Retail

HFF Arranges Sale of Retail Center in Houston

by Haisten Willis February 20, 2015

HOUSTON — HFF has arranged the sale of Copperfield Village Shopping Center, a 165,293-square-foot, dual-anchored retail center in northwest Houston. HFF arranged the sale of the property on behalf of the seller, Copperfield Village Investors LP. Kimco Realty Corp. purchased the asset for an undisclosed amount and assumed an existing loan. Copperfield Village Shopping Center is situated on 16.4 acres at 7081 State Highway 6 N. The property is located in the Copperfield master-planned community and is 92 percent leased to anchors Sprouts Farmers Market and Ross Dress for Less, in addition to tenants Goody Goody Liquor, Dollar Tree, Five Below, Panera Bread and Leslie’s Pool. Rusty Tamlyn, Ryan West, Matt Berry and Robbie Kilcrease led the HFF investment sales team in representing the seller.

February 20, 2015

Trademark Property Co. to Renovate Shopping Center in Metro Dallas

by Haisten Willis February 20, 2015

CEDAR HILL, TEXAS — Trademark Property Co., the operating partner for Uptown Village at Cedar Hill, has announced a multi-million dollar renovation of the 610,000-square-foot shopping center. The renovation includes a rebrand, enhanced entrances, upgraded landscaping, common area improvements, a new children’s play area, new amenities for adults and children and new signage throughout the property. After acquiring a minority interest in Uptown Village at Cedar Hill in the summer of 2014, Trademark conducted market research with research firm Alexander Babbage to gather information about the center’s shoppers, including demographics, trade area and what customers wanted. Uptown Village at Cedar Hill currently includes 350,000 square feet of specialty stores and restaurants, as well as 31,000 square feet of office space. The center has more than 65 tenants including Charming Charlie, Chico’s, Hollister, James Avery, Old Navy, Papaya, The Children’s Place and Victoria’s Secret. The anchor retailers are Barnes & Noble, Dillard’s and Dick’s Sporting Goods.

February 20, 2015

Indiana Midwest Restaurant Retail

Dunkin’ Donuts to Develop 46 New Stores in Indiana

by John Nelson February 20, 2015

INDIANAPOLIS, FORT WAYNE AND LAFAYETTE, IND. — Dunkin’ Donuts has signed multi-unit store development agreements with two existing franchise groups to build 46 restaurants in Indiana over the next several years. Existing franchise group Kings Point Ventures plans to develop 38 Dunkin’ Donuts restaurants in Indianapolis and Fort Wayne, 10 of which will be located outside of the major metropolitan area. The group currently operates more than 70 Dunkin’ Donuts restaurants in several states. Existing franchisee Bud Patel plans to develop eight Dunkin’ Donuts locations in Lafayette and Indianapolis. Three of these new restaurants will be located in smaller towns and communities outside Lafayette and Indianapolis. Patel currently operates more than 20 Dunkin’ Donuts restaurants in the metro Chicago area and Davenport, Iowa. Jay Punukollu, Patel’s partner, will be responsible for overseeing the daily restaurant operations in Lafayette. The duo’s first restaurant is planned to open in 2016, and the remainder by 2019. Currently, there are nearly 30 Dunkin’ Donuts restaurants located throughout Indiana, and the company is continuing to recruit franchisees in the cities of Evansville and Terre Haute.

February 20, 2015

Retail Utah Western

Clayton Lane Lifestyle Center in Cherry Creek Receives $48M Loan

by Nellie Day February 20, 2015

DENVER — Clayton Lane, a 335,000-square-foot lifestyle center in the Denver submarket of Cherry Creek, has received $48 million in financing. The center is located at the intersection of East 1st Avenue and University Boulevard, near Cherry Creek Regional Mall. Clayton Lane is 99 percent leased to notable tenants like Whole Foods, Crate & Barrel, Arhaus Furniture, Sur La Table, White House Black Market, A Pea in the Pod, Design Within Reach and Bose. Anchor Whole Foods, along with an adjacent Sears property, will be part of a massive redevelopment that is likely to include multiple uses like office and multifamily. The fixed-rate, 10-year, interest-only loan was arranged by Andrew Stewart and Allison Moravec of Cronheim Mortgage. It was placed with the American General Life Insurance Company and the National Union Fire Insurance Company on behalf of the borrower, AmCap Clayton. Cronheim acted as correspondent and servicer for both lenders.

February 20, 2015

California Retail Western

Phillips Edison Grocery Center REIT II Buys North Point Landing in Modesto

by Nellie Day February 20, 2015

MODESTO, CALIF. — Phillips Edison Grocery Center REIT II has purchased North Point Landing, a 152,769-square-foot shopping center in Modesto, for an undisclosed sum. The center is located at 3848 McHenry Ave. North Point is anchored by Walmart Supercenter. Other notable tenants include GNC, T-Mobile, the UPS Store, Allstate and Round Table Pizza. Phillips Edison Grocery Center REIT II is a public, non-traded REIT that seeks to acquire and manage well-occupied, grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services. It looks for properties in strong demographic markets throughout the U.S. It currently owns and manages an institutional-quality retail portfolio with 22 grocery-anchored shopping centers totaling 2.5 million square feet.

February 20, 2015

Loans New Jersey Northeast Retail

NorthMarq Capital Arranges $18M in Refinancing for Concordia Shopping Center in New Jersey

by Amy Works February 20, 2015

MONROE TOWNSHIP, N.J. — NorthMarq Capital has arranged $18 million for the refinancing of Concordia Shopping Center, a 135,090-square-foot retail property in Monroe Township. Located at 1600 Perrineville Road, the property is anchored by a Stop & Shop. The loan features a 10-year term and a 30-year amortization schedule. Ernest DesRochers of NorthMarq Capital secured the financing through NorthMarq’s correspondent relationship with a life insurance company.

February 20, 2015

Illinois Midwest Retail

Inland Real Estate Corp. to Redevelop Joliet Commons Shopping Center in Joliet, Ill.

by Danielle Everson February 19, 2015

JOLIET, ILL. — Inland Real Estate Corp. (IRC) is redeveloping Joliet Commons, a power center in Joliet, and adding a new 65,000-square-foot building for Dick’s Sporting Goods and DSW. Construction on the project is set to begin this spring. To accommodate the new tenants, IRC will redevelop a former movie theater at the center into a brand new building for the retailers. With the addition of the new building, the total gross leasable area of Joliet Commons will increase to 229,000 square feet. Dick’s Sporting Goods and DSW will join other national retailers at the center such as PetSmart, Old Navy, Party City and Famous Footwear. The project is expected for completion this fall.

February 19, 2015

Midwest Ohio Retail

M&M Brokers $5.4M Sale of 103,910 SF Shopping Center in Mentor, Ohio

by Danielle Everson February 19, 2015

MENTOR, OHIO — Marcus & Millichap has brokered the $5.4 million sale of Mentor Plaza, a 103,910-square-foot retail property in Mentor, approximately 24 miles north of Cleveland. The shopping center is located at 8485 Market St. Gabriel Brothers and Big Lots anchor the plaza. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices marketed the property on behalf of the seller, a private investment fund. The team also represented the buyer, a limited liability company.

February 19, 2015

Midwest Missouri Retail

Block & Co. Arranges Sale of 15,418 Retail Property in Independence, Mo.

by Danielle Everson February 19, 2015

INDEPENDENCE, MO. — Block & Co. Inc. has brokered the sale of Guitar Center, a 15,418-square-foot retail property in Independence. The property is located at 3911 Bolger Road. The freestanding building sits at the at the entrance drive to Walmart Supercenter, PetSmart and Sam’s Club and is across the street from Independence Center Mall. Guitar Center is a guitar retailer that operates 225 stores in the United States. David Block, Max Kosoglad and John Cobb of Block & Co. represented the buyer, a private investor who purchased the property in a 1031 tax-deferred exchange.

February 19, 2015

California Retail Western

Ramon Plaza in Los Angeles Sells for $9.1M

by Nellie Day February 18, 2015

LOS ANGELES – Ramon Plaza, a 70,131-square foot retail property in the Los Angeles submarket of Cathedral City, has sold to an unnamed buyer for $9.1 million. The three-building property is located at 68100 Ramon Road. It contains a mix of medical, retail and office uses. The seller, a private investor, was represented by Pablo Rodriguez and Richard Vincent of Marcus & Millichap’s Ontario office.

February 18, 2015

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