Retail

Matthews Brokers $5.5M Sale of New Retail Property in Houston Leased to Regions Bank

by John Nelson January 10, 2020

HOUSTON — Matthews Real Estate Investment Services has brokered the $5.5 million sale of a newly built retail property located at 10803 Westheimer Road in Houston’s Westchase District. Regions Bank occupies the 2,140-square-foot property on a 20-year triple-net ground lease. Joseph Nelson and Gary Chou of Matthews represented the seller, an unnamed developer, in the transaction. The duo also procured the buyer, a high-net-worth individual who purchased the bank branch at a 4.4 percent cap rate, the lowest cap rate for a Regions Bank retail branch on record, according to Matthews. The company also says the purchase price was the highest for a Regions location at $2,547 per square foot.

January 10, 2020

Acquisitions Lee & Associates Retail Texas

Lee & Associates Negotiates Sale of Retail Center in Sherman, Texas

by John Nelson January 10, 2020

SHERMAN, TEXAS — Lee & Associates has brokered the sale of a 25,000-square-foot retail center located at 5629 Texoma Parkway in Sherman. As of October 2018, the shopping center’s tenants included Allstate, Chef Angel, TTS E-Cig & Vape and Mac’s Tax & Bookkeeping Service. Matt Thompson and Phil Rosenfeld of Lee & Associates Dallas/Fort Worth represented the buyer, Bemisal Enterprises, in the transaction. Sangha Enterprises LLC sold the center for an undisclosed price.

January 10, 2020

Industrial Leasing Activity Retail Texas

Levey Group Signs Victory Wine to 23,000 SF Lease at Northwest Place Industrial Park in Houston

by John Nelson January 10, 2020

HOUSTON — Levey Group has signed Victory Wine Group to a 23,000-square-foot lease at Northwest Place Industrial Park, Levey’s seven-acre business park in Houston’s Northwest submarket. Victory Wine is a wholesale wine distributor with locations in Houston, Dallas and Austin. The company’s newest location at Northwest Place features a storefront entrance and an air-conditioned warehouse. David Lester of Lester & Lester Realty Advisors represented Victory Wine Group in the lease transaction, and Carlton Anderson and Joseph Smith of CBRE represented Levey Group.

January 10, 2020

Acquisitions Illinois Midwest Retail

JLL Brokers Sale of 193,536 SF Retail Center in Broadview, Illinois

by Kristin Harlow January 10, 2020

BROADVIEW, ILL. — JLL Capital Markets has brokered the sale of Broadview Village Square, a 193,536-square-foot retail center in the Chicago-area community of Broadview. The sales price was undisclosed. Tenants include Ross Dress for Less, Subway, Marshalls, PetSmart, GNC and Sally Beauty. The property sits on 15.9 acres at 700 Broadview Village Square. Amy Sands, Clinton Mitchell and Janice Sellis of JLL represented the undisclosed seller. Bridge33 Capital LLC purchased the asset.

January 10, 2020

Acquisitions California Retail Western

SBH Real Estate Group Acquires 5,324 SF Vacant Retail Building in Burbank, California

by Amy Works January 10, 2020

BURBANK, CALIF. — SBH Real Estate Group has purchased a single-tenant building located 1750 W. Olive Ave. in Burbank for an undisclosed price. Built in 1974, the asset features a 5,324-square-foot building situated on a 22,406-square-foot land parcel with 24 parking stalls. Formerly occupied by US Bank, the drive-thru building was delivered vacant. Lee Shapiro of Kennedy Wilson handled the transaction. The name of the seller was not released.

January 10, 2020

Acquisitions North Carolina Retail Southeast

JLL Arranges $30M Sale of Wendover Commons Shopping Center in Greensboro, North Carolina

by Alex Tostado January 9, 2020

GREENSBORO, N.C. — JLL has brokered the sale of Wendover Commons, a new 151,016-square-foot retail center in Greensboro. JLL’s Thomas Kolarczyk, Ryan Eklund, Travis Anderson and Cory Fowler represented the seller, Hammerford Development Co. CRS Realty purchased the asset. Although the sales price was not disclosed, Triad Business Journal reports that the shopping center sold for nearly $30 million. Situated on approximately 20 acres at 4526 W. Wendover Ave., Wendover Commons is in the western part of Greensboro between Interstates 73 and 40. Constructed between 2017 and 2018, the property was 98 percent leased at the time of sale to tenants including Academy Sports + Outdoors, Havertys Furniture, Cost Plus World Market, First Watch and Outback Steakhouse, as well as medical tenants. Moseley Real Estate Advisors manages Wendover Commons.

January 9, 2020

Loans New Jersey Northeast Retail

Procida Provides $10M Construction Loan for Amusement Pier in Seaside Heights, New Jersey

by Alex Patton January 9, 2020

SEASIDE HEIGHTS, N.J. — Procida Funding has provided a $10 million construction loan to The Mabie Group to finance the reconstruction of the Belle-Freeman Amusement Pier in Seaside Heights. The coastal city is located about 65 miles east of Philadelphia. Dating back to the early 1920s, the pier was previously home to a number of small eateries, arcades, amusement games and rides but was ravaged by Superstorm Sandy in 2012 and finally destroyed by a fire in 2013. Proposed plans call for the transformation of the currently vacant boardwalk into an entertainment destination featuring a 17,500-square-foot multi-tier bar and restaurant, a concert venue and several small retail buildings. The construction schedule has not been disclosed.

January 9, 2020

Massachusetts Northeast Retail

Linear Retail Acquires 6,291 SF Retail Property in Cambridge, Massachusetts

by Alex Patton January 9, 2020

CAMBRIDGE, MASS. — Linear Retail Properties LLC has acquired a 6,291-square-foot retail store property comprising three adjacent buildings in the Porter Square Neighborhood of Cambridge, a northwestern suburb of Boston, for $3.6 million. Located at 1755-1761 Massachusetts Ave., the property is fully leased to The Abbey Irish Pub, One Ramen & Sushi, The Laundry Room and Judy Jetson hair salon. Anthony Bruno and Kerry Dowlin of Gibson Sotheby’s International Realty brokered the transaction. The seller was undisclosed.

January 9, 2020

Acquisitions Retail Texas

Resolute RE Brokers Sale of Bull Creek Market Shopping Center in Austin

by John Nelson January 9, 2020

AUSTIN, TEXAS — Resolute RE has brokered the sale of Bull Creek Market, a 27,040-square-foot shopping center located at 6203 N. Capital of Texas Highway in Austin’s Northwest Hills submarket. The property was listed for sale at $6.3 million, which would represent an 8.5 percent cap rate. Bull Creek Market was 96 percent leased at the time of sale to tenants including Sherwin Williams, Waterloo Ice House, Siente Ristorante Toscana, Chase Flooring, 360 Pizza and Sharkey’s Cuts for Kids. The three-building retail center was built in 1999 and 2004 on a seven-acre site, according to LoopNet Inc. Janice Landers of Resolute RE represented the undisclosed seller in the transaction. Sara Foskitt of Floyd Real Estate represented the unnamed buyer.

January 9, 2020

Acquisitions Retail Washington Western

Vestar Purchases Six-Property Retail Portfolio in Metro Seattle for $95M

by Amy Works January 9, 2020

LYNNWOOD, WASH. — Vestar has purchased a six-property, 297,599-square-foot retail portfolio in Lynnwood for $95 million. The seller was the original developer of the properties, which were built between 1997 and 2002. The six properties are Alderwood Parkway Place, Alderwood Parkway Plaza, Alderwood Parkway Plaza II, Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III. The properties are all located at the northeast and northwest corners of Alderwood Mall Parkway and 196th Street SW, near Alderwood Mall 17 miles north of downtown Seattle. At the time of sale, the portfolio was fully leased a variety of tenants including Best Buy, Ulta, Nordstrom Rack, DSW Shoe Warehouse, Barnes & Noble and Old Navy. Paul Sleeth and Billy Sleeth of Newmark Knight Frank represented the seller in the transaction.

January 9, 2020

Newer Posts

Older Posts