center in North Myrtle Beach. The 315,000-square-foot center opened 88 percent leased to tenants such as Publix, Hobby Lobby, TJ Maxx, Ross Dress for Less, Dick’s Sporting Goods, PetSmart, Ulta Beauty, Rack Room Shoes, Versona, Edison’s Fitness, Hallmark, Dickey’s BBQ, Coastal North Vision Care, CC Nails, Supercuts, Which Wich, Coastal Olive Oil, McAlister’s Deli, Chipotle, Mattress Firm, Heartland Dental, B Fashion, Menchie’s, Bojangles’ and Bou’Tiki. Coastal North Town Center is the trade area’s largest retail shopping center completed in nearly 15 years. As part of the joint venture agreement, RealtyLink is responsible for development, financing and leasing, while Branch serves as the equity partner and ongoing property manager.

April 6, 2015

Alabama Retail Southeast

Wheeler REIT Acquires Company’s First Shopping Center in Alabama for $10.3M

by Haisten Willis April 6, 2015

ALEXANDER CITY, ALA. — Wheeler Real Estate Investment Trust (Wheeler REIT) has entered into Alabama with its $10.3 million purchase of Alex City Marketplace in Alexander City, roughly 40 miles northwest of Auburn. The 147,791-square-foot grocery-anchored shopping center was 98.3 percent leased at the time of sale to tenants such as Winn Dixie, Dollar Tree, Goody’s, Domino’s Pizza, Verizon Wireless, Advance America, Subway and Cato Fashion. The shopping center was built in 1995 and renovated in 2001.

April 6, 2015

Georgia Retail Southeast

America’s Realty Buys Shopping Center in Columbus from Phillips Edison for $5M

by Haisten Willis April 6, 2015

COLUMBUS, GA. — America’s Realty, in partnership with ARCJ Capital, has purchased Fountain Park Shopping Center, a 107,105-square-foot grocery-anchored shopping center in Columbus. America’s Realty purchased the asset from Phillips Edison and Co. for approximately $5 million. The asset was 89 percent leased at the time of sale to tenants such as Winn Dixie, Dollar Tree, Gallery Wedding, China Café, Golden Beauty, Q Nails, Veri Best Donut and Farmers Home Furniture. The property is the fifth shopping center that America’s Realty has purchased in Georgia.

April 6, 2015

Retail Texas

Construction Begins on New EECU Credit Union Location in Metro Dallas

by Haisten Willis April 6, 2015

FORT WORTH, TEXAS — Construction has begun on EECU Credit Union’s 14th location in metro Dallas, which will be known as the Heritage Trace branch. Plans call for the 2,800-square-foot building, which will be smaller than other EECU branches, to use new technologies to make the most of the space. The facility will include video conferencing stations for members to chat with specialists as well as a self-service bar where members can complete simple transactions on tablets. The Hillwood development will be located in Alliance Town Center. The credit union expects to complete construction on the branch in August, and will follow with a grand opening. The branch will feature drive-thru banking, an ATM and night depository.

April 6, 2015

Loans Michigan Midwest Retail

Horizon Group Properties Refinances Three Outlet Centers

by Danielle Everson April 6, 2015

NORTON SHORES, MICH. — The Horizon Group Properties Inc. has refinanced the loan secured by outlet shopping centers located in Burlington, Wash.; Fremont, Ind. and Oshkosh, Wis., all of which are owned by an affiliated entity. Starwood Mortgage Capital LLC provided the $56.7 million loan. The Starwood loan includes a 10-year term and is non-recourse, subject to standard non-recourse carve-outs. The proceeds from the Starwood loan were used to defease the prior loan, which matures in February 2016. HGPI received $3 million of loan proceeds after transaction costs and the defeasance of the prior loan. Norton Shores, Mich.-based The Horizon Group Properties is an owner and developer of factory outlet shopping centers in the United States and Asia.

April 6, 2015

Retail Texas

M&M Arranges Sale of 20,000 SF Retail Property in Austin

by Haisten Willis April 6, 2015

AUSTIN, TEXAS —Marcus & Millichap has arranged the sale of Star Center, a 20,000-square-foot retail property located in Austin. Michael Buckner and Richard Mireles, investment specialists in Marcus & Millichap’s Austin office, marketed the property on behalf of the seller, a partnership. Buckner and Mireles also secured the buyer, The Blood & Tissue Center of Central Texas. Star Center is located at 3110 W. Slaughter Lane.

April 6, 2015

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