Retail

DJM Receives $24.5M in Equity for Lido Marina Village Renovation

by Amy Works April 8, 2021

NEWPORT BEACH, CALIF. — DJM has received $24.5 million in new equity from Arc Capital Partners for the recapitalization of Lido Marina Village, a 116,000-square-foot waterfront retail and office property located on the Balboa Peninsula in Newport Beach. The new equity comes on the heels of a $46.5 million loan from Prime Finance, which brings DJM’s total recapitalization to $71 million. The capital will be used to pay off an existing loan and complete property renovations. Steven Bram, David Pascale and Patrick O’Donnell of George Smith Partners arranged the financing, while Bryan Ley and Geoff Tranchina of JLL handled the equity transaction. Since acquiring Lido Marina Village in 2013, DJM has performed renovations and rebranded the property with high-profile tenants, including The RealReal, Rye Goods, Marrow Fine, Elyse Walker, LoveShackFancy, Serena & Lily, Jenni Kayne, Nobu and Malibu Farms.

April 8, 2021

California Development Industrial Loans Mixed-Use Retail Western

CBRE Arranges $52M Loan for PDR Redevelopment in San Francisco

by Amy Works April 7, 2021

SAN FRANCISCO — CBRE Capital Markets has secured construction financing for The Maclac Building, a five-story, 108,161-square-foot property located at 192-198 Utah St. and 151-191 Potrero Ave. in San Francisco. The borrower, a joint venture between affiliates of Comstock Realty Partners and Dune Real Estate Partners, plans to redevelop the asset, which is zoned as a production, distribution and repair (PDR). PDR refers to a variety of businesses encompassing dent and repair shops, marketing and advertising companies, traditional brick-and-mortar retailers and others, and according to the San Francisco Planning Department is used “instead of industrial to avoid conjuring images of heavy, ‘smoke-stack’ industry, such as large manufacturing plants, smelting operations and refineries.” Mike Walker and Brad Zampa of CBRE’s San Francisco office arranged the five-year, floating-rate, full-term interest-only financing for the borrower. The property spans five interconnected buildings over two parcels and half a city block in San Francisco’s SOMA Potrero District. Redevelopment started in May 2020 and is being completed in phases, with delivery expected for third-quarter 2022. The joint venture plans to reconfigure, upgrade and expand the current structures with 4,000 amps of power, updated building systems, green roof terraces and a multi-story glass atrium lobby tying the …

April 7, 2021

Leasing Activity Retail Texas

Crunch Fitness to Open 30,240 SF Gym at Former Michaels Store in Metro Houston

by Taylor Williams April 7, 2021

SUGAR LAND, TEXAS — A Crunch Fitness franchisee will open a 30,240-square-foot gym at a former Michaels store at First Colony Commons, a 410,000-square-foot retail power center in the southwestern Houston suburb of Sugar Land. The opening is set for Oct. 1. Neal Thomson of Houston-based NewQuest Properties represented the tenant in the lease negotiations. Kristen Barker of Wulfe & Co. Inc. represented the Dallas-based landlord, an entity doing business as TPP 306 First Colony LLC. New York-based Crunch Fitness currently operates 360 gyms across 30 states and five countries.

April 7, 2021

Acquisitions Georgia Restaurant Retail Southeast

Selig Enterprises, Pension Fund Acquire 421,000 SF Lenox Marketplace in Atlanta’s Buckhead District

by Julia Sanders April 7, 2021

ATLANTA — Atlanta-based Selig Enterprises and State Teachers Retirement System of Ohio have acquired Lenox Marketplace, a 421,000-square-foot retail center in Atlanta’s Buckhead district. Selig will oversee leasing at the center and will serve as the asset and property manager. The seller and sales price were not disclosed. Located at the intersection of Peachtree and Wieuca roads and across the street from Phipps Plaza, Lenox Marketplace spans 9.4 acres with a mix of retail and dining options. The multi-level retail center is anchored by Publix, Target, Dick’s Sporting Goods and LA Fitness, with additional tenants such as Ethan Allen, Roam and Iron Hill Brewery & Restaurant. The property is also one block from Lenox Square Mall and adjacent to Selig’s Buckhead Triangle property. With the addition of Lenox Marketplace, Selig’s retail portfolio spans almost 4 million square feet across the Southeast. The firm’s Buckhead portfolio includes Buckhead Triangle, Brookwood Place, Buckhead Square I and II, The Shops of Buckhead, Buckhead Commons and Peachtree Plaza. Selig is also the master developer of The Works, an 80-acre mixed-use development in Atlanta’s West Midtown neighborhood.

April 7, 2021

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Brokers $7.6M Sale of Store in Rockingham, North Carolina Leased to Lowe’s

by Julia Sanders April 7, 2021

ROCKINGHAM, N.C. — Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group has brokered the $7.6 million sale of a 129,529-square-foot retail store leased to Lowe’s Home Improvement in Rockingham, a suburb of Charlotte. Realty Income, a net-lease REIT based in San Diego, purchased the property from the seller, an entity doing business as Tri City Rockingham LLC. The Lowe’s Home Improvement property is located at 1300-A E Broad Ave. and is located near a FastMed Urgent Care, McDonald’s, KFC, Taco Loko and a Walgreens. The property is located 72 miles from Charlotte, and is 17 miles away from Wallace, S.C. “This transaction illustrates the demand for essential net-lease retail. Home improvement was one of the sectors that got a boost from the pandemic, and institutional and private capital are looking to deploy into these and other essential tenants,” says McMinn.

April 7, 2021

Development Illinois Midwest Restaurant Retail

The Luminary Opens at Office Building in Downtown Chicago

by Kristin Harlow April 7, 2021

CHICAGO — Food and beverage concept The Luminary has opened at 303 E. Wacker, a 30-story office building in Chicago’s East Loop. The café will offer coffee, tea, pastries, salads, sandwiches and snacks. Cocktails and chef-crafted bites will follow later this year. Infuse Hospitality will operate The Luminary. Infuse is also the team behind Fairgrounds Craft Coffee & Tea. Beacon Capital Partners, the owner of 303 E. Wacker, recently completed a renovation of the 944,000-square-foot building. Designed by architectural firm Norman Kelley, the lobby design now features new flooring, seating, a lighting installation and bar area.

April 7, 2021

Acquisitions Multifamily New York Northeast Retail

Conway Capital Buys Two Multifamily, Retail Buildings in Brooklyn for $7.9M

by Taylor Williams April 7, 2021

NEW YORK CITY — Locally based investment firm Conway Capital has purchased two multifamily and retail buildings in the Park Slope neighborhood of Brooklyn for $7.9 million. The 7,200-square-foot building at 155 Fifth Ave. was constructed in 1920 and consists of eight apartments and a ground-floor restaurant/jazz bar. The 4,900-square-foot property at 138 St. Marks Place was built in 1931 and includes 10 apartments and a pizzeria. The assets sold for $4.2 million and $3.7 million, respectively. Adam Lobel of BRG represented the seller of 155 Fifth Ave., and Eddie Setton and Adam Hess of Meridian represented the seller of 138 St. Marks Place.

April 7, 2021

Leasing Activity North Carolina Retail Southeast

WRS Signs Bin City Bargains to 20,243 SF Lease at Mayberry Mall in Mount Airy, North Carolina

by Julia Sanders April 6, 2021

MOUNT AIRY, N.C. — WRS Inc. Real Estate Investments has leased 20,243 square feet of retail space at The Mayberry Mall in Mount Airy to Bin City Bargains. The retailer is a family-owned liquidation company featuring products from major online retailers, as well as big box department stores. Bin City Bargains sell new overstock items as well as box-damaged and returned goods at a flat price per day. The new store will offer two restocks per week and the prices decrease daily. Originally opened in 1968, The Mayberry Mall is located at 388 Frederick St. and is currently leased to tenants such as Hobby Lobby, Belk, Hallmark, Shoe Dept., Enmar Accessories, L.A. Nails and Good Fudge. The mall is named after the fictional town of Mayberry from “The Andy Griffith Show.” The namesake of the show, late comedian Andy Griffith who also starred in the series “Matlock,” was born and raised in Mount Airy.

April 6, 2021

Acquisitions Arizona Retail Western

Macerich Sells Paradise Valley Mall in Phoenix for $100M, Plans Redevelopment

by Amy Works April 6, 2021

PHOENIX — Macerich (NYSE: MAC) has completed the disposition of Paradise Valley Mall in Phoenix. A newly formed joint venture with an affiliate of RED Development acquired the property for $100 million. The buyer plans to redevelop the property as a 92-acre mixed-use project. The 1970s-era Paradise Valley Mall has been rezoned to allow for a mix of offerings, including high-end grocery, restaurants, multifamily residences, offices, retail space and other elements. The redevelopment will feature approximately 3.25 million square feet of non-residential uses and 3.25 million square feet of residential uses, totaling nearly 2,500 units, for a total of 6.5 million square feet of occupied building area. While the majority of the center will be closed in the next few months ahead of the renovation, Costco, JC Penney, The Phoenix Public Library – Mesquite Branch and the mass transit station will remain open. The transaction, which closed on March 29, generated approximately $95 million in net proceeds for Macerich, and the company will retain 5 percent joint venture interest in the redevelopment project.

April 6, 2021

California Development Office Restaurant Retail Western

STC Ventures to Develop 500,000 SF of Office Space in Downtown Sunnyvale, California

by Amy Works April 6, 2021

SUNNYVALE, CALIF. — STC Ventures, a joint venture between Sares Regis Group of Northern California and Hunter Properties, received approval from the Sunnyvale Planning Commission to develop two office buildings totaling 500,000 square feet on the former Macy’s parcel in downtown Sunnyvale. Situated between Taaffe and Murphy avenues, the buildings will be separated by a public pedestrian plaza and each offer 250,000 square feet of office space, 25,000 square feet of ground-level retail space for restaurant and entertainment uses and 13,000 square feet of outdoor space, including terraces and step backs. Additionally, the adjacent properties will offer an underground parking structure with 786 spaces. The office buildings are designed for post-COVID work environments and will feature mechanical systems that will provide employees access to fresh air and ample outdoor space. The buildings are also targeting LEED Gold certification. The office project is the latest portion of the second phase of CityLine Sunnyvale, the redevelopment of four parcels in Sunnyvale’s downtown core that will add residences, ground-level retail and office space. The development team recently received approval for a 12-story mixed-use project at 200 S. Taaffe St. that will include 479 residences, 30,000 square feet of retail space and a public …

April 6, 2021

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