Retail

M&M Arranges $15.2M Sale of Kroger-Anchored Shopping Center in Westland, Mich.

by Danielle Everson January 19, 2015

WESTLAND, MICH. — Marcus & Millichap has arranged the $15.2 million sale of Cherry Hill Marketplace, a 120,568-square-foot shopping center in Westland, approximately 16 miles west of Detroit. Cherry Hill Marketplace is located at 124-210 S. Merriman Road. Kroger anchors the shopping center. Other tenants include Kroger Fuel, CVS, Ace Hardware, Advance America, Great Clips and H&R Block. The property was 84 percent occupied at the time of sale. Steven Siegel of the Marcus & Millichap’s Manhattan office, and Simon Jonna and Ashish Vakhariya of the firm’s Detroit office represented the institutional seller and procured the buyer, also an institution.

January 19, 2015

Illinois Midwest Retail

STREAM Capital Partners Completes Sale of Floor & Decor Property

by Danielle Everson January 19, 2015

SKOKIE, ILL. — STREAM Capital Partners has brokered the sale of a 73,000-square-foot retail property in Skokie. The property is under a long-term lease to Floor & Decor, a national retailer of flooring and tile products. Clark Street Development, a Chicago-based real estate company, sold the property to a private REIT for an undisclosed sales price. Jonathan Wolfe and Jordan Shtulman of STREAM Capital Partners represented the seller.

January 19, 2015

California Retail Western

LA Fitness, Buffalo Wild Wings to Open at Glendale Marketplace

by Nellie Day January 19, 2015

GLENDALE, CALIF. – LA Fitness and Buffalo Wild Wings have announced plans to open at Glendale Marketplace this year. The retail center is located at 106 South Brand Blvd. in the Los Angeles Tri-City submarket of Glendale. LA Fitness and Buffalo Wild Wings are both in expansion mode. They will be joined by AT&T, which also plans to open at the 153,000-square-foot marketplace this year. The center is owned by Cypress Equities.

January 19, 2015

Georgia Loans Retail Southeast

Medalist Capital Arranges Acquisition Loan for Atlanta Shopping Center

by John Nelson January 19, 2015

ATLANTA — Medalist Capital has arranged acquisition financing for the purchase of Abernathy Square, a 128,000-square-foot, Publix-anchored shopping center in Atlanta. Bryan Brooks of Medalist Capital’s Charlotte office arranged the non-recourse, fixed-rate loan through an unnamed life company lender on behalf of the borrower, Charlotte-based Ferncroft Capital.

January 19, 2015

Georgia Market Reports Retail Southeast Southeast Market Reports

New Year Promises Expanding Retailers, Improving Fundamentals in Atlanta

by John Nelson January 19, 2015

The overall snapshot is that Atlanta’s economy is on a growth tract in terms of employment and corporate growth, and has definitely rebounded from the recession and its previous overbuilding. Economic growth and the current lack of speculative development are driving the improvement in the retail market. Rental rates, occupancy levels, absorption, leasing momentum and pricing are increasing. In addition, new retailers are entering or looking to enter the market. However, the retail market’s improvement varies across the metro region. Vacancy and Rental Rates Due to positive absorption and leasing momentum in both vacant and sublease space, the overall occupancy rate and average rental rate for Atlanta’s retail inventory have been increasing. According to CoStar’s third quarter retail market update, the overall vacancy rate is now down to 8.8 percent and the average rental rate is $12.78 per square foot. However, when you break it down by submarket and property types, rental rate and occupancy gains vary significantly. Quality shopping centers in strong submarkets and locations have experienced very strong gains, yet Class B and C centers and those located in certain submarkets are still lagging the overall market. The Buckhead, Central Atlanta, Central Perimeter and Georgia 400 submarkets are …

January 19, 2015

New York Northeast Retail

Savanna Purchases 24,682 SF Retail Property in NYC’s Meatpacking District

by Amy Works January 19, 2015

NEW YORK CITY — Savanna has acquired a newly built retail property located at 461 West 14th St. in New York City’s Meatpacking District. Brandon Miller and Michael Miller of Real Estate Equities Corp. and Alfieri Development sold the 24,682-square-foot property, which is located under the High Line, for an undisclosed price. The property features 15-foot ceilings, all-glass storefronts and LED paneling atop the glass. Additionally, the floor plates can be configured into one or two large retail spaces or several smaller spaces, with 10,000 square feet on the corner of Tenth Avenue and 14th Street, and 6,000 square feet on the corner of Tenth Avenue and 15th Street. Savanna has engaged JLL to market the property. Neil Helman, Vincent Carrega, Jon Epstein and Charles Kingsley of Avison Young represented the seller, a single-purpose entity controlled by investor/developer Real Estate Equities Corp.

January 19, 2015

California Retail Western

McFadden Center in Santa Ana Sells for $30.7M

by Nellie Day January 16, 2015

SANTA ANA, CALIF. — Newport Asset Management Group has purchased McFadden Center, a 184,737-square-foot retail and office complex in Santa Ana, for $30.7 million. The center is located at 1714 East McFadden Ave. The center features 11 buildings occupied by 57 tenants. The buildings include two retail pads, one retail-in-line building with 18 suites and eight business park buildings with a total of 79 suites. McFadden Center is currently 98 percent occupied. Newport plans to renovate the center as part of its long-term hold strategy. The firm was represented by Ryan Swanson and Kurt Bruggeman of Lee & Associates Irvine. “McFadden Center was an attractive purchase because it offers excellent cash flow and diversified income stream from industrial, office and retail tenants alike in a central OC location,” Swanson says. The seller, Olen Properties, was represented by HFF’s Mike McCann, Ryan Gallagher and Dan Curtis.

January 16, 2015

New Jersey Northeast Retail Texas

Simon Purchases The Mills at Jersey Gardens and University Park Village in Fort Worth

by Amy Works January 16, 2015

ELIZABETH, N.J., AND FORT WORTH, TEXAS — Simon has closed on its acquisition of two retail centers in New Jersey and Fort Worth, Texas, for an aggregate purchase price of $1.09 billion, including the assumption of existing mortgage debt. The two properties were acquired in connection with the closing of Washington Prime Group’s acquisition of Glimcher Realty Trust. Located in Elizabeth, Jersey Gardens, which has been renamed The Mills at Jersey Gardens, features a variety of tenants, including Bed, Bath & Beyond; Century 21; Coach Factory; Forever XX1; Lord & Taylor Outlet; Michael Kors; Neiman Marcus Last Call; Nike Factory Store; Saks Fifth Avenue Off 5th; and AMC Theatres. University Park Village in Fort Worth is tenanted by Ann Taylor, Anthropologie, Apple, Athleta, Banana Republic, Chico’s, Free People, J. Crew, Lululemon Athletica, Madewell, Michael Kors, Pottery Barn, Talbots, Vera Bradley, White House | Black Market, and Williams-Sonoma.

January 16, 2015

California Retail Western

Shops at Camarillo Town Center Sells for $4.4M

by Nellie Day January 15, 2015

CAMARILLO, CALIF. – The Shops at Camarillo Town Center, an 8,000-square-foot retail center in Camarillo, has sold to YS Properties for $4.4 million. The center is located at 415 W. Ventura Blvd. It is fully occupied by Subway, T-Mobile, Lindora Weight Loss Center and Eyeglass Factory. The Shops is part of the larger Camarillo Town Center. This 457,128-square-foot power center is anchored by Home Depot, Target, BevMo, Ross and Walmart Neighborhood Market. YS Properties was represented by Connie Kim of Coldwell Banker Wilshire. The seller, a private Orange County investor, was represented by Chris DePierro and Jeff Conover of Faris Lee.

January 15, 2015

Retail Texas

M&M Arranges Sale of 9,000 SF Retail Property in Metro Dallas

by Haisten Willis January 15, 2015

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of a Walmart shadow-anchored retail center, a 9,000-square foot property located in Arlington. Jason Vitorino and Jared Aubrey of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino and Aubrey also procured the buyer, a limited liability company. Farhan Kabani of Mark One Capital’s Dallas office arranged the acquisition financing. The property is located at 1140 Bardin Road, less than one mile south of I-20. Built in 2004, the asset is situated in a major retail corridor. Surrounding retailers include Walmart, Home Depot, Lowe’s Home Improvement, Burlington Coat Factory, Hobby Lobby, Ross Dress for Less, Dollar Tree, Fry’s, Michaels, Best Buy and Party City. The property was 100 percent occupied at the time of listing.

January 15, 2015

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