Retail

KENNESAW, GA. — Franklin Street has brokered the $13 million sale of Town Center Commons, a 72,168-square-foot shopping center located at 725 Ernest W. Barrett Parkway in Kennesaw, a northwest suburb of Atlanta. Nashville-based 615 Ventures purchased the retail center from Ardent Cos. Bryan Belk and John Tennant of Franklin Street represented the seller in the transaction. Town Center Commons is anchored by Public Lands, the first Southeast location of a new outdoors and sporting goods retail concept from Dick’s Sporting Goods. Other tenants include Five Below, which recently renewed its lease, as well as The Original Mattress Factory, Affordable Dentures & Implants, Town Center Nails, K-Town Vapor Lounge, Automation Personnel Services and Pinch of Spice. The center, which is shadow-anchored by Dick’s Sporting Goods and Costco, was 96 percent leased at the time of sale.

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SEATTLE — Affiliates of Low Tide Properties and Continental Properties have obtained $110 million in financing for Met Tower, a multifamily property located at 1942 Westlake Ave. in Seattle. Citibank provided the loan, which Dave Karson, Alex Hernandez, Chris Moyer, Alex Lapidus and Meredith Donovan of Cushman & Wakefield Equity, Debt & Structured team arranged. Built in 2001, Met Tower features 366 apartments in a mix of studio, one- and two-bedroom floor plans along with 10,139 square feet of retail space and an attached, eight-level parking garage.

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CHICAGO — Bellwether Enterprise Real Estate Capital LLC (BWE) has secured a $74.5 million life company loan on behalf of Continental Realty Corp. (CRC) for the acquisition of a Chicagoland shopping center portfolio. CRC acquired the portfolio from DiMucci Cos. Comprising five properties and 900,000 square feet, the portfolio was 82 percent leased at the time of sale.  The sale included Cicero Marketplace in Cicero, Ill.; Northwest Shopping Center and English Valley in Palatine, Ill.; Golf Plaza II in Mount Prospect, Ill.; and Fox River Commons in Naperville, Ill. Together, the shopping centers feature almost 70 tenants, with a focus on grocery and necessity retailers, such as Sam’s Club, Home Depot, Jewel Osco, Walgreens and Kroger. Daniel Rosenberg of BWE’s Chicago office arranged the three-year fixed-rate, interest-only loan. CRC will use the financing to fund the portfolio acquisition as well as capital improvements, renovations and leasing costs to increase occupancy.

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OVERLAND PARK, KAN. — LANE4 Property Group has purchased Hawthorne Plaza, a 135,000-square-foot retail center located at the southwest corner of 119th St. and Roe Ave. in Overland Park, approximately 10 miles south of Kansas City. CBRE represented the seller, Dallas-based Invesco. Developed in 1990 and renovated in 2015, the property was 96 percent occupied at the time of sale. Tom O’Leary and Weston Buckley of LANE4 will handle leasing of the property. LANE4 will also provide in-house management of the center. The purchase price was not disclosed.

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TEXAS CITY, TEXAS — Locally based investment and brokerage firm NewQuest Properties has arranged the sale of the 130,525-square-foot Tradewinds Shopping Center, located southeast of Houston in Texas City. At the time of sale, the property, which sits on 11.5 acres, was roughly 40 percent leased to tenants such as DD’s Discount, Family Dollar, Texas First Bank and Little Caesars. David Luther of NewQuest represented the seller, a limited partnership, in the transaction. Dakota Workman, also with NewQuest, represented the buyer, an entity doing business as 2020 Harwin 59 Shopping Center Ltd.

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SALT LAKE CITY — Dwight Capital has provided a $21.4 million HUD 223(f) loan for Paxton 365, a mixed-use multifamily property in Salt Lake City. The refinancing benefitted from a Green Mortgage Insurance Premium Reduction, as Paxton 365 is Energy Star certified. The asset features a five-story building with 121 residential units and three commercial spaces, including Paxton Pub. Community amenities include a dog park, courtyard with fire pit, fitness center, roof terrace, community lounge, grill areas and electric vehicle charging stations.

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SALT LAKE CITY — Matthews Real Estate Investment Services has arranged the all-cash sale of a retail property located at 1545-1555 W. 2100 South in Salt Lake City. The property traded for $7.7 million, or $462.24 per square feet. Sunbelt Rentals, an equipment and tool rental company, occupies the 16,658-square-foot facility. Ahstead Group owns Sunbelt, which is the second largest equipment rental company in the United States and has more than 1,150 locations nationwide. Isaac Wulff and Alexander Harrold of Matthews represented the seller in the transaction. The names of the seller and buyer were not released.

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Retail Program Bohler Drive Thru_rev

Retail development programs have allowed retailers to streamline their goals by creating prototype models based on site particulars. This process saves developers and retailers money as they can be flexible in choosing models that work for each site without needing to alter layouts and features too much between builds. But what makes for successful prototypes and program standards? Can this approach work outside of the retail world? “The lessons of retail programs can apply across property types in this sense: land development consultants and site designers can learn how specific clients need their set of standards and guidelines implemented. It’s essential to thoroughly understand a program client’s procedures, and we’re expected to know these parameters inside and out,” says Steven T. Fortunato, a senior project manager at Bohler’s Rehoboth Beach office in Delaware. Bohler is a land development design and consulting firm that specializes in helping developers move their projects forward faster. “The retail program methodology translates well to other sectors. Starting off with either a new developer or a new client is an opportunity to learn their standards — or help the client create them. The end result must offer the same level of confidence whether the product is retail or …

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ST. LOUIS — Lawyers Realty Co. has arranged the sale of Kohn’s Kosher Meat, Grocer and Deli in St. Louis for an undisclosed price. Lawyers Realty brokers David Wright and Zach Williams represented the sellers, the Kohn family, in their sale of the business and real estate. The site, located at 10405 Old Olive Street, measures 10,450 square feet and has been home to Kohn’s since 1997. The Kosher market began operating in 1963 when Holocaust survivors Simon and Bobbie Kohn started the business, which was most recently run by their children, Lenny Kohn and Rosemary Kohn Cooper. The next generation was not interested in taking over the business. Lawyers Realty implemented a nationwide strategy in marketing both the business and the real estate. The business and property were jointly acquired by a local investor and a group of investors from the East Coast. As a result, the business will continue to operate and serve the St. Louis community.

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PLYMOUTH, MICH. — Domino’s Pizza has signed a lease to occupy 1,667 square feet near the southwest quadrant of Ann Arbor Road and Main Street in Plymouth. The new Domino’s location will partially replace a former AT&T store, which has been vacant for 150 days and is currently being redeveloped into a two-tenant retail building. The store is slated to open in approximately six months. Michael Murphy and Tjader Gerdom of Gerdom Realty and Investment, a commercial real estate agency based in Northville, Mich., represented Domino’s in the transaction. Gregory Mallory of Armada Real Estate, based in West Bloomfield, Mich., represented the landlord.

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