Retail

CHICAGO — Maverick Commercial Mortgage Inc. has arranged a $14 million first mortgage loan for a 103,550-square-foot retail property occupied by Home Depot in Chicago’s Chatham neighborhood. Earlier this year, Home Depot signed a new 10-year lease with MG Development LP for the property, which is located at 200 W. 87th St. and includes an exterior garden center. A regional bank provided the 10-year, floating-rate loan, which features a 25-year amortization schedule. Proceeds from the loan paid off the existing lender, provided cash to the borrower and paid for closing costs.

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USQ-Somerville

By Taylor Williams As the pandemic recedes from the minds and wallets of American consumers, the food and beverage (F&B) industry finds itself embroiled in a host of new financial problems, driven this time by pure economics rather than public health. Inflation and supply chain disruption are working both in tandem and within independent channels to bring new hardships to the sector, mainly in the form of elevated costs and delayed timelines for operating and expanding restaurants of all types. At the same time, F&B owners and operators finds themselves awash with pent-up demand to dine out, drink, socialize and enjoy entertainment attractions and activities. Meanwhile, across the Northeast, quality F&B spaces that went dark during the first 18 months of the pandemic have largely been reabsorbed. That confluence of circumstances encapsulates major incentives and opportunities for landlords to raise rents. Add in the fact that these property owners have in many cases been operating on deferred, reduced or restructured rent payment schedules for much or all of the last two years, and the move to push F&B rents is even more justifiable. For owners of traditional retail product — from power centers to neighborhood strip malls to single-tenant, net-leased …

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LONGVIEW, TEXAS — Fort Worth-based developer The Woodmont Co. has broken ground on a 1,400-square-foot retail project for Starbucks in Longview, located about 120 miles east of Dallas. The new coffee shop will be situated at the site of a former gas station and will be devoid of any indoor dining space. Shell construction of the building is scheduled to be complete in June.

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CHICAGO — Mid-America Real Estate Corp. has brokered the sale of Elston Logan Plaza in Chicago’s Elston Corridor for $29.2 million. Anchored by HomeGoods, the shopping center spans 56,080 square feet. Additional tenants include Chipotle, Potbelly Sandwich Shop, Forever Yogurt, David’s Bridal, Verizon, T-Mobile and The Vitamin Shoppe. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Novak Construction Co. Newport Capital Partners was the buyer.

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SAN DIEGO — Clarion Partners and HP Investors have sold a collection of three single-tenant net-leased retail properties within Gateway at Kearny Mesa in San Diego. An undisclosed private investor acquired the asset for $89.8 million. Totaling 194,303 square feet, the property is fully occupied to three national tenants, including a global discount department store, Food 4 Less and Prime Car Wash/Jiffy Lube. The properties were constructed in 2001 on 18.8 acres as part of a 30-acre Gateway at Kearny Mesa retail destination. Gleb Lvovivh, Geoff Tranchina, Darcy Miramontes, Kip Malo and Bob Prendergast of JLL Capital Markets represented the sellers in the deal.

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NASHVILLE, TENN. — Tanger Factory Outlet Centers Inc. has broken ground on Tanger Outlets Nashville, a 290,000-square-foot outlet mall in Nashville. Slated to open in fall 2023, the six-building, open-air property will be located on a 32-acre site along I-24 within the Century Farms development. Tanger Outlets Nashville will house 70 brands and provide approximately 1,100 full- and part-time retail and management positions upon completion. Nashville will be the third Tennessee market served by Tanger as the Greensboro, N.C.-based company has outlet malls in Sevierville and Memphis. The property marks the first outlet mall in Nashville proper, according to Tanger.

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FREDERICKSBURG, VA. — Burlington and T.J. Maxx have signed anchor leases at Central Park Marketplace, a 200,000-square-foot regional shopping center located at 1771 Carl D. Silver Parkway in Fredericksburg. Burlington signed a 27,706-square-foot lease to backfill a former Ashley Furniture store, and T.J. Maxx signed a 24,850-square-foot lease at a former A.C. Moore Arts & Crafts store. The retailers, which will be adjacent to one another, plan to open their stores in early 2023. Connie Jordan Nielsen, James Ashby IV and Mark Banach of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the unnamed landlord.

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ROSEVILLE, CALIF. — Schnitzer Properties has purchased Highland Reserve Marketplace, a 191,416-square-foot retail center in Roseville, a suburb of Sacramento. Tenants at the center, which is situated on 21.5 acres, include Kohl’s, Ashley HomeStore, BevMo!, PetSmart, In-N-Out, Krispy Kreme, Freebird’s World Burrito, Yummy Cookie and Nurtishop. The seller and sales price were not released.

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13822-Garvey-Ave-Baldwin-Park-CA

BALDWIN PARK, CALIF. — Kidder Mathews has arranged the sale a retail property located at 13822 Garvey Ave. in Baldwin Park, an eastern suburb of Los Angeles. A private family investor sold the asset to an undisclosed buyer for $18.1 million in a 1031 exchange transaction. LA Fitness occupies the 45,000-square-foot facility, which is located at the intersection of Interstate 10 and Garver Avenue. Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the deal., while Janet Neman and Angelica Gotzev of Kidder Mathews represented the buyer.

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DALE CITY, VA. — Sterling Organization has sold Cheshire Station, a Safeway-anchored shopping center in the Washington, D.C., suburb of Dale City. Haverford Properties, an investment firm based in Philadelphia, purchased the 105,054-square-foot shopping center for $29.1 million. Cheshire Station’s tenant roster includes Petco, AutoZone, GNC, Sprint, Starbucks Coffee, Sherwin-Williams and a Virginia ABC liquor store. CBRE brokered the transaction. Sterling sold the property along with Market at Opitz, another shopping center in Northern Virginia, for a combined sales price of $58.4 million. Sterling currently owns and manages approximately 70 properties throughout the United States spanning 11.4 million square feet and approaching $2.4 billion in value.

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