Retail

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FOUNTAIN, COLO. — CBRE has arranged the sale of E Shops at Mesa Ridge, a retail center located at 6825 Mesa Ridge Parkway in Fountain. A Los Angeles-based private real estate fund sold the asset to a private discretionary investor for $4.1 million. Built in 2013, the 9,380-square-foot property features five tenant spaces. At the time of sale, the property was fully occupied by Noodles & Co., Sprint, Jersey Mike’s, Sports Clips and H&R Block. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE Capital Markets, National Retail Partners, represented the seller in the deal.

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PLANO, TEXAS — Fun Movie Grill, an entertainment concept that combines food, bowling, movies and games, will open a 70,000-square-foot venue in Plano. The eight-screen location will be part of Mustang Square, a 36-acre mixed-use development that will include 90,000 square feet of office space, hotels, residential villas and townhomes and a public plaza. Dan Avnery and Stewart Korte of NAI Robert Lynn represented the tenant and the landlord, Thakkar Developers, which broke ground on Phase I of the project in October, in the lease negotiations. The venue, which is scheduled to open in 2020, will be Fun Movie Grill’s fourth entertainment center in the metroplex.

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With older, pure-play retail space being repurposed into mixed-use developments and e-commerce-resistant users growing their regional footprints, the Boston retail market is evolving in lockstep with that of the United States. At the same time, new, trendy retailers and restaurant concepts are vying to get their feet in Boston’s door, drawn to the market’s healthy fundamentals and above-average levels of disposable household incomes. The net result of all this activity is a revitalized retail landscape that is defined by rapid absorption and rent growth within quality existing spaces, the repurposing of older spaces into different uses and the rise of mixed-use developments as backdrops for new supply additions. According to World Population Review, Boston, a city spanning some 100 square miles, is the fourth-most densely populated metro area in the country. Fueled by a vibrant education scene that includes more than 20 colleges and universities, as well as the addition of 25,000 new jobs in 2019, the population is growing. These geographic and demographic fundamentals have all but ensured that demand for retail space in Boston is perpetually strong, even during economic downtimes. According Marcus & Millichap, the city proper’s retail vacancy rate currently sits at 3.3 percent, though it …

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PLAINFIELD, N.J. — Paramount Assets is underway on Netherwood Flats, a 70-unit multifamily project that will include  4,000 square feet of ground-floor retail space in Plainfield, located approximately 25 miles west of New York City. The building will offer one- and two-bedroom apartments and close access to Netherwood transit station. Construction is slated for completion in spring 2021.

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GILBERT, ARIZ. — Phoenix-based Vestar has completed the sale of Lakeview Village at Morrison Ranch, a shopping center located at the corner of Higley and Elliot roads in Gilbert. Colorado-based JFRCO acquired the asset for $18.2 million. Developed in 2014, the 93,741-square-foot retail center is anchored by a 52,443-square-foot Bashas. At the time of sale, the property was 98.6 percent leased to a variety of tenants, including Dance Republic, Panda Express, UPS Store and Edward Jones. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, while John Redfield of SRS Real Estate Partners represented the buyer in the deal.

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SHELBY TOWNSHIP, MICH. — Berkadia has arranged a $23.2 million loan for the refinancing of The Shops at Stony Creek, a 115,000-square-foot shopping center in Shelby Township. LA Fitness, TJ Maxx, Ulta, Petco and Five Below anchor the property, which is located at the southwest corner of 26 Mile Road and Van Dyke Avenue. Kroger shadow anchors the property. Colin Callaghan and Aaron Moll of Berkadia arranged the 10-year, fixed-rate loan, which features a 30-year amortization and a 75 percent loan-to-value ratio. Michigan-based MJC Homes Inc. was the borrower. The lender was not disclosed.

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HOUSTON — The Boulder Group, an investment brokerage firm specializing in net-leased assets, has arranged the $9.2 million sale of a single-tenant retail property leased to 24 Hour Fitness in Houston. The 50,000-square-foot building is positioned as an outparcel to Willowbrook Mall, which is anchored by Dick’s Sporting Goods, Dillard’s, JC Penney, Macy’s, Nordstrom Rack, Sears and Apple. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Texas-based private partnership, in the transaction. The buyer was a 1031 exchange investor.

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LYNDHURST, N.J. — JLL has secured a $32 million loan for the refinancing of Veterans Square Town Center, a 136,928-square-foot shopping center in Lyndhurst, a western suburb of New York City. Originally constructed in 2000, Veterans Square Town Center is fully occupied by 13 tenants, including anchor tenant ShopRite, HomeGoods, PetSmart and Supercuts. PGIM Real Estate Finance provided the nonrecourse loan, which carries a 10-year term and a fixed rate. Proceeds will be used to refinance an existing loan previously arranged by HFF prior to its acquisition by JLL. Jon Mikula, Michael Klein and Connor Van Cleef of JLL secured the loan for the borrower, The Hampshire Cos.  

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PRAIRIE DU CHIEN, WIS. — Timber Development has sold Nathan Plaza, a 27,880-square-foot shopping center in Prairie du Chien in western Wisconsin. The fully occupied property, home to Dollar Tree and Maurices, is located on Selch Road adjacent to a Walmart Supercenter. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented Timber in the $2.8 million sale. A local 1031 exchange buyer purchased the asset.

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CHICAGO — Egg Harbor Café has opened at Optima Signature, a 47-story, 490-unit luxury apartment tower in Chicago’s Streeterville neighborhood. The Streeterville location is the first downtown Chicago restaurant for Egg Harbor Café, which specializes in breakfast, brunch and lunch and maintains 20 locations in Illinois, Wisconsin and Georgia. Optima Inc. is the developer behind Optima Signature, which features 60,000 square feet of retail and office space. Egg Harbor occupies 4,905 square feet. There is one 490-square-foot retail space remaining at the apartment property, which opened in 2017. Other retailers include GoodVets, Guidepost Montessori, Runaway Fitness and Bedazzled Nails & Spa.

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