Retail

Ariel Property Advisors Brokers Two Sales Totaling $4.8M in Queens

by Amy Works March 6, 2015

NEW YORK CITY — Ariel Property Advisors has brokered two sales in Queens totaling $4.8 million. In the first transaction, the firm negotiated the sale of a development site with approved plans, located at 14-23 Broadway in Astoria, for $1.95 million. The 25-foot by 136-foot vacant lot is zoned for 13,620 buildable square feet of mixed-use or residential development. Daniel Wechsler, Michael Tortorici, Howard Raber, Marko Agbaba and Victor Sozio of Ariel Properties represented the seller and procured the buyer, both real estate investment groups, in the transaction. In the second deal, a retail site at 175-42 Hillside Ave in Jamaica sold for $2.85 million. The 100-foot by 100-foot lot includes a 2,054-square-foot building that is leased to KFC Corp. on a triple-net lease basis. Additionally, the site offers a total of 40,000 buildable square feet for future development. Tortorici, Wechsler, Agbaba and Sozio represented the seller, a real estate investment firm, and procured the buyer, a private investor, in the transaction.

March 6, 2015

Florida Retail Southeast

Palmetto Park Breaks Ground on Inline Space at Walmart-Anchored Shopping Center

by John Nelson March 6, 2015

MIAMI GARDENS, FLA. — Palmetto Park has broken ground on the inline space at Palmetto Gardens Plaza, a 63,000-square-foot shopping center located at 3799 N.W. 167th St. in Miami Gardens. The shopping center is anchored by Walmart Neighborhood Market. The owners of Palmetto Gardens Plaza have secured T-Mobile, Cell Phone Repair and Lee Nails as tenants. Palmetto Park expects to wrap up construction in the third quarter. Palmetto Park is a joint venture between DZD Palmetto, owned by Zvi and Daniel Shiff of DZD Holdings and Alan Macken and Andrew Verzura of VCM Builders to develop the commercial property. VCM Builders is one of several affiliates of Macken Cos.

March 6, 2015

California Retail Western

24 Hour Fitness Sport Facility in La Mirada Sells for $13.9M

by Nellie Day March 5, 2015

LOS ANGELES – A 40,738-square-foot building in the Los Angeles submarket of La Mirada that is leased to 24 Hour Fitness has sold to a local private investor for $13.9 million. The building is located at 13395 Beach Blvd. It is occupied by a 24 Hour Fitness Sport facility. The space was built in 2002. It is the anchor tenant in a shopping center that also contains CVS, Jack in the Box, Max Muscle and Electric Tan. The gym has eight years remaining on its double-net lease. The buyer is expected to hold the asset long term for passive income. It also assumed existing CMBS debt that was in place at the property. The unnamed seller was represented by Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County.

March 5, 2015

California Retail Western

Bellflower Plaza Near Los Angeles Sells for $9.2M

by Nellie Day March 5, 2015

LOS ANGELES – Bellflower Plaza, a 41,720-square-foot neighborhood retail center in the Los Angeles submarket of Bellflower, has sold to local private investment group for $9.2 million. The center is located at 17600 – 17620 Bellflower Blvd. It was built in 1991. Bellflower Plaza is anchored by Jack in the Box and 7-Eleven. This acquisition marks the fifth highest shopping center purchase per square foot in the Mid-Cities submarket since 2009, according to Joe Penich of Sperry Van Ness Rich Investment Real Estate Partners, who represented the buyer. The unnamed seller was represented by Andrew Awaida of Remax Optima.

March 5, 2015

Retail Texas

M&M Arranges Sale of Two Retail Properties in Metro Houston

by Haisten Willis March 5, 2015

SUGAR LAND, HUMBLE, TEXAS — Marcus & Millichap has arranged the sale of two retail properties in metro Houston. The first is a 14,641-square-foot CVS drug store located in Sugar Land. James Bell of Marcus & Millichap’s Houston office represented the buyer, a private investor, who utilized a 1031 exchange. The CVS was built in 2014 and is located at 4523 L.J. Parkway. The second transaction was the sale of Plazas at Lake Houston Parkway, a 14,511-square-foot retail property located in Humble. Bell marketed the property on behalf of the seller, a Houston developer. The Plazas at Lake Houston Parkway retail property is located at 20121 W. Lake Houston Pkwy.

March 5, 2015

Illinois Market Reports Midwest Midwest Market Reports Retail

Several Factors Keeping Retail Construction in Check Across Metro Chicago

by Danielle Everson March 5, 2015

Mid-America Real Estate’s annual Chicagoland Shopping Center Report shows construction completions totaled 2.4 million square feet in 2014, a slight uptick from the 2.26 million square feet completed in 2013. Looking ahead, 2015 should yield a little over 2 million square feet, which will likely prove to be within the normal range for development going forward. However, this is significantly less than the 8.3 million square feet completed in 2007. One of the primary causes of this decline is the demand for new shopping center space in the suburbs is primarily limited to single users, predominately grocery stores. While the demand for multi-tenant retail developments in urban markets remains high, the barriers to entry are significant. Consider, for example, that of the combined 26 new projects delivered in 2014 and planned for 2015, only one project, Regency Centers’ Shops on Main in Schererville, Indiana, is a suburban project built to accommodate more than one big-box retailer. Anchored by Gordmans, Shops on Main is also home to DSW, Home Goods, Ross, Pier 1 Imports and a planned Whole Foods. All of the remaining suburban projects are limited to single users such as Walmart/Sam’s Club, Target, Mariano’s or Meijer. The mid-sized boxes …

March 5, 2015

Illinois Loans Midwest Retail

Cohen Financial Arranges $9M Acquisition Loan for Retail Property in Barrington, Ill.

by Danielle Everson March 4, 2015

BARRINGTON, ILL. — Cohen Financial has arranged a $9 million acquisition loan for The Shops at Flint Creek, an upscale retail shopping center located at 500 N. Hough St. in Barrington. Heinen’s Grocery Store anchors the shopping center, which is fully leased. Dan Rosenberg of Cohen Financial’s Chicago office secured the fixed-rate CMBS loan, which is structured with a 10-year term and a 75 percent loan-to-value ratio. Rosenberg secured the loan with Citigroup Global Markets Inc. The borrower is a venture of Next Realty, a national owner of retail properties.

March 4, 2015

Retail Texas

Trademark to Renovate The Shops At Highland Village in Dallas

by Haisten Willis March 4, 2015

DALLAS — Trademark Property Co., the operating partner for The Shops at Highland Village, will complete a multi-million dollar renovation of the 352,000-square-foot shopping center located in Dallas. The project will include common area improvements, upgraded landscaping, the addition of new amenities for adults and children, updated facades and new signage throughout the property. Trademark conducted a design meeting last summer at The Shops at Highland Village with numerous architects, the onsite management team and city officials to collaborate and formulate a strategic plan and direction for the property.

March 4, 2015

Retail Texas

Venture Arranges New Lease for Northern Tool + Equipment in Metro Dallas

by Haisten Willis March 4, 2015

PLANO, TEXAS — Venture Commercial Real Estate has arranged a long-term lease for Northern Tool + Equipment in Plano. The new lease will add 5,040 square feet to its 15,000-square-foot store at 99 Ranch Marketplace located at 111 W. Spring Creek Pkwy. Venture’s Clay Mote represented the tenant in lease negotiations. Oliver Robinson of Centennial Real Estate Services LLC represented the landlord, Spring Creek Retail LLC.

March 4, 2015

Florida Retail Southeast

Davidoff of Geneva to Open 5,000 SF Cigar Store in Tampa

by John Nelson March 4, 2015

TAMPA, FLA. — Davidoff of Geneva USA plans to open a new 5,000-square-foot cigar store in the MetWest International Retail Village in Tampa. The new store, known as “Davidoff of Geneva-Since 1911,” will be the largest Davidoff store in the world and the company’s first licensed flagship store outside of Las Vegas. The company will open the new store in late 2015 in partnership with Jeff and Tanya Borysiewicz, owners of Orlando-based Corona Cigar Co. The new location will be completely humidified and will feature cigar retail space, multiple indoor and outdoor lounges, private lockers and a full bar serving high-end alcoholic beverages.

March 4, 2015

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