CARROLLTON, TEXAS — Northmarq has arranged a permanent loan of an undisclosed amount for Carrollton Park Village, a 110,000-square-foot shopping center located on the northern outskirts of Dallas. The property was built on 10 acres in phases between 1965 and 1987 and is home to tenants such as dd’s Discounts, Dollar General and Hibbett Sporting Goods. Phillip Bankhead of Northmarq arranged the debt through Genworth Financial on behalf of the borrower, Vista Property Co. The loan carried a fixed interest rate, 15-year term and a 25-year amortization schedule.
CAMBRIDGE, MASS. — South Florida-based investment firm Benderson Development has purchased a 53,400-square-foot retail property located outside of Boston in Cambridge. The property at 340 River St. is located roughly one mile from Harvard University and the Massachusetts Institute of Technology and houses a 40,000-square-foot Whole Foods Market and a 13,000-square-foot Walgreens. The seller and sales price were not disclosed.
NEW YORK CITY — A joint venture between global real estate and investment management group Lendlease and Australian pension fund Aware Super has secured a $360 million construction loan for the development of 1 Java Street, a 36-story mixed-use development adjacent to the East River in the Greenpoint neighborhood of Brooklyn. Plans call for 834 apartments, 13,000 square feet of retail space and an 18,000-square-foot public waterfront park connecting the property to the India Street Pier, which offers service for the East River Ferry. Thirty percent of apartments at 1 Java Street will be affordable units under the Affordable New York 421(A) Program and Voluntary Inclusionary Housing. Lendlease’s investment management, development and construction business units will serve in 1 Java Street’s development. The property is slated for completion in 2026. Christopher Peck, Alex Staikos, Phil Cadorette and Joy Dracos led a JLL Capital Markets team that represented the joint venture to secure the floating-rate construction loan through a Bank of America-led syndicate. New York City architecture firm Marvel will serve as interior designer for both market-rate and affordable units at 1 Java Street. INC Architecture & Design will design the public areas and Créme Architecture & Design will be the interior designer for …
PHOENIX — Phoenix-based Citywide Commercial Real Estate has arranged the purchase of a five-building mixed-use portfolio located at the southeast corner of Indian School Road and 31st Avenue in Phoenix. Northgate – 72 LLC sold the business park to EL Camino Investment Co. for $7 million. Totaling 86,268 square feet, Thunderbird Business Park features five single-story, multi-tenant office, retail and industrial buildings. The property includes 35 individual suites that are fully occupied. The tenants are mostly small business owners and long-term tenants. El Camino Investment Co. plans to complete improvements to modernize the portfolio and enhance its presence in the community. Adam Shteir, Todd Hamilton and Chad Kirkorsky at Citywide represented the buyer in the acquisition.
WEST VALLEY, CALIF. — Red Mountain Group has completed the disposition of a four-tenant retail property located in West Valley. An undisclosed buyer acquired the asset for $2.1 million. At the time of sale, the 6,764-square-foot property was fully leased to Tellica Imaging, Allstate Insurance, Metro by T Mobile and a nail salon. Dave Lucas of CP Partners Commercial Real Estate represented the seller in the deal.
TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $3.8 million sale of a 2,500-square-foot, single-tenant retail property in Tampa that is occupied by Starbucks Coffee. Located at 4418 W. Gandy Blvd., the property was recently developed and is under a 10-year corporate-guaranteed lease. The store is situated on a one-acre site and features a drive-thru. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, Alliant Partners LLC, in the transaction. The buyer was a South Florida-based private investor that was in a 1031 exchange and paid all-cash for the asset.
NEW YORK CITY — Urbanspace has opened a 10,000-square-foot food hall in Manhattan. Urbanspace Union Square is located on the ground floor of Zero Irving, a new mixed-use building by RAL Development. Vendors include Summer Salt, Twenty One Grains, Kid Brother Pizza, Pita Yeero, Plant Junkie, Goat Café, Bao by Kaya, Bobwhite Counter, Playa Bowls, Wafels & Dinges, Top Hops, Casa Toscana and GoFish. The venue marks the fifth New York City food hall by Urbanspace.
By Taylor Williams The New York City retail market is currently functioning like an episode of The Price Is Right. Developers, investors, brokers and operators are all trying to attach fair values to rents and sales prices for spaces of all sizes and submarkets. But after a tumultuous period marked by a global pandemic and record inflation, followed by a string of severe interest rate hikes, accurately assigning those numbers is easier said than done — at least in some submarkets. According to data from JLL, at the end of the third quarter, the average rent throughout New York City was $290 per square foot, down 5.3 percent year over year. That figure represents an improvement from the second quarter of 2022, when rents posted a 12 percent decline on a year-over-year basis. In addition, JLL’s data shows that 58 new leases were signed in the third quarter. While that figure marks a decline of 13 percent from the second quarter, it also constitutes an increase of 7.4 percent on a year-over-year basis. These numbers suggest that after retail leasing and sales completely stagnated in 2020 due to an unprecedented public health crisis, the market corrected sharply in 2021 and …
LOUISVILLE, KY. — Publix Super Markets has purchased land at the northwest corner of Flat Rock and Shelbyville roads in Louisville with plans to develop the market’s third Publix location. The Courier-Journal reports that the grocer purchased the site from an entity doing business as Shoppes at Gardiner Park LLC for more than $5.5 million. Plans call for a 48,387-square-foot store with a pharmacy and an adjacent Publix Liquors store that will offer beer, wine and spirits. The stores are anticipated to open in the second quarter of 2024. In addition to the three Louisville locations, the company has previously announced another location in Lexington, Ky. The Lakeland, Fla.-based grocer currently operates 1,315 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. Kentucky is the eighth state of operation for Publix.
STEUBENVILLE, OHIO — Sekulovski Group has arranged the $14 million sale of Rural King Plaza, a 215,360-square-foot shopping center located in Steubenville, roughly 40 miles west of Pittsburgh. A Brooklyn-based private investor acquired the property from PICOA Inc. of Los Angeles. Tony Sekulovski of Sekulovski Group brokered the transaction. Anchor Rural King, a farm supply store, occupies 104,230 square feet at the retail center, which was 97 percent leased at the time of sale. Other tenants at the property include Ollie’s and Planet Fitness, which occupy 43,600 and 20,365 square feet, respectively. A 17,000-square-foot Dollar Tree and a Kay Jewelers store also occupy the center.