Retail

CBRE ARRANGES $3.5 MILLION RETAIL ACQUISITION LOAN

by admin November 11, 2008

MATAWAN, N.J. — CB Richard Ellis (CBRE) has secured $3.5 million in permanent financing for the acquisition of Town Square Shopping Center, a 38,836-square-foot retail property located at 343-351 Matawan Rd. in Matawan. Town Square is a retail strip center located opposite a 212,000-square-foot, Class A office building. Major tenants include Party & Play, Pizza Hut and Dunkin’ Donuts. James Gunning and Donna Falzarano of CBRE Debt & Equity Finance arranged the loan on behalf of the borrower, T & JK Associates. The lender and the terms of the loan were not disclosed.

November 11, 2008

HSMB COMPLETES LAND ACQUISITION

by admin November 11, 2008

WYLIE, TEXAS — Dallas-based Henry S. Miller Brokerage (HSMB) has completed the acquisition of a 1.45-acre pad site, located at the intersection of FM 544 and Highway 78 in Wylie. The parcel is located directly across from an Albertson’s, east of a Chili’s and west of a post office. It was subsequently split into a 50,000-square-foot tract and a 13,000-square-foot tract, the latter of which was immediately sold to an adjacent property owner to accommodate a parking lot expansion. Tom Grunnah of HSMB represented the buyer, Dallas-based Wylie Commerce Ltd. The seller, the Unites States Postal Service, was represented by Rick Tiller of the Dallas office of Grubb & Ellis. Future plans for the site were not disclosed.

November 11, 2008

Retail Western

TWO-BUILDING RETAIL PROPERTY FETCHES $16.75 MILLION

by admin November 11, 2008

SCOTTSDALE, ARIZ. — Emerson Properties Inc. has purchased a two-building retail property, which is located at 15425 and 15435 N. Scottsdale Rd. in Scottsdale. Scottsdale Place LLC sold the 26,595-square-foot property for $16.75 million. Cathy Jones, Paul Miachika, Logan Schrumpf, Jason Miszuk and Brad Spies of Sun Commercial Real Estate Inc. represented the buyer; Ari Spiro of Sperry Van Ness represented the seller in the transaction.

November 11, 2008

Retail Western

SINGLE-TENANT RETAIL PROPERTY SELLS FOR $4.77 MILLION

by admin November 11, 2008

PRESCOTT, ARIZ. — Orange County, Calif.-based 277 Walker Road LLC has acquired a single-tenant retail property in Prescott for approximately $4.77 million. Located at 277 N. Walker Rd., the 22,036-square-foot property is fully occupied by PetSmart. Los Angeles-based PRICPETS Prescott Trust sold the property, which was constructed in 1997. Patrick Kent of Irvine, Calif.-based Faris Lee Investments represented the buyer; Dennis Vaccaro, also of Faris Lee Investments, represented the seller in the transaction. The property sold at a 6.1 percent cap rate.

November 11, 2008

Retail Western

24,860-SQUARE-FOOT RETAIL PROPERTY TRADES HANDS FOR $8.4 MILLION

by admin November 11, 2008

LAS VEGAS — Jim Hamer of H&H Properties Inc. represented Circle City Plaza LLC in the acquisition of a four-building retail investment property in Las Vegas. Located at 5960-6020 Spring Mountain Rd., the property offers 24,860 square feet of retail space. 6000 Spring Mountain LLC and Festival Outdoor Advertising LLC sold the property for $8.4 million. Cathy Jones, Logan Schrumpf and Jason Miszuk of Sun Commercial Real Estate Inc. represented the seller in the transaction.

November 11, 2008

Northeast Retail

MARCUS & MILLICHAP BROKERS SALE OF $14.9 MILLION RETAIL GROUND LEASE

by admin November 10, 2008

MANAHAWKIN, N.J. — Marcus & Millichap has brokered the sale of a 14-acre ground lease to a BJ’s Wholesale Club located in Manahawkin for $14.9 million. Situated at the corner of Route 72 and Doc Cramer Boulevard, the site neighbors a power center anchored by Kohl’s, TJ Maxx and Staples, as well as a grocery-anchored shopping center. The BJ’s Wholesale Club building, which was constructed in 2007, is subject to a 20-year, triple-net, unsubordinated ground lease with rent escalations every 5 years. Mark Taylor, Dean Zang and Christopher Munley of Marcus & Millichap’s Philadelphia office represented the seller, New Jersey-based SP 72 LLC. The buyer, New York City-based Shubert and Booth Theatre LLC, was represented by Bayard Street Capital and Real Estate Foundations Inc. The BJ’s parcel is part of a larger retail development, which the seller will retain ownership over for the purposes of constructing additional retail buildings in the future. The buyer was participating in a 1031 exchange.

November 10, 2008

Retail Texas

DILLARD’S OPENS AT PEARLAND TOWN CENTER

by admin November 10, 2008

PEARLAND, TEXAS — Chattanooga, Tenn.-based CBL & Associates Properties has held the grand opening for one of the anchors for the retail component of Pearland Town Center, a 1.2 million-square-foot mixed-use center located in the Houston suburb of Pearland. The store, a 140,000-square-foot Dillard’s, will join co-anchor Macy’s in the 718,000-square-foot, open-air lifestyle center. Other tenants include Barnes & Noble, Forever 21, Coach, Pac Sun, Red Robin and Mimi’s Café. The center held its grand opening in July.

November 10, 2008

Retail Southeast

NEW RETAILERS LINE UP AT SOUTH CAROLINA SHOPPING CENTER

by admin November 7, 2008

INDIAN LAND, S.C. — Charlotte, N.C.-based RED Partners has secured a bevy of new tenants for its 200,000-square-foot Carolina Commons. Located in Indian Land, the Harris Teeter-anchored shopping center is home to a newly opened CVS/pharmacy, and a Wendy’s will open during the first quarter of next year. New retailers include BB&T, Comporium, UPS Store, Quizno’s Subs, Great Clips, Salon Salon, Beautiful Nails, AAA Insurance, Gentle Care Cleaners and Frankie’s Pizza. An additional bank is also slated to move into the center. A 60,000-square-foot medical office building joins the retail component, with Presbyterian Healthcare signing on as a major tenant. Carolina Commons will have its grand opening next spring.

November 7, 2008

Midwest Retail

HFF ARRANGES $145 MILLION IN LOANS AND JOINT VENTURE EQUITY FOR CENTER

by admin November 7, 2008

OVERLAND PARK, KAN. — The Chicago office of Holliday Fenoglio Fowler (HFF) has arranged a construction loan and joint venture equity totaling $145.3 million for Corbin Park, an open-air retail center underway in Overland Park. Upon completion of the project between late 2009 and early 2010, the center will house 1.1 million square feet of retail and entertainment space. Von Maur, JC Penney, Lifetime Fitness and NYLO Hotels will anchor the development, which is located at the intersection of 135th Street and Metcalf Avenue. Tim Joyce, Mike Kavanau and Doug Bond of HFF placed the construction loan and arranged the equity on behalf of Cormac Co. Financing was led by Bank of America and US Bank. INVESCO Real Estate provided joint venture equity.

November 7, 2008

Midwest Retail

NPC INTERNATIONAL ENTERS INTO ACQUISITION/SALE AGREEMENT WITH PIZZA HUT

by admin November 7, 2008

OVERLAND PARK, KAN. — Overland Park, Kan.-based NPC International Inc. has entered into two agreements with Pizza Hut Inc. involving the sale and acquisition of more than 150 stores located throughout the United States. As part of the initial Asset Purchase Agreement, NPC will take control of 89 Pizza Hut locations from Pizza Hut Inc. for a cash payment of $26.4 million. The units being sold by Pizza Hut Inc. include 41 fee-owned locations. NPC will acquire one of these properties and lease 40 of them from Pizza Hut Inc. The stores to be acquired pursuant to the Asset Purchase Agreement include 82 units in Tampa, Fla., and seven units in Cedar Rapids, Iowa. Additionally, in an Asset Purchase and Sale Agreement (PSA), Pizza Hut Inc. has agreed to buy 70 Pizza Hut units from NPC for $19.6 million in cash. The agreement also requires that NPC will purchase 102 Pizza Hut units from Pizza Hut Inc. for an additional $26.5 million. Units being acquired as part of the PSA include 52 stores in Kansas City, Mo., and 50 stores throughout North Atlanta. The stores that will be sold pursuant to the PSA include 27 units in Jackson, Miss., 20 …

November 7, 2008

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