Retail

CVS-ANCHORED CENTER IN COVENTRY, R.I. SELLS FOR $11.6M

by admin September 25, 2013

COVENTRY, R.I. — Cole Capital Advisors Inc. has acquired Coventry Crossing, a 20,752-square-foot shopping center in Coventry, located about 20 miles south of Providence, for $11.6 million. The sales price equates to $559 per square foot. CVS/pharmacy anchors the property and has 19 years remaining on its lease. Built in 2008 on 5.6 acres, the center is located at the intersection of Arnold Road and the New London Turnpike at 2250 New London Turnpike. Coventry Crossing features three freestanding buildings. CVS and Webster Bank occupy one building each and Dunkin’ Donuts and Radio Shack occupy the third building. CVS and Webster Bank make up 77 percent of the center’s gross leasable area and generate 73 percent of its income. Robert Horvath, Todd Tremblay and Margaret Huelskamp of Marcus & Millichap represented the seller, Coventry Crossing LLC. Horvath and Tremblay also represented Cole Capital Advisors in the transaction.

September 25, 2013

HARLEY-DAVIDSON OF BOSTON PURCHASES TWO BUILDING RETAIL PLAZA

by admin September 25, 2013

REVERE, MASS. — Dealership Boston Harley-Davidson has acquired the 120,000-square-foot former Johnnies Foodmaster retail plaza in Revere, a northern suburb of Boston. The two-building complex will feature Harley-Davidson’s new showroom and state-of-the-art service center. Steve Woodworth and Bob Borgman of Wyman Street Advisors represented Boston Harley-Davidson in the transaction. Scott Dragos of NAI Hunneman Commercial represented the seller.

September 25, 2013

Retail Texas

HFF BROKERS SALE OF 194,736 SF HOUSTON-AREA SHOPPING CENTER

by admin September 25, 2013

LEAGUE CITY, TEXAS — HFF has brokered the sale of League City Towne Center, a 194,736-square-foot shopping center in League City, a suburb of Houston approximately 25 miles southeast of downtown. The property was fully leased at the time of sale to tenants including Ross Dress for Less, TJ Maxx and PetSmart. Completed in 2008, the center is located at the intersection of Interstate 45 and FM 646. Ryan West and Rusty Tamlyn led the HFF team that represented the seller, Property Commerce. Excel Trust Inc. (NYSE: EXL), a REIT primarily targeting retail assets, purchased League City Towne Center for an undisclosed amount.

September 25, 2013

Midwest Retail

PREI FULLY LEASES 341,114 SF FACILITY IN SUBURBAN CHICAGO

by admin September 24, 2013

BEDFORD PARK, ILL. — Principal Real Estate Investors (PREI) has fully leased its 341,114-square-foot, multi-tenant industrial building in Bedford Park, a southwest suburb of Chicago, in two transactions. FAMSA Inc. signed a new lease for 65,347 square feet. Leggett & Platt Fashion Bed, which moved into the building in August 2012, will expand its current space in the facility by 21,363 square feet for a total of 275,767 square feet. Larry Much and Steve Connolly of NAI Hiffman’s industrial services group, represented PREI in the two transactions. Bobby Mendoza of LRS Real Estate and Jeff Malk of Aleran Real Estate represented FAMSA Inc. Eileen Curry of CIBCO Realty represented Leggett & Platt.

September 24, 2013

Retail Texas

Q10 KDH ARRANGES $24M IN REFINANCING FOR 365,308 SF RETAIL PORTFOLIO

by admin September 24, 2013

HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (KDH) has secured nearly $24 million in refinancing for a five-property, 365,308-square-foot retail portfolio located in Houston and Cincinnati. The Texas properties included are Nottingham Plaza, Town & Country Center and Baybrook Center. The loan includes a term of 10 years and a fixed rate below 3 percent. ING Investment Management is the lender, and Matt Franke and Ray Driver of KDH negotiated the terms. Smithco Development sponsored the borrower.

September 24, 2013

Retail Western

LOS ANGELES RETAIL PROPERTY SELLS FOR $6.2M

by admin September 23, 2013

LOS ANGELES – A six-tenant retail property in Los Angeles has sold to Ness Holdings, Inc. for $6.2 million. The property is located at 7601-7615 Beverly Blvd. It is situated across from the Grove, Pan Pacific Park, and the Broadcast Center Apartments. Ness plans to reposition the month-to-month leases. It will also renovate the property.

September 23, 2013

Retail Southeast

CHARLOTTE PREMIUM OUTLETS BREAKS GROUND

by admin September 23, 2013

CHARLOTTE, N.C. — Simon Property Group Inc. and Tanger Factory Outlet Centers Inc. have teamed up to break ground on Charlotte Premium Outlets, an upscale, 400,000-square-foot outlet mall in Charlotte. The new property will be located eight miles southwest of uptown Charlotte at the interchange of Interstate 485 and Steele Creek Road. The new outlet mall is expected to employ about 900 full- and part-time employees and add more than 400 local construction jobs during development. More than 90 brands are expected to have a presence at the new development, including Saks Fifth Avenue OFF 5th. The project is a 50/50 joint venture between Simon and Tanger. Simon is providing management services and marketing for the mall, and Tanger is providing site development and construction supervision.

September 23, 2013

Retail Southeast

HICONE SHOPPING CENTER IN GREENSBORO, N.C. SELLS FOR $7.2M

by admin September 23, 2013

GREENSBORO, N.C. — Owings Mills, Md.-based Black Oak Associates has purchased Hicone Shopping Center, a 90,000-square-foot, grocery-anchored center in Greensboro for $7.2 million. Food Lion and CVS/pharmacy anchor the development, which is located at the intersection of Hicone and Rankin Mill roads, near downtown Greensboro. The property is about 85 percent occupied and includes pad acreage sites for future development. Nancy Cox of NAI Piedmont Triad is the leasing agent for the shopping center. Ed Laycox of West, Lane & Schlanger represented the seller, Hicone Properties LLC, in the transaction. John Hancock Life Insurance Co. provided acquisition financing for the transaction.

September 23, 2013

Midwest Retail

OFFICEMAX SIGNS 16,474 SF LEASE IN SUBURBAN DETROIT

by admin September 23, 2013

MACOMB TOWNSHIP, MICH. — OfficeMax has signed a 16,474-square-foot lease at Romeo Commons in Macomb Township, located about 35 miles north of Detroit. The new store is slated to open by the end of this year. Romeo Commons is located at 7601 Hall Road. Brad Rosenberg and C.C. Roberts of Mid-America Real Estate-Michigan, Inc. represented the landlord, Romeo Plank 59 LLC, in the transaction. Greg Mallory of Landmark Commercial Real Estate represented OfficeMax.

September 23, 2013

Northeast Retail

AGREE REALTY BUYS 112,230 SF RETAIL BUILDING FOR $10.6M

by admin September 23, 2013

ALLENTOWN, PA. — Agree Realty Corp. has acquired an 112,230-square-foot retail property located on Airport Road South in Allentown for $10.6 million. BJ's Wholesale Club has occupied the location for more than 20 years. In 2001, the membership warehouse retail store added a gas station to the property. With this acquisition, Agree Realty has acquired approximately $70 million in retail properties this year.

September 23, 2013

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