Retail

Vornado Completes $465M Sale of Virginia Mall to PREIT

by John Nelson April 1, 2015

SPRINGFIELD, VA. — Vornado Realty Trust has completed the previously announced $465 million sale of the redeveloped Springfield Town Center in Springfield to Pennsylvania Real Estate Investment Trust (PREIT). The approximately 1.4 million-square-foot mall is comprised of 642,000 square feet of anchor space and 703,000 square feet of non-anchor space. Target, Macy’s and JC Penney anchor the mall. Other notable retailers include Michael Kors, H&M, Chico’s, Pandora, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, Wood Ranch BBQ, LA Fitness, Regal Cinema, Dick’s Sporting Goods and Topshop. The sales price comprises $340 million in cash and 6.25 million operating partnership units of PREIT, granted at $20 per unit. Vornado’s 8.07 percent ownership interest in PREIT will be accounted for under the equity method. Vornado has treated the $19 million of tenant improvements and allowances as a closing adjustment.

April 1, 2015

New Hampshire Northeast Retail

HFF Brokers $46.1M Sale of New Hampshire Shopping Center

by Amy Works April 1, 2015

BEDFORD, N.H. — HFF has brokered the sale of The Shoppes at Bedford Mall, a shopping center located at 73 South River Road in Bedford. Emmes Asset Management Co. sold the 277,289-square-foot center to an undisclosed buyer for $46.1 million. HFF represented the seller, and placed a 10-year, fixed-rate $30 million loan with Guggenheim Commercial Real Estate Finance LLC for the buyer. Renovated in 2012, the property is 98.6 percent leased to a variety of tenants, including Kohl’s, The Fresh Market, Marshalls, Staples, Weight Watchers, Pet Supplies Plus, Bob’s Store, Starbucks Coffee, Chipotle and Outback Steakhouse. James Koury and Xave Jacoby of HFF represented the seller, and Porter Terry, also of HFF, placed the financing for the buyer in the transaction.

April 1, 2015

California Retail Western

Dunkin Donuts to Debut in San Fernando Valley

by Nellie Day April 1, 2015

LOS ANGELES – The San Fernando Valley is set to receive its first Dunkin’ Donuts. The donut chain will open a new outpost at the corner of Ventura Boulevard at Balboa Boulevard in the Los Angeles submarket of Encino. The transaction was executed by Illi Commercial Real Estate.

April 1, 2015

Arizona Retail Western

Palm Glen Shopping Center in Phoenix Sells for $14.3M

by Nellie Day March 31, 2015

PHOENIX — Palm Glen Shopping Center, a 175,686-square-foot shopping center in Phoenix, has sold to Primestor Development for $14.3 million. The center is located at 3500 W. Glendale Ave. It is anchored by Food City. Notable tenants include Wells Fargo, Dollar Tree and Title Max. The center is set to undergo a renovation this year. The property was listed by Jason Gribin of Wilson Retail Group.

March 31, 2015

Mixed-Use Restaurant Retail Texas

New Tenants Sign on at CityLine Mixed-Use Development in Metro Dallas

by Haisten Willis March 31, 2015

RICHARDSON, TEXAS — Regency Centers has signed several new tenants that will open in 2016 at CityLine Market located in Richardson. Anchored by Whole Foods Market, the new tenant lineup at CityLine includes Taco Diner, Luna Grill, Modmarket, Pei Wei, Smashburger, 18|8 Fine Men’s Salon, Massage Envy Spa, CityLine Dental, The Joint Chiropractic and Luxx Lash’s beauty studio. CityLine Market will serve as the second-largest employment center in the Dallas/Fort Worth metro area with major employers including State Farm Insurance, Raytheon, AT&T, The University of Texas at Dallas, Blue Cross and Blue Shield of Texas, Verizon and Cisco Systems. The mixed-use development will join several million square feet of office space, an Aloft hotel, LOOK Cinema and nearly 4,000 new residential units. The project is located near the George Bush turnpike and within walking distance of the DART light rail stop.

March 31, 2015

Midwest Ohio Retail

M&M Brokers $4.7M Sale of 29,400 SF Retail Property in Lancaster, Ohio

by Danielle Everson March 31, 2015

LANCASTER, OHIO — Marcus & Millichap has brokered the $4.7 million sale of The Shops at Ety Village, a 29,400-square-foot retail property in Lancaster. The property is located at 1348-1374 Ety Road. The property was a bank-owned deal and was 69 percent occupied at the time of sale. Tenants include Panera Bread, Pet Supplies Plus, Gamestop and Great Clips along with a few local retailers. The asset sits as an outparcel to a Giant Eagle grocery store and is across the street from Walmart, Menards and Kohls. C.J. Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Columbus and Cleveland offices marketed the property on behalf of the seller, a regional bank. Jackson, Patton, Wiles and Fuller also secured and represented the buyer, a private investor.

March 31, 2015

Retail Texas

SACA Arranges Sale of Shopping Center in San Antonio

by Haisten Willis March 31, 2015

SAN ANTONIO — San Antonio Commercial Advisors (SACA) has arranged the sale of Nogalitos Shopping Center, a 16,279-square-foot shopping center located at 3002 Nogalitos St. in San Antonio. Brent Smith and Bradley Suttle of SACA represented the seller in the transaction and also procured the Houston-based buyer. Built in 1963, Nogalitos Shopping Center is fully leased with 66 percent of the square footage on a long-term lease with O’Reilly Auto Parts. SACA is an independently owned and operated member of the Cushman & Wakefield Alliance.

March 31, 2015

Florida Retail Southeast

Reichel Realty Signs Presidente Supermarket to 45,500 SF Lease in Palm Springs

by John Nelson March 31, 2015

PALM SPRINGS, FLA. — Reichel Realty has arranged the lease for Presidente Supermarket, a large Hispanic supermarket chain, to anchor Forest Hill Center, a 150,000-square-foot shopping center located at Forest Hill Boulevard and Congress Avenue in Palm Springs. Beginning in the spring, Presidente will occupy the 45,500-square-foot space that was recently vacated by Winn-Dixie. Presidente’s new 20-year lease is valued at $10 million. Reichel Realty represented the landlord, Four Florida Properties, a family trust, in the lease transaction. Final negotiations are also underway for a national fast food restaurant to develop an outparcel at Forest Hill Center. Presidente Supermarkets has nearly 40 locations from Miami-Dade to Palm Beach counties.

March 31, 2015

Loans Massachusetts Northeast Office Retail

HFF Secures $55M Financing for Office/Retail Building in Boston’s Back Bay

by Amy Works March 31, 2015

BOSTON — HFF has arranged $55 million in first mortgage financing for a boutique office and retail property located at 185 Dartmouth St. in Boston’s Back Bay neighborhood. HFF placed the long-term, fixed-rate loan with HSBC Bank for the borrower, Synergy Investments. The loan proceeds were used to pay off existing debt, provide the necessary capital to complete the property’s rehabilitation plan and return equity upon stabilization. Completed in 1937, the 11-story building features 164,559 square feet of Class A office and retail space and 45 on-site parking spaces. Current tenants include Denham Capital, First American Title, Boston Athletic Association, Starbucks, Freshii and FedEx Kinkos. Greg LaBine and Patrick McAneny of HFF secured the financing for the borrower.

March 31, 2015

Massachusetts Northeast Retail

Marcus & Millichap Arranges $8.7M Sale of Retail Property in Massachusetts

by Amy Works March 31, 2015

BEVERLY, MASS. — Marcus & Millichap has arranged the sale of a retail property in Beverly. MAR Realty LLC purchased the property for $8.7 million, with a 5.46 percent cap rate, from Westward Apple Orchards LP. The property is occupied by Walgreens under a 25-year lease that includes five-year extension options. The lease was executed in November 2012. Bob Horvath and Todd Tremblay of Marcus & Millichap brokered the transaction.

March 31, 2015

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