Retail

BLOCK & CO. ARRANGES SALE OF SHOPPES AT SHOAL CREEK

by admin December 12, 2013

KANSAS CITY, MO. — Block & Co. Inc. has arranged the sale of the Shoppes at Shoal Creek in Kansas City. The purchase price was undisclosed. An entity owned by Pine Tree Commercial Realty LLC, in partnership with Wanxiang America Corp., purchased the 130,000 square-foot property. Shoppes at Shoal Creek is located at the northwest corner of 152 Highway and Flintlock Road. Best Buy and Office Max anchor the center. David Block, president of Block & Co., represented the sellers, Shoal Creek Center BWG LLC and Shoal Creek BW Five LLC, in the transaction. Block and Becky Goodman of Block & Co. Realtors are serving as the leasing agents for the property.

December 12, 2013

HOME DEPOT PROPERTY IN BRIDGEWATER SELLS FOR MORE THAN $24M

by admin December 12, 2013

BRIDGEWATER, MASS. — Paul V. Profeta & Associates has purchased a 132,984-square-foot property occupied by Home Depot in suburban Boston for more than $24 million. Gvest Partners LLC sold the property, which is located on 27 acres in Bridgewater. The purchase price for the property includes a first mortgage loan of more than $14 million, a mezzanine loan of $7.6 million and an equity investment of more than $3 million. Home Depot has 24 years remaining on its 30-year lease term. Sterling Champ, executive vice president at CBRE, represented Paul V. Profeta & Associates in the transaction.

December 12, 2013

Retail Western

THE BALCONY AT BEVERWIL IN LOS ANGELES RECEIVES A $28M LOAN

by admin December 12, 2013

LOS ANGELES — The Balcony at Beverwil, a 75,000-square-foot retail center in Los Angeles, has received a $28-million loan. The center is located on the southeastern corner of Pico Boulevard and Beverwil Drive. It was built in 1996. The current owner acquired the asset in 2007. It assumed a $30-million securitized loan from PNC Bank upon acquisition. The new 10-year loan has a 30-year amortization schedule and an interest rate in the mid-4 percent range. It was provided by Allstate. The loan was originated by Pacific Southwest Realty Services.

December 12, 2013

Retail Western

STARWOOD CAPITAL BUYS SEVEN WESTFIELD MALLS

by admin December 11, 2013

OLYMPIA, WASH. — Starwood Capital Group has acquired a majority interest in seven regional malls, including three out West, for $1.6 billion. The acquisition includes Capital Mall in Olympia, Wash., Parkway Plaza inEl Cajon, Calif., and PlazaWest CovinainWest Covina, Calif. The portfolio contained a total of 7.9 million square feet across four states. The malls have an average occupancy rate of 96 percent. The WestfieldGroup will maintain a 10 percent common equity interest in the properties. Starwood Retail Partners is the wholly owned, fully integrated operating platform that oversees Starwood Capital Group's retail investments.

December 11, 2013

Retail Southeast

FRESH MARKET TO OPEN IN JUPITER, FLA.

by admin December 11, 2013

JUPITER, FLA. — The Fresh Market has signed on as the anchor tenant of The Shops at Fisherman’s Wharf in Jupiter. The shopping center is located at the intersection of East Indiantown Road and Intracoastal Pointe Drive. The Fresh Market’s 20,900-square-foot store is expected to open in the summer of 2014. The shopping center’s new owner, Elion Partners, is implementing a multimillion dollar renovation to the property. The project team for the shopping center includes assistant developer Michael Hotte with Echion, leasing broker Atlantic Retail Properties and property manager Transwestern. Prime Sites Inc. represented The Fresh Market in the deal.

December 11, 2013

Retail Southeast

DICK’S SPORTING GOODS, MARSHALLS JOIN WILMINGTON RETAIL CENTER

by admin December 11, 2013

WILMINGTON, N.C. — A 50,000-square-foot Dick’s Sporting Goods and 24,000-square-foot Marshalls have signed on to anchor the 203,000-square-foot Mayfaire Community Center in Wilmington. Mayfaire Community Center is part of Mayfaire, a 400-acre, master-planned community. The two new anchor tenants are part of the shopping center’s Phase II expansion, which is expected to open in November 2014. A third anchor store is expected to be announced in the near future. Greenville, N.C.-based BrodyCo. Inc. and Wilmington-based Zimmer Development Co. are co-developers of Mayfaire.

December 11, 2013

Midwest Retail

13,000 SF BRIDAL STORE OPENS IN ST. LOUIS

by admin December 11, 2013

ST. LOUIS — Hilliker Corp. has assisted local franchise owners in finding a new home for their bridal store in St. Louis. Husband Ihab Elassal and wife Nagwa Abdelghfour, along with son Yasser Elassal, recently opened Impression Bridal, a 13,000-square-foot store located at 4164 Chippewa St. The bridal salon currently occupies the first floor of the three-story, 39,000-square-foot building. The owners purchased the property for $235,000 and plan to open the second floor’s 13,000-square-foot space in 2015. The family has invested approximately $700,000 in renovating the building. The new interior features 22 dressing rooms, as well as 140 chandeliers throughout the store. Ihab, Nagwa and Yasser also own another Impression Bridal store at 425 Clark St. in St. Charles, which opened in 2012.

December 11, 2013

Retail Texas

JLL BROKERS SALE OF 179,469 SF RETAIL CENTER IN HOUSTON

by admin December 11, 2013

HOUSTON — Jones Lang LaSalle (JLL) has brokered the sale of Northwest Crossing Centre, a 179,469-square-foot shopping center in Houston. Best Buy, Marshalls, Big Lots and Shoe Carnival anchor the center, which was fully occupied at the time of the sale. The property is located at the intersection of U.S. Highway 290 and Hollister Road, shadow anchored by Target and in proximity to Houston’s CBD and Galleria submarkets. George Cushing and Wendy Vandeventer of JLL marketed the property on behalf of the seller, Weingarten Realty. Jimmy Board of JLL secured 10-year, fixed-rate financing for the buyer, USA Properties.

December 11, 2013

Retail Western

STARWOOD CAPITAL BUYS SEVEN WESTFIELD MALLS

by admin December 11, 2013

OLYMPIA, WASH. — Starwood Capital Group has acquired a majority interest in seven regional malls, including three out West, for $1.6 billion. The acquisition includes Capital Mall in Olympia, Wash., Parkway Plaza in El Cajon, Calif., and Plaza West Covina in West Covina, Calif. The portfolio contained a total of 7.9 million square feet across four states. The malls have an average occupancy rate of 96 percent. The Westfield Group will maintain a 10 percent common equity interest in the properties. Starwood Retail Partners is the wholly owned, fully integrated operating platform that oversees Starwood Capital Group's retail investments.

December 11, 2013

Retail Western

PRESCOTT GATEWAY MALL CHANGES HANDS

by admin December 10, 2013

PRESCOTT, ARIZ. — Prescott Gateway Mall, a 578,666-square-foot regional mall has sold to Tabani Group for an undisclosed sum. The mall is located at 3250 Gateway Blvd. in Prescott. It contains about 133,000 square feet of traditional, enclosed mall space and about 192,000 square feet of pad space. The unnamed seller was represented by CBRE’s Mindy Korth, Philip D. Voorhees, George Good and Patrick Connell.

December 10, 2013

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