Retail

The Provident Bank Closes $55M Loan for Development of 244,450 SF Shopping Center

by Amy Works February 23, 2015

CLARK, N.J. — The Provident Bank has closed a $55 million loan for the development of Clark Commons, a 244,450-square-foot shopping center at Raritan Road and Walnut Avenue in Clark. Situated on 28 acres on the former U.S. Gypsum paper plant, the seven-building shopping center will offer 27 retail spaces. Completion is slated for late spring with a proposed grand opening in early August. The center is 100 percent preleased to Whole Foods Market, Home Goods, L.A. Fitness, Michaels, Petco, Ulta, Modell’s and Party City. Krame Development is constructing the center, which was designed by The Dietz Partnership Architects. The Provident Bank and M&T Bank provided the construction financing, with Provident serving as administrative agent. Gregory Lamb of Provident handled the transaction.

February 23, 2015

Illinois Midwest Retail

Summit Design + Build Completes Indoor Rock Climbing Facility in Chicago

by Danielle Everson February 23, 2015

CHICAGO — Summit Design + Build has completed an indoor rock climbing facility for Brooklyn Boulders at 100 S. Morgan in Chicago’s West Loop neighborhood. Brooklyn Boulders designs, builds and operates hybrid rock climbing facilities. The new 25,000-square-foot facility required the renovation and build-out of an existing building. The project included the removal of the existing 25-foot roof and the addition of a new 55-foot roof to accommodate the construction of a mezzanine and climbing walls, which span from floor to ceiling in the south building. The north building includes a climbing terrain, shared office space, a fitness studio, event space and café. Other amenities include locker rooms, showers and a customer lounge. The project was designed by Chris Ryan, the chief development officer of Brooklyn Boulders Chicago, and Massachusetts-based Arrowstreet Architecture & Design.

February 23, 2015

Retail Texas

The Boulder Group Arranges Sale of Net Leased Family Dollar in Killeen

by Haisten Willis February 23, 2015

KILLEEN, TEXAS — The Boulder Group has arranged the $1.7 million sale of a single-tenant Family Dollar property located at 4802 Bridgewood Drive in Killeen. The 9,180-square-foot, newly constructed property is located at the intersection of West Stan Schlueter and Bridgewood Drive. Jordan Kaufman of The Boulder Group represented the seller, a Texas-based private developer, in the transaction. A private Midwest-based investor purchased the property in a 1031 tax-deferred exchange. Family Dollar has 10 years remaining on its lease at the building. The lease features 10 percent rental escalations in each of the six five-year renewal option periods.

February 23, 2015

California Retail Western

Dave & Busters Building in San Diego Sells for $11.9M

by Nellie Day February 23, 2015

SAN DIEGO – A 45,000-square-foot building in San Diego that is net leased to Dave & Busters has sold to Store Capital for $11.9 million. The building is located at 2931 Camino Del Rio N., at the intersection of the 805 and 8 freeways, near Downtown San Diego. Store Capital was represented by Patrick Luther and Matthew Mousavi of Faris Lee Investments. The seller, San Diego Food & Games LLC, was represented by Jeff Conover of the same firm in this leasehold interest sale.

February 23, 2015

Retail Texas

Cushman & Wakefield Arranges Sale of Retail Center in Metro Houston

by Haisten Willis February 23, 2015

WEBSTER, TEXAS — Cushman & Wakefield Texas Retail Advisors has arranged the sale of Baybrook Gateway, a 236,854-square-foot regional power center in Webster, a suburb of Houston. Baybrook Gateway is located at the southeast corner of Bay Area Boulevard and I-45. The property was built in 1995 and is 65 percent occupied. Tenants include Ashley Furniture, Michaels, World Market, Aaron Brothers and Barnes & Noble. Tom Salanty, Chris Harden and Kris Von Hohn of Cushman & Wakefield Texas Retail Advisors represented the unnamed seller.

February 23, 2015

Retail Texas

Woodmont Co. Secures Lease for Dollar Tree in Metro Dallas

by Haisten Willis February 23, 2015

MCKINNEY, TEXAS — The Woodmont Co. has completed a seven-year, 10,709-square-foot lease with Dollar Tree within a 27,182-square-foot retail building in McKinney. The property is located at 1970 Central Expressway. Karen Mitchell and Dorinda Cavender of The Woodmont Co. completed the lease on behalf of the owner, a Texas-based limited liability company. Jim Weir of The Retail Connection represented Dollar Tree. The store will open in July and will occupy 39.4 percent of the property, bringing the asset to 80 percent leased. The property is located off Central Expressway (Highway 75) and Highway 380.

February 23, 2015

Arizona Retail Western

Rodeo Park Plaza in Gilbert Sells for $2.8M

by Nellie Day February 23, 2015

GILBERT, ARIZ. – Rodeo Park Plaza, a 24,533-square-foot retail center in Gilbert, has sold to L.S.S. Inc. on Rodeo Park and Jabbell Holdings LLC on Val Vista Marketplace for $2.8 million. The center is located at 1659 & 1661 S. Val Vista Drive and 1663 E. Ray Road. The buyers purchased the asset through Auction.com. The sellers were WBCMT 2006-C29 Val Vista Retail LLC and JPMC 2005-CIBC13 East Elliot LLC. The LLCs are affiliates of LNR Partners. The transaction was executed by Darren Tappen and Matthew Ault of Voit Real Estate Services.

February 23, 2015

Industrial New Jersey Northeast Retail

NAI Hanson Brokers Two Deals in New Jersey

by Amy Works February 23, 2015

SPRINGFIELD AND SUMMIT, N.J. — NAI James E. Hanson has brokered two deals along the Route 124 commercial corridor in the northwest section of New Jersey’s Union County. In the first transaction, Gary Sauerborn and Jill Gordon of NAI Hanson represented the seller, Colvin-Friedman Realty LLC, in the sale of a 5,000-square-foot industrial facility located at 697 Morris Turnpike in Springfield. Brixmor Operating Partnership purchased the facility for an undisclosed price. In the second deal, Gordon and Thomas Ryan, also of NAI Hanson, represented landlord, Paul Schmidt, in the leasing of space to Tide Dry Cleaners at 26 Morris in Summit. The tenant, which has 12 locations throughout the county, will occupy 2,763 square feet at the location, which was previously occupied by Bank of America.

February 23, 2015

Florida Retail Southeast

CREC, Lubert Adler Acquire Shopping Center in Coral Springs for $26M

by John Nelson February 23, 2015

CORAL SPRINGS, FLA. — CPAC Royal University LLC, a joint venture between principals of CREC and Lubert Adler Real Estate Funds, has closed on the $26 million acquisition of Royal University Plaza in Coral Springs. The shopping center is a 98,500-square-foot property located at 2556 N. University Drive. Royal University Plaza is currently 45 percent leased to tenants such as Petco, Nick’s New Haven Style Pizzeria & Bar, Jimmy John’s and Brooklyn Water Bagel Co. The new ownership group will implement a series of capital improvements to the shopping center. Alan Esquenazi and Sabrina Meerbott of CREC will oversee the retail leasing and marketing efforts of Royal University Plaza.

February 23, 2015

Georgia Retail Southeast

BC Wood Properties Buys Shopping Center in Savannah

by John Nelson February 23, 2015

SAVANNAH, GA. — BC Wood Properties has purchased Eisenhower Square, a 126,320-square-foot shopping center located at the corner of Eisenhower Drive and Waters Avenue in Savannah. The property’s tenant roster includes Save-A-Lot Market, Manpower, H&R Block, Springleaf Financial, Sushi Zen, Sit & Sleep Mattress, Frozen Yogurt, Clutter and Asian River Restaurant & Bar. The property was purchased via BC Wood Real Estate Fund LP, BC Wood’s first sponsored private equity fund, which has acquired 13 properties totaling 1.8 million square feet since October 2012. BC Wood plans to renovate the existing Spotlight Theater at Eisenhower Square into an upscale theater with recline seating and restaurant services.

February 23, 2015

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