WESTFIELD, IND. — Holladay Properties and Holladay Construction Group have broken ground on a $10 million agritourism facility for West Fork Whiskey Co. in Westfield, about 30 miles north of Indianapolis. The 35,000-square-foot project is located on the northeast corner of 191st Street and Horton Road across from Grand Park Sports Campus. Plans call for a 5,000-square-foot event space, retail store, 4,000-square-foot restaurant with a cocktail lounge, speakeasy and additional production and aging space. The facility will offer interactive tours, tastings and other educational components. Completion is slated for 2022. Established in 2015, West Fork Whiskey distills and produces craft whiskeys using Indiana ingredients. The company currently operates a tasting room and distillery in Indianapolis.
HUBER HEIGHTS, OHIO — Marcus & Millichap has arranged the $8.5 million sale of North Heights Plaza in Huber Heights, just north of Dayton. The 113,732-square-foot shopping center was fully occupied at the time of sale. Anchor tenants include Hobby Lobby and Bed Bath & Beyond. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller marketed the property on behalf of the seller, a private out-of-state investor. The team procured the buyer, ExchangeRight, in collaboration with JRW Realty.
MIAMI — Federal Realty Investment Trust, The Comras Co. and Grass River Property have signed five new retailers to join the tenant lineup at CocoWalk, a mixed-use shopping center in the Coconut Grove neighborhood of Miami. CocoWalk’s newest retailers include GlossLab, a membership-based nail studio based in New York that is set to open in summer 2022; Antidote Wellness Labs, a boutique fitness studio; Gas Bijoux, a jewelry brand based in Saint-Tropez; Skin Lab by Barba Skin Clinic; and 3D Brow Studio, which is a salon concept specializing in curating eyebrows. Antidote Wellness Labs will occupy about 2,577 square feet on the second floor of CocoWalk, the Barba Skin Clinic will span 2,181 square feet and 3D Brow Studio will occupy 1,062 square feet. Gas Bijoux will be located on the first floor with 562 square feet facing the open-air plaza, and GlossLab will take up a 1,349-square-foot space. In addition, Botanico Gin & Cookhouse is slated to open at CocoWalk later this summer, and Sushi Garage is expected to open this fall. CocoWalk will feature 150,000 square feet of retail space and include local, national and international restaurants and retailers such as Planta, Mister 01 Extraordinary, Salt & Straw, …
HONOLULU — BlackSand Capital has acquired Waikiki Galleria Tower, a 15-story office property on Kalakaua Avenue in Honolulu, for $270 million. The seller, an 2222 SPE LLC, an affiliate of Sanno USA, originally bought the asset from Honolulu-based The Mills Group in December 2011 for $187.1 million. BlackSand Capital plans to redevelop the two-story, 75,000-square-foot retail property that was most recently occupied by DFS Group’s T Galleria. DFS declined to extend its lease on the space, which it had occupied since 1999.
OWINGS MILLS, MD. — Greenberg Gibbons has signed leases with four new retailers that are joining the St. Thomas Shopping Center in Owings Mills. The new tenants, Next Door Pharmacy, uBreakiFix and Boston Market will open this fall, and Michaels will open in fall 2022. Michaels, an arts and crafts retailer, will take up a 23,045-square-foot space near Baltimore Sports & Novelty. Next Door Pharmacy is a customer-centered pharmacy that offers free delivery, pet medications, compounding, vaccinations and price matching. The company’s 1,600-square-foot location will also be next to Baltimore Sports & Novelty. An electronics repair shop, uBreakiFix, will be in a 1,600-square-foot store between H&R Block and Next Door Pharmacy. Boston Market, a fast-casual restaurant, will be in a 2,000-square-foot space located next to 1st Financial and adjacent to M&T Bank. St. Thomas Shopping Center is located on Reisterstown Road, adjacent to Foundry Row, the mixed-use destination also owned and managed by Greenberg Gibbons. In the 100,000-square-foot commercial complex, St. Thomas Shopping Center also features retailers such as Wells Fargo and Starbucks.
MORENO VALLEY, CALIF. — Newmark has arranged the sale of Lakeshore Village Marketplace, a neighborhood shopping center located in Moreno Valley. A Southern California-based private party acquired the retail property from an entity doing business as Lakeshore Plaza Holdings LLC for $8.3 million. Situated at 23575 Sunnymead Parkway, Lakeshore Village Marketplace features 80,000 square feet of retail space. The transaction also includes a 2.3-acre land parcel adjacent to the retail center. Lakeshore Village Marketplace has maintained a steady 87 percent occupancy rate to tenants including Armando’s Mexican Restaurant, Espresso & Cupcake Café, S Bar & Grill, Oishii Sushi, Del Taco and Jack in the Box. Mario Alvarez Jr. and Pablo Rodriguez of Newmark represented the seller in the deal.
SOUTHFIELD, MICH. — Friedman Real Estate has brokered the sale of the former Northland Mall in Southfield, a northern suburb of Detroit. The sales price was $11.1 million, according to the Detroit Free Press. Friedman was hired in 2017 to act as the City of Southfield’s real estate consultant and broker to market the redevelopment site. Bloomfield Hills-based Contour Development was the buyer. Contour plans to build new residences, commercial space and amenities in a mixed-use project named Northland City Center. Contour’s plan includes an adaptive reuse of the former J.L. Hudson Co. department store building into Hudson City Market, a food, entertainment and home furnishings venue. Andrew Ledger of Friedman served as the primary point of contact for the assignment. The 1.4 million-square-foot mall opened in 1954 and closed in 2015. It was home to 100 stores. Friedman has also been retained by Contour to market Northland City Center for lease.
By Taylor Williams The business of trading retail properties is booming across the greater Boston area, and the combination of cheap capital, a desire to recoup lost business and potential changes in tax law are prompting buyers and sellers alike to transact at a frenetic pace. As is often the case in times of robust investment sales activity, low interest rates are the straw that stirs the drink. At its latest meeting in June, the Federal Reserve opted to hold the federal funds rate — the short-term rate by which lending between financial institutions is priced — at a target range of 0 to 0.25 percent. The Fed cut rates by 100 basis points to this target range in March 2020 in response to the COVID-19 outbreak and has kept them there ever since. A fiscal policy defined by record-low rates is persisting even in the face of inflation, which hit its highest mark in 13 years when the U.S. Consumer Price Index rose by 5.4 percent in June 2021 relative to June 2020. Economists have cited sustained injections of federal stimulus and relief money and elevated government spending in response to the pandemic as the key drivers of this …
KENOSHA, WIS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Southport Plaza and Indian Trail Plaza in Kenosha for $43.5 million. A Florida-based private buyer purchased the two adjacent shopping centers, which total 407,367 square feet. Anchored by Kohl’s, Fresh Thyme and Hobby Lobby, the centers were 92 percent occupied at the time of sale. Southport Plaza was built in 1996 and Indian Trail Plaza was constructed in 2006. Both properties are located at the intersection of Green Bay Road and 75th Street. Craig Fuller, Scott Wiles, Erin Patton and Jared Shapiro of IPA represented the seller, a Chicago-based private equity firm. The team also represented the buyer, which secured permanent financing from a bank at a 76 percent loan-to-value ratio.
UNIVERSITY HEIGHTS, OHIO — Cushman & Wakefield has arranged the $38.3 million sale of Cedar Center South in University Heights, about nine miles east of Cleveland. Anchored by Whole Foods Market, the 138,881-square-foot shopping center is located on Cedar Road. It is 91 percent leased to tenants such as CVS Pharmacy, Dollar Tree and Goodwill. Evan Halkias, Michael Marks, Hank Davis and Lane Breedlove of Cushman & Wakefield represented the undisclosed seller. Mike Ryan, Brian Linnihan, Richard Henry and Taylor Crowder of Cushman & Wakefield arranged a $25.7 million acquisition loan on behalf of the buyer, First National Realty Partners. Sentinel Investments provided the 10-year, fixed-rate loan.