Retail

MARCUS & MILLICHAP BROKERS THREE SALES TOTALING $21.95 MILLION

by admin January 5, 2009

NORTH READING AND HUDSON, MASS., HATBORO, PA., AND NUTLEY, N.J.— Marcus & Millichap has brokered three Northeast real estate transactions. First, Bob Horvath and Todd Tremblay of the firm’s Boston office were the sole brokers in the $16.2 million sale of two newly constructed Walgreens in Massachusetts. The first property, located in North Reading, traded at a 6.38 percent cap rate, and the second property, located in Hudson, traded at a 6.5 percent cap rate. The buyer was a regional investor, and the seller was a regional developer. In Hatboro, Marcus & Millichap brokered the $3 million sale of Wynfair House Apartments, a 48-unit multifamily community located at 250 N. York Rd. Mark Thompson of Marcus & Millichap’s Philadelphia office represented the seller, a private investor, and procured the buyer, a local family partnership. Finally, Kevin McCrann, Thomas McConnell and Natale Gambuzza of Marcus & Millichap’s New Jersey office represented both parties in the disposition of The Miriam Apartments, a 26-unit property located in Nutley. The property traded for $2.75 million.

January 5, 2009

MCA ARRANGES $28.9 MILLION FOR RIVERWALK CROSSING

by admin January 5, 2009

TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $28.9 million in financing for Riverwalk Crossing Shopping Center, a 250,000-square-foot lifestyle center located on the banks of the Arkansas River in south Tulsa. MCA secured a $17.5 million first mortgage and a $1 million mezzanine loan for Phase I of the project, which is 98 percent leased. Additionally, MCA secured a $10.4 million interim construction loan for Phase II of the project. The phase will total 50,000 square feet and is expected to be complete within 12 months. It is already fully pre-leased to Lewis & Clark and McDermott’s Grill. The lender for the mezzanine loan was a private investor, and the lender for the first mortgage and construction loans was a Texas regional bank. The borrower was Jerry R. Gordon Development.

January 5, 2009

Retail Southeast

PUBLIX-ANCHORED CENTER SLATED FOR JUNE DELIVERY

by admin December 23, 2008

AVE MARIA, FLA. — Orlando, Fla.-based Keene Construction Co. has broken ground on the 39,392-square-foot La Piazza. Located in Ave Maria, the retail center is anchored by a 30,907-square-foot Publix. The property was designed by Memphis, Tenn.-based Looney Ricks Kiss, Architects and is expected to deliver in June.

December 23, 2008

Midwest Retail

DARLAND CONSTRUCTION BEGINS BUILDING 48,532-SQUARE-FOOT FITNESS CENTER

by admin December 23, 2008

OMAHA. NEB. — Darland Construction Co. has been selected to build an Urban Active Fitness facility at 146th Street and West Maple Road in Omaha. The 48,532-square-foot building is underway, and is slated for completion this summer. The two-story fitness center will include a running track, a pool, saunas, spinning rooms, basketball and tennis courts, tanning rooms, and a kids play area. Ekhoff, Ochenkoski & Polk Architects is serving as designer for the project. The estimated cost of completion for the building was not disclosed.

December 23, 2008

Northeast Retail

MARCUS & MILLICHAP BROKERS $5.55 MILLION RITE AID SALE

by admin December 23, 2008

PHOENIXVILLE, PA. — Marcus & Millichap has brokered the sale of an 11,180-square-foot Rite Aid, located at the intersection of Nutt and Kimberton roads in Phoenixville, for $5.55 million. The property, which was constructed over the summer, contains the pharmacy’s new prototype store. Two nearby Rite Aid locations were closed and folded into the new store. Rite Aid is occupying the property on a 20-year, double-net lease. Matthew Gorman and Thomas Gorman of Marcus & Millichap’s Philadelphia office represented the seller, a developer based in central New Jersey. The buyer, a local investor participating in a 1031 exchange, was represented by Christopher Munley, Dean Zang and Mark Taylor, also of Marcus & Millichap’s Philadelphia office. The property traded at a 7.9 percent capitalization rate.

December 23, 2008

Retail Texas

BB&T FINANCES 198,366-SQUARE-FOOT RETAIL CENTER

by admin December 23, 2008

IRVING, TEXAS — The Chicago office of BB&T Real Estate Funding has provided a first mortgage loan secured by MacArthur Park, a 198,366-square-foot retail center located in Irving. The Kroger-anchored center is situated within the Las Colinas master-planned community. It is part of a larger power center that includes Barnes & Noble, Gap, Hallmark, Target, Ross Dress For Less, TJ Maxx and Office Depot. Nick Gonzalez of Austin, Texas-based GRC Capital represented the undisclosed borrower in the transaction. Terms of the loan were not released. BB&T Real Estate Funding is a wholly owned subsidiary of Charlotte, N.C.-based Grandbridge Real Estate Capital and a subsidiary of BB&T Corp.

December 23, 2008

Midwest Retail

BURGER KING ACQUIRES 35,000-SQUARE-FOOT OUTLOT

by admin December 22, 2008

MONTGOMERY, ILL. — Edgemark Commercial Real Estate has brokered the sale of an outlot within Orchard Crossings shopping center, which is located at the corner of Orchard Road and Route 30 in Montgomery. Burger King has purchased the approximately 35,000-square-foot outlot for an undisclosed amount. The company plans to open a new restaurant at the property, which is situated in front of a new Wal-Mart store. Additional tenants within the 53-acre center include Walgreens, Firestone, Aldi and Starbucks Coffee. Les Kristof of Edgemark represented Burger King in the transaction.

December 22, 2008

Retail Western

20,031-SQUARE-FOOT RETAIL PROPERTY SELLS FOR $1.2 MILLION

by admin December 22, 2008

CORONA, CALIF. — Scott Hook and Cory Waxman of Marcus & Millichap represented the undisclosed seller in the disposition of Bank Reo, a 20,031-square-foot retail property located in Corona. The property, which is located at 1138 E. 6th St., was 60 percent vacant at the time of acquisition.

December 22, 2008

Retail Southeast

FLORIDA RETAIL CENTER SOLD FOR $17.75 MILLION

by admin December 19, 2008

LAND O’ LAKES, FLA. — An affiliate of Fort Lauderdale, Fla.-based Stiles Corp. has purchased the 80,000-square-foot Arbor Square at Connerton from an affiliate of Tatone Properties for $17.75 million. The retail center, located on U.S. Highway 41 in Land O’ Lakes, is anchored by a 45,600-square-foot Publix and houses SunTrust Bank. Mark Shellabarger and Dennis Carson of the Tampa, Fla., and Miami offices of CB Richard Ellis, respectively, represented the seller.

December 19, 2008

Midwest Retail

NORTHMARQ TO MANAGE SIX RETAIL CENTERS TOTALING 845,000 SQUARE FEET

by admin December 19, 2008

MINNEAPOLIS — Minneapolis-based NorthMarq Real Estate Services has been selected to manage six retail properties totaling 845,000 square feet, which are located in and around Minneapolis. The new third-party retail assignments have positioned NorthMarq as the largest manager of retail properties in the Twin Cities. The six centers include the 170,000-square-foot Calhoun Square in Minneapolis; the 115,000-square-foot Southdale Square in Edina; the 173,000-square-foot The Shoppes at Oak Park Heights in Oak Park Heights; the 26,000-square-foot Plymouth Town Center in Plymouth; the 110,000-square-foot Fountain Place in Eden Prairie; and the 251,000-square-foot Fischer Marketplace in Apple Valley. Plymouth Town Center, The Shoppes at Oak Park Heights, Fischer Marketplace and Southdale Square are all owned by Principal Real Estate Investors. Fountain Place is owned by LaSalle Investment Management. Various tenants within the developments include Applebee’s, Kohl’s, Pier 1 Imports, Bed Bath & Beyond, and Michaels. NorthMarq began overseeing leasing and management for Calhoun Square in November. The center, which is owned by BlackRock, is undergoing major renovations that are slated for completion in early 2010. As part of the project, a 35,000-square-foot LA Fitness will open at the center in 2009.

December 19, 2008

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