Retail

NORTHMARQ ARRANGES $3M LOAN FOR SINGLE-TENANT PROPERTY

by admin October 2, 2013

NEW YORK CITY — NorthMarq Capital has arranged $3 million in refinancing for 802 Manhattan Ave., a 10,000-square-foot retail building in the Greenpoint neighborhood of Brooklyn. Associated Foods fully leases the property. Financing was based on a five-year term with one seven-year renewal option and a 12-year amortization schedule. A life insurance company provided the loan. Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, arranged the financing.

October 2, 2013

NORTHMARQ SECURES $13.9M IN REFINANCING FOR PLANO SHOPPING CENTER

by admin October 2, 2013

PLANO, TEXAS — NorthMarq has arranged a $13.9 million refinancing loan for Preston Creek Shopping Center, a 79,770-square-foot neighborhood retail center in Plano. The property comprises six buildings located at 8300-8412 Preston Road. Current tenants include Pei Wei Asian Diner, Mi Chula’s Good Mexican and Ultimate Pilates. NorthMarq arranged the non-recourse, fixed-rate loan through a CMBS lender.

October 2, 2013

Retail Texas

MANSOUR GROUP BROKERS SALE OF 14,261 SF NET-LEASED RETAIL PROPERTY

by admin October 2, 2013

LOWRY CROSSING, TEXAS — The Mansour Group of Marcus & Millichap has brokered the sale of Spec’s Wine Spirits and Distribution Center, a 14,261-square-foot net-leased property in Lowry Crossing, approximately 35 miles northeast of Dallas. The building is one of more than 190 Texas locations of Spec’s Family Partners, which was founded in 1962 and ranked as the fifth largest wine retailer in the U.S. in 2010. Alvin Mansour of The Mansour Group represented the seller, a developer. A California investor purchased the property as part of a 1031 tax-deferred exchange.

October 2, 2013

Midwest Retail

BOULDER GROUP ARRANGES $6.9M SALE OF CHICAGO PROPERTY

by admin October 1, 2013

CHICAGO — The Boulder Group has arranged the $6.9 million sale of a net-leased Bank of America property at 2163 N. Clybourn Ave. in the Lincoln Park neighborhood of Chicago. Bank of America is the sole occupant of the 9,471-square-foot retail building, which was developed in 2004. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The seller was a high net-worth individual based in the Midwest. The buyer was a Miami-based private individual. Bank of America had 12 years remaining on its lease at the time of sale. The property features a 24-car parking lot.

October 1, 2013

Northeast Retail

MERIDIAN ARRANGES $45M CONSTRUCTION LOAN FOR NYC PROPERTY

by admin October 1, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged $45 million in construction financing for the development of a 133,000-square-foot retail property in Brooklyn. The three-year construction loan features interest-only payments and a LIBOR-based floating rate. Located at 240-242 Bedford Ave. in the Williamsburg neighborhood, the property spans the entire block of North 4th Street from Bedford Avenue to Berry Street and will be home to a Whole Foods Market. Aaron Birnbaum, executive vice president, and Tal Savariego, vice president at Meridian Capital Group’s New York City headquarters, arranged the financing. Construction of the retail property is slated for a mid-2014 completion.

October 1, 2013

Retail Texas

UCR BROKERS SALE OF 216,368 SF SHOPPING CENTER IN ARLINGTON

by admin October 1, 2013

ARLINGTON, TEXAS — United Commercial Realty (UCR) has brokered the sale of Plaza at the Parks, a 216,368-square-foot retail asset in Arlington. The shopping center was 85 percent leased at the time of sale to tenants including Michaels, Sam Moon, Chair King and Sun & Ski Sports. Adam Howells, Tommy Tucker, Kevin Catalani, Jessica Donnelli and Tim Axilrod of UCR represented the seller, the Dallas-based commercial real estate developer Hunt Properties. Regional Management Co. purchased the property, which is located in close proximity to the 1.5 million-square-foot Parks at Arlington mall.

October 1, 2013

Retail Texas

BOULDER GROUP BROKERS $5.2M SALE OF HOUSTON WALGREENS

by admin October 1, 2013

HOUSTON — The Boulder Group has brokered the sale of a single-tenant net-leased retail property occupied by Walgreens at 9350 Highway 6 South in Houston for approximately $5.2 million. Completed in 2001, the building totals 15,020 square feet and is situated in close proximity to Home Depot and LA Fitness. More than 17 years remain on Walgreens’ lease of the space. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest investor, in the transaction. A high-net worth individual based in Texas purchased the property.

October 1, 2013

Retail Western

BOTTEGA LOUIE EXPANDS IN DOWNTOWN LA

by admin September 30, 2013

LOS ANGELES — Bottega Louie has signed a new 15-year lease in Downtown Los Angeles that will allow the gourmet restaurant, market and patisserie to expand its operations. The restaurant’s new location is 617 West 7th Street. The new space will accommodate a pastry kitchen, test kitchen and chocolate confectionary kitchen, as well as training facilities, conference rooms, design studios and corporate offices. Bottega Louie was represented by Adam Tischer of Colliers International. The landlord, The Swig Company, was represented by CBRE’s John Zanetos, Mark O’Brien and Christopher Penrose, Jr.

September 30, 2013

Retail Southeast

MARCUS & MILLICHAP ARRANGES $2.4M SALE OF VERIZON WIRELESS STORE

by admin September 30, 2013

ESTERO, FLA. — Marcus & Millichap has brokered the $2.4 million sale of a 4,500 square-foot Verizon Wireless store located at 23200 Via Villagio in Estero. Preet Sabharwal and Britt Raymond of Marcus & Millichap’s Manhattan office represented the seller, a developer. Gabriel Britti and Ronnie Issenberg of Marcus & Millichap’s Miami office secured and represented the buyer, a limited liability company. Kirk Felici of Marcus & Millichap’s Miami office assisted in closing the transaction.

September 30, 2013

Retail Southeast

QUANTUM ARRANGES SALE OF ADVANCE AUTO PARTS STORE IN N.C.

by admin September 30, 2013

SPOUT SPRINGS, N.C. — Quantum Real Estate Advisors has brokered the sale of a 6,895-square-foot Advance Auto Parts store located in Spout Springs. The store is a build-to-suit for Advance Auto Parts, which has 15 years remaining of its initial lease term at the time of sale. Jordan Kaufman of Quantum Real Estate Advisors represented the seller, a North Carolina-based developer, in the transaction. The buyer is based in South Carolina and purchased the facility in an all-cash transaction.

September 30, 2013

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