Retail

95,446 SF SHOPPING CENTER IN METRO CLEVELAND SELLS FOR $17.8M

by admin January 6, 2014

NORTH OLMSTED, OHIO — Marcus & Millichap has arranged the $17.8 million sale of the North Olmsted Towne Center, a 95,446-square-foot shopping center in North Olmsted, approximately 17 miles southwest of Cleveland. The sales price equates to $186 per square foot. Scott Wiles and Craig Fuller in Marcus & Millichap’s Cleveland office, along with Erin Patton in the firm’s Columbus office, represented the seller, a local Cleveland investment group. Wiles, Fuller, Patton and Dustin Javitch, who is also in the Cleveland office, advised the buyer, an out-of-state private investor. The property is located in the center of North Olmsted’s commercial district at 25100 Brookpark Road, east of the intersection of Brookpark Road and Great Northern Boulevard. Shadowed by Target and a Walmart Supercenter, tenants at the North Olmsted Towne Center include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.

January 6, 2014

EASTERN CONSOLIDATED ARRANGES $30M SALE OF MIAMI RETAIL PROPERTY

by admin December 23, 2013

MIAMI — Eastern Consolidated has brokered the $30 million sale of a retail property located in Miami’s South Beach neighborhood at 530 Lincoln Road. The property sold for $3,000 per square foot, a record price for Miami’s South Beach retail market, according to Eastern Consolidated. The 10,000-square-foot asset is part of Lincoln Road Mall. Tristar Capital purchased the property from Yaniv Sananes, a local seller. The family of Gloria Estefan once owned the two-story trophy retail asset, which now features two short-term, ground-floor leases. Robert K. Futterman & Associates is handling the leasing of the property, and Eric Goldberg of Olshan Grundman Frome Rosenzweig & Wolosky LLP was the buyer’s attorney in the transaction.

December 23, 2013

Midwest Retail

COOPER COMMERCIAL ARRANGES $1M SALE OF ARBY’S IN SOUTH EULCID

by admin December 23, 2013

SOUTH EUCLID, OHIO — The Cooper Commercial Investment Group has arranged the $1 million sale of a property occupied by Arby’s in South Euclid, a suburb of Cleveland. Dan Cooper, president and broker at Cooper Commercial Investment Group, represented the owner, a private investment group based in Cleveland, in the transaction. The buyer was a California-based private investor. Arby’s has seven years remaining on its triple-net lease. The fast-food chain renewed its lease in 2010.

December 23, 2013

Northeast Retail

FEIL ORGANIZATION COMPLETES $2M RENOVATION OF KOHL’S PLAZA

by admin December 23, 2013

NEW YORK CITY — The Feil Organization has completed a $2 million renovation at Kohl’s Plaza at 3575 Hempstead Turnpike in Levittown, a community located in Long Island. The renovation for the 28-year-old Nassau County shopping center includes a new brick façade, columns, signage and exterior lighting. The six-month construction project began in April and ended in November. Tenants at the shopping center include Kohl’s, Party City, PetSmart, Five Below, Famous Footwear, Dress Barn, GNC and GameStop. The Feil Organization acquired the Kohl’s Plaza/Nassau Mall retail site in 1984. Both centers are 97 percent leased.

December 23, 2013

Retail Western

PLAZA DE LA CAADA IN THE SAN FERNANDO VALLEY SELLS FOR $36M

by admin December 23, 2013

LA CAÑADA FLINTRIDGE, CALIF. — Retail Opportunity Investments Corporation has purchased Plaza De La Cañada, a 100,408-square-foot neighborhood shopping center in the San Fernando Valley submarket of La Cañada Flintridge, for $35.9 million. The plaza is located at 651-663 Foothill Blvd. The center is anchored by Gelson’s Market, which recently replaced Vons as the property’s primary anchor. Other notable tenants include T.J. Maxx and Rite Aid. The seller, the Vons Companies Inc., was represented by Dixie Walker, Charley Simpson and Tom Blake of Cassidy Turley’s Irvine office.

December 23, 2013

Retail Texas

M&M BROKERS SALE OF 14,820 SF NET-LEASED PROPERTY NEAR DALLAS

by admin December 20, 2013

LITTLE ELM, TEXAS — Marcus & Millichap has brokered the sale of a 14,820-square-foot net-leased retail property in the Dallas suburb of Little Elm. The building, currently occupied by Walgreens, is located at 2774 E. Eldorado Parkway, in close proximity to FM 423. The buyer, a limited liability company, purchased the property as part of a 1031 tax-deferred exchange and at a 5.8 percent cap rate, according to Marcus & Millichap. Geoff Ficke of Marcus & Millichap marketed the property on behalf of the seller, also a limited liability company, and procured the buyer as well.

December 20, 2013

Retail Texas

WHEELER REIT BUYS TULSA AREA RETAIL PROPERTY FOR $1.7M

by admin December 20, 2013

JENKS, OKLA. — Wheeler Real Estate Investment Trust Inc. has purchased Jenks Plaza, a 7,800-square-foot retail property in the Tulsa suburb of Jenks for approximately $1.7 million, or $223 per leasable square foot. The strip shopping center was fully leased at the time of sale to five tenants, including Tint World, Papa Murphy’s Pizza, Envy Nails, La Mode Quality Cleaners and Maple Gardens. Reasor’s Foods shadow-anchors the asset, which has direct access to Creek Turnpike, a major thoroughfare with traffic counts of more than 32,600 vehicles per day. The Virginia Beach, Va.-based Wheeler purchased the property from one of its affiliated entities.

December 20, 2013

Retail Southeast

BERKOWITZ DEVELOPMENT SECURES $45M REFINANCING FOR SHOPPING CENTER

by admin December 19, 2013

MIAMI — Berkowitz Development Group Inc. has secured refinancing of a $45 million loan on Kendallgate Shopping Center, a 194,624-square-foot shopping center in Miami. The asset is located at 11910 S.W. 88th St. and includes tenants such as DSW, Bed Bath & Beyond, Petco, Ulta Beauty, Chili’s, Macaroni Grill and Sports Authority. Berkowitz Development place the 10-year loan with a fixed interest rate through PNC Bank.

December 19, 2013

Retail Southeast

GROCERY-ANCHORED SHOPPING CENTER IN ORLANDO SELLS FOR $10.2M

by admin December 19, 2013

ORLANDO, FLA. — Colliers International has arranged the $10.2 million sale of Parkwood Plaza, a 148,232-square-foot, grocery-anchored shopping center in Orlando. The retail center is locate at 3191 W. Colonial Drive. The sale includes an additional 12.9 acres of undeveloped land zoned for commercial use. Winn Dixie anchors Parkwood Plaza, and Bank of America, McDonald’s, Valvoline and a KFC/Taco Bell are all outparcel retailers. Cynthia Shelton and Kane Morris-Webster represented the seller in the transaction. The buyer was Highyon Assets Corp.

December 19, 2013

Midwest Retail

OPUS GROUP SECURES TWO LEASES, SELLS 2.7 ACRES IN MAPLE GROVE

by admin December 19, 2013

MAPLE GROVE, MINN. — The Opus Group has secured two leases for office and retail space at its Arbor Lakes development and sold 2.7 acres in Maple Grove, a northwest suburb of Minneapolis. Pro Ag Management Inc. will occupy 9,179 square feet on the second floor of the Arbor Lakes Development. With the addition of Pro Ag Management Inc., the office space is now fully leased. Additionally, Sola Salon Studios signed a lease to occupy 4,524 square feet of ground-level retail space in the same building. Opus sold 1.3 acres located at 11301 Fountains Drive North in the Fountains at Arbor Lakes development to KF Dental Co. LLC. Freddy’s Frozen Custard & Steakburgers purchased 1.4 acres located at 11600 Fountains Drive North. Colliers International represented the tenants and Opus in the leasing transactions. Ben Krsnak of Hempel Cos. represented KF Dental LLC in the land sale transaction. Zach Stensland of Colliers International represented Freddy’s Frozen Custard & Steakburgers. Chris Simmons and Kris Schisel, also from Colliers International, represented Opus in the land sale transactions.

December 19, 2013

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