Retail

Cityview Sells Equity Share of The Pearl on Wilshire in Los Angeles

by Amy Works December 18, 2019

LOS ANGELES — Cityview has completed the sale of its equity share of The Pearl of Wilshire, a mixed-use development in the Koreatown neighborhood of Los Angeles. Cityview developed the community on land originally entitled by Hankey Investment Co., and sold its interest to Hankey for a total asset value of $170.9 million. Located at 687 S. Hobart Blvd., the 346-unit property features 17 floor plans in a mix of studio, one- and two-bedroom units above 8,300 square feet of retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings and oversized balconies. Community amenities include a large pool deck with cabanas and lounge seating; rooftop terrace with a fireplace; Korean barbecue grills; game and club room; fitness center with yoga room and Fitness On-Demand; dog agility center and grooming spa; and three open-air lounges with fire pits and a bocce ball court. Additionally, the property features a Think Space conference room and 24-hour business center with computers and printers. The Pearl’s lobby also features an Uber/Lyft waiting area, complimentary Wi-Fi, charging station, 24-hour concierge, secure entry …

December 18, 2019

Retail-Strip-Portfolio-Colorado-Springs-CO

Acquisitions Colorado Retail Western

Pinnacle Real Estate Arranges $13.1M Sale of Three-Asset Retail Portfolio in Colorado Springs

by Amy Works December 18, 2019

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has brokered the sale of three retail strip centers in Colorado Springs. An undisclosed buyer acquired the portfolio for $13.1 million. King Soopers shadow anchors two of the properties, while Target shadow anchors the third. Eric Diesch and Peter Sengelmann of Pinnacle, along with John Redfield of SRS Real Estate Partners, represented the buyer. The name of the seller was not released.

December 18, 2019

Acquisitions Arizona Retail Western

Global Retail Investors Buys 138,476 SF Shops at Gainey Village in Scottsdale

by Amy Works December 18, 2019

SCOTTSDALE, ARIZ. — An entity formed by Global Retail Investors has acquired The Shops at Gainey Village, an urban village retail asset located in Scottsdale. Gainey Village Retail Center, an entity formed by Des Moines-based Principal Real Estate Investors, sold the property for an undisclosed price. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on the behalf of the seller. Located at the southeast corner of Scottsdale and Doubletree Ranch roads, The Shops at Gainey Village features 138,476 square feet of retail space. Sprouts Farmers Market anchors the asset, which is fully occupied.

December 18, 2019

Development Hospitality Retail South Carolina Southeast

Capital Square, Method to Develop Hotel, Stores in Downtown Charleston

by Alex Tostado December 17, 2019

CHARLESTON, S.C. — Capital Square and Method Co. have announced plans to develop 529 King Street, a 50-unit hotel with ground-level retail space in the Cannonborough-Elliotborough neighborhood of historic downtown Charleston. Capital Square has established a project-specific opportunity zone fund called CSRA Opportunity Zone Fund IV LLC, which seeks to raise $7.7 million in equity from investors willing to invest a minimum of $100,000 to fund the hotel development. Method’s ROOST Apartment Hotel brand will operate the hotel. Designed by New York-based Morris Adjmi Architects, the five-story property will feature 4,218 square feet of retail space, valet-operated parking spaces, a courtyard and rooftop lounge. The property will also feature a fitness center, library and coworking space on each floor.

December 17, 2019

Development New York Northeast Retail

Lidl Opens 36,000 SF Grocery Store on Long Island

by Alex Patton December 17, 2019

WEST BABYLON, N.Y. — German grocer Lidl has opened a 36,000-square-foot store at Hubbards Commons, a 65,970-square-foot shopping center in West Babylon on the western part of Long Island. Lidl will offer produce, meat, freshly baked goods and an array of household products. Hubbards Commons is located along Sunrise Highway, which connects Long Island to New York City. The property is now 98 percent leased to tenants including Walgreens, Orangetheory Fitness and Subway. ShopOne is the landlord of Hubbards Commons.

December 17, 2019

California Company News Retail Utah Western

Faris Lee Investments, MTN Retail Advisors Form Partnership

by Amy Works December 17, 2019

IRVINE, CALIF., AND SALT LAKE CITY — Irvine-based Faris Lee Investments, a national retail advisory and investment sales firm, and Salt Lake City-based MTN Retail Advisors, a grocer-specialized data collection and analytics provider, have entered into a partnership agreement. The collaboration will allow the team to combine Faris Lee’s retail, real estate, finance and investment advisory services with MTN’s predictive analytics and proprietary technology, including artificial intelligence machine learning. “MTN’s retail-specific, fact-based analytics will factor into the valuation, underwriting and assessment of these assets as we examine the real estate in any local market for the benefit of the occupier, investor/developer and lender,” says Rick Chichester, president and CEO of Faris Lee Investments. MTN maintains data records on more than 28,000 active U.S. grocers — a number that will grow to include 40,000 grocers over the next 18 months as the partnership takes shape. “We are not a market research firm, a demographer or an aggregator,” says Doug Munson, principal and founder of MTN Retail Advisors. “We take an analytic approach to retail investment that doesn’t exist anywhere else today. Our methods have been refined over the company’s 15-year history, through physical site visits to every grocery we have on …

December 17, 2019

Development Midwest Ohio Retail

Restoration Hardware Opens 60,000 SF Gallery at Easton Town Center in Columbus

by Kristin Harlow December 17, 2019

COLUMBUS, OHIO — Restoration Hardware has opened RH Columbus, The Gallery at Easton Town Center. The three-story, 60,000-square-foot concept includes a rooftop restaurant, wine and barista bar and landscaped park. On level two, visitors will find RH Modern, an assortment of modern furnishings, lighting, textiles and décor, as well as the RH Interior Design Firm & Atelier. RH Columbus is located at 4120 Worth Ave. within Easton Town Center, a 1,300-acre shopping center and mixed-use destination. “RH Columbus reflects our vision to create architecturally inspiring spaces that blur the lines between residential and retail, indoors and outdoors, home and hospitality — spaces that activate all of the senses and create an immersive experience that cannot be replicated online,” says Gary Friedman, RH chairman and CEO.

December 17, 2019

Acquisitions Kansas Midwest Retail

MAG Capital Partners Acquires 43,000 SF Kansas Retail Building in Sale-Leaseback

by Kristin Harlow December 17, 2019

OVERLAND PARK, KAN. — MAG Capital Partners LLC has acquired a 43,000-square-foot retail building located at 12100 Blue Valley Parkway in Overland Park for an undisclosed price. The seller, Lukas Wine & Spirits Superstore, will lease back the property. Brendan McPherson of Polsinelli PC and Mary Garnett of Barnes & Thornburg LLP represented MAG Capital Partners, which is led by principals Dax T.S. Mitchell and Andrew Gi. Victor Saponari of Quantum Capital arranged acquisition financing through Deutsche Bank. Michael Kaider of CBRE represented the seller.

December 17, 2019

Loans Midwest Missouri Office Retail

NorthMarq Arranges $3.5M Acquisition Loan for Office, Retail Property in St. Louis

by Kristin Harlow December 17, 2019

ST. LOUIS — NorthMarq has arranged a $3.5 million loan for the acquisition of Balmoral Plaza in St. Louis. The two-story property comprises 12,720 square feet of office space above 12,020 square feet of retail space. It is located at 443-465 N. New Ballas Road. Jeffrey Chaney of NorthMarq arranged the 10-year, fixed-rate loan on behalf of the borrower, Cape-Jackson SLB LP. A life insurance company provided the loan.

December 17, 2019

Acquisitions Georgia Retail Southeast

CW Capital Sells Publix-Anchored Shopping Center in Metro Atlanta for $14.8M

by Alex Tostado December 16, 2019

LAWRENCEVILLE, GA. — CW Capital has sold Village Shoppes of Sugarloaf, a 149,805-square-foot retail center in Lawrenceville, for $14.8 million. Publix anchors the property, which is located at 3330-3410 Sugarloaf Parkway, 30 miles northeast of downtown Atlanta. Village Shoppes was 63 percent leased at the time of sale. Scott Israel, Adam Sklaver and Phil Kates of CBRE represented the Bethesda, Md.-based seller in the transaction. Atlanta-based Branch Properties acquired the asset at a 5.5 percent cap rate.

December 16, 2019

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