Retail

AGREE REALTY BUYS TWO RETAIL PROPERTIES FOR $22.4M

by admin June 24, 2013

BROOKLYN, OHIO AND CHICAGO — Agree Realty Corp. (NYSE: ADC) has acquired two single-tenant assets leased to Sam’s Club and AutoZone for $22.4 million. The Sam’s Club property spans 147,771 square feet and is located in Brooklyn, Ohio, about 10 miles south of Cleveland. The AutoZone store spans 7,840 square feet on South Kedzie Road in Chicago. “With the acquisition of this Sam's Club, Walmart has now become the fourth largest tenant in our portfolio by rental revenue,” says Joey Agree, president and CEO of Agree Realty.

June 24, 2013

REIT ACQUIRES 87,181 SF SHOPPING CENTER IN MINNESOTA

by admin June 24, 2013

SAVAGE, MINN. — Phillips Edison–ARC Shopping Center REIT Inc. has acquired Savage Town Square, an 87,181-square-foot shopping center located in Savage, a suburb of Minneapolis. Savage Town Square is fully occupied and anchored by a 68,860-square-foot Cub Foods grocery store, which is on a long-term lease until November 2023. The purchase price was undisclosed. The acquisition of Savage Town Square brings the REIT’s total portfolio to 42 grocery-anchored properties in 16 states with an estimated value of $533.5 million.

June 24, 2013

Retail Texas

HUNINGTON BROKERS SALE OF WOODLANDS GATEWAY PLAZA

by admin June 24, 2013

SPRING, TEXAS — Hunington Properties has arranged the sale of Woodlands Gateway Plaza, a 50,000-square-foot retail center located at the northeast intersection of Interstate 45 and Rayford Road in Spring. The property is 82 percent occupied by a mix of local and national tenants including Popeye's Chicken & Biscuits, Crabby Daddy's Seafood and the Woodlands Fish Market. Todd Carlson of Hunington represented the seller, an out-of-state investor who purchased the center in 2002. The buyer, a local investor, purchased the property in an all-cash transaction.

June 24, 2013

Retail Texas

HFF SECURES $39.1M FINANCING FOR NORTH OAKS SHOPPING CENTER

by admin June 24, 2013

HOUSTON — HFF has secured $39.1 million in acquisition financing for North Oaks Shopping Center, a 448,760-square-foot power center in northwest Houston. The shopping center is located at 4501 FM 1960 and is 93.7 percent leased to Hobby Lobby, Ross Dress for Less, TJ Maxx, Big Lots, Mardel, Staples, 99 Cents Only and Dollar Tree. Tyler Ford and Christopher Vittetoe of HFF arranged a $34.5 million, 10-year senior loan at a fixed rate through Deutsche Bank on behalf of the borrower, Austin-based World Class Capital Group LLC. HFF also placed a $4.6 million mezzanine loan through SteepRock Capital.

June 24, 2013

Retail Southeast

UNIVERSITY COLLECTION SHOPPING CENTER SELLS FOR $18.4 MILLION

by admin June 21, 2013

TAMPA, FLA. — The Shopping Center Group (TSCG) has completed the sale of University Collection, a 107,198-square-foot neighborhood retail center located in Tampa, for $18.4 million. Constructed in 1984, the property was approximately 80 percent leased at the time of closing. Sweetbay Supermarket anchors the center, though the grocer was not included in the transaction. Additional University Collection tenants include Dollar Tree, Pet Supermarket, Chili’s, Tijuana Flats, Five Guys Burgers & Fries, Firehouse Subs, Jason’s Deli, Mattress One and FedEx Office. TSCG’s Anthony Blanco, Lenard Williams, Mallory Ham and Kris Kral represented the seller, a joint venture between Ram CRA Partners and Forge Capital Partners. The buyer was an institutional investment fund managed by Charlotte, N.C.-based Faison.

June 21, 2013

Midwest Retail

OLLIE’S BARGAIN OUTLET SIGNS TWO LEASES IN MICHIGAN

by admin June 21, 2013

SAGINAW AND YPSILANTI, MICH. — Mid-America Real Estate-Michigan Inc. has arranged two leases with Ollie’s Bargain Outlet. Ollie’s signed a 26,338-square-foot lease in Green Acres Plaza at 4510 State St. in Saginaw and a 36,000-square-foot lease in Roundtree Plaza at 2321 Ellsworth Place in Ypsilanti. Susan Acciaioli, Tony Schmitt and Jack Uhazie of Mid-America Real Estate represented Ollie’s Bargain Outlet in both transactions.

June 21, 2013

Retail Texas

MARCUS & MILLICHAP ARRANGES SALE OF 10,276 SF RETAIL BUILDING

by admin June 21, 2013

LIBERTY, TEXAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Liberty Crossing Shopping Center, a 10,276-square-foot retail property located at 2121 Highway 146 Bypass in Liberty. Philip Levy of Marcus & Millichap represented the buyer, a private investor, and the seller, 2121 146 Bypass LLC, in the transaction. The center is currently 88 percent occupied. Workforce Solutions occupies 68 percent of the gross leasable area, and Ice Ventures leases space in Liberty Crossing’s parking lot.

June 21, 2013

Retail Western

KRUSE VILLAGE TO SOON BREAK GROUND IN LAKE OSWEGO

by admin June 20, 2013

LAKE OSWEGO, ORE. – Kruse Village, a 65,000-square-foot retail and restaurant center, will soon break ground in Lake Oswego. The six-building center will be located at 4591 S.W. Carman Drive. This five-acre site represents the last parcel of homestead land that is owned by the Kruse family. Construction is expected to commence later this year and should be complete by fall 2014. It will be developed by Gramor Development. Commercial Realty Advisors will oversee the leasing efforts.

June 20, 2013

Retail Southeast

CRONHEIM ARRANGES $10.8 MILLION SHOPPING CENTER LOAN

by admin June 20, 2013

ALEXANDRIA, LA. — David Cronheim Mortgage Corp. has secured $10.8 million in permanent financing for a shopping center in Alexandria. Alexandria Commons contains 185,336 square feet of space. Its anchors include Best Buy, Michaels, Old Navy, Marshalls and PetSmart. David Turley and Anna Westhoff of Croheim arranged the loan, which carries a 4.45 percent fixed interest rate for 10 years over a 30-year amortization schedule. The borrower’s and lender’s names were not released.

June 20, 2013

Midwest Retail

GRANDBRIDGE FINANCES $2.2M RETAIL PROPERTY IN MINNEAPOLIS

by admin June 20, 2013

MINNEAPOLIS — Grandbridge Real Estate Capital has closed a $2.2 million first mortgage loan secured by 11,750 square feet of retail space in the Uptown area of Minneapolis. The retail component is part of the larger mixed-use Lumen on Lagoon project. The property also includes four floors of condominium units above the retail and underground parking below. A life insurance company provided the self-amortizing, 15-year loan, which carries a four percent interest rate. Tony Carlson originated the loan.

June 20, 2013

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