Retail

RXR Recapitalizes 500,000 SF Office, Retail Building in Manhattan

by Taylor Williams October 22, 2024

NEW YORK CITY — RXR has recapitalized 620 Avenue of the Americas, a 500,000-square-foot office and retail building in Manhattan’s Chelsea neighborhood, via a new partnership with global investment management firm Hudson Bay Capital Management. The building, which was originally constructed in 1896, is home to tenants such as footwear provider Cole Haan and labor union SEIU Local 32BJ. The partnership has also secured a five-year, $320 million loan facility to fund the repositioning of the property. Additional terms of the transaction were not disclosed.

October 22, 2024

California Loans Office Retail Western

PSRS Secures Refinancing for Two Adjacent Office and Retail Properties in Danville, California

by Amy Works October 22, 2024

DANVILLE, CALIF. — PSRS has arranged $14 million and $4.5 million in refinancing for two adjacent properties at Danville Livery in Danville. The properties offer more than 123,000 square feet of retail and office space. The retail and service-oriented office space offers a mix of tenants, including eateries, home goods, salons, real estate offices and title services. James Mulvihill and Kevin Mulvihill of PSRS secured the undisclosed borrower with a separate loan for each property, both of which are underwritten with interest-only payments. The non-recourse loans were provided by correspondent life insurance companies.

October 22, 2024

Acquisitions Colorado Retail Western

Pinnacle Real Estate Negotiates Sale of 19,622 SF Shopping Center in Thornton, Colorado

by Amy Works October 22, 2024

THORNTON, COLO. — Pinnacle Real Estate Advisors has directed the sale of Shops at Highpointe Park in Thornton. A Colorado-based private investor sold the asset to a Pennsylvania-based institutional investor for $6.3 million. Located at 9740 and 9760 Grant St., Shops at Highpointe Park consists of two adjacent retail strip centers built in 2008 and totaling 19,622 square feet. Justin Krieger represented the seller and procured the buyer in the deal.

October 22, 2024

Healthcare Loans New Jersey Northeast Retail

G.S. Wilcox Arranges $26.2M Loan for Refinancing of Northern New Jersey Retail, Healthcare Property

by Taylor Williams October 22, 2024

HOBOKEN, N.J. — Locally based intermediary G.S. Wilcox & Co. has arranged a $5.4 million loan for the refinancing of a 48,268-square-foot retail and healthcare property in the Northern New Jersey community of Hoboken. The property was fully leased at the time of the loan closing to a pharmacy, bank and a primary care provider. David Fryer of G.S. Wilcox arranged the loan, which carried a seven-year term with full-term interest-only payments, through an undisclosed life insurance company. The name of the borrower was also not disclosed.

October 22, 2024

Features Heartland Feature Archive Retail

Brokers Await Uptick in Net Lease Retail Sales

by Kristin Harlow October 22, 2024

Amid a slump in investment sales volume, investors eagerly welcomed the Federal Reserve’s interest rate cut in September. The half-percentage point decrease was more than what many in the industry had anticipated, but Fed Chairman Jerome Powell recently indicated that additional rate cuts this year will likely not be as aggressive. The move by the Fed came after a spike in the federal funds rate from near zero in March 2022 to a range of 5.25 to 5.5 percent in July 2023 — a period during which the central bank raised the federal funds rate 11 times. Ultimately, the higher interest rate environment has led to a major slowdown in the sales volume of net lease properties this year, says Randy Blankstein, president of The Boulder Group based in Wilmette, Illinois. “Transaction volume is down approximately 60 percent from 2022 levels,” he says. In a net lease transaction, the tenant pays a portion or all of the taxes, insurance fees and maintenance costs for a property in addition to rent. For the 12-month period that ended in June, net lease investment volume across property types decreased by 34 percent from the same period a year ago to $35.4 billion, according …

October 22, 2024

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Game Show Challenge to Open 3,889 SF Entertainment Venue at Lee + White in Atlanta

by John Nelson October 21, 2024

ATLANTA — Entertainment retail concept The Game Show Challenge has signed a 3,889-square-foot lease at Lee + White, an adaptive reuse development located in the West End of Atlanta. Kelly Wilson of Ackerman Retail arranged the lease on behalf of the developers, Ackerman & Co. and MDH Partners. Located in Building 1000, the space will feature two studios with interactive games. The venue is scheduled to open later this year and marks the third location for The Game Show Challenge, which also operates outposts in Columbia and Greenville, S.C. Ackerman & Co. and MDH Partners acquired the Lee + White mixed-use property, which totals 442,562 square feet, in 2019. The latest phase of development includes a food hall, creative office space, retail space and a “Great Lawn” with gathering and event space.

October 21, 2024

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges Loan for Refinancing of Hoboken Retail Property

by Taylor Williams October 21, 2024

HOBOKEN, N.J. — Locally based intermediary Cronheim Mortgage has arranged a $1.6 million loan for the refinancing of 40 Hudson Place. The property, the square footage of which was not disclosed, was originally constructed in 1935 and was fully leased at the time of the loan closing to two tenants: Dunkin’ and Pump Pilates. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the loan, which carried both a term and an amortization schedule of 25 years, through an undisclosed, Oregon-based life insurance company. The name of the borrower was also not disclosed.

October 21, 2024

Development Illinois Midwest Retail

Geis Begins Development of 65,720 SF Service, Sales Facility for Rush Truck Centers in Huntley, Illinois

by Kristin Harlow October 21, 2024

HUNTLEY, ILL. — Geis Cos. has begun development of a 65,720-square-foot service and sales facility for Rush Truck Centers in the Chicago suburb of Huntley. The development marks the 15th Rush Truck Centers project for Geis. Rush purchased 12 acres next to its existing facility for the new project. Geis will demolish an existing 32,000-square-foot building on the property. Completion is slated for the first quarter of 2026, and the project will be done in three phases.

October 21, 2024

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Arranges Sale of Sentry Foods-Occupied Retail Property in Milwaukee

by Kristin Harlow October 21, 2024

MILWAUKEE — Marcus & Millichap has arranged the sale of a 25,154-square-foot retail property occupied by grocer Sentry Foods in Milwaukee for an undisclosed price. The asset was built in 1960, and Sentry has occupied the space since 2008. There are 4.5 years remaining on the lease. Ben Kohl and Mitchell Kiven of Marcus & Millichap represented the seller, a local family. The property sold at 95 percent of the list price and a cap rate of 7.94 percent. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.

October 21, 2024

Acquisitions Illinois Midwest Retail

Quantum Brokers $1.4M Sale of Retail Building in Pontiac, Illinois

by Kristin Harlow October 21, 2024

PONTIAC, ILL. — Quantum Real Estate Advisors Inc. has brokered the $1.4 million sale of a 5,246-square-foot retail building in Pontiac, about 100 miles southwest of Chicago. The fully leased property is home to Jimmy John’s, T-Mobile, SmokeZone and Great Clips. Dan Waszak, Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller, a Midwest-based developer, which constructed the building in 2019. The asset sold to a Southeast-based investor completing a 1031 exchange.

October 21, 2024

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