Retail

Sumitomo Acquires 24-Story Collier Center Commercial Complex in Downtown Phoenix

by Amy Works December 6, 2019

PHOENIX — Sumitomo Corp. of Americas has purchased Collier Center, a 2.8-acre commercial complex in downtown Phoenix. Eastdil Secured handled the transaction. Terms of the deal, including acquisition price and seller, were not disclosed. The 24-story property features more than 578,000 square feet of rentable space, including a variety of restaurants and bars, plus a three-level underground parking garage. At the time of acquisition, the building was 84 percent occupied, with Bank of America and Uber among its largest tenants. With this new acquisition, Sumitomo owns a commercial real estate portfolio totaling over $425 million to date with more than 1.6 million square feet of commercial space.

December 6, 2019

Indiana Loans Midwest Retail

Cohen Financial Arranges $10.7M Acquisition Loan for Shopping Center in Indiana

by Kristin Harlow December 6, 2019

NEWBURGH, IND. — Cohen Financial, a division of SunTrust Bank, has arranged a $10.7 million loan for the acquisition of Bell Oaks in Newburgh, a suburb of Evansville. Schnucks grocery store anchors the 95,000-square-foot shopping center. Dan Rosenberg and Matt Terpstra of Cohen arranged the 10-year, fixed-rate loan with Goldman Sachs. Midland Atlantic Properties was the borrower.

December 6, 2019

Acquisitions Midwest Minnesota Retail

Cooper Group Brokers $2.1M Sale of Retail Property in Minnesota

by Kristin Harlow December 6, 2019

INNER GROVE HEIGHTS, MINN. — The Cooper Commercial Investment Group has brokered the $2.1 million sale of Inner Grove Market II, an 8,955-square-foot retail property in Inner Grove Heights, about 20 miles southeast of Minneapolis. Caribou Coffee anchors the building, constructed in 2005. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an East Coast-based private investment group. A North Dakota-based private investment group purchased the asset at a cap rate of 7.28 percent.

December 6, 2019

California Market Reports Retail Western Western Market Reports

Inland Empire Retail Market Remains Steady Despite Big Box Closures

by Taylor Williams December 6, 2019

Southern California’s Inland Empire region has enjoyed a sustained period of growth in the retail real estate sector. Good spaces in quality centers are leasing quickly. Although new developments have slowed, there is still about 1.2 million square feet of new space under construction. These are all top-tier projects that will very much enhance the communities where they are being built. Projects include a Sprouts-anchored center in Eastvale, a Grocery Outlet/Planet Fitness center in Beaumont, an Aldi-anchored center in Hesperia, a Stater Bros. center in Calimesa, AMC Theaters at Montclair Place in Montclair and a Cardenas grocery market center in Montclair. Conversely, apart from the Inland Empire, there are likely few other areas that were as impacted by the recent store closure announcements from Sears and Forever 21. Closings will occur in Montclair, San Bernardino, Victorville, Moreno Valley, Palm Desert, Riverside, Temecula and Rancho Mirage. All told, more than 900,000 square feet of big box space just hit the market. The Inland Center Mall in San Bernardino, which has been a very healthy property over the past few years, is dealing with both a Sears and Forever 21 closure. Macy’s and JC Penney (opened in 2016) still remain at the …

December 6, 2019

Acquisitions North Carolina Retail Southeast

Morgan Cos. Purchases Former Sears Store in Triad’s Holly Hill Mall, Plans Publix-Anchored Shopping Center

by Alex Tostado December 5, 2019

BURLINGTON, N.C. — The Morgan Cos. has purchased a former Sears department store at 309 Huffman Mill Road within Holly Hill Mall. Morgan Cos. intends to develop the 9.6-acre site into a shopping center anchored by a 48,387-square-foot Publix grocery store and 13,400 square feet of inline retail space. Prego’s Trattoria restaurant, located on an outparcel, is also part of the purchased property. Morgan Cos. will also develop the former Sears Auto Center outparcel next to Prego’s into a multi-tenant retail building as part of the project. Morgan Cos. plans to begin demolition of the Sears building next year and expects the new shopping center to be completed in 2021. Morgan Cos. currently owns a second Triad Publix and developed and owns Peace Haven Village shopping center in Clemmons, N.C.. Morgan Cos. is currently developing another Publix-anchored shopping center in Clayton, N.C. that is expected to open in 2021.

December 5, 2019

Development Retail Southeast West Virginia

Heidenberg, Strategic Real Estate Open 22,000 SF Marshalls Within Potomac Marketplace in West Virginia

by Alex Tostado December 5, 2019

RANSON, W.VA. — Heidenberg Properties Group and Strategic Real Estate Partners have opened the 22,000-square-foot Marshalls at The Potomac Marketplace in Ranson. In March, the two companies announced they reached a leasing agreement with The TJX Cos., the parent company of Marshalls, and would need to immediately expand the center between Kohl’s and Petco. The center now spans 379,000 square feet following the expansion. Marshalls joins other retail tenants such as AT&T, Weis Markets, Kohl’s, Petco and The Home Depot.

December 5, 2019

Company News Retail Southeast Tennessee

CBL Properties to Suspend Stock Dividends, Review on Quarterly Basis Through 2020

by Alex Tostado December 5, 2019

CHATTANOOGA, TENN. — CBL Properties (NYSE: CBL) will suspend its stock dividends for 2019 and possibly through year-end 2020 in the face of retail bankruptcies, store closures and corporate restructurings of tenants within its portfolio. The Chattanooga-based shopping center and mall owner’s board of directors will review the suspension quarterly but doesn’t expect the dividends to resume in 2020. CBL announced the decision following a review of current taxable income projections for 2019 and 2020. Unpaid dividends on CBL’s preferred stock shall accrue without interest. The suspension includes CBL’s common stock, 7.375% Series D Cumulative Redeemable Preferred Stock and 6.625% Series E Cumulative Redeemable Preferred Stock. CBL’s stock price fell in the wake of the announcement, going from $1.36 per share Monday afternoon to 93 cents per share Tuesday morning, then steadily rose to $1.03 for Thursday’s opening. Stephen Lebovitz, CBL’s CEO, says that the REIT has tried to shore up operating costs the past 18 months through reducing executive compensation and capital expenditures, as well as bringing on joint venture partners. Lebovitz expects the company’s net operating income to decline in 2020.

December 5, 2019

Indiana Leasing Activity Midwest Retail

Aaron’s Inks 12,100 SF Retail Lease at Felbram Plaza in Indianapolis

by Kristin Harlow December 5, 2019

INDIANAPOLIS — Aaron’s Inc. has signed a 12,100-square-foot retail lease at a 200,000-square-foot shopping center in Indianapolis. The furniture company expects to begin operations at the property as soon as mid-March 2020. Millennial Holdings LLC acquired the center, known as Felbram Plaza, several months ago and is completing renovations such as new signage, lighting, roofs, HVAC units, landscaping and a new parking lot. Millennial plans to rename the property, which is nearly 85 percent leased. Keith Fried of McCrea Property Group is the leasing agent.

December 5, 2019

Acquisitions California Mixed-Use Multifamily Retail Western

IPA Negotiates Sale of Multifamily, Retail Mixed-Use Asset in Mountain View, California

by Amy Works December 5, 2019

MOUNTAIN VIEW, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Village Residences, a mixed-used complex located at San Antonio Road and El Camino Real in Mountain View. A venture between Carmel Partners and Merlone Geier Partners sold the asset for an undisclosed price. The name of the buyer was not released. Philip Saglimbeni, Stanford Jones, Bill Rose and Salvatore Saglimbeni of IPA represented the seller in the deal. Developed in 2013 and situated on 5.5 acres, The Village features 271,779 square feet of net rentable multifamily space spread across 330 apartment units and 43,206 square feet of retail space divided into 16 units. Apartments offer floor-to-ceiling windows, moveable kitchen islands and full-sized washers and dryers. On-site community amenities include an Atrium pool retreat with a fireside spa, canopied entertainment bar, grilling stations and lounge seating.

December 5, 2019

Acquisitions California Retail Western

Colliers Brokers $3.7M Sale of Multi-Tenant Retail Building in Oceanside

by Amy Works December 5, 2019

OCEANSIDE, CALIF. — Colliers International San Diego Region has arranged the sale of a retail asset located at 417-431 S. Coast Highway in Oceanside. Fullerton Square sold the property to an undisclosed buyer for $3.7 million. Bill Shrader and Luke Holler of Colliers represented the seller and buyer in the deal. At the time of sale, the 12,000-square-foot building was fully occupied by nine tenants with existing lease terms.

December 5, 2019

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