Retail

PARTNERSHIP ACQUIRES LEASEHOLD INTEREST IN 650 FIFTH AVENUE

by admin November 11, 2013

NEW YORK CITY — SL Green Realty Corp. and partner Jeff Sutton have formed a venture that has acquired a 49-year leasehold interest for the entire retail portion of 650 Fifth Ave. in Manhattan. The investment provides the SL Green/Sutton partnership with control of the building’s basement, grade-level, second- and third-floor retail spaces that are currently occupied by Juicy Couture, Godiva Chocolate and Devon & Blakely. Former U.S. Magistrate Judge Kathleen A. Roberts was the court-appointed federal monitor and interim trustee of the landlord, 650 Fifth Avenue Co. David Green from Cushman & Wakefield acted on behalf of the property owner.

November 11, 2013

CBRE ARRANGES $2M SALE OF RETAIL PROPERTY IN PHILADELPHIA

by admin November 11, 2013

PHILADELPHIA — CBRE Group Inc. has arranged the $2 million sale of 2120 S. 23rd St. in Philadelphia. Dollar General occupies the 11,685-square-foot building under a 10-year net lease, with two five-year option periods. The building, which was constructed in 1920 and fully renovated in 2012, includes a new roof with a 20-year warranty. Elli Klapper and Charles Berge of CBRE arranged the transaction on behalf of the seller.

November 11, 2013

Retail Texas

SHOPPES AT RENAISSANCE SQUARE, $75M RETAIL DEVELOPMENT IN FORT WORTH, OPENS

by admin November 11, 2013

FORT WORTH, TEXAS — Full-service real estate firm Lockard and partner Moriah Real Estate Co. held the grand opening for The Shoppes at Renaissance Square, a $75 million retail center in southeast Fort Worth. Located along East Berry Street between Mitchell and Vaughn boulevards, the 400,000-square-foot development is anchored by Walmart and houses other tenants such as 7-11, McDonald’s, Jack in the Box, Marshalls and Shoe Carnival. Lockard maintains leasing duties for the property.

November 11, 2013

Retail Texas

NEW 40,000 SF WHOLE FOODS COMING TO HUGHES LANDING IN THE WOODLANDS

by admin November 11, 2013

THE WOODLANDS, TEXAS — Whole Foods Market plans to break ground this month on a new 40,000-square-foot location at Hughes Landing, a development of The Howard Hughes Corporation and its subsidiary, The Woodlands Development Company. Expected to open in 2015, the store will be located off Lake Front Circle near the Lake Woodlands Drive intersection and will feature adjacent surface parking. The larger Hughes Landing development includes office, hotel and multifamily uses in addition to retail. Tim Hughes of The Falcon Companies represented Whole Foods in the deal, while Howard Hughes was internally represented by Mike Zoob and Rip Reynolds.

November 11, 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 Western

SHERWOOD MARKET CENTER NEAR PORTLAND SELLS FOR $22.2M

by admin November 8, 2013

SHERWOOD, ORE. — Merlone Geier has purchased Sherwood Market Center, a 124,259-square-foot retail center in Sherwood, for $22.2 million. The grocery-anchored center is located at 16030 SW Tualatin-Sherwood Road just southwest of Portland. It was built in 1996 on 14 acres. Notable tenants at the center include Albertson’s, Chase Bank, Burger King, UPS and GNC. This was the largest retail transaction in Oregon’s Washington County so far this year, according to Scott Frank, Michael Horwitz and Kevin Adatto of Capital Pacific. The trio represented both the buyer and the seller, Regency Centers, in this transaction.

November 8, 2013

Retail Southeast

SRS BROKERS SALE OF FIVE RETAIL PROPERTIES FOR $60M

by admin November 8, 2013

ATLANTA — SRS Real Estate Partners’ Southeast investment sales team in Atlanta, led by Kyle Stonis and Pierce Mayson, has executed five retail sales transactions since Aug. 21 totaling more than $60 million. Stonis and Mayson, along with Ray Uttenhove and Scott Tiernan of SRS, represented an entity affiliated with Cypress Equities in the acquisition of Promenade Tannehill Shopping Center, a regional power center consisting of approximately 347,000 square feet in Bessemer, Ala., from Colonial Properties Trust. The property is located at 4965 Promenade Parkway, within the Birmingham–Hoover metropolitan area. The shopping center is anchored by Publix, Michaels, JC Penney, PetSmart and Ross Dress for Less. The Suwanee Jubilee Shopping Center in Suwanee, Ga., was purchased by Urbana Suwanee Jubilee LLC, which Stonis and Mayson represented. The 73,521-square-foot neighborhood shopping center, located at 1500 Peachtree Industrial, is anchored by The Fresh Market. Miller Group Investment Corp. sold 14 Monticello Road in Weaverville, N.C., which is currently occupied by a 23,627-square-foot Tractor Supply Co., to Cole Credit Property Trust IV Inc. The property is located about 10 miles north of Asheville, N.C. Stonis and Mayson represented the seller in the transaction. Cole Real Estate Investments Inc. was represented internally by Dan …

November 8, 2013

Midwest Retail

WALMART BUYS LAND IN METRO MILWAUKEE FOR NEW SUPERCENTER

by admin November 8, 2013

NEW BERLIN, WIS. —Walmart Real Estate Business Trust has purchased a 0.5-acre parcel in New Berlin, a western suburb of Milwaukee, for its new supercenter development. Highland Memorial Park Inc. sold the land, which is located at 15355 W. Greeenfield Ave. and includes a residential house. Kevin Barry and James Young of Cassidy Turley Barry represented Highland Memorial Park in the transaction. Yoni Zvi of EDG 18 represented Walmart Real Estate Business Trust in the transaction.

November 8, 2013

Northeast Retail

PELHAM MANOR SHOPPING PLAZA IN METRO NYC SELLS FOR $58.5M

by admin November 8, 2013

PELHAM MANOR, N.Y. — Acadia Realty Trust has sold Pelham Manor Shopping Plaza, a 228,000-square-foot retail property in Pelham Manor, for $58.5 million. Retail Properties of America Inc., a publicly traded REIT based in Chicago, purchased the property. BJ’s Wholesale Club anchors the property, which is located approximately 10 miles north of Manhattan. Developed in 2008 by Acadia, the center is 98 percent leased to a mix of national tenants, including Michaels, PetSmart, Five Below and Chase. Jeffrey Dunne and David Gavin of CBRE’s New York institutional group represented the seller and procured the buyer in the transaction.

November 8, 2013

Northeast Retail

HFF CLOSES SALE-LEASEBACK OF TWO RETAIL CENTERS IN THE NORTHEAST

by admin November 8, 2013

FLORHAM PARK, N.J. — HFF has closed a sale-leaseback transaction involving two grocery-anchored retail centers totaling 220,431 square feet in New Jersey and suburban Philadelphia. HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Co. (A&P) and its affiliates. MCB Real Estate LLC, in conjunction with Alex Brown Realty Inc., purchased the two properties. A&P will continue to operate the Pathmark grocery stores at each of the sites. HFF closed the sale-leaseback of four freestanding Pathmark stores from this portfolio earlier this year and has sold more than 15 A&P/Pathmark-anchored supermarket centers in New Jersey and the surrounding markets for various owners during the last two years. The HFF investment sales team representing the seller was led by Jose Cruz and Andrew Scandalios, senior managing directors; Kevin O’Hearn and Jeffrey Julien, managing directors; as well as associate Marc Duval.

November 8, 2013

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