LAKE HOPATCONG, N.J. — NAI James Hanson has negotiated the sale of a 6,000-square-foot retail building in Lake Hopatcong, located about 40 miles northwest of New York City. The retail center comprises seven rentable units, 50 feet of lake access and close proximity to Route 80 in Upstate New York. Joe Vindigni of NAI James Hanson represented the seller, BD Newhouse LLC in the transaction. The buyer was Gardners Shed. The sales price was undisclosed.
GARLAND,TEXAS — Berkadia has arranged CMBS financing totaling $18.9 million for two retail properties near San Antonio and Dallas. The financing included a $15.4 million, 10-year loan that Argentic provided for Courtyard Plaza, a retail strip center located at 155 S. Interstate 35 in the San Antonio suburb of New Braunfels. The other deal was a 10-year, $3.5 million loan that Wells Fargo provided for Duck Creek Community Shopping Center, a retail center located at 5006 N. Jupiter Road in the Dallas suburb of Garland. Joseph Hevey Jr. of Berkadia’s Dallas office arranged the loans on behalf of the borrower, an affiliate of Dallas-based Retail Plazas Inc.
PHOENIX — High Street Residential, the residential subsidiary of Trammell Crow Co., and a fund sponsored by CBRE Global Investors have commenced construction on The Fillmore, a mixed-use project in downtown Phoenix. Situated on 2.8 acres at the southeast corner of Fifth Avenue and Fillmore Street, Phase I will include a seven-story, 533,460-square-foot building with 348 multifamily units, 480 parking spaces and more than 7,000 square feet of ground-floor retail space. The first phase will feature one-, two- and three-bedroom apartments, as well as studio and junior one-bedroom units, ranging in size from 489 square feet to 1,626 square feet. The building will include a clubhouse featuring work-from-home suites, a tequila room for resident gatherings, billiards room, kitchen and bar, lounge, catering kitchen, double-sided fireplace and shuffleboard. Other amenities include a fitness center, swimming pool, cabanas, grilling stations, swinging lounge chairs, spa, hammocks, fire pits secure bike storage and Wi-Fi throughout the property’s common areas. Additionally, the phase will feature a second outdoor deck with a water feature, dog run and park. Completion of Phase I is slated for September 2021. Chasse Building Team is serving as general contractor. Alliance Bank is providing financing for the project.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of 4817 Brentwood Stair, an 8,120-square-foot retail strip center in Fort Worth. The property was built on roughly half an acre in 1977 near the intersection of Interstate 30 and Loop 820. Philip Levy of Marcus & Millichap marketed the property, which was 90 percent leased at the time of sale, on behalf of the seller, a private investor. Additional terms of sale were not disclosed.
WOODBURY, MINN. — Hanley Investment Group Real Estate Advisors has negotiated the $11.8 million sale of Commons Plaza, a 13,405-square-foot, three-building retail property in Woodbury. The property is located at 720-740 Commons Drive, 23 miles east of downtown Minneapolis. The property features a new 2,926-square-foot building that is fully leased to Raising Cane’s. The second building spans 3,551 square feet and is fully leased to Minneapolis-based Sleep Number. Lastly, the third building totals 7,199 square feet and is occupied by WellHaven Pet Health and Restore Cryotherapy. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, Florida-based Onecorp, in the transaction. Steve Tucker of California-based Tucker Investments represented the buyer, a private investor from Orange County, California.
ALTON, ILL. — NorthMarq has arranged an $8.4 million loan for the refinancing of Alton Corners Shopping Center in Alton, about 15 miles north of St. Louis. The 50,063-square-foot retail center is located at 309-319 Horner M Adams Parkway. Tenants include Office Depot, Mattress Firm, Firehouse Subs and Applebee’s. Susan Branscome of NorthMarq arranged the loan, which features an 80 percent loan-to-value ratio, with a regional bank.
Northern California’s retail real estate market is undergoing somewhat of a seismic shift. Traditional shopping centers, such as Serramonte Mall in Daly City and Hillsdale Mall in San Mateo, are seeing name-brand retailers like Payless Shoesource, Gymboree and Charlotte Russe closing stores. This has dictated a recalibration in leasing strategy. , These “prime” retail spaces are often successfully backfilled by business and lifestyle tenants like professional service firms, fitness centers, coffee shops, restaurants and entertainment centers — the sort of businesses that can regain foot traffic. This trend toward more lifestyle and entertainment tenants — often called experiential retail — can also be seen in the region’s vibrant market for new mixed-use developments. Multifamily communities in San Francisco, Cupertino, Santa Clara and Oakland will be delivered in the coming months. Many of these projects are urban infill, transit-oriented developments, which naturally offer strong street-level retail locations. In this setting, experiential retail works well for apartment residents and local foot traffic. Nearly 6 million square feet of new office has been proposed in downtown San Jose, which is driving strong retail interest from new restaurants and service retail. Vacancy rates for retail properties throughout the Bay Area have ticked up slightly, …
SEMINOLE, FLA. — Maddox Cos. has sold Twin Oaks Shopping Center, a 53,456-square-foot retail center in Seminole. The property is located at the corner of U.S. Highway 19-A and Fla. Highway 694, 24 miles southwest of downtown Tampa. Twin Oaks was fully leased at the time of sale to tenants including Crunch Fitness, Davita Dialysis, Optimart, Carepoint Pharmacy and First American Title Co. Maddox Cos. redeveloped the property between 2016 and 2018. John Hotchkiss of Vantix Realty represented the buyer, Japanese Gardens Mobile Estates LLC, in the transaction. The sales price was not disclosed.
BARBERTON, OHIO — Marcus & Millichap has brokered the sale of Barberton Shopping Center within the Akron metro area for an undisclosed price. Giant Eagle anchors the 105,313-square-foot fully leased shopping center, which is located at the intersection of Robinson Avenue and 5th Street. Giant Eagle occupies 83 percent of the center’s gross leasable area and includes a drive-thru pharmacy, wine and beer selection, bank branch and gas station. Other tenants include Chipotle, Jimmy John’s, Little Caesars, Verizon, Ohio BMV, H&R Block and Best Cuts. Erin Patton, Scott Wiles, Craig Fuller, Joseph French Jr. and C.J. Jackson of Marcus & Millichap marketed the property on behalf of the seller, a New York-based privately held REIT. A Texas-based private company purchased the center.
MICHIGAN — Craft beer has become big business in Michigan, especially in the Detroit area, where breweries have expanded by 680,000 square feet since 2010, according to a report from CBRE. In 2017, the craft brewing industry contributed $76.2 billion to the U.S. economy. Of that amount, the total craft beer industry in Michigan contributed nearly $2.5 billion — ninth highest in the nation. In total, the state is home to 330 craft breweries, ranking it fourth in the nation by the number of establishments. From 2008 to 2016, Michigan added 1,600 jobs in breweries, accounting for sector employment growth of more than 760 percent.
