Retail

Disney Proposes $1.9B Expansion of Disneyland Theme Park in Anaheim

by Taylor Williams January 29, 2024

ANAHEIM, CALIF. — The Walt Disney Co. (NYSE: DIS) has proposed a $1.9 billion expansion of its Disneyland Resort and surrounding neighborhood in Anaheim, south of Los Angeles in Orange County. If approved, the various new projects would be carried out within 10 years of the approval date, with the potential for another $600 million in capital investment to follow. The proposal, known as DisneylandForward, calls for new attractions and hotels to be constructed on the west side of Disneyland Drive. In addition, the theme park’s operators are looking to add new shopping, dining and entertainment space to the southeast at a site that currently houses parking for the Toy Story attraction. The proposal was originally discussed with the Anaheim City Council last Thursday. According to a summary of that meeting, the proposal does not request that any new acreage, square footage or hotel rooms be developed, but rather that approved development plans be shifted onto lands that Disney already owns. As part of the proposal, Disney would invest about $85 million of its own money in various infrastructural improvements in the area, including upgrades to parking structures, roads and pedestrian bridges. To make the project possible, the City of …

January 29, 2024

Florida Loans Retail Southeast

Berta Management Secures $18.5M Financing for Delray Corner Shopping Center in South Florida

by John Nelson January 26, 2024

DELRAY BEACH, FLA. — Berta Management has secured an $18.5 million loan for the refinancing of Delray Corner, a shopping center located at 14802 S. Military Trail in Delray Beach. Justin Neelis of Concord Summit Capital arranged the five-year, fixed-rate financing on behalf of the borrower. The South Florida retail center comprises 86,043 square feet of leasable space. Michaels is scheduled to open a 25,600-square-foot store in the first quarter of this year as the new anchor tenant, taking over a renovated space formerly occupied by Bed Bath & Beyond. Other tenants at the property include Conviva, CVS/pharmacy and Starbucks Coffee.

January 26, 2024

Acquisitions Loans Maryland Retail Southeast

JLL Arranges $18.4M Acquisition Financing for Retail Center in Metro D.C.

by John Nelson January 26, 2024

HYATTSVILLE, MD. — JLL Capital Markets has arranged an $18.4 million loan to finance the acquisition of Metro Shops, a retail center located in the Washington, D.C., suburb of Hyattsville. Michael Klein, Max Custer, Brian Buglione and Benjamin Morgenthal of JLL secured the financing through Loews Corp. on behalf of the borrower, Northpath Investments. Built in 2007 at 2900 Belcrest Center Drive, Metro Shops totals 160,623 square feet and is situated across from the 1 million-square-foot Mall at Prince George’s. Tenants at the center include Bob’s Discount Furniture, Staples, LA Fitness, Dunkin’ and Citibank.

January 26, 2024

Loans New York Northeast Retail

The Feil Organization Refinances 269,490 SF Shopping Center in Elmont, New York

by Taylor Williams January 26, 2024

ELMONT, N.Y. — The Feil Organization has refinanced Home Depot Shopping Center, a 269,490-square-foot property located at 600 Hempstead Turnpike in the Long Island community of Elmont. Feil has owned the property since 1992. At the time of the loan closing, the center was fully leased, with Marshalls and Target serving as the other anchor tenants. Estreich & Co. arranged the $23.5 million loan for the refinancing through Principal Asset Management on behalf of Feil.

January 26, 2024

Acquisitions Net Lease Nevada Retail Western

Kingsbarn Realty Capital Sells Conoco-Occupied Property in Las Vegas for $7.1M

by Amy Works January 26, 2024

LAS VEGAS — SRS Real Estate Partners has brokered the sale of a retail property, located at 8880 S. Rainbow Blvd. in Las Vegas. Situated on 0.77 acres, Conoco occupies the 3,500-square-foot property under a 20-year, absolute triple-net lease with LV Petroleum LLC, a franchisee gas station operator with more than 30 locations. Las Vegas-based Kingsbarn Realty Capital sold the asset to a Las Vegas-based private investor for $7.1 million. Patrick Luther of SRS Capital Markets represented the seller in the deal.

January 26, 2024

Loans New Mexico Retail Western

Ariel Property Advisors Arranges $5.5M Refinancing for Guadalupe Plaza Retail Center in Albuquerque

by Amy Works January 26, 2024

ALBUQUERQUE, N.M. — Ariel Property Advisors has arranged a $5.5 million cash-out refinancing for Guadalupe Plaza, a shopping center in Albuquerque. The grocery-anchored plaza features 87,000 square feet of retail space. Matt Swerdlow, Matthew Dzbanek and Rhea Vivek of Ariel Property’s Capital Services Group secured the financing for the borrower, a New Jersey-based investor. The 15-year loan includes one year of interest-only payments and a 30-year amortization schedule at a 75 percent loan-to-value ratio with no prepayment penalty.

January 26, 2024

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Negotiates $2.2M Sale of Retail Ground Lease in Greeley, Colorado

by Amy Works January 26, 2024

GREELEY, COLO. — Marcus & Millichap has arranged the sale of a 15-year, absolute triple-net ground lease for a Ent Credit Union-occupied property in Greeley, southeast of Fort Collins. A developer sold the asset to an undisclosed buyer for $2.2 million. Drew Isaac and Ian Hicks of Marcus & Millichap’s Denver office represented the seller in the deal. Located at 10th Street Road, Ent Credit Union is part of a mixed-use development that features a Starbucks Coffee, QuikTrip, 177 single-family homes and 189 apartments.

January 26, 2024

Development Illinois Midwest Retail

PREMIER Design + Build Group Begins Expansion Project for Abt Electronics Showroom in Suburban Chicago

by Kristin Harlow January 26, 2024

GLENVIEW, ILL. — PREMIER Design + Build Group has begun work on a retail showroom renovation and expansion project for Abt Electronics in the Chicago suburb of Glenview. Abt is a retailer of electronics, appliances and home goods. The company’s showroom totals 114,000 square feet. PREMIER will expand the second floor of the showroom, adding 41,316 square feet with an elevator and restroom facilities. The property will remain open throughout construction. Cornerstone Architects Ltd. is the project architect. Completion is slated for the third quarter of this year.

January 26, 2024

Market Reports New Mexico Retail Western Western Market Reports

Albuquerque’s Retail Boom Settles Down

by Jeff Shaw January 26, 2024

— By Anthony Johnson, President, Pegasus Group and Western Regional Director, X Team Retail Advisors; and AJ Johnson, Associate Broker, Pegasus Group — Looking back on the Albuquerque retail market for 2022 and 2023, I have to say that 2022 was the height of our boom in terms of the sale/lease of shopping center and freestanding pad sales, built-to-suit opportunities and redevelopment opportunities. The top consumers of these product types were chicken (QSR), coffee, car washes and cannabis, or as we affectionately called them, the “Four C’s.” Due to the sheer amount of activity in the pad user market, underutilized was a key word during this time. We saw vacant pad sites that were once considered unleasable or unsellable, perking the interest of investors, tenants and developers. By 2022 the negative effects of the pandemic had subsided, which resulted in the most robust year we’ve ever seen in terms of pad sales/leases. I’ve never seen anything like it. It was like a crescendo… and then, the “music” stopped. It was February of 2023 when the music started to get fainter. By August 2023, the music stopped, and now we’re seeing the aftermath of this. Meaning, many of the pad sites …

January 26, 2024

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $7.5M Sale of Retail Center in Longboat Key, Florida

by John Nelson January 25, 2024

LONGBOAT KEY, FLA. — Marcus & Millichap has arranged the $7.5 million sale of Centre Shops, an oceanfront retail center located at 5370 Gulf of Mexico Drive in Longboat Key, a barrier island near Sarasota, Fla. Situated on a 4.7-acre site in Manatee County, the five-building property features 37,880 square feet of retail space that was 95 percent leased at the time of sale to tenants including Lazy Lobster Restaurant, Longboat Key Flower Shop, Pilates Longboat Key, La Norma Italian, Blue Dolphin Café, The UPS Store and Longboat Resort Wear. Nearly two-thirds of the tenant roster has operated at the retail center for seven years or longer. James Medefind of Marcus & Millichap’s Tampa office represented the Florida-based seller in the transaction. Jeff Enck of SRS Real Estate Partners represented the undisclosed buyer. Centre Shops has recently undergone improvements including new roofing and exterior lighting and a revamped parking lot.

January 25, 2024

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