Retail

PUBLIX-ANCHORED MAHAN VILLAGE OPENS IN FLORIDA

by admin February 21, 2013

TALLAHASSEE, FLA. — Cousins Properties Inc., with Watkins Retail Group and New Horizon Retail, has completed the development of the 147,000-square-foot Mahan Village in Tallahassee. The $26 million project is located at Capital Circle and Mahan Drive. A 67,664-square-foot Academy Sports + Outdoors, along with a 45,600-square-foot Publix anchor the property. The Publix relocated to Mahan Village from a smaller store across the street from the project. The Academy Sports + Outdoors is the only location for the company in Tallahassee. Other tenants include Uncle Maddio's Pizza Joint, Bruegger's Bagels, Moe's Southwest Grill and H&R Block.

February 21, 2013

RESTAURANT PROPERTY SELLS FOR $1.8M IN BLAINE, MINN.

by admin February 21, 2013

BLAINE, MINN. — A 5,005-square-foot, net-leased restaurant property has sold for $1.8 million in Blaine, located about 20 miles north of Minneapolis. The building, which is occupied by Culver’s restaurant, is located at 10550 Baltimore St. Marcus & Millichap represented the seller, a limited liability company, in the deal.

February 21, 2013

Retail Western

BERNARDO HEIGHTS PLAZA IN SAN DIEGO SELLS FOR $12.4M

by admin February 21, 2013

SAN DIEGO – The 37,729-square-foot Bernardo Heights Plaza in the San Diego submarket of Rancho Bernardo has sold to ROIC BHP, LLC for $12.4 million. The center is located at 15727 & 15731 Bernardo Heights Parkway. The center is fully leased to tenants like Sprouts, Tuesday Morning, Bernardo Heights Dental Group, Majestic Nails & Spa, Sports Clips and Wholesome Choice Pet Market. William B. Asher and Edward B. Hanley of Hanley Investment Group Real Estate Advisors represented both the buyer and the seller, MPC Bernardo Heights, L.P., in this transaction.

February 21, 2013

Retail Western

MELROSE PLACE RETAIL PROPERTY CHANGES HANDS IN LA

by admin February 21, 2013

LOS ANGELES – A 4,020-square-foot retail property near Los Angeles’ Melrose District has sold to an unnamed buyer for $6.8 million. The two-level, street-front property is located at 8455-8459 Melrose Place in West Hollywood. It is fully leased to Frederic Fekkai and Equipment. Fekkai has seven years remaining on its 10-year, NNN lease, while the clothing company just signed a new seven-year lease. The special servicer seller was represented by CBRE’s National Retail Investment Group-West in this REO sale.

February 21, 2013

Midwest Retail

EXPLOSION AT COUNTRY CLUB PLAZA IN KC DESTROYS RESTAURANT, DAMAGES BUSINESS

by admin February 20, 2013

KANSAS CITY, MO. — A fire triggered by a natural gas leak has destroyed a decades-old restaurant at Country Club Plaza, one of the nation’s first shopping centers, in Kansas City. The explosion, which injured at least 16 people, occurred shortly after 6 p.m. Tuesday at JJ’s restaurant, according to The Kansas City Star. The corner restaurant, located at 910 W. 48th St., was flattened, and the force from the explosion knocked out windows at least a half-block away and was felt nearly a mile away. People located in nearby apartments were forced to evacuate and took advantage of free lodging at the hotel in Westport. According the local paper, witnesses reported a strong odor of natural gas in the area hours before the explosion occurred. Missouri Gas Energy issued a statement late Tuesday saying “early indications are that a contractor doing underground work struck a natural gas line, but the investigation continues.” Established in 1922 by J.C. Nichols, Country Club Plaza was the first shopping center designed to accommodate shoppers arriving by vehicle. The upscale shopping center sits on 55 acres and is located about four miles south of downtown Kansas City, between 45th and 51st streets. The plaza, …

February 20, 2013

Northeast Retail

JOINT VENTURE RECEIVES $40M LOAN FOR RETAIL PORTFOLIO

by admin February 20, 2013

NEW YORK CITY — A joint venture between Madison Capital and an institutional owner has received a $40 million acquisition loan for a portfolio of five retail properties occupied by Citibank branches in New York City. The 10-year balance sheet loan includes full-term, interest-only payments and was provided by a regional bank. Aaron Birnbaum and Tal Savariego of Meridian Capital negotiated the financing. The Citibank properties are under long-term leases and total 44,245 square feet of retail space.

February 20, 2013

Northeast Retail

RKF ARRANGES 48,500 SF IN RETAIL LEASES AT TIMES SQUARE OFFICE TOWER

by admin February 20, 2013

NEW YORK CITY — RKF has arranged a series of retail leases at 11 Times Square, a 1.1 million-square-foot office tower, totaling 48,500 square feet. With the completion of the three deals, the office tower is 90 percent leased. The tenants include:” Señor Frogs, a Mexican-themed restaurant, which leased 21,000 square feet; Off The Wall, a frozen yogurt restaurant, which leased 2,500 square feet; and Russian restaurateur Global Food International Corp., which leased 25,000 square feet. RFK represented the landlord, SJP Properties, in the deal.

February 20, 2013

Retail Texas

WHOLE FOODS TO ANCHOR VILLAGE PARK AT COLLEYVILLE

by admin February 20, 2013

COLLEYVILLE, TEXAS — Whole Foods Market is set to be the anchor tenant of Village Park at Colleyville with a 40,000-square-foot store. Village Park is a 190,664-square-foot shopping center located at the southeast corner of Glade Road and Highway 26 in Colleyville. Centennial Real Estate Co., owner of Village Park at Colleyville, plans to extensively renovate the center and adapt the space for Whole Foods' early-to-mid 2014 opening. The space formerly housed an Albertson's location.

February 20, 2013

Retail Texas

NORTHMARQ ARRANGES $5.4M IN ACQUISITION LOANS FOR RETAIL PROPERTIES

by admin February 20, 2013

PEARLAND AND CYPRESS, TEXAS — NorthMarq Capital has arranged two acquisition loans totaling $5.4 million for two retail properties in the suburban Houston area totaling 46,600 square feet. The properties include the 24,600-square-foot Shadow Creek Ranch in Pearland and the 22,000-square-foot Stone Gate Commons in Cypress. Paul Brighton of NorthMarq's Dallas office arranged both loans based on a 15-year term and a 25-year amortization schedule through life company lenders.

February 20, 2013

Retail Southeast

HALPERN ACQUIRES EAST ATHENS MARKETPLACE FOR $3.9M

by admin February 19, 2013

ATHENS, GA. — RCG Ventures has sold the 24,000-square-foot East Athens Marketplace in Athens to Halpern Enterprises for $3.9 million. The center is fully leased to tenants including Dollar Tree, Hibbett Sports, Radio Shack, Little Caesars and AT&T. The property is shadow anchored by a Walmart Supercenter.Halpern plans to expand the center, as well as lease two unoccupied outparcels that total approximately 3.4 acres. The acquisition marks Halpern's first acquisition in Athens and the company's 28th center in Georgia. Tony D'Ambrosio and Joe Montgomery of Colliers International's Atlanta office represented the seller. Halpern Enterprises was self-represented in the transaction.

February 19, 2013

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