PHILADELPHIA — CBRE has brokered the sale of Lawndale Plaza, a 93,282-square-foot retail center in Philadelphia. Highland Development Group and The Glenville Group sold the property for $24.5 million to Cedar Realty Trust. Developed in 1998, the property is anchored by a 63,342-square-foot ShopRite. Additional tenants at the 100 percent occupied property include Advance Auto Parts, T-Mobile and Dunkin’ Donuts. Brad Nathanson and Tom Gorman of CBRE represented both parties in the transaction.
While it was unfortunate to see retail vacancy in Eastern Massachusetts on the upswing during 2014, it was more than offset by new retail construction as major development resurfaced. At year-end, total retail inventory was 191.6 million square feet, an increase from the prior year of approximately 2.1 million square feet. Vacant retail space in the region was up more than 1.3 million square feet, due to major contractions and liquidations such as Building 19, Dots, and Shaw’s Supermarkets. Net absorption ended the year ahead by 712,500 square feet. The 10 towns with the greatest retail supply remain in place from a year ago with one exception: thanks to new Walmart Supercenter and Sam’s Club locations, Fall River replaced Peabody. The top retail hub is Boston, followed by Cambridge, Natick, Brockton and Framingham. Among communities with at least 500,000 square feet of retail space, five towns broke into the top 10 with lowest vacancy rates: Foxboro, Hingham, Hudson, Danvers, and Everett. Abington remained at the top with a 1.2 percent vacancy rate. Foxborough made the biggest leap — up from 58th last year — as the result of Patriot Place filling significant vacancy, and Ocean State Job Lot opening in …
DALLAS — Five new restaurant and retail additions have been made at Victory Park, the first wave of retail announcements in the Dallas district’s redevelopment. The new tenants bring more than 10,500 square feet of added retail, restaurant and service-related businesses to the district, which is being developed by Trademark Property Co. The new tenants include; BuzzBrews, a 4,612-square-foot restaurant opening its fourth Dallas location in the fall of 2015; Jimmy John’s, a 1,767-square-foot restaurant slated to open in spring 2015 at 2416 Victory Park Lane; Victory Park CrossFit, a 2,523-square-foot fitness center scheduled to open in spring 2015 at 2312 Victory Park Lane; Read Between the Lines, a 1,164-square-foot stationary store now open at 2412 Victory Park Lane; and Simply Elegant, a 474-square-foot floral design store now open at 2424 Victory Park Lane. In addition to these new tenants, Victory Park features more than 165,000 square feet of retail, restaurant and entertainment space. In addition, the district includes 621,000 square feet of Class A office space, the 252-room W Dallas – Victory Hotel, and more than 1,700 residential units.
SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.5 million loan to refinance a 62,000-square-foot retail property in Sartell. Tony Carlson of Grandbridge’s Minneapolis-based office originated the 11-year loan, which includes a 25-year amortization schedule. A life insurance company provided funding for the loan. The undisclosed borrower will use the loan to pay off existing debt.
MOOSIC, PA. — CBRE Group has brokered the sale of Shoppes at Montage, a 281,193-square-foot retail center located in Moosic. USPG Holdings Inc. purchased the property for an undisclosed price from Duke Realty. Situated on 52 acres, the center is occupied by more than 50 retail stores. Kevin McClernon, Bob Mahoney and Rich Frolick of CBRE represented the seller in the transaction.
WASHINGTON, D.C. — AFIAA, the investment foundation of 35 Swiss pension funds, has purchased Arch Square, a mixed-use building in Washington, D.C.’s Chinatown neighborhood, for roughly $104.3 million. The 54,896-square-foot property was built before World War II and refurbished in 2012. The property features retail space on the first two floors and office space on the top two floors. The office space is leased to the Alliance of Automobile Manufacturers, and the property’s retail tenant roster includes Walgreens, Sports Zone Elite and Panera Bread. Arch Square is located less than one mile from the White House at the corner of 7th and H streets in Washington, D.C.’s East End submarket.
CORAL SPRINGS AND MARGATE, FLA. — HFF has brokered the $33.7 million sale of Coral Landings III, a 176,575-square-foot grocery-anchored retail center in South Florida. The shopping center is divided between the two towns of Coral Springs and Margate near Fort Lauderdale. The shopping center is 85 percent leased to HomeGoods, Best Buy, Jo-Ann Fabric & Craft and Aldi. Danny Finkle, Luis Castillo, Nat Scarmazzi and Kim Flores of HFF represented the seller, Stiles Corp., in the transaction. Additionally, Mark Remington, Jose Carrazana and Neil Campbell of HFF arranged the seven-year acquisition loan with five years of interest-only payments and a 30-year amortization schedule through Citizens Bank on behalf of the buyer, Madison Marquette Realty Services. The $22.8 million acquisition loan features an interest rate fixed at 3 percent.
NEW ORLEANS — Corporate Realty has begun marketing the redeveloped Factor’s Row, a retail development located at the corner of Perdido and Carondelet streets in New Orleans. The ground-floor retail space has 14- to 17-foot ceilings and large storefront windows. The redevelopment project of Factor’s Row, which was built in 1858, will feature 9,484 square feet of ground-floor retail space and 50 upper floor luxury apartments. The redevelopment will also include upgrades to the adjacent Thiberge Building.
NEW YORK CITY — NorthMarq Capital has arranged $3 million in refinancing for Mangreen Properties, an 18,523-square-foot retail property located at 910 Manhattan Ave. in Brooklyn. The 10-year loan features a 25-year amortization schedule. Charles Cotsalas of NorthMarq’s New York metro office secured the financing through NorthMarq’s relationship with a national bank. New York Sports Clubs is the property’s major tenant.
ITASCA, ILL. — Adelphia Properties has arranged the $1.2 million sale of Itasca Park Place Plaza in Itasca. The 22,000-square-foot property is located at 913-935 Irving Park Road. The strip center includes retail and office spaces. Simeon Spirrison and George Spirrison of Adelphia Properties represented the seller and the buyer, both private investors.
