Retail

Marcus & Millichap Arranges Sale of Net-Leased Retail Property in Connecticut

by Amy Works November 4, 2014

EAST HARTFORD, CONN. — Marcus & Millichap has brokered the sale of a net-leased retail property located at 18 Main St. in East Hartford. Built in 2008, the property, which is occupied by a Wells Fargo bank branch, sold for $4.63 million at a 4.75 percent cap rate. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a Connecticut-based developer. Steven Siegel of Marcus & Millichap represented the buyer, a New York City private investor in a 1031 exchange, in the transaction.

November 4, 2014

California Retail Western

Kelly-Moore Paints Property in Hayward Sells for $2.2M

by Nellie Day November 4, 2014

HAYWARD, CALIF. – A 10,000-square-foot retail property in Hayward that is net leased to Kelly-Moore Paints has sold to a private investor for $2.2 million. The property is located at 28722-28724 Mission Blvd. The paint retailer subleases a small portion of the building to a local flooring retailer. The building was constructed in 1970. Kelly-Moore has occupied this space for about 44 years. In 2006, it signed a new lease for an additional 15-year term. The seller, a private investor, was represented by Bryan Webb and Bill Allen of Marcus & Millichap.

November 4, 2014

Midwest Mixed-Use Ohio Retail

Edge Real Estate Group Arranges Two Retail Leases at Oakley Station in Cincinnati

by Danielle Everson November 4, 2014

CINCINNATI — Edge Real Estate Group has arranged two retail leases at Oakley Station in Cincinnati. Bar Louie has signed a lease for 6,300 square feet of space and Pet Supplies Plus has signed a lease for 9,750 square feet of space. Bar Louie will be located on Vandercar Way at Factory Colony Way, and Pet Supplies Plus will be located adjacent to Kroger Marketplace. Michael Halonen and Melissa Ruther of Edge represented the landlord, USS Realty, in both lease transactions. Oakley Station is a 74-acre, mixed-use development. Cincinnati Milacron, a manufacturing complex, formerly occupied the center.

November 4, 2014

North Carolina Retail Southeast

Ziff Properties Sells North Carolina Shopping Center for $14.5M

by John Nelson November 4, 2014

SOUTHERN SHORES, N.C. — Ziff Properties Inc. has sold The Marketplace at Southern Shores, a 128,376-square-foot, Food Lion-anchored shopping center in Southern Shores. Aston Properties purchased the asset from Ziff Properties for $14.5 million. Berkeley Capital Advisors represented Ziff Properties in the transaction.

November 4, 2014

Mississippi Retail Southeast

UCR Investments Buys Shopping Center in Mississippi

by John Nelson November 4, 2014

VICKSBURG, MISS. — UCR Investments has purchased Pemberton Plaza, a 27,000-square-foot shopping center in Vicksburg, roughly 45 miles west of Jackson. Pemberton Plaza’s tenant roster includes T.J. Maxx, Newks Eatery, Bestway Rent to Own and Anytime Fitness. The shopping center was 94 percent leased at the time of sale. UCR Investments purchased the asset from CBL & Associates Properties Inc. for an undisclosed amount. Micah McCullough and Brett Bailey of Jackson-based UCR Properties, an affiliate of UCR Investments, represented the buyer in the transaction. Jim Morris of CBRE’s Nashville office represented the seller.

November 4, 2014

California Retail Western Western Market Reports

OC Digging Out Of Doldrums With Major New Retail, Mixed-Use Developments

by Nellie Day November 4, 2014

With the scarcity of vacant land in Orange County and the need for antiquated properties to be updated, the trend seems to be redevelopment with an eye on mixed-use retail, including a multi-story residential component. There are currently several new development projects either in the planning or construction phase. Los Olivos Marketplace – Irvine The Irvine Company plans to build Los Olivos Marketplace, a new 120,000-square-foot retail center across from its Los Olivos Apartment Community on Irvine Center Drive near the 405 Freeway in Irvine. This development would be situated adjacent to its existing 62,000-square-foot retail center, and just minutes from the firm’s Irvine Spectrum Cente. Whole Foods Market has already signed a lease for 40,000 square feet at the center. It plans to open in spring 2016. The Source – Buena Park On a more international scale, M+D Properties is building a 400,000-square-foot, mixed-use center known as The Source in Buena Park. It would include world-class, high-end retailers and restaurants, a 150-room Hyatt Place, a seven-story office building, a 1,200-seat movie theater, and a 54,000-square-foot performing arts center called YG Land, from South Korea-based entertainment company YG Entertainment. The project is expected to be complete early next year. Pacific …

November 4, 2014

Retail Top Stories

Retail REIT Acquisition: EDENS to Buy AmREIT in $763M Deal

by John Nelson November 3, 2014

COLUMBIA, S.C. AND HOUSTON — AmREIT Inc. (NYSE: AMRE), a retail and mixed-use REIT based in Houston, has entered into a definitive agreement with Edens Investment Trust (EDENS) under which EDENS will acquire all outstanding shares of common stock of AmREIT for $26.55 per share in an all-cash transaction valued at approximately $763 million. AmREIT’s board of directors has unanimously approved the transaction. EDENS is a national retail real estate owner and developer with a 48-year track record. The Columbia-based company owns a $4.2 billion portfolio of urban retail centers. “This opportunity is an important step in our strategic plan to complement, enhance and expand our platform and existing portfolio of leading urban retail centers,” says Terry Brown, chairman and CEO of EDENS. Completion of the transaction, which is currently expected to occur in the first quarter of 2015, is contingent upon the approval of AmREIT’s stockholders, who will vote on the transaction at a special meeting on a date to be announced. “This is an outstanding outcome for our stockholders, who will receive in cash a premium value for their shares reflecting the irreplaceable characteristics of our portfolio of properties,” says Kerr Taylor, chairman and CEO of AmREIT. Jefferies …

November 3, 2014

Retail Texas

CBRE Arranges Sale of Retail Center in Metro Dallas

by Haisten Willis November 3, 2014

PLANO, TEXAS — CBRE Capital Markets’ has arranged the sale of Towne Square Shopping Center in Plano. Dallas-based Norman J. Hoppenstein purchased the retail center from an undisclosed seller. Towne Square is a 151,982-square-foot center that is 53 percent occupied. Tenants include Dollar General, Rent-A-Center, Inwood National Bank and Shipley Do-Nuts. The four-building asset sits at the corner of Parker Road and Alma Drive. Jennifer Pierson, Beth Pierson and Cameron Deptula of CBRE’s Dallas office represented the seller.

November 3, 2014

Retail Texas

M&M Arranges Sale of Net Leased Property in Metro Houston

by Haisten Willis November 3, 2014

CYPRESS, TEXAS — Marcus & Millichap has arranged the sale of Northlake Forest Shopping Center, a 20,340-square-foot retail property in Cypress. Watt Harrison and James H. Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Bell and Harrison also secured the buyer, a private investor. Northlake Forest Shopping Center is located at 15210 Spring Cypress Road.

November 3, 2014

Michigan Midwest Retail

Devonshire REIT Acquires Three Shopping Centers for $69.7M

by Danielle Everson November 3, 2014

KALAMAZOO AND GRAND RAPIDS, MICH. — Devonshire REIT Inc. has acquired three shopping centers at a total cost of $69.7M. The properties include Maple Hill Mall in Kalamazoo and Alpine Summit Shopping Center in Grand Rapids; and Northwest Crossings Shopping Center in Knoxville, Tenn. Maple Hill Mall is a 283,551-square-foot, open air power center. Target shadow anchors the shopping center. The property is fully occupied by several national tenants. Marshalls, HomeGoods and ABC Warehouse anchor the 136,942-square-foot Alpine Summit Shopping Center in Grand Rapids, which is 95 percent occupied. A separately owned Wal-Mart Supercenter anchors the 124,453-square-foot Northwest Crossings Shopping Center in Knoxville, which is fully occupied. The acquisition pushes Devonshire’s total assets under management to more than $370 million.

November 3, 2014

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