Retail

HFF Brokers $33.7M Sale of Grocery-Anchored Shopping Center in South Florida

by John Nelson March 3, 2015

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.

March 3, 2015

Louisiana Mixed-Use Retail Southeast

Factor’s Row in New Orleans Undergoes Redevelopment

by John Nelson March 3, 2015

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.

March 3, 2015

Loans New York Northeast Retail

NorthMarq Capital Arranges $3M in Refinancing for Brooklyn Retail Property

by Amy Works March 2, 2015

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.

March 2, 2015

Illinois Midwest Office Retail

Adelphia Properties Arranges $1.2M Sale of Itasca Park Place Plaza

by Danielle Everson March 2, 2015

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.

March 2, 2015

Planet Hollywood Observatory Orlando Disney

Florida Restaurant Retail Southeast

Planet Hollywood to Transform Downtown Disney Restaurant into Planet Hollywood Observatory

by John Nelson March 2, 2015

ORLANDO, FLA. — Planet Hollywood plans to transform its Orlando flagship location into a four-story observatory set to debut in spring 2016. The reimagined Planet Hollywood Observatory will overlook Downtown Disney with a newly expanded outdoor terrace and bar. Elkus Manfredi Architects will spearhead the design and will align the new Planet Hollywood Observatory with the transformation of Downtown Disney into Disney Springs. Disney Springs will treat guests by day and night to dining, shopping and entertainment with open-air promenades, springs and waterfront charm.

March 2, 2015

Market Reports Mixed-Use Retail Southeast Southeast Market Reports Tennessee

New Mixed-Use Developments Will Change the Face of Nashville’s Retail Market

by John Nelson March 2, 2015

The Nashville retail market continues to gain momentum. With approximately 338,773 square feet of retail construction underway, Nashville remains in a growth and expansion phase, with nationally recognized retail that offers unique options for tourists and locals. In 2014, approximately 53 restaurants opened, most notably Chauhan Ale and Masala House, Sinema, Prima, Acme Feed & Seed, Adele’s, City Winery, Two Ten Jack, Moto Cucina + Enoteca, Epice and Party Foul. Most of these landed in hot neighborhoods — The Gulch, East Nashville, 12th South, SoBro and Germantown. Nationally and locally we’re seeing demand for grocery-anchored retail. Demand has outstripped supply by a long shot. Major grocers own much of their real estate, and Publix followed suit in 2014, acquiring some centers it anchors, leaving fewer investor opportunities that will drive pricing and also move some investors into opportunities anchored by regional or independent grocers, or shadow-anchored assets. We actually expect non-retail projects to change the dynamic in Nashville in 2015. Within the Downtown loop, retail was non-existent, but with 1,000 new hotel rooms, 2,493 residential units and several new office projects under construction, bringing 5,000 more workers downtown, retail will follow. The $232.6 million Highwoods development for Bridgestone’s U.S. headquarters …

March 2, 2015

Kansas Midwest Retail

Block & Co. Arranges $8.8M Sale of 61,657 SF Retail Building in Overland Park, Kan.

by Danielle Everson February 27, 2015

OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has arranged the $8.8 million sale of a 61,657-square-foot retail building in Overland Park to an undisclosed buyer. A Jo-Ann Fabric and Craft Stores anchors the freestanding building, which is located at 11401 Metcalf Ave. The property is situated on more than five acres. The Tile Shop also occupies 18,847 square feet of the building. David M. Block and Bill Maas of Block & Company, Inc., Realtors negotiated the transaction on behalf of the seller, a third party TIC.

February 27, 2015

Midwest Retail Wisconsin

Mid-America Real Estate Arranges Sale of 6,900 SF Bank Building in Kimberly, Wis.

by Danielle Everson February 27, 2015

KIMBERLY, WIS. — Mid-America Real Estate – Wisconsin LLC has arranged the $460,000 sale of a 6,900-square-foot retail building in Kimberly, four miles east of Appleton. Commercial Horizons Inc. purchased the former Associated Bank, which is located at 600 W. Kimberly Ave. Community First Credit Union will occupy the building. Joe Kleiman and Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC represented the undisclosed seller in the transaction.

February 27, 2015

Arizona Retail Western

GRI Investors Buys Casas Adobes Plaza in Tucson for $46M

by Nellie Day February 27, 2015

TUCSON, ARIZ. — GRI Investors has acquired Casas Adobes Plaza, a 91,318-square-foot shopping center in Tucson, for $46 million. The center is located at the southwest corner of Ina and Oracle roads. Casas Adobes is anchored by a new Whole Foods that opened this past August. Other notable tenants include Starbucks, Chipotle, Pei Wei Asian Diner, Jos. A. Bank, Chico’s, Sauce, Loop Jean Company and a Wildflower restaurant. GRI Investors was represented by Jan Fincham and Patrick Dempsey of Lee & Associates in Phoenix. The seller was Casas Adobes Plaza LLC.

February 27, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $6.2M Sale of Retail Property in Miramar

by John Nelson February 27, 2015

MIRAMAR, FLA. — Marcus & Millichap has brokered the $6.2 million sale of Shoppes at Monarch, a 13,466-square-foot retail property located at 12703 Miramar Parkway in Miramar. The property is part of the Monarch Professional Centre mixed-use development that features 64,000 square feet of medical and professional office space. Shoppes at Monarch is fully leased to tenants such as Little Caesars Pizza, Karate America, Nami Sushi and El Trebol. Douglas Mandel and Barry Wolfe of Marcus & Millichap’s Fort Lauderdale office represented the seller, a Coral Gables-based limited liability company, in the transaction. The buyer was a limited liability company based in Miami Beach.

February 27, 2015

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