Retail

MMCC ARRANGES $1.4M LOAN FOR SINGLE-TENANT PROPERTY

by admin August 19, 2013

CORTLAND, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $1.4 million loan for the refinancing of a single-tenant building in Cortland, located about 34 miles south of Syracuse. Christopher Marks, associate director, and Kyle Young, associate, in the firm’s Manhattan office, arranged the financing. The 10-year loan includes a fixed-interest rate of 4.25 percent and a 20-year amortization schedule. Kentucky Fried Chicken occupies the building, which is located at 3890 State Route 281.

August 19, 2013

M&M BROKERS $18.1M SALE OF SOUTH BEACH RETAIL PORTFOLIO

by admin August 16, 2013

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $18.1 million sale of a seven-property retail portfolio in Miami Beach's South Beach neighborhood. The portfolio totals 43,000 square feet and includes six properties on the Alton Road corridor and one property at Collins Avenue and 73rd Street. The tenants include Panera Bread, Papa John's Pizza, Alex Linens, Beach Food Market, Lambs Laundry, Nu Art Signs and Provecho Bistro Latino. Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented the seller, Twin City Realty LLC, and the buyer, a local family trust, in the transaction.

August 16, 2013

Retail Southeast

BLANCHARD & CALHOUN BROKERS $9M SALE OF PUBLIX-ANCHORED SHOPPING CENTER

by admin August 16, 2013

LITHIA SPRINGS, GA. — Blanchard & Calhoun Commercial, a real estate development and brokerage firm based in Augusta, Ga., has arranged the sale of Paradise Crossing, a 67,470-square-foot shopping center in Lithia Springs, located about 17 miles west of Atlanta, for $9 million. The property is situated at the intersection of Lee and Fairburn roads (Highway 92). Publix anchors the center, which is 95 percent leased to a mix of local, regional and national tenants. Ryan McArdle, Steve Collins and David Rivers of Blanchard & Calhoun Commercial represented the buyer, a public non-traded REIT, in the transaction. The retail REIT purchased the center from The Simpson Organization.

August 16, 2013

Retail Southeast

BOULDER GROUP ARRANGES $2.7M SALE OF CVS/PHARMACY IN ORLANDO

by admin August 16, 2013

ORLANDO, FLA. — The Boulder Group, a net leased investment brokerage firm based in suburban Chicago, has arranged the sale of a single-tenant CVS/pharmacy, located at 1201 E. Colonial Drive in Orlando, for approximately $2.7 million. CVS/pharmacy is the sole tenant of the 10,767-square-foot property. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a private individual based on the East Coast, and the seller, a private individual based in the Midwest.

August 16, 2013

Restaurant Texas

YUCATAN TACO STAND TO OPEN SECOND HOUSTON LOCATION

by admin August 16, 2013

HOUSTON — A second Houston location of the Yucatan Taco Stand and Tequila Bar has been confirmed for 1001 Studewood Street No. 1 in Houston. The company has signed a retail restaurant property lease for a total of 4,900 square feet, of which Yucatan will occupy 3,200 square feet. The operator will use the remaining space for a concept yet to be named. Christopher Dray of Moody Rambin represented the landlord, The Omaha & South Texas Land Company LLC. Mark Raines of CBRE represented the tenant.

August 16, 2013

Retail Western

REDMOND TOWN CENTER CHANGES HANDS

by admin August 15, 2013

REDMOND, WASH. – Redmond Town Center, a 695,000-square-foot, mixed-use urban shopping center, has sold to a fund managed by DRA Advisors LLC and JSH Properties for an undisclosed sum. It is located at 7525 166th Ave NE in Redmond. The open-air center is set to undergo a series of upgrades to make it more pedestrian-friendly. Notable tenants at the center include Ann Taylor, REI, Bed Bath & Beyond, Macy’s, Chico’s, The Gap, The MAC Store, Victoria Secret and Cost Plus World Market. Charming Charlies, 24 Hour Fitness and Jersey Mikes are set to open at the center this fall.

August 15, 2013

Retail Western

WHOLE FOODS TO OPEN FLAGSHIP LOCATION IN DOWNTOWN LOS ANGELES

by admin August 15, 2013

LOS ANGELES — Whole Foods Market has announced plans to open a 42,000-square-foot flagship location on the ground floor of a new 700-unit apartment complex in Downtown Los Angeles. The complex will be located at 770 S. Grand Ave. It is being developed by Carmel Partners (Carmel Partners Investment Fund IV) and is expected to open in 2015.

August 15, 2013

Retail Southeast

CALKAIN COS. CLOSES $63M SALE OF 40 FLORIDA RETAIL PROPERTIES

by admin August 15, 2013

TAMPA AND FORT LAUDERDALE, FLA. — The Tampa and Fort Lauderdale offices of Calkain Cos., a net lease investment brokerage firm, have closed the sale of 40 net-leased properties in Florida for an aggregate sales price of $63 million. The transactions include the sale of 19 Circle Ks for $24 million, nine Applebees restaurants for $23 million, nine Fred's Super Dollar properties for $14 million and three Krystal restaurants for $2.2 million. The brokers from Calkain Cos. involved in the four transactions include Patrick Nutt, Michael Zimmerman, David Sobelman and Emily Cusmano.

August 15, 2013

Midwest Retail

DDR, BLACKSTONE BUY SEVEN SHOPPING CENTERS FOR $332M

by admin August 15, 2013

BEACHWOOD, OHIO — A joint venture between DDR Corp. and an affiliate of Blackstone Real Estate Partners VII LP has acquired a portfolio of seven shopping centers totaling 2.4 million square feet. The purchase price was $332 million, including assumed debt of $207 million and $28 million in new mortgage debt. Blackstone owns 95 percent of the common equity of the joint venture and an affiliate of DDR owns the remaining 5 percent. DDR also invested $30 million in preferred equity in the venture with a fixed dividend rate of 9 percent. Additionally, DDR will provide leasing and management services. The centers include Silver Spring Square in Harrisburg, Pa.; Falcon Ridge Town Center in Los Angeles; Sycamore Crossing and Indian Springs in Cincinnati; Fortuna Center in Washington, D.C.; Orchards Market Center in Portland, Ore.; and Vista Village in San Diego. Each asset averages approximately 345,000 square feet. The portfolio is 93 percent leased to retailers including Target, Walmart, Ross Dress for Less, Dick's Sporting Goods, Petco, Best Buy and The Fresh Market.

August 15, 2013

Retail Texas

COLLIERS ARRANGES SALE OF 62,279 SF PORTFOLIO IN METRO DALLAS

by admin August 15, 2013

DUNCANVILLE, TEXAS — Colliers International has brokered the sale of the Shops at Waterview Park, a four-building, 62,279-square-foot portfolio in Duncanville that currently houses service-oriented tenants including medical offices, financial services firms and restaurants. Colliers will also retain the leasing assignment for the property, which is located at the west intersection of Main Street and Highway 67, approximately 13 miles southwest of Dallas. Kevin Brookmole and Wade Smith of Colliers’ North Texas office, along with Tom Lagos and El Warner of the firm’s Los Angeles office, represented the seller, Duncanville Villages Retail Ltd. Buyer Interra Management Co. did not have a representative.

August 15, 2013

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