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DevelopmentFloridaLoansRetailSoutheast

Ocean Bank Provides $54M Construction Loan for Whole Foods-Anchored Retail Project in Miami Beach

by John Nelson

MIAMI BEACH, FLA. — Ocean Bank has provided a $54 million construction loan for a retail development in Miami Beach. The borrower, 1901 Alton Property LLC, an affiliate of veteran developer Russell Galbut and his daughter Marisa Galbut, is developing a commercial building that will house a 40,883-square-foot Whole Foods Market, 4,000-square-foot Wells Fargo bank branch and 271 parking spaces. Jorge Hernandez of Ocean Bank originated the financing on behalf of the borrower, which has been doing business with Ocean Bank for 35 years. Details of the loan and the development timeline were not released.

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AcquisitionsRetailTexas

Partners Real Estate Brokers Sale of 43,060 SF Shopping Center in North Houston

by Taylor Williams

HOUSTON — Partners Real Estate has brokered the sale of Spring Park Village, a 43,060-square-foot shopping center in North Houston. According to LoopNet Inc., the center was built in 2015 and is home to tenants such as McAlister’s Deli, Adriatic Café, Spring Park Dentistry and J’s CBD + Vape Smoke Shop. Marc Peeler and Cobo Fajardo of Partners represented the buyer in the transaction. Additional terms of sale were not disclosed.

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Siete-Square-Phoenix-AZ
AcquisitionsArizonaRetailWestern

Rein & Grossoehme Brokers $5M Sale of 35,926 SF Shopping Center in Phoenix

by Amy Works

PHOENIX — Rein & Grossoehme Commercial Real Estate has arranged the $5 million sale of Siete Square, a 35,926-square-foot shopping center located at 4139 W. Bell Road in Phoenix. Mark Rein of Rein & Grossoehme represented the seller, Butterfield Trail LLC, and the buyer, Bell Square LLC, in the transaction. Originally built in 1985, the property was 87 percent leased to tenants including Mattress Max and Georges Baddawi at the time of sale. The center also features a freestanding pad site occupied by Jack in the Box, which was not included in the sale.

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DevelopmentIllinoisMidwestRetail

Chicago Fire FC Releases Renderings for $650M Downtown Stadium

by Kristin Harlow

CHICAGO — Chicago Fire FC has released renderings and further details for its $650 million soccer-specific stadium in downtown Chicago. The development, announced earlier this month, will be privately financed by the club’s owner and chairman, Joe Mansueto. The stadium will anchor The 78, Related Midwest’s 62-acre project located along the Chicago River just south of Roosevelt Road. Designed by Gensler in “Chicago School” fashion, the new stadium will seat approximately 22,000 fans. The bowl is designed to prioritize the match viewing experience with seating positions that are lower and closer to the action. There will be 50 suites, more than 500 Loge seats and 3,500 Club seats. An exposed steel canopy over the seating bowl will direct light and crowd noise back to the pitch, creating an environment that enhances the Fire’s home-field advantage. A dedicated supporter section will be built at the core of the stadium for the most passionate fans. The section is purpose-built to be loud with room for approximately 2,000 fans on safe-standing bleachers. In addition to Fire matches, the stadium can host a variety of other sports and entertainment events such as international soccer matches, rugby matches, concerts, festivals, live performances, charity events, trade …

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AcquisitionsMidwestMissouriRetail

CBRE Brokers $71.6M Sale of Retail Power Center in Brentwood, Missouri

by Kristin Harlow

BRENTWOOD, MO. — CBRE has brokered the sale of The Promenade at Brentwood, a 337,800-square-foot power center in the western St. Louis suburb of Brentwood. The sales price was $71.6 million, according to Crain’s Cleveland Business. CBRE’s NRP Midwest team represented the seller, Beachwood, Ohio-based SITE Centers. Haverford Retail Partners was the buyer. Tenants at the property include Target, Trader Joe’s, Burlington, Five Below, PetSmart, Ulta, World Market and Chase Bank.

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AcquisitionsMidwestNebraskaRetail

Marcus & Millichap Negotiates $7.5M Sale of Old Mill Centre Retail Property in Omaha

by Kristin Harlow

OMAHA, NEB. — Marcus & Millichap has negotiated the $7.5 million sale of Old Mill Centre, a 21-suite retail strip property in Omaha. The center totals 75,089 square feet across four buildings on 6.1 acres at 10888 W. Dodge Road. The asset was 67 percent occupied at the time of sale and anchored by the Social Security Administration, which recently signed a 15-year lease renewal through 2036. The tenant mix includes medical and service retailers with eight vacant suites. Chris Garavaglia, Alex Perez and Dave Saverin of Marcus & Millichap represented the seller, a private individual out of California, and procured the buyer, a local value-add investment group.

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Leasing ActivityRetailTexas

Spirit Halloween to Open 12,000 SF Store at Shops at Stone Park in East Houston

by Taylor Williams

HOUSTON — Spirit Halloween will open a 12,000-square-foot store at The Shops at Stone Park, a 250,000-square-foot regional power center in East Houston. The New Jersey-based seasonal retailer is backfilling a junior anchor space that was previously occupied by Party City, bringing the 23-acre development to almost full occupancy. The lease expires in mid-November. Nina Kuhn-Irwin represented the landlord, NewQuest, in the lease negotiations on an internal basis.

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DevelopmentFloridaLoansMultifamilyRestaurantSoutheastWalker & Dunlop

Walker & Dunlop Arranges $125M Construction Loan for Cassi Apartment Tower in Miami

by John Nelson

MIAMI — Walker & Dunlop has arranged a $125 million construction loan for Cassi, a 20-story apartment tower located at 91 N.E. 36th St. in Miami’s Design District. Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella and Michael Stepniewski led Walker & Dunlop’s New York Capital Markets team in arranging the financing on behalf of the borrower, a joint venture between the Miami Design District Associates and The Forbes Co. Amerant Bank was the lead lender, with Bank Hapoalim also participating. Cassi will feature one-, two- and three-bedroom apartments averaging 1,509 square feet in size. The tower will also include 23,000 square feet of retail space.  

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AcquisitionsFloridaRetailSoutheast

Native Realty Brokers $10.3M Sale of Pinecrest Square Shopping Center in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Native Realty has brokered the $10.3 million sale of Pinecrest Square, a 40,409-square-foot shopping center located in the Fort Lauderdale neighborhood of Cypress Creek. Tenants at the property include ChenMed, 7-Eleven, Jiffy Lube, Cheers Food and Spirits and Veterinary Emergency Group. Jaime Sturgis of Native Realty represented the buyer, an entity doing business as 903 Cypress Creek LLC, in the transaction. An entity operating as Pinecrest AP LLC was the seller. Native is also leasing Pinecrest Square on behalf of the new owner.

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AcquisitionsRetailSoutheastVirginia

Cushman & Wakefield | Thalhimer Negotiates $6.4M Sale of Metro Richmond Retail Center

by John Nelson

GLEN ALLEN, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has negotiated the $6.4 million sale of Virginia Center Station, a 24,400-square-foot retail center located at 1070 Virginia Center Parkway in Glen Allen, a northern suburb of Richmond in Henrico County. Built in 2006, the unanchored shopping center was fully leased at the time of sale to seven tenants, including Chipotle Mexican Grill, Mattress Firm and Q BBQ. The retail center is situated on 4.9 acres within the larger Virginia Center Station retail development and adjacent to the redevelopment of Virginia Center Commons mall. Catharine Spangler, James Ashby IV and Annie O’Connor of Thalhimer represented the seller, an entity doing business as HDJR Central LLC & HDJR Central II LLC, in the transaction. The buyer was an entity doing business as Threelo LLC.

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