Retail

Partnership Receives $190M in Construction Financing for Mixed-Use Project in Beverly Hills

by Amy Works October 7, 2019

BEVERLY HILLS, CALIF. — A joint venture led by SHVO, Bilgili Group and Deutsche Finance has received a $190 million construction loan for 9200 Wilshire Boulevard, a mixed-use project in Beverly Hills. Lotus Capital Partners arranged the construction financing, which ACORE Capital provided. The joint venture acquired the residential and retail development site in May for $130 million. Comprising a full city block, the mid-rise development will feature 54 residences, a rooftop pool and 6,650 square feet of retail space.

October 7, 2019

California Loans Retail Western

Uber Capital Group Arranges $28.7M in Acquisition Financing for Sierra Vista Mall Near Fresno

by Amy Works October 7, 2019

CLOVIS, CALIF. — Great Neck, N.Y.-based Uber Capital Group has secured a $28.7 million acquisition loan for the purchase of Sierra Vista Mall, located at 1050 Shaw Ave. in Clovis, a suburb of Fresno. The borrower is a private national commercial real estate investment group based in New York. The lender was not disclosed. Joel J. Gorjian, president and founder of Uber Capital Group, sourced the 10-year, fixed-rate loan, which features 15-year full amortization and partial recourse. Totaling 690,487 square feet, Sierra Vista Mall is occupied by 75 tenants and features an outdoor lifestyle section with restaurants and a 16-screen movie theater, as well as a community park with concert facilities, fountains and landscaping. The asset also includes a 3,878-car parking area.

October 7, 2019

Acquisitions Arizona Retail Western

Capstone Advisors Acquires 18,037 SF Retail Space at Tuscano Town Center in Phoenix

by Amy Works October 7, 2019

PHOENIX — An affiliate of Capstone Advisors has purchased a retail portion of Tuscano Town Center. The full complex totals 250,331 square feet and is located at the southwest corner of West Lower Buckeye Road and South 75th Avenue in the Tuscano master-planned community in southwest Phoenix. Terms of the transaction were not released. At the time of sale, the 18,037-square-foot retail section was 100 percent leased to 12 tenants, including Allstate Insurance, GameStop, Sally Beauty, Subway and T-Mobile. Matt Milinovich and James DeCremer of Strategic Retail Group will continue to handle leasing. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, while Capstone was self-represented in the transaction. La Jolla, Calif.-based Silvergate Bank of provided financing for the acquisition.

October 7, 2019

Acquisitions Midwest Retail Wisconsin

Mid-America Brokers Sale of 54,216 SF Shopping Center in Madison, Wisconsin

by Kristin Harlow October 7, 2019

MADISON, WIS. — Mid-America Real Estate Corp. has brokered the sale of Oakbridge Retail Center in Madison for an undisclosed price. The 54,216-square-foot shopping center is fully leased to tenants such as Salons Etc., Heid Music, Rocky Rococo, Brothers Main and iCare. Carly Gallagher and Dan Rosenfeld of Mid-America represented the seller, a Madison-based investment group. Baltimore-based AGM Commercial Real Estate Advisors purchased the asset.

October 7, 2019

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $4.9M Sale of Restaurant Property in Schaumburg, Illinois

by Kristin Harlow October 7, 2019

SCHAUMBURG, ILL. — Marcus & Millichap has brokered the sale of a 9,999-square-foot restaurant property net leased to Capital Grille in Schaumburg for $4.9 million. The building is located at 2000 E. Golf Road. The existing tenant has a new 10-year lease in place. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer, a limited liability company completing a 1031 tax-deferred exchange. The seller was not disclosed.

October 7, 2019

Development Illinois Midwest Restaurant Retail

Sushi-San, Tortazo to Open at Willis Tower’s Catalog

by Kristin Harlow October 7, 2019

CHICAGO — Willis Tower owner EQ Office has unveiled two new retail tenants for Catalog, the new 300,000-square-foot dining and retail portion under construction at the Chicago office tower. Sushi-San will offer a dine-in experience as well as a grab-and-go station. Guests can customize maki rolls, poke or chirashi bowls at the sushi counter. The Mexican restaurant Tortazo will occupy nearly 3,000 square feet. It is a new concept from Rick Bayless, an award-winning chef. Tortazo is expected to open later this year. The entire Catalog concept is slated for completion in mid-2020.

October 7, 2019

Leasing Activity Michigan Midwest Retail

Gerdom Realty Completes Lease-up of 12,000 SF Retail Center in Clawson, Michigan

by Kristin Harlow October 7, 2019

CLAWSON, MICH. — Gerdom Realty & Investment has completed the lease-up of Clawson’s Village Landing in Clawson, about 17 miles north of Detroit. Great Lakes Pot Pies secured the last remaining vacancy within the 12,000-square-foot retail center on 14 Mile Road. Vicki Gutowski and Tjader Gerdom of Gerdom represented the undisclosed landlord in the lease transaction. Great Lakes Pot Pies is expected to open later this year. Gerdom also negotiated a lease for Barry’s Bagels at the property earlier this year.

October 7, 2019

Development Florida Office Retail Southeast Top Stories

Tricera Capital Breaks Ground on 265,000 SF Office, Retail Redevelopment Project in South Florida

by Taylor Williams October 7, 2019

WEST PALM BEACH, FLA. — Miami-based Tricera Capital has broken ground on the redevelopment of the Palm Beach Post newspaper office campus in West Palm Beach. The project, named The Press, will add 125,000 square feet of new retail space and 140,000 square feet of refurbished office space to the market. The project began with the demolition of a two-story office building and bridge. The development team, which acquired the 11-acre site in February 2019, will preserve most of the remaining structures, including those that housed the Post’s original office building and printing press. The retail component will be branded as Shops at the Press, and the office component will be branded as Workspaces at the Press. As part of the project, Tricera will renovate the existing four-story office building, and the newspaper will continue to operate within 35,000 square feet at the property. The building that housed the printing press will be converted into a space for retail, lifestyle and entertainment uses. The entire project is scheduled for completion during the first quarter of 2021. Tricera is close to finalizing a lease agreement with a national organic grocer to open a new store at the property, the developer says. …

October 7, 2019

Leasing Activity New York Northeast Retail

Brooklyn Harvest Market Signs 10,000 SF Retail Lease in New York City

by Alex Patton October 4, 2019

NEW YORK CITY — Grocery retailer Brooklyn Harvest Market has signed a 10,000-square-foot lease in the East Williamsburg neighborhood of Brooklyn. The grocer will move into the ground floor of a building at 781 Metropolitan Ave. in mid-2020 for a term of 20 years. In addition to produce and other groceries, the store will offer a full-service butcher, seafood counters and prepared meals. Brooklyn Harvest currently operates three stores, including two others already in Brooklyn and one in Astoria. Garry Steinberg and Richard Kave of Lee & Associates represented Brooklyn Harvest in the lease negotiations. Hymie Dweck of Newmark Knight Frank represented the landlord, Adam America.

October 4, 2019

Acquisitions Retail South Carolina Southeast

Stan Johnson Arranges $22.2M Sale of Oakbrook Station Shopping Center in Metro Charleston

by Alex Tostado October 4, 2019

SUMMERVILLE, S.C. — Stan Johnson Co. has arranged the $22.2 million sale of Oakbrook Station Shopping Center, a 138,166-square-foot, Lowes Food-anchored retail center in Summerville. The property was fully occupied at the time of sale to tenants including Lowes Food, Dollar Tree, OneMain Financial, State Farm Insurance and ATI Physical Therapy. Oakbrook Station is located at 10070 Dorchester Road, 21 miles northwest of downtown Charleston. Maggie Holmes, Joey Odom, Mike Sladich, and Mollie Alteri exclusively represented the seller, Charleston-based developer RealtyLink, in the transaction. Los Angeles-based LBX Investments acquired the center.

October 4, 2019

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