Retail

SRS Real Estate Partners Brokers $4.3M Sale of South Street Shops in Cerritos, California

by Amy Works August 20, 2019

CERRITOS, CALIF. — SRS Real Estate Partners has arranged the sale of South Street Shops, a value-add retail property located at 10745 South St. in Cerritos. A Los Angeles-based private investor sold the two-tenant asset to a Southern California-based private investor for $4.3 million, or $237 per square foot. Built in 1969 and situated on 1.6 acres, the 18,096-square-foot South Street Shops is part of a larger, 95,000-square-foot community shopping center. Current tenants include SJJ Fitness & Sports Performance and one vacant space of approximately 4,000 square feet. The property is also shadow anchored by Goodwill, which recently signed a 10-year lease renewal. Ara Rostamian and Patrick Luther of SRS Real Estate Partners, along with Eric Mandell of Apex Properties represented the seller, while Sperry CGA Beverly Hills represented the buyer in the deal.

August 20, 2019

Acquisitions New York Northeast Property Type Retail Top Stories

Alibaba Co-Founder Joseph Tsai Agrees to Purchase Barclays Center in Brooklyn for $700M

by John Nelson August 20, 2019

NEW YORK CITY — Joseph Tsai, co-founder of Chinese e-commerce giant Alibaba, has agreed to purchase Barclays Center, a 670,000-square-foot sports and entertainment arena that sits at the crossroads of Atlantic and Flatbush avenues in Brooklyn. The multi-purpose stadium is the home of the Brooklyn Nets NBA franchise and the NHL’s New York Islanders. Previous owner Mikhail Prokhorov, through his company Oneexim Sports and Entertainment Holding USA Inc., sold the arena to an entity controlled by Tsai for approximately $700 million, according to the New York Post. In a separate deal, Prokorov sold his 51 percent ownership in the Brooklyn Nets to Tsai, who purchased a 49 percent stake in the NBA franchise back in 2018. Multiple media outlets report the combined Nets and Barclays Center transactions will total more than $2 billion, bringing Tsai’s total investment to more than $3 billion. The transaction requires the approval of the NBA Board of Governors. Tsai is set to become the sole governor of the Nets franchise and owner of Barclays Center once the deal closes, which is expected by the end of September. “We are committed to maintaining Barclays Center’s iconic status by bringing together culture, community and entertainment for our …

August 20, 2019

Acquisitions Alabama Retail Southeast

JLL Negotiates Sale of 208,568 SF Retail Center in Metro Birmingham

by Alex Tostado August 19, 2019

FULTONDALE, ALA. — JLL has negotiated the sale of Promenade Fultondale, a 208,568-square-foot retail center in Fultondale. The property was completed in 2008 and is located five miles north of downtown Birmingham. The center was 96 percent leased at the time of sale to tenants including Ross Dress for Less, Five Below, JC Penney, Books-A-Million and Shoe Dept. LBX Investments acquired the property for an undisclosed amount. Jim Hamilton, Mike Allison and Brad Buchanan of JLL represented the undisclosed seller in the transaction.

August 19, 2019

Colorado Loans Retail Western

JLL Arranges $20M Refinancing for 61,443 SF Central Park Retail in Metro Denver

by Amy Works August 19, 2019

DENVER — JLL has secured $20 million in refinancing for Central Park Retail, a multi-tenant retail center located at 1400 Plaza Drive in the Denver-area community of Highlands Ranch, Colo. The borrower is Shea Properties. Completed in 2018, the 61,443-square-foot property is occupied by 21 national and regional tenants, including Ent Credit Union, Rock Bottom Restaurant & Brewery, Shake Shack, Starbucks Coffee, Old Chicago Pizza and Taproom, Torchy’s Tacos and Orangetheory Fitness. Additionally, the nine-building property can be expanded to 64,243 square feet via development of the final pad site. Eric Tupler and Kristian Lichtenfels of JLL arranged the 12-year, fixed-rate loan with a correspondent life insurance company for the borrower. Loan proceeds will be used to refinance the borrower’s construction loan.

August 19, 2019

Leasing Activity Midwest Missouri Retail

Fields Foods Opens 8,200 SF Store at Apartment Building in St. Louis

by Kristin Harlow August 19, 2019

ST. LOUIS — Fields Foods has opened an 8,200-square-foot grocery store at the Lofts@Euclid, an apartment building in the Central West End of St. Louis. Cullinan Properties owns the building, which is located at the intersection of Euclid and Delmar streets. Fields Foods now shares the ground floor of the 87-unit property with The Medicine Shoppe. A grand opening took place on Thursday, Aug. 15. Many products offered at Fields Foods come from small- and mid-sized farmers and local vendors within 300 miles of St. Louis. Chris Goodson is the owner of Fields Foods.

August 19, 2019

Acquisitions Midwest Minnesota Retail

Upland Arranges $1.2M Sale of Property Net Leased to Caribou Coffee Near St. Paul

by Kristin Harlow August 19, 2019

HIGHLAND PARK, MINN. — Upland Real Estate Group Inc. has arranged the sale of a single-tenant property net leased to Caribou Coffee in Highland Park for $1.2 million. The 1,544-square-foot building is located at the intersection of Fairview and Randolph avenues. Caribou Coffee, founded in Edina, Minn., has just over five years remaining on its lease. Upland represented the 1031 exchange buyer, the Rush family. The seller was not disclosed.

August 19, 2019

Development Georgia Retail Southeast

Delaware North to Bring Golf Entertainment Concept to The Battery Atlanta

by Alex Tostado August 16, 2019

ATLANTA — Delaware North will open Good Game, a 7,500-square-foot dining and entertainment concept that offers Topgolf’s Swing Suite virtual simulator bays. Good Game will house seven bays, accommodating up to eight people in each bay. The Topgolf Swing Suite bays also offer a variety of virtual games, including the Topgolf target game, Zombie Dodgeball, Hockey Shots, Baseball Pitching and Carnival Classic. Delaware North, which has been the exclusive food and beverage service provider for Battery landlord Braves Development Co. and SunTrust Park since 2016, also operates the Terrapin Taproom, H&F Burger and Coca-Cola Roxy Theater within the mixed-use village.

August 16, 2019

District of Columbia Retail Southeast

U.S. Retail Sales Up 5.6 Percent from 2018, Says U.S. Census Bureau

by Alex Tostado August 16, 2019

WASHINGTON, D.C. — The U.S. Census Bureau reports that retail sales in July were up 0.9 percent from June and 5.6 percent year-over-year. The numbers exclude restaurants, gas stations and automobile sales but include e-commerce sales. July’s results build on gains of 0.6 percent month-over-month and 2.2 percent year-over-year seen in June. Specifics from key retail sectors during July include: Online and other non-store sales were up 19.3 percent year-over-year and up 2.8 percent month-over-month seasonally adjusted, likely boosted by Amazon’s Prime Day promotion, which the company said had more sales than its 2018 Black Friday and Cyber Monday sales combined; Health and personal care stores were up 6.1 percent year-over-year but down 0.2 percent month-over-month seasonally adjusted; Grocery and beverage stores were up 4 percent year-over-year and up 0.6 percent month-over-month seasonally adjusted; and General merchandise stores were up 2.1 percent year-over-year and up 0.6 percent month-over-month seasonally adjusted.

August 16, 2019

Development New Jersey Northeast Retail

Filipino Grocer to Open 16,000 SF Store in Clifton, New Jersey

by Alex Patton August 16, 2019

CLIFTON, N.J. — Filipino grocer FilStop will open a 16,000-square-foot flagship store in Clifton, a western suburb of New York City. The specialized grocery store will also maintain its original 4,000-square-foot location in Jersey City. The store will be located within Clifton Plaza, a 95,000-square-foot retail center anchored by Big Lots, Blink Fitness and Dollar Tree. Levin Management Corp. is the leasing agent for the property. The opening is slated for Aug. 22.

August 16, 2019

Loans Midwest Missouri Retail

NorthMarq Arranges $3.8M Acquisition Loan for Preschool in O’Fallon, Missouri

by Kristin Harlow August 16, 2019

O’FALLON, MO. — NorthMarq has arranged a $3.8 million loan for the acquisition of Little Sunshine’s Playhouse in O’Fallon. The 9,726-square-foot preschool is located at 4220 State Highway K. Dan Baker and Jeff Chaney of NorthMarq arranged the 10-year loan, which features a fixed rate and a 25-year amortization schedule. Chez II Sunshine LLC was the borrower. A life insurance company provided the loan.

August 16, 2019

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