Retail

Gantry Arranges $65M in Permanent Financing for Warehouse, Retail Portfolio in Hawaii

by Amy Works June 1, 2022

HONOLULU — Gantry has secured $65 million in permanent financing to recapitalize a portfolio located on Oahu. The two financed properties are Hanua Logistics Center, a recently completed 226,850-square-foot Class A warehouse facility, and Honolulu Design Center, an 80,000-square-foot retail center. Murphy Osborne of Gantry’s San Francisco office arranged the funding on behalf of the borrower, a private investor. Bank of Hawaii provided the financing, which features a 15-year term, including a significant interest-only period transitioning to 30-year amortization.

June 1, 2022

Acquisitions New York Northeast Restaurant Retail

Hanley Investment Group Arranges $2.4M Sale of Restaurant Building in Ithaca, New York

by Taylor Williams June 1, 2022

ITHACA, N.Y. — California-based brokerage firm Hanley Investment Group has arranged the $2.4 million sale of a 7,500-square-foot restaurant building in the upstate New York community of Ithaca that is fully leased to Texas Roadhouse. The property was built on 1.4 acres in 2015. Jeff Lefko and Bill Asher of Hanley Investment Group, along with Parasell Inc., represented the California-based buyer in the transaction. Dalton Barnes of Alpha Real Estate Advisors represented the Chicago-based seller.

June 1, 2022

Acquisitions Oregon Restaurant Retail Western

Norris & Stevens Brokers Acquisition of Viewpoint Restaurant in Estacada, Oregon

by Amy Works May 31, 2022

ESTACADA, ORE. — Norris & Stevens has arranged the sale of Viewpoint Restaurant, located at 20189 and 20195 S. Springwater Road in Estacada. Shadado Inc., doing business as Bent Shovel Brewing, purchased the property for an undisclosed price. Situated on 4.5 acres, the 10,000-square-foot restaurant features views of Mt. Hood, 32 parking spaces and access to Milo McIver State Park. Bent Shovel Brewing creates hand-crafted ales and lagers on a 10-barrel system along the Clackamas River in Oregon City. The Viewpoint Restaurant will remain a full-service restaurant, bar, beer garden and patio, as well as a small music venue. Tim Pfeiffer of Portland-based Norris & Stevens represented the buyer, while Mike Foley of First Commercial Real Estate represented the seller in the deal. The seller and price were not disclosed.

May 31, 2022

Development Loans Maryland Mixed-Use Multifamily Retail Southeast

UIP Plans $112M Canvas Mixed-Use Project in Hyattsville, Maryland

by John Nelson May 31, 2022

HYATTSVILLE, MD. — Urban Investment Partners Inc. (UIP) has secured debt and equity financing for Canvas, a $112 million mixed-use development in downtown Hyattsville. The six-story project will be located at 5300 Baltimore Ave. and feature 285 one- and two-bedroom apartments, 31,660 square feet of ground-floor retail space and 681 parking spaces. Washington, D.C.-based UIP is financing the project using $27.1 million in equity, including $19.1 million from crowd-sourced capital raised on CrowdStreet from 422 individual investors. Other financing sources included a $42.3 million loan from Parkview Financial and $42.8 million in proceeds from a land sale-leaseback agreement with Safehold. Torti Gallas + Partners designed Canvas, which is expected to begin initial occupancy in the fourth quarter of 2023.

May 31, 2022

Acquisitions Florida Retail Southeast

BH Properties Acquires Lincoln Center Retail Property in Miami Beach for $93.6M

by John Nelson May 31, 2022

MIAMI BEACH, FLA. — BH Properties, a private real estate investment firm based in Los Angeles, has purchased Lincoln Center, a 129,360-square-foot retail destination in Miami Beach. Vornado Realty Trust sold the asset to BH Properties, marking the firm’s entry to the Miami market. The sales price was not disclosed, but South Florida Business Journal reported the property traded for $93.6 million. Built in 1999, the four-story building is situated on a full city block in the South Beach neighborhood along Lincoln Road, which is Miami’s high-street retail corridor. An 18-screen Regal Cinema, the only movie theater in South Beach, anchors the property. Regal recently extended its lease, according to BH Properties. The asset was 74 percent leased at the time of sale to tenants including French apparel retailer Zadig & Voltaire, fine art gallery Romero Britto, Ben & Jerry’s, Doraku Sushi and restaurant Wok to Walk. The property also includes an attached, 291-space parking garage.

May 31, 2022

Acquisitions Georgia Net Lease Restaurant Southeast

Marcus & Millichap Brokers $3.5M Sale of Metro Atlanta Restaurant Site Leased to Chick-fil-A

by John Nelson May 31, 2022

SUWANEE, GA. — Marcus & Millichap has brokered the $3.5 million sale of a single-tenant, net-leased restaurant in metro Atlanta ground leased to Chick-fil-A. Built in 2007, the property is located on a 1.2-acre lot at 1035 Peachtree Industrial Blvd. in Suwanee. A locally based, privately held buyer purchased the restaurant through a 1031 exchange in an all-cash transaction. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group brokered the deal. “This transaction demonstrates the strong demand for trophy net-lease assets and the peak pricing they are commanding despite inflation and interest rate hikes,” says McMinn.

May 31, 2022

Acquisitions Midwest Nebraska Retail

First National Realty Partners Buys 221,000 SF Shopping Center in Omaha

by Kristin Harlow May 31, 2022

OMAHA, NEB. — First National Realty Partners has purchased The Shoppes at Grayhawk in Omaha for an undisclosed price. The 221,000-square-foot shopping center is located on West Maple Road. A 140,000-square-foot Lowe’s anchors the property. Additional tenants include Michaels, Dollar Tree, Chipotle, Jimmy John’s and First Watch. Ben Snyder and Zack Bates of Matthews Real Estate Investment Services represented the undisclosed seller.

May 31, 2022

Acquisitions Illinois Midwest Retail

Quantum Brokers $2.1M Sale of Retail Center in Hainesville, Illinois

by Kristin Harlow May 31, 2022

HAINESVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $2.1 million sale of a multi-tenant retail center located on East Belvidere Road in Hainesville, a city in Northeast Illinois. At the time of sale, the property was leased by Starbucks, Chicago’s Red Hots, Luxe Salon and Lakemoor Dental. Jason Lenhoff of Quantum represented the seller, a locally based private investor. A Wisconsin-based private investor was the buyer.

May 31, 2022

Loans New Jersey Northeast Retail

JLL Arranges $25M Loan for Refinancing of Hoboken Shopping Center

by Taylor Williams May 31, 2022

HOBOKEN, N.J. — JLL has arranged a $25 million loan for the refinancing of a 95,688-square-foot shopping center located at 900 Madison St. in the Northern New Jersey community of Hoboken. Grocer ShopRite anchors the center, which was fully leased at the time of the loan closing. Thomas Didio and Thomas Didio Jr. of JLL arranged the loan through an affiliate of Minnesota Life Insurance Co. on behalf of the borrower, an entity doing business as Northwest Redevelopment Supermarkets LLC. The loan carried a 10-year term and a fixed interest rate.

May 31, 2022

Features Restaurant Retail

Good Luck Opening A Restaurant Today

by Taylor Williams May 31, 2022

By Taylor Williams Well before a global pandemic barreled through the nation, destroying the jobs, savings and legacies of thousands of American businesses, launching a new restaurant was still a daunting task. According to 2021 data from National Restaurant Association, 30 percent of U.S. restaurants fail within their first year of opening. Relentless competition, high employee turnover, razor-thin margins, misfired marketing campaigns — all represent major operating minefields that come with such ventures. The industry is not for faint-of-heart entrepreneurs, and even with the aid of a healthy economy, a talented and experienced operator and a prime location, there are no guarantees of success. One might think that with COVID-19 causing food and beverage (F&B) businesses to fail and sending vacated spaces back to the market, finding quality locations at affordable rates would be feasible in the current environment. But that’s hardly the case in many major cities, especially those in states that implemented life-saving initiatives for its F&B operators early in the pandemic and has been “back to normal” for some time. Minimal Vacancy While F&B markets across numerous states are flush with pent-up consumer demand to eat, drink and socialize, the logistical and financial challenges of launching …

May 31, 2022

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