Retail

Victoria's Secret South Beach Miami Beach

IPA Brokers Sale of Two Retail Properties in Miami Totaling $45.8M

by John Nelson March 20, 2015

MIAMI — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Shoppes of Coral Way at 2690 S.W. 22nd St. in Miami and Victoria’s Secret South Beach at 745 Collins Ave. in Miami Beach. The two assets sold for a combined $45.8 million. Shoppes of Coral Way is a 48,993-square-foot shopping center that is fully leased to CVS/pharmacy, Office Depot, The UPS Store, Check ’n Go, GNC, Radio Shack and a local nail salon. Victoria’s Secret South Beach has 10,264 square feet of retail space on the first two floors and 2,867 square feet of office and storage space on the third floor. Victoria’s Secret has nine-and-a-half years remaining on its 15-year lease. Drew Kristol and Kirk Olson of IPA represented the seller of Shoppes of Coral Way, a limited liability company based in Coral Gables, Fla. The pair also represented the unnamed buyer and seller of Victoria’s Secret South Beach. Additionally, Christopher Marks of IPA’s capital markets group arranged a $12.7 million, 10-year acquisition loan for the Shoppes of Coral Way transaction through an unnamed life insurance company. The loan was structured with a fixed interest rate at 3.95 percent and a 30-year …

March 20, 2015

Florida Restaurant Retail Southeast

Flagler Realty & Development Breaks Ground on $21M Retail Center in Celebration

by John Nelson March 20, 2015

CELEBRATION, FLA. — West Palm Beach-based Flagler Realty & Development Inc. has broken ground on Shoppes at Celebration Place, a 43,500-square-foot shopping center in Celebration, a master-planned community near Orlando. The $21 million property will be leased to Walgreens, Chipotle Mexican Grille, Dunkin’ Donuts, Five Guys Burgers & Fries and additional retailers. Flagler expects to complete the property in the fall. Flagler Realty & Development is owned by principals Patrick Koenig, Richard Johnson Jr. and Scott Johnson. The Walt Disney Co. established Celebration in 2001 after breaking ground on the community in 1994. Celebration is a Census-designated place, or an unincorporated community.

March 20, 2015

Retail Texas

MYCON Breaks Ground on Walmart Store in Metro Dallas

by Haisten Willis March 19, 2015

ROYSE CITY, TEXAS — MYCON General Contractors has broken ground on a 154,696-square-foot Walmart Supercenter in Royse City. The new store is located off IH 30 at 782 E. St. The Walmart will open in October 2015 and is expected to employ approximately 100 people. MYCON General Contractors has built, renovated and/or expanded Walmart Supercenters, Walmart Neighborhood Markets and a Sam’s Club in locations throughout Texas including Bryan, Dallas, Denton, Flower Mound, Frisco, Garland, Plano, Rowlett, Sachse and Temple. This is MYCON General Contractors 21stWalmart store.

March 19, 2015

Retail Texas

Weitzman Group Negotiates Lease For Foot Locker in Austin

by Haisten Willis March 19, 2015

AUSTIN, TEXAS — Foot Locker, an athletic footwear and apparel retailer, has leased 4,135 square feet of retail space in Capital Plaza, an Austin retail center located at the northeast corner of IH-35 and Cameron Road. Matt Epple and Casey Kopecky of The Weitzman Group were the retail leasing agents for Capital Plaza. Cencor Realty Services manages Capital Plaza.

March 19, 2015

Midwest Minnesota Retail

Transwestern Brokers Sale of 221,239 SF Shopping Center in Blaine, Minn.

by Danielle Everson March 19, 2015

BLAINE, MINN. — Transwestern’s Chicago office has brokered the sale of a 221,239-square-foot shopping center in Blaine. The Village of Blaine Shopping Center is located at 4345 – 4349 Pheasant Ridge Road. Pine Tree Commercial Realty LLC paid an undisclosed amount for the property. A Cub Foods grocery store anchors the shopping center. Other tenants in the 13-year-old center include Michaels, Applebee’s, Pier 1 Imports, DressBarn, Sprint, Maurices, Caribou Coffee, Bath & Body Works, GNC and Great Clips. Janice Sellis and Paul Barile of Transwestern represented the seller, MEPT, and its real estate advisor, Bentall Kennedy. Pine Tree Commercial Realty was represented internally in the transaction.

March 19, 2015

Illinois Midwest Retail

L3 Corp. Arranges 28,000 SF Retail Lease in Fairview Heights, Ill.

by Danielle Everson March 19, 2015

FAIRVIEW HEIGHTS, ILL. — L3 Corp. has arranged the lease of a 28,000-square-foot retail space in Fairview Heights. Fresh Thyme Markets will occupy space within the Fairview Heights City Centre located at 6569 N. Illinois St. Fresh Thyme Markets leased the space from Fairview Heights 881 Fee LLC. L3 Corp. represented the tenant in the transaction.

March 19, 2015

Illinois Midwest Retail

@properties Commercial Arranges Two Retail Leases in Chicago

by Danielle Everson March 19, 2015

CHICAGO — @properties Commercial has arranged two retail leases at Westport Commons Shopping Center in Chicago’s Ashburn neighborhood. Westport Commons Shopping Center is located at 3302 W. 87th St. Greg Stein of Bialow Real Estate represented fashion retailer VILLA in a 10-year lease for 5,000 square feet of space. Todd Cabanban of Cabanban Rubin and Mayberry Commercial Realty represented Simply Fashions in a five-year lease for 3,500 square feet. The 180,000-square-foot shopping center is 96 percent leased. Mike Rourke of @properties Commercial represented Westport Associates LP in the two retail leases.

March 19, 2015

1 N.E. 40th Street Miami Design District

Florida Restaurant Retail Southeast

RKF Brokers Three Retail Sales in Miami Totaling $86.8M

by John Nelson March 19, 2015

MIAMI — RKF has brokered three property sales in Miami’s Design District and Wynwood neighborhoods totaling $86.8 million. Brooklyn-based RedSky Capital purchased the three properties from three separate sellers. Ben Mandell, Drew Schaul and John Ellis of RKF represented RedSky in all three transactions. The assets included a two-story, 19,436-square-foot retail property located at the corner of North Miami Avenue and N.E. 40th Street in the Design District. RedSky purchased the asset from Hardor Corp. for $29.3 million. Hardor Corp. was represented internally in the transaction. The other Design District property was a three-story, 17,391-square-foot retail asset at 35 N.E. 40th St. that RedSky purchased from a limited liability company known as 35 NE 40th Street LLC for $28 million. Oak Tavern, a 140-seat bar and restaurant, currently occupies the space. Fran Clougherty of Douglas Elliman represented the seller in the transaction. Lastly, RedSky purchased Wynwood Block, an enclosed shopping center occupying a full city block at 2621 N.W. 2nd Ave. in Wynwood, for $29.5 million. Gaston Miculitzki of Brightway Properties represented the seller, Wynwood 2621 LLC, in the transaction.

March 19, 2015

Florida Retail Southeast

Crossman & Co. Brings Publix-Anchored Shopping Center in Orlando to Full Occupancy

by John Nelson March 19, 2015

ORLANDO, FLA. — Crossman & Co. has signed Supercuts to a 1,300-square-foot lease at Cornerstone at Lake Hart, a 78,241-square-foot Publix-anchored shopping center located at the corner of Narcoossee and Moss Park roads in Orlando. The lease brings the center to full occupancy. The hair salon will join a tenant roster that features UPS, GNC, 7-Eleven, Giovanni’s Italian Restaurant & Pizzeria and Orlando Cleaners. Tyler Wilkins of Crossman & Co. co-brokered the lease transaction with Joanna Robinson of The Shopping Center Group.

March 19, 2015

New York Northeast Office Retail

NYC LPC Approves Repositioning Plans for 281 Park Avenue South in NYC

by Amy Works March 19, 2015

NEW YORK CITY — The New York City Landmarks Preservation Commission (LPC) has approved RFR’s plans to reposition and redevelop 281 Park Avenue South in New York City. Formerly known as Church Mission House, the six-story, 45,000-square-foot building will undergo a renovation to modify the storefronts and create retail space on the second floor and a dedicated entry for a single office tenant. Redesigned by MdeAS Architects, the building will feature 6,700 rentable-square-foot office floor plates, marble mosaic flooring, stained glass windows, wood wainscoting, plaster ornamentation and a copper and terracotta roof. RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany.

March 19, 2015

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