Retail

Wheeler REIT to Acquire Grocery-Anchored Shopping Center in South Carolina for $9.4M

by John Nelson February 17, 2015

MAULDIN, S.C. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has entered into a contract to acquire Butler Square, an 82,400-square-foot shopping center located in Mauldin, part of the Greenville metropolitan area. The company will purchase the fully leased retail center for $9.4 million, or roughly $114 per square foot, using a combination of cash and bank-provided debt. Built in 1987 and renovated in 2011, Butler Square’s tenant roster includes Bi-Lo, Dollar Tree, Cato Fashions and Sally Beauty Supplies.

February 17, 2015

Florida Retail Southeast

Glickman Retail Group Brokers $9.3M Sale of Shopping Center in Orlando

by John Nelson February 17, 2015

ORLANDO, FLA. — Sean Glickman of Coldwell Banker Commercial NRT and founder of the Glickman Retail Group has brokered the $9.3 million sale of Colonial Town Center in Orlando. The shopping center was 90 percent leased at the time of sale to tenants such as HH Gregg, Mattress One and Interamerican Medical Centers. The asset is shadow-anchored by a Walmart Neighborhood Market and Sam’s Club. Glickman Retail Group represented the undisclosed seller in the transaction. The buyer was an international company.

February 17, 2015

Arizona Market Reports Retail Western Western Market Reports

Phoenix Retail Market on the Slow Climb to Recovery

by Nellie Day February 17, 2015

The Phoenix retail market ended 2014 on a promising note, with vacancy rates dipping below 10 percent for the first time since the Great Recession ended. It also experienced net absorption of more than 2 million square feet of retail space. Expectations for 2015 are positive, and continued improvement is anticipated, albeit slower than we might have hoped. While many segments of the market have improved, lackluster job growth and housing sales have slowed the recovery. However, both areas show signs of improvement for the coming year. Forecasts estimate Phoenix will add about 70,000 jobs in 2015, bringing the total number close to the pre-recession total. The demand for single-family housing should improve with the continuance of low interest rates, job growth and investor interest. The market is finally showing signs it is on the upward path to recovery. Leasing activity for Class A space remains strong, while rental rates are on the rise. We have seen marked improvement in some areas like Scottsdale where rates for Class A space in centers like The Marketplace at Lincoln & Scottsdale and Hilton Village are approaching or surpassing $40 per square foot, and where vacancy rates are below 6 percent. In contrast, …

February 17, 2015

California Retail Western

Chevron Gas Station, Convenience Store in Laguna Hills Changes Hands

by Nellie Day February 16, 2015

LAGUNA HILLS, CALIF. – A Chevron gas station and convenience store in Laguna Hills has sold to a Southern California-based buyer for $4.5 million. The property is located at 23991 El Toro Road. It was built in 1973 and renovated in 2012. The buyer is also the current operator. The investor was represented by C-Store Realty. The seller, also a private investor, was represented by Donald MacLellan and Tom Chichester of Faris Lee Investments.

February 16, 2015

Retail Texas

Golden Chick Restaurant Coming to Burleson Commons Shopping Center

by Danielle Everson February 16, 2015

BURLESON, TEXAS — Texas Land Group LLC has purchased two-thirds of an acre at Burleson Commons shopping center for a proposed Golden Chick Restaurant. The popular fast food chain, which specializes in fried chicken, has grown to more than 120 stores. The property is located at Highway 174 and FM 731 in Burleson, approximately 16 miles south of Fort Worth. The sellers were Cullinan Properties Ltd. and Burleson Commons LP. Golden Chick will join a future Kroger Marketplace, which is under construction and slated to open later this year, along with Qdoba Mexican Grill, Smashburger, Panda Express, and Roscoe’s BBQ. Neighboring tenants at the intersection include Target, Home Depot, H-E-B and Premier Cinema. Mark Reeder and Tyler Isbell with SRS Real Estate Partners represented Cullinan Properties in the transaction. Cody Lee with Wilco Realtors LLC represented Texas Land Group.

February 16, 2015

Illinois Midwest Retail

Matanky Realty Group Arranges Sale of Clinton Plaza in Clinton, Ill.

by Danielle Everson February 16, 2015

CLINTON, ILL. — Matanky Realty Group has arranged the sale of Clinton Plaza, a shopping center in Clinton. A private investor purchased the property for an undisclosed sales price. The CVS-anchored plaza is composed of four retail units totaling 17,776 square feet and two outlots totaling 101,929 square feet. The property is located on Illinois Route 54, a half mile from US-51 S and across the street from Clinton High School and Richland Community College Extension Center. Terri Cox of Matanky Realty Group represented the seller, a private Chicago-based real estate corporation.

February 16, 2015

Loans New York Northeast Office Retail

Meridian Capital Arranges $15.5M in Refinancing for NYC Office/Retail Property

by Amy Works February 16, 2015

NEW YORK CITY — Meridian Capital Group has negotiated a $15.5 million mortgage for the refinancing of an office and retail property located in First Avenue in New York City. The borrower is First Broadway Acquisition LLC, an affiliate of Himmel + Meringoff Properties. The seven-year loan, provided by a local commercial bank, features a 3.75 percent fixed-rate and one year of interest-only payments. Allan Lieberman, Jeffrey Berkes and Asher Half of Meridian Capital Group arranged the financing. Located at 1114 First Ave., the 45,000-square-foot building is occupied by Hartstrings, a children’s apparel store, and Memorial Sloan Kettering Cancer Center.

February 16, 2015

Illinois Midwest Retail

Mid-America Arranges 14,000 SF Retail Lease in Chicago

by Danielle Everson February 16, 2015

CHICAGO — Mid-America Real Estate Corp. has arranged a new retail lease at 4718 N. Broadway in Chicago’s Uptown neighborhood. First Ascent Climbing and Fitness will occupy 14,000 square feet on the second floor of the former Borders Bookstore building. The space will feature 10,000 square feet of bouldering walls, which range from 15 to 18 feet in height. The gym will feature yoga, weights and other fitness equipment. First Ascent is a Chicago-based community-focused climbing gym. This will be First Ascent’s second location. The other location is currently under construction in Avondale, Ill. Both facilities are expected to open this summer. Paul Bryant and Andrew Becker of Mid-America represented the landlord, Josh Mintzer of Saxony Capital, in the transaction. The tenant was self-represented.

February 16, 2015

New Jersey Northeast Retail

The Goldstein Group Brokers Five New Leases at Inman Grove Shopping Center

by Amy Works February 16, 2015

EDISON, N.J. — The Goldstein Group has brokered five new leases, totaling 10,400 square feet, at Inman Grove Shopping Center, which is located at 1083 Inman Ave. in Edison. With these leases, the 112,404-square-foot retail center, which is anchored by a Stop & Shop, is fully occupied. The new leases include Allstate Insurance (1,600 square feet), Planet Wings (1,600 square feet), Discovery Christian Montessori (3,200 square feet), Nala Bheeman Indian Restaurant (2,400 square feet) and W.S. Rich & Son (1,600 square feet). Matthew Flath of The Goldstein Group represented the undisclosed landlord in the transactions.

February 16, 2015

Colorado New Mexico Retail Western

Twisters Restaurants in Colorado, New Mexico Change Hands

by Nellie Day February 13, 2015

DENVER AND ALBUQUERQUE — Gary Hines and Ray Ubieta have sold their 19 Twisters restaurants, the Twisters concept and its intellectual property to Rajiv Grover of VKC Group. The Southwestern fast-casual concept is located throughout Denver and Albuquerque. The restaurant gained notoriety when one of its locations served as the setting for “Los Pollos Hermanos,” a fictional Mexican restaurant in AMC’s Breaking Bad. The transaction was brokered by National Restaurant Brokers and its affiliate National Convenience Store Brokers.

February 13, 2015

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