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University Hill
LoansMixed-UseMultifamilyNorth CarolinaRetailSoutheast

Newmark Secures $65.5M Refinancing for University Hill Mixed-Use Property in Durham

by Julia Sanders

DURHAM, N.C. — Newmark has secured $65.5 million in refinancing for University Hill, a mixed-use property in Durham with multifamily, retail and art uses. Josh Davis, Chris Caison and C.J. Webb of Newmark’s Debt and Structured Finance team secured the bridge financing on behalf of the project’s developer, Shoff Allison with Hawthorne Residential Partners, and Drake Real Estate Partners. Pacific Life Insurance Co. provided the three-year loan, which included a floating interest rate and two, one-year extension options. Completed in 2020, University Hill offers 269 multifamily units and 65,500 square feet of retail space. University Hill’s apartment component features community amenities including a saltwater swimming pool; outdoor grilling area with two gas grills and two wood-fired pizza ovens; breakfast/coffee concierge; indoor herb garden; indoor bike storage; game room; car charging station; 24-hour fitness center and a pet play area with a dog spa. The project’s retail component includes a 30,000-square-foot O2 Fitness and several other retailers, including Happy + Hale, Triangle Coffee House and Midtown Yoga. Slated to open in 2022, other tenants include Gizmo Brewery and BB’s Crispy Chicken from James Beard-winning chef and restauranteur Ashley Christensen. Along with the multifamily and retail aspects, The University Hill redevelopment also …

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Kissimmee Korners
AcquisitionsFloridaRetailSoutheast

SRS Brokers $14.3M Sale of Shopping Center in Metro Orlando

by Julia Sanders

KISSIMMEE, FLA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Kissimmee Korners, an 83,340-square-foot neighborhood center in Kissimmee, about 24.7 miles from Orlando. The seller, an entity doing business as Kissimmee Korners LLP, sold the property to an entity doing business as WWX2 LLC for $14.3 million. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. Houwen Zhou of Lokation Real Estate represented the buyer. Kissimmee Korners includes two one-story, multi-tenant retail buildings and one medical office/retail building. The multi-building center is 92.6 percent occupied and is anchored by Cano Health. Other tenants include Kissimmee Produce Market, T-Mobile, Florida Optical and Rent-A-Center. Renovated in 2006, the property is situated on 6.5 acres of land at the intersection of West Vine Street and North John Young Parkway. The property has 367 parking spaces.

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Company NewsFeaturesHeartland Feature ArchiveHospitalityIndustrialMixed-UseMultifamilyNortheast Feature ArchiveOfficeRetailSoutheast Feature ArchiveTexas & Oklahoma Feature ArchiveWestern Feature Archive

Forecast Survey: What’s Your Take on Commercial Real Estate in 2022?

by John Nelson

The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2022, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2022 to trends in deal volume to your outlook for interest rates. The results of our 11th annual survey will be collated and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)

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Galleria Plaza
AcquisitionsFloridaRetailSoutheast

CBRE Arranges $17.1M Sale of Retail Center in Fort Lauderdale

by Julia Sanders

FORT LAUDERDALE, FLA. — CBRE has arranged the $17.1 million sale of Galleria Plaza, a 24,807-square-foot, multi-tenant retail center in Fort Lauderdale. David Donnellan and Patricia Friend of CBRE represented the seller, Sunrise Investment Properties LLC, a Florida-based entity managed by Stiles Corp., in the transaction. The property sold for close to $700 per square foot. Paul Ahmed and Mackenzie Lampman of CBRE Capital Markets secured acquisition financing on behalf of the buyer, Shawnick Galleria LLC, an entity affiliated with a California-based private investor. The long-term, fixed-rate loan was placed through an undisclosed life insurance company. Galleria Plaza is home to tenants including GEICO, Primo Fine Wines and Downtown Bicycles. The property is shadow-anchored by a separately owned Publix that was not included in the sale. Located at 2414 E Sunrise Blvd., Galleria Plaza is situated about 2.6 miles from downtown Fort Lauderdale, 7 miles from Fort Lauderdale International Airport and 12.5 miles from Hollywood Beach.

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ArkansasCompany NewsRetailSoutheast

Walmart Posts Growth in Fiscal Third-Quarter Earnings, Raises Future Revenue Projections

by Julia Sanders

BENTONVILLE, ARK. — Bentonville-based Walmart Inc. (NYSE:WMT) posted growth in earnings during its fiscal third quarter of 2021, which ended Oct. 31. Walmart’s total revenue was $140.5 billion, an increase of 4.3 percent from a year earlier when it was $134.7 billion. These numbers were also higher than Wall Street’s predictions of $135.6 billion, according to CNBC. According to Refinitiv, the discount retailer’s earnings per share were $1.45 adjusted versus $1.40 expected. Additionally, Walmart’s e-commerce sales increased 8 percent during the fiscal third quarter and 87 percent over a two-year period. Walmart raised its forecast for the rest of the year, believing it will continue to see growth. Based on full-year guidance, now the retailer expects its adjusted earnings per share will be approximately $6.40 versus its previous projection of between $6.20 and $6.35. To prepare for the upcoming holiday shopping season, Walmart boosted its inventory by 11.5 percent. More customers shopped at Walmart during the third quarter due to the retailer’s low prices and amid an inflationary period that is causing household items to rise in price, according to CNBC. Despite the growth in revenue, Walmart’s net income decreased to $3.11 billion, or $1.11 per share. A year prior, …

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AcquisitionsIllinoisMidwestRetail

SVN | Chicago Commercial Brokers $2.7M Sale of Retail Strip Center in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — SVN | Chicago Commercial has brokered the sale of McLean Square in Elgin for $2.7 million. The 23,405-square-foot retail strip center is situated on 2.5 acres along McLean Boulevard. Dollar Tree is the anchor tenant. David Coupe of SVN worked alongside Lee Kotler of Konnect Real Estate to reposition and lease up the asset, which had fallen into receivership. Buyer and seller information was not provided.

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AcquisitionsNortheastPennsylvaniaRetail

Namdar Realty Group Sells 283,553 SF Shopping Center in Pottsville, Pennsylvania

by Taylor Williams

POTTSVILLE, PA. — Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. The center was 90 percent leased at the time of sale to tenants such as Giant Food, Planet Fitness, Ollie’s, Staples and Dollar General. The buyer and sales price were not disclosed. Jonathan Abda and Andrew Ebrani of Namdar represented the firm on an internal basis in the transaction. Cale Powers of Trinity RE Investment Services brokered the deal.

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Ready-Capital-62-Units-LA-CA
CaliforniaLoansMultifamilyRetailWestern

Ready Capital Closes $11.8M Loan for Multifamily, Retail Property Acquisition in Los Angeles

by Amy Works

LOS ANGELES — Ready Capital has closed $11.8 million in financing for the acquisition, renovation and stabilization of a 62-unit multifamily and retail asset in the East Hollywood submarket of Los Angeles. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors and building exteriors, as well as common area upgrades. The non-recourse, interest-only, floating-rate loan features a 24-month term, three extension options and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

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Las Villas Market
AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers $47M Sale of Two-Property Retail Portfolio in Miami Gardens, Florida

by Julia Sanders

MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $47 million sale of a two-property, 198,885-square-foot retail portfolio in Miami Gardens. The properties in the portfolio include Las Villas Market Square and Miami Gardens Shopping Plaza. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller, a private Miami Beach-based ownership group. Olson and Kristol also procured the buyer, a Brooklyn-based private investment group. Located on seven acres at 4705-4895 NW 183rd St., Las Villas Market Square is an 84,543-square-foot retail and service center anchored by Dollar General. The previous owners completed a remodeling project involving a new design façade, parapet sign improvements, new canopy roof, parking lot restriping and sealcoat resurfacing, new exterior LED lighting and landscaping improvements. Built in 1974, the property was 93 percent leased at the time of the sale to tenants including Subway, Peñate Medical Center, Trulieve and Florida Department of Health-WIC. Built in 1960, Miami Gardens Shopping Plaza is a 114,342-square-foot retail center that has been anchored by Price Choice Supermarket, a grocery chain, since 1997. The center is located on 11 acres at 4500-4698 NW 183rd St. and is situated at the same intersection as Las Villas Market Square. The …

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FeaturesRetail

A Cinematic Horror: How the Pandemic Has Impacted Movie Theater Property Values

by Kristin Harlow

By Molly Luhrs, Popp Hutcheson Diminishing tax liability may offer a silver lining amid a horror show of declining property values playing out for owners of silver screen properties across the nation. Many theater owners will pay more than their fair share in property taxes, however, unless and until they educate local tax assessors of the sinister influences that oppress their businesses.  Movie theaters have been one of the hardest-hit industries during the COVID-19 pandemic. Spaces where the big screen once lit the faces of attentive viewers fell dark and silent, to sit lifeless for months. Studios released only 23 films in 2020, the fewest since 2003, and box offices sold less than 225 million tickets. As regulations eased, cinemas emerged far behind the pack of other businesses in a race to resume normal operations. Now, most states are allowing 100 percent occupancy in movie theaters; however, this does not mean movie-goers are rushing back to theaters. What is there to attract them? Some of the most anticipated new movies had their 2020 premiere dates pushed to middle or late 2021, with some even transitioning directly to streaming platforms like HBO.  On top of the lack of content, theaters are …

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