Retail

BIANCO BUYS 36,603 SF RETAIL CENTER IN MORTON GROVE

by admin November 14, 2013

MORTON GROVE, ILL. — Bianco Properties has acquired Lonore Plaza Shopping Center, a 36,603-square-foot retail center in Morton Grove, about 15 miles northwest of Chicago. The property is located at 7130-7188 Dempster St. The purchase marks St. Louis-based Bianco’s second acquisition in the greater Chicago area in the last year. Bianco entered the Chicago market last year, with the purchase of a retail property anchored by CVS/pharmacy and Starbucks Coffee in the West Loop across from Union Station.

November 14, 2013

DSW, HAVERTYS COMING TO ALLIANCE TOWN CENTER IN FORT WORTH

by admin November 14, 2013

FORT WORTH, TEXAS — DSW Designer Shoe Warehouse and Havertys will open locations at Alliance Town Center, the 1 million-square-foot retail component of the master-planned AllianceTexas community in Fort Worth. Construction of the 35,000-square-foot Havertys is set to begin in December, while the 15,000-square-foot DSW will break ground in later this year or early 2014. Both stores are scheduled to open Labor Day weekend of 2014, joining other retailers including Dick’s Sporting Goods, JCPenney, Best Buy, Kroger Marketplace and PetSmart. Alliance Town Center is a joint venture of developers Trademark Property Co. and Hillwood Investment Properties.

November 14, 2013

Midwest Retail

M&M ARRANGES $1.9M SALE OF 21,380 SF RETAIL PROPERTY IN OHIO

by admin November 13, 2013

BEXLEY, OHIO — Marcus & Millichap has arranged the $1.9 million sale of Bexley Square, a 21,380-square-foot retail property in Bexley, an eastern suburb of Columbus. Erin Patton, Scott Wiles and Craig Fuller, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, marketed the property on behalf of the seller. NAI Ohio Equities represented the buyer, a local entity, in the transaction. Bexley Square is located at 2210-2240 E. Main St.

November 13, 2013

Northeast Retail

HFF ARRANGES $85M LOAN FOR LONG ISLAND POWER CENTER

by admin November 13, 2013

WESTBURY, N.Y. — HFF has arranged an $85 million loan for Roosevelt Raceway Center, a 428,395-square-foot retail power center in Westbury, located about 27 miles east of New York City. Working on behalf of the borrower, a joint venture between Mattone Group LLC and Gartenstein Properties, HFF placed the fixed-rate loan with New York Community Bank. Completed in 1995, the property is leased to tenants including Fairway Market, The Home Depot, Michaels, Babies “R” Us, Sprint, AMC Theatres, Applebee’s and Chili’s. Robert Delitsky, managing director, led the HFF team representing the borrower.

November 13, 2013

Northeast Retail

26,115 SF SHOPPING CENTER IN SOUTH NEW JERSEY SELLS FOR $6.2M

by admin November 13, 2013

DEPTFORD, N.J. — Marcus & Millichap has arranged the $6.2 million sale of Staples Shopping Center, a 26,115-square-foot shopping center in Deptford, a city in southwest New Jersey. The sales price equates to $235.88 per square foot. Constructed in the mid-1980s, the transaction marks the first time the shopping center has traded hands. The property is located at the corner of Deptford Center and Hurffville roads. Staples anchors the shopping center, which includes tenants such as Visionworks, Peddler’s Bike Shop, and Dunkin’ Donuts. Brad Nathanson, first vice president of investments in Marcus & Millichap’s Philadelphia office, represented the seller and the buyer in the transaction.

November 13, 2013

Midwest Retail

PEET’S COFFEE & TEA TO OPEN SEVEN STORES IN DETROIT METRO AREA

by admin November 12, 2013

DETROIT — Peet’s Coffee & Tea, a specialty coffee and tea company, has announced it will open seven store locations in the Detroit metropolitan area. The announcement comes on the heels of 17 store openings in Ohio and four store openings in Pittsburgh. Through November, stores will open in Shelby Township, Rochester Hills, Commerce, Novi, Royal Oak, Grosse Pointe and Ann Arbor. Peet’s Coffee & Tea partners with local bakeries to provide fresh pastries daily. In Michigan, the company is partnering with Michigan institution Zingerman’s Bakehouse.

November 12, 2013

Northeast Retail

HFF ARRANGES $22M LOAN FOR CHESTER SPRINGS SHOPPING CENTER

by admin November 12, 2013

CHESTER, N.J. — HFF has arranged a $22 million loan on behalf of Heitman and Ramco-Gershenson Properties Trust for a 223,068-square-foot, grocery-anchored shopping center in Chester. A national bank provided the three-year loan, which includes a floating interest rate. Situated on approximately 20.4 acres, Chester Springs Shopping Center is located at the intersection of U.S. Highway 206 and Maple Avenue. The retail property is 96.6 percent leased and is anchored by ShopRite. Other tenants includes Marshalls, Staples and CVS/pharmacy. Eric Tupler and Jon Mikula, senior managing directors, and Kristian Lichtenfels and Michael Cerulo, real estate analysts, led the HFF team representing the borrower.

November 12, 2013

Retail Western

PALOMAR COMMONS IN CARLSBAD RECEIVES $25M REFINANCE

by admin November 11, 2013

CARLSBAD, CALIF. — Palomar Commons, a 184,896-square-foot retail complex in Carlsbad, has received $25 million in refinancing. The property is located at the southwest cornerofPalomar Airport Road and El Camino Real. The center’s two major tenants include Lowe’s and California Bank & Trust. The fixed-rate loan features a 10-year term with two years interest-only and a 25-year amortization schedule. It was arranged by Mike Dobbins of NorthMarq Capital’s San Diego regional office. The loan was placed wth a major life insurance company. Palomar Commons is owned by CSDI, LLC.

November 11, 2013

Retail Southeast

JAFFEE CORP. BUYS HOLLY HILL PLAZA SHOPPING CENTER

by admin November 11, 2013

HOLLY HILL, FLA. — The Jaffe Corp., a shopping center owner and developer based in Ormond Beach, Fla., has purchased Holly Hill Plaza in Holly Hill, a suburb of Daytona Beach. Holly Hill Plaza is a 116,096-square-foot shopping center anchored by a 50,068-square-foot Winn Dixie grocery store. The asset sold for approximately $8.9 million, according to The Daytona Beach News Journal. The shopping center is located at the intersection of Nova Road and LPGA Boulevard and is 93 percent leased to tenants such as Woody’s BBQ, Family Dollar and Goodwill Industries. The Jaffe Corp. purchased the shopping center from Cincinnati-based Phillips Edison & Co. CBRE represented both parties in the transaction, and The Ackman Ziff Real Estate Group LLP arranged the acquisition financing through Bancorp Bank.

November 11, 2013

Retail Southeast

BEST BUY PROPERTY IN METRO D.C. SELLS FOR $6.3M

by admin November 11, 2013

FREDERICKSBURG, VA. — The Boulder Group, a net leased investment brokerage firm based in Northbrook, Ill., has arranged the sale of a Best Buy property located at 1541 Carl D. Silver Parkway in Fredericksburg, part of the Washington, D.C. MSA. The single-tenant, 46,457-square-foot asset sold for $6.3 million. Best Buy has 3.5 years remaining on its lease agreement, which has three five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer, an investment firm based in the Southwest, and the seller, a Chicago-based private real estate firm, in the transaction.

November 11, 2013

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