Retail

URSTADT BIDDLE ACQUIRES TWO RETAIL PROPERTIES FOR $18M

by admin June 3, 2013

GREENWICH, CONN. — Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired two retail properties located on Putnam Avenue in Greenwich for $18 million. The properties were purchased subject to an existing mortgage of $7.7 million that requires payments of principal and interest at a fixed rate of 6.8 percent. The mortgage matures in August 2016. The properties were purchased from a Greenwich-based family that had built the properties and held them for more than 40 years. One of the properties is a 9,300-square-foot retail strip center located on West Putnam Avenue and is shadow-anchored by Stop & Shop Supermarket. The other property, located on East Putnam Avenue, is a 15,000-square-foot retail and office center that includes national men’s clothier Jos. A. Bank and other retailers that provide basic necessities.

June 3, 2013

ALLIANCE TOWN CENTER OPENS DICK'S, UNVEILS PHASE II PLANS

by admin June 3, 2013

FORT WORTH, TEXAS — Fort Worth-based Trademark Property Co. has opened a 50,000-square-foot Dick's Sporting Goods store at Alliance Town Center, a retail development located in north Fort Worth. Trademark also announced its plan for Phase II of the center, which includes constructing a total of 237,000 square feet of retail space and restaurants. Dick's is anchoring Phase II and construction is underway on Razzoo's Cajun Cafe, Pie Five and Cold Stone Creamery. Groundbreaking on the remainder of Phase II is slated for fall and completion is expected in spring 2014. Additionally, Alliance Town Center will undergo a “Main Street” style expansion, which will encompass 150,000 square feet of specialty retail space and dining. The expansion is expected to open in late 2014 or early 2015. Once completed, the center will consist of 1.3 million square feet of retail, restaurants and entertainment.

June 3, 2013

Retail Western

PLAZA DE ORO SHOPPING CENTER IN MURRIETA RECEIVES $16M IN REFINANCING

by admin June 3, 2013

MURRIETA, CALIF. — Plaza De Oro, a 99,102-square-foot shopping center in Murrieta, has received $16 million in refinancing. The center is located on Washington Avenue near Calle Del Oso Oro. Notable tenants include Ralph’s, CVS and Starbucks. The non-recourse loan features a 10-year term with two yeas interest-only and a 30-year amortization schedule. Financing was arranged by Jamie Dick of Newmark Realty Capital’s San Diego office. It was provided by a major East Coast-based bank.

June 3, 2013

Retail Western

SOCAL, HAWAII PORTFOLIO RECEIVES $97M IN PERMANENT FINANCING

by admin May 31, 2013

LOS ANGELES – A 15-property portfolio that spanned from California to Hawaii has received $97 million in permanent financing. The 381,372-square-foot portfolio contained a mix of retail, office and mixed-use properties that were located between San Diego and Santa Barbara counties in California, and in Honolulu. The loan featured a 17-year term and a 17-year amortization schedule. The long-term, fixed-rate, non-recourse financing was arranged by George Mitsanas, Peter Hillakas and Michelle Hsieh of Newmark Realty Capital’s Los Angeles office. It was provided by a correspondent life insurance company.

May 31, 2013

Retail Southeast

MARCUS & MILLICHAP BROKERS CHASE GROUND LEASE SALE

by admin May 31, 2013

LARGO, FLA. — Marcus & Millichap has brokered the $2.45 million sale of the ground lease to a Chase bank branch located in Largo. The property was constructed in 2012 and is the outparcel to a Walmart Neighborhood Market. Chase occupies the property on a 20-year ground lease with rent escalations every five years. Sonny Molloy of Marcus & Millichap’s Atlanta office brokered the deal. The property traded at a 5.13 percent cap rate.

May 31, 2013

Midwest Retail

BOULDER GROUP ARRANGES SALE OF 4,100 SF RETAIL BUILDING

by admin May 31, 2013

NORTHBROOK, ILL. — The Boulder Group has arranged the sale of a single-tenant ground lease located at 240 Skokie Blvd in Northbrook, about 25 miles north of Chicago. Fifth Third Bank is the sole occupant of the 4,100-square-foot retail building that was developed in 2004. The property is located on a 1.1 acres. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, an East Coast-based, 1031 tax-deferred exchange investor, and the seller, a Midwest-based private partnership.

May 31, 2013

Northeast Retail

MARCUS & MILLICHAP ARRANGES $5.4 SALE OF STRIP CENTER

by admin May 31, 2013

CARLSTADT, N.J. — Marcus & Millichap has arranged the sale of Carlstadt Gardens, a 16,844-square-foot retail property located in Carlstadt, for $5.4 million, or $320 per square foot. Michael Lombardi and Preet Sabharwal of Marcus & Millichap marketed the property on behalf of the seller. Lombardi and Sabharwal generated 22 offers on the center during the listing process, resulting in a sale $100,000 over asking price, according to Marcus & Millichap. The buyer was an overseas investor. “Well located, multi-tenant retail investments in New Jersey are quite sought after, especially newer developed buildings with national tenants,” says Lombardi.

May 31, 2013

Retail Texas

MOVIE TRADING CO. LOCATES IN COLORADO SQUARE

by admin May 31, 2013

DENTON, TEXAS — Movie Trading Co. has leased 13,084 square feet of retail space in Colorado Square, a retail center located at 2305-2311 Colorado Blvd. This will be the company’s first Denton location. Blake Shipp with the Commercial Retail Division of The Weitzman Group acted as the leasing agent for the shopping center. Colorado Square is also home to tenants including Dollar Tree. Colorado Square shadow anchors Conn’s, Staples and Party City and is located near Golden Triangle Mall.

May 31, 2013

Retail Western

SOCAL, HAWAII PORTFOLIO RECEIVES $97M IN PERMANENT FINANCING

by admin May 31, 2013

May 31, 2013

Retail Western

ORO VALLEY MARKETPLACE RECEIVES $48.4M REFINANCE

by admin May 30, 2013

ORO VALLEY, ARIZ. — Oro Valley Marketplace, a 521,000-square-foot power center, has received $48.4 million in refinancing. The center is located at the southwest corner of Tangerine Road and Oracle Road in Oro Valley. It is currently 93 percent leased to tenants like Walmart Supercenter, Cinemark Theatre, Dick’s Sporting Goods, Petco, Best Buy and Big Lots. The center had been encumbered with a floating-rate construction loan that had about two years left on its term and loan amounts that exceeded a 65 percent loan-to-value ratio. The loan recapitalization allowed Vestar to right-size the center’s debt while securing long-term, fixed-rate debt. The seven-year permanent loan was provided by the Massachusetts Mutual Life Insurance Company through its subsidiary, Cornerstone Real Estate Advisors, LLC.

May 30, 2013

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