Retail

NAI Isaac Brokers Sale of 17,649 SF Ruccio Pavilion Shopping Center in Lexington, Kentucky

by Julia Sanders April 19, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of Ruccio Pavilion, a 17,649-square-foot shopping center located at 220 Ruccio Way in Lexington. Al Isaac and Jim Holbrook of NAI Isaac represented the seller, Legacy Investments LLC in the transaction. John Bunch of SVN Stone represented the buyer, an entity doing business as Ruccio Shoppes LLC. The sales price was not disclosed. Ruccio Pavilion is situated close to Fayette Mall, Target, The Mall at Lexington Green and Embassy Suites Hotel. The center’s tenants include Mr. Brews Taphouse, Commonwealth Dentistry, Aqua-Tots Swim School, Thomas Sewing Center and Cuts & Paste Craft Studio. Meijer shadow-anchors Ruccio Pavilion.

April 19, 2021

Loans Multifamily New York Northeast Retail

Ariel Property Advisors Arranges $6.9M Loan for Refinancing of NYC Commercial Portfolio

by Taylor Williams April 19, 2021

NEW YORK CITY — Ariel Property Advisors has arranged a $6.9 million loan for the refinancing of a 20-unit portfolio of multifamily and retail properties in Brooklyn and Queens. Dime Community Bank provided the loan, which carried a 3.65 percent interest rate with $3 million in cash-out proceeds. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors arranged the financing on behalf of the undisclosed borrower. The names and addresses of the properties were also not disclosed.

April 19, 2021

Acquisitions California Retail Western

Hanley Investment Completes Break-up Sale at Zinfandel Crossings Shopping Center in Rancho Cordova, California

by Amy Works April 19, 2021

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the fourth and final transaction in the break-up sale strategy of Zinfandel Crossings, a retail property anchored by 99 Cents Only in Rancho Cordova. The firm has brokered the sales of more than $11.4 million in retail properties at the shopping center. Kevin Fryman, Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, a Santa Monica-based private investor. The buyer was a Stockton-based private investor. The final sale was that of a vacant 26,520-square-foot retail building, which was built in 1975 and formerly occupied by Fit Republic. The building is situated on 2.4 acres at 2810 Zinfandel Drive. The asset sold for $1.8 million.

April 19, 2021

Acquisitions California Retail Western

Stream Realty Partners Buys 49,334 SF Shopping Center in Santa Ana, California

by Amy Works April 19, 2021

SANTA ANA, CALIF. — Stream Realty Partners has acquired a grocery-anchored shopping center located at 2360 N. Tustin Ave. in Santa Ana. Previously owned by two private owners for 50 years, Stream purchased both the leasehold interest and the fee simple. Stater Bros. Markets has been a tenant since the property’s completion. Additionally, Stream acquired the 0.78 acres of adjacent land, which currently features two residential units, for future development. As a result of the transaction, Stater Bros. has renewed its 25,587-square-foot lease and Del Taco renewed its 1,859-square-foot lease at the center, which is slated to undergo several upgrades in the coming quarter. Renovations will include façade upgrades, new signage and landscaping. Additionally, Del Taco will begin interior renovations in the second quarter of 2021.

April 19, 2021

Affordable Housing Development Loans Multifamily New Jersey Northeast Restaurant Retail

BAW Development Breaks Ground on Redevelopment of Hinchliffe Stadium in Paterson, New Jersey

by Taylor Williams April 16, 2021

PATERSON, N.J. — BAW Development has broken ground on the redevelopment of Hinchliffe Stadium, an athletic venue in the Northern New Jersey city of Paterson that was originally built in 1932 as the home field of the New York Black Yankees of the Negro Leagues. Once the redevelopment is complete, the site will house a 7,800-seat venue with an upgraded field and seating areas, as well as a 75-unit affordable seniors housing complex, a 12,000-square-foot restaurant and event space, a 5,200-square-foot preschool and a 314-space parking garage. The ballpark, which fell into disrepair in the late 1990s and has been largely unused since then, is most often associated with Paterson native Larry Doby, the first player to break the American League color barrier in 1947. BAW Development is the lead developer and majority owner. RPM Development Group is BAW’s development partner. Construction is being funded, in part, through local, state and national funding via historic tax credits, low-income housing tax credits, new market tax credits and a bond issued by the Passaic County Improvement Authority. Goldman Sachs also recently provided $60 million in construction financing.

April 16, 2021

Leasing Activity New Jersey Northeast Pennsylvania Retail

Levin Management Negotiates Four Lease Renewals for Dollar Tree in New Jersey, Pennsylvania

by Taylor Williams April 16, 2021

NORTH PLAINFIELD, N.J. — Levin Management Corp. has negotiated four lease renewals for Virginia-based discount retailer Dollar Tree in New Jersey and Pennsylvania. The New Jersey locations include a 14,500-square-foot space at Brunswick Shopping Center, a 10,300-square-foot shop in Watchung and a 9,400-square-foot store in Franklin Township. The Pennsylvania location is situated in Middletown and spans 9,000 square feet.

April 16, 2021

Acquisitions Retail South Carolina Southeast

IPA Arranges $18.2M Sale of Publix-Anchored Market at Standing Springs in Upstate South Carolina

by Julia Sanders April 15, 2021

SIMPSONVILLE, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $18.2 million sale of Market at Standing Springs, a 63,883-square-foot, Publix-anchored shopping center in Simpsonville. Zach Taylor of IPA’s Taylor-McMinn Retail Group represented the seller, Carolina Holdings, and the buyer, C.F. Smith Property Group. The buyer is a family office completing a 1031 exchange, according to Taylor. “The buyer was placing funds from a single-tenant Lowe’s Home Improvement that my partner, Don McMinn, sold for it in March,” says Taylor. Completed in 2021, Market at Standing Springs is located at the intersection of West Georgia and East Standing Springs roads near Interstate 385. The tenant roster includes Starbucks.

April 15, 2021

District of Columbia Retail Southeast

US Retail Sales Increase 9.8 Percent in March, Surpassing Forecasts by Economists

by Julia Sanders April 15, 2021

WASHINGTON, D.C. — The U.S. Commerce Department reports that retail sales increased 9.8 percent in March, following a 2.7 percent decrease in February. The numbers surpassed the Dow Jones economists’ prediction of a 6.1 percent gain for the month. The sales growth is the biggest monthly gain since May 2020 (18.3 percent), which also came after a round of stimulus checks. According to CNBC, the newly issued stimulus checks gave consumers more discretionary income to spend on goods and services from retailers and restaurants than they had in February. The sporting goods, clothing and food and beverage categories generated the greatest increases in sales since pre-pandemic. Bar and restaurants saw an increase of 13.4 percent, while sporting goods sales increased by 23.5 percent. Clothing and accessories retailers had an 18.3 percent increase, and motor vehicle parts and dealers experienced a 15.1 percent jump. Some economists predict that people are still trying to save a portion of their stimulus checks. According to the CNBC, people saved 34.5 percent of stimulus checks and spent 29.2 percent. The news outlet also reported that inflation is becoming an increasing worry for economists as there has already been an increase in gas prices.

April 15, 2021

California Development Multifamily Restaurant Retail Western

DJM Plans Mixed-Use Development at Bella Terra Shopping Center in Huntington Beach

by Amy Works April 15, 2021

HUNTINGTON BEACH, CALIF. — DJM has submitted plans to Huntington Beach’s Planning Commission for a mixed-use residential development at the Bella Terra shopping center in Huntington Beach. Planned on the current Burlington Coat Factory site, the new development would include demolishing the 210,000-square-foot structure and an additional surrounding 30,000 square feet of retail space. DJM plans to replace the demolished structures with a low-rise building boasting 25,000 square feet of ground-floor retail space beneath five stories of residential space, with 15 percent of the 300 units designated as affordable housing. The project will include structured parking for residents that supplements Bella Terra’s existing parking structure. Since acquiring Bella Terra, formerly the Huntington Beach Mall, in 2005, DJM has transformed the shopping center into a community hub by curating a mix of retail, dining and entertainment spaces. In 2019, DJM reimagined the property’s center courtyard to include a stage, grassy lawn and beer and wine garden in an open-air setting.

April 15, 2021

Arizona Development Retail Western

Thompson Thrift Buys Land for First Phase of 95,000 SF Retail Project in Mesa

by Amy Works April 15, 2021

MESA, ARIZ. — Thompson Thrift Retail Group (TTRG) has acquired the first parcel of a 15-acre master-planned development in Mesa. When fully developed, the property at the northwest quadrant of US 60 and Signal Butte Road will offer 95,000 square feet of retail space in a mix of freestanding and multi-tenant buildings. Whataburger, Backyard Taco, Black Rock Coffee and EOS Fitness have committed to the new project, with the first phase is slated to open first-quarter 2022. At build-out, TTRG expects the development to have a total project cost in excess of $28 million. This is the 26th project for TTRG in the Southwest since opening its Phoenix office in 2016. In addition to the Mesa development, TTRG’s 2021 Southwest pipeline is slated to include more than $150 million in development across the Phoenix metro, including planned projects in Glendale, Gilbert, Tempe, Peoria, Maricopa, Tucson and Casa Grande.

April 15, 2021

Newer Posts

Older Posts