GREAT NECK, N.Y. — New York-based Namdar Realty Group has sold a portfolio of 10 net-leased retail properties located across five states. Five of the properties are located in California. Two assets are in Oregon, and each of the remaining three properties are split between Illinois, Maine and Connecticut. The portfolio spans more than 100,000 square feet and was approximately 95 percent leased at the time of sale to tenants such as Buffalo Wild Wings, Best Buy, Cost Plus World Market, State Farm, AT&T and Uno Pizzeria. Andrew Ebrani and Jonathan Abda represented Namdar Realty Group on an internal basis. The buyer and sales price were not disclosed.
VALRICO, FLA. — CBRE has arranged the sale of Valrico Commons, a 138,887-square-foot shopping center located at 1971 E State Road 60 in Valrico. Built in 1986 and redeveloped in 2011, Valrico Commons was 93 percent leased at the time of sale to tenants including Publix, Ross Dress for Less and Five Below. Casey Rosen and Dennis Carson of CBRE represented the seller, which includes affiliates of North American Development Group and Primerica Group One. An affiliate of Phillips Edison & Co. was the buyer. The sales price was not disclosed.
NEWINGTON, N.H. — Torrington Properties, an investment firm with offices in Boston and Durham, New Hampshire, has acquired the 102,000-square-foot Newington Park Shopping Center. The property is located in the southern coastal part of the Granite State and sold for $13.3 million. The seller, Urstadt Biddle Properties Inc., had owned the 15-acre center since 1979. Torrington Properties purchased the asset in partnership with regional development and investment firm The Mount Vernon Co.
By Hank Wolfer, First Vice President of Investments, and Derek Peterson, Associate, Marcus & Millichap National retail chains favor Seattle’s surrounding neighborhoods. Prior to the pandemic, retailers were taking notice of strong demographic trends in the submarkets surrounding Seattle. Between 2009 and 2019, the number of households across the metropolitan area grew by 13 percent, nearly double the national rate. High homeownership costs directed many of those new households to the suburbs where living expenses are lower. Following rooftops, multiple developers have pursued expansion opportunities in these areas, with recently opened projects in locations like Renton, Frederickson and Shelton. These new floor plans are drawing prominent retailers, including 7-Eleven and medical provider DaVita Dialysis, as well as fast food operators like Popeyes. Although initially challenged by lockdowns, these facilities are poised to benefit from the ongoing economic recovery. Suburban properties are outperforming urban counterparts. While no tenant was free of pandemic-induced challenges, operations outside the urban core proved more resistant on average. Vacancy in downtown Seattle rose 80 basis points over the 12-month period that ended in March. This is compared with a 60 basis point climb in Tacoma and a 20 basis point increase in the Southend. Moving through the rest of 2021, metro-wide vacancy is …
NEW YORK CITY — Vornado Realty Trust (NYSE: VNO) has entered into an agreement with an undisclosed buyer to sell five Manhattan retail properties for $184.5 million. The properties are located at 677–679 Madison Ave., 759–771 Madison Ave., 828–850 Madison Ave., 478-482 Broadway and 155 Spring St. Combined, the properties currently have negative income and a street-level occupancy rate of approximately 30 percent. Vornado is selling the properties in three separate transactions. The sale of the Madison Avenue properties is expected to close in the third quarter, and the sales of the Soho properties are expected to close in the first quarter of 2022.
ST. PETERSBURG, FLA. — JLL has arranged the sale of Icon Central, a 368-unit, 15-story, mixed-use residential tower in St. Petersburg. Matt Mitchell, Matthew Lawton and Zach Nolan of JLL represented the seller, Related Group, in the transaction. Camden Property Trust acquired the property for $149 million, according to the Tampa Bay Business Journal. Completed in 2019 by Related Group, Icon Central includes about 35,000 square feet of rentable space of ground-floor retail. In July, Tricera Capital acquired the ground floor retail for $11.1 million, as well as the adjoining Union Trust Bank building. Right now, BurgerFi and Watts Dental lease about 7,000 square feet of the property’s retail space. Icon Central’s apartments feature private balconies, stainless steel appliances, kitchen islands, a full-size washer and dryer and electronic key-fob entry. Community amenities include a pool with lounge area, fitness center, sauna and steam room, spa with massage tables and Zen lounge, private clubroom and dining room, a movie theater, game simulator and a rooftop terrace with an outdoor kitchen, dining, seating and firepits. Located at 855 Central Ave., Icon Central is situated within a half-mile of St. Petersburg’s Central Arts District and the Edge District, which have art galleries, museums, …
ORLANDO, FLA. — Property Markets Group (PMG) and Raven Capital Management has secured a $120 million construction loan for the development of Society Orlando, a 26-story multifamily and retail project located at 434 N Orange Ave. in downtown Orlando. Chris Peck and Mark Fisher of JLL arranged the loan through a fund managed by Los Angeles-based CIM Group. PMG was represented internally by Lowell Plotkin, Andrew Warman, Jonathan Blank and Randy Marble. The loan will provide financing for the first phase of the development, which broke ground in 2020. Slated for completion in 2023, Society Orlando’s first phase will include 462 apartments and 33,000 square feet of ground-floor commercial space. Society Orlando will offer a blend of traditional units as well as co-living options. With over 100,000 square feet of amenity space, the community amenities will include a pool deck, coworking lab, gym and fitness studio, entertainment lounges, yoga lawn, craft food and beverage operations, smart package lockers and app-based keys. Society Orlando is part of the Society Living brand, which focuses on primarily market-rate apartments along with making co-living apartments better by making it easier to find good roommates, splitting up the bills and eliminating shared bathrooms. Other Society …
MARION, IOWA — Shive-Hattery is working with the City of Marion on the design of a retail strip center redevelopment across one-and-a-half acres. Cedar Falls, Iowa-based Eagle View Partners and DCI Group Inc. are the developers for the project, which will convert an aging retail center into multifamily space. The first phase of the project, Broad & Main on 7th, will include 42 apartment units atop retail and restaurant space on the ground floor. The second phase, Broad & Main on 6th, will bring an additional 42 units and parking space. A timeline for construction was not disclosed.
LAKE FOREST, CALIF. — Marcus & Millichap has arranged the sale of Lake Forest Center, a shopping center located at 20761 Lake Forest Drive in Lake Forest. A California-based private family trust sold the asset to a Maryland-based private investor for $5.7 million, or $330 per square foot. The multi-tenant property features 17,244 square feet of retail space. Orbell Ovaness, Ara Rostamian and Peter Xiao of Marcus & Millichap’s Los Angeles office represented the seller and buyer in the deal.
MIAMI — CIM Group and Miami Worldcenter Associates have broken ground on the 78,000-square-foot “Jewel Box” building, one of the last retail components within the $4 billion Miami Worldcenter project. Slated for completion in the second quarter of 2022, the Jewel Box building will feature two levels of retail space. The property will also include a rooftop overlooking the development’s World Square, a 20,000-square-foot public plaza and park. Located at 150 NE Eighth Street, the Jewel Box is situated directly west of the upcoming citizenM boutique hotel and north of apartment tower known as Bezel at Miami Worldcenter. Miami Worldcenter is a 27-acre, master-planned mixed-use project in downtown Miami. More than 150,000 square feet of retail space at Miami Worldcenter has already been completed, with another 130,000 square feet currently under construction and nearing delivery.