Retail

JLL Arranges $10.3M Sale of Four Retail Properties in Downtown Sarasota

by Alex Tostado July 30, 2019

SARASOTA, FLA. — JLL has arranged the sale of four retail properties in downtown Sarasota totaling 30,188 square feet. The four properties, which are situated on Main Street and Lemon Avenue, sold for $10.3 million. The properties were 89 percent leased at the time of sale to tenants including Sur La Table, Bluemercury, Eileen Fisher, Hyde Park Prime Steakhouse, Boca Kitchen, J. McLaughlin and Sara Campbell. Eric Williams, Daniel Finkle and Luis Castillo of JLL represented the seller, Lemon Avenue Partners LLC, in the transaction. The buyer was not disclosed.

July 30, 2019

Leasing Activity New Jersey Northeast Retail

Jeffrey Realty Arranges 46,800 SF Retail Lease in Union, New Jersey

by Alex Patton July 29, 2019

UNION, N.J. — Jeffrey Realty has arranged a 46,800-square-foot retail lease in Union, a town just southwest of Newark, for Burlington Coat Factory. The property, formerly a Toys R Us, is located in the West Branch Commons shopping center, which is anchored by a Lowe’s and other retail businesses. Bill Farkas and Mike Testa of Jeffery Realty represented the landlord, Urban Edge, in the transaction. Cliff Simon of CNS Real Estate represented Burlington Coat Factory.

July 29, 2019

Acquisitions Arizona Retail Western

LevRose Commercial Real Estate Arranges $2.6M Sale of Retail Center in Arizona

by Amy Works July 29, 2019

SURPRISE, ARIZ. — Scottsdale, Ariz.-based LevRose Commercial Real Estate has arranged the sale of a multi-tenant retail center in Surprise. Houston-based KM Skyway Commons LLC acquired the property from Denver-based Surprise Retail LLC c/o Northstar Commercial Partners for $2.6 million. Located at 12100 N. Dysart Road, the property features approximately 17,560 square feet of retail space for multiple tenants. Current tenants include Burn Boot Camp and Federico’s Mexican Food. Mark Cassell and Trenton McCullough of LevRose Commercial Real Estate represented the seller in the deal.

July 29, 2019

California Development Retail Top Stories Western

Los Angeles Clippers Unveil Plans for $1.1B Basketball Arena in Inglewood

by Taylor Williams July 29, 2019

INGLEWOOD, CALIF. — The NBA’s Los Angeles Clippers have unveiled plans for a $1.1 billion arena and team headquarters in Inglewood, located just southwest of downtown Los Angeles. The Inglewood Basketball & Entertainment Center will be located along Prairie Avenue and West Century Boulevard and offer seating for approximately 18,500 fans. In addition, the building will house the Clippers’ team offices, training facility and a sports medicine clinic, essentially making Inglewood the team’s full-time home. The project will also feature retail, restaurants and educational facilities, as well as public basketball courts and an event plaza. A developer and general contractor have not yet been named, but the project will be entirely privately financed. The proposed site does not house any homes or churches and includes many buildings that have been vacant for decades, according to the developers. It is unclear how many new jobs that the project will create, but the Clippers have pledged to make 35 percent of those jobs local hires. A construction timeline is still being negotiated, but the team’s lease at the Staples Center, which it shares with the Lakers, expires in 2024. In addition, Curbed Los Angeles reports that a lawsuit filed by Madison Square Garden …

July 29, 2019

Florida Loans Retail Southeast

KeyBank Provides $34M Refinancing Loan for Shopping Center in Broward County

by Alex Tostado July 26, 2019

PEMBROKE PINES, FLA. — KeyBank Real Estate Capital has provided a $34 million refinancing loan for Flamingo Pines Plaza, a 140,213-square-foot shopping center in Pembroke Pines. Flamingo Pines Plaza was 97 percent leased at the time of sale to 33 tenants, including anchor tenant Florida Technical College and junior anchor tenants United States Postal Service and Goodwill. The property comprises six single-story buildings and was built in 1987. JBL Asset Management acquired the property in December 2017 for $33.2 million. Meridian Capital arranged the loan on behalf of JBL.

July 26, 2019

Acquisitions Massachusetts Northeast Retail

NKF Brokers $10.2M Sale of Retail Center in Springfield, Massachusetts

by Alex Patton July 26, 2019

SPRINGFIELD, MASS. — Newmark Knight Frank (NKF) has brokered the $10.2 million sale of Springfield Commons, a 182,400-square-foot retail center located in the southwestern Massachusetts city of Springfield. Walmart anchors the property, which also houses tenants such as Dollar Tree and Sonic. Geoffrey Millerd, Justin Smith, Paul Penman, Samantha Torto and Robert Griffin represented the undisclosed seller and procured the buyer, Paramount Realty Services Inc.

July 26, 2019

Leasing Activity Michigan Midwest Retail

Club Pilates to Open in Shelby Township, Michigan

by Kristin Harlow July 26, 2019

SHELBY TOWNSHIP, MICH. — Club Pilates has signed a lease to open its ninth location in Michigan. The boutique fitness tenant will occupy 2,091 square feet in Roseland Plaza at the southeast corner of 21 Mile and Hayes roads in Shelby Township. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, ODK Investments, in the lease transaction.

July 26, 2019

California Development Mixed-Use Multifamily Office Retail Top Stories Western

San Francisco Planning Commission OKs Pinterest-Anchored Mixed-Use Project

by John Nelson July 26, 2019

SAN FRANCISCO — For the second time in a week, the San Francisco Planning Commission has approved a significant mixed-use development in the city’s SoMa (South of Market) district. Following its approval of the Flower Mart redevelopment project, the commission has approved a 1.1 million-square-foot mixed-use development located at 88 Bluxome St. The project, led by developers Alexandria Real Estate Equities Inc. (NYSE: ARE) and TMG Partners, is nearly 60 percent preleased. The co-developers describe 88 Bluxome as a “high-tech office and laboratory project.” Social media giant Pinterest has signed on to anchor the development with a 490,000-square-foot office lease. The Bay Club, a fitness and social club offering events and a wide range of sports classes, will also anchor the project. The 88 Bluxome campus will feature a technology and life science facility with ground-floor retail space and outdoor deck space on multiple levels of the building. The project also includes an expansion of the neighborhood’s existing Gene Friend Recreation Center, adding two swimming pools and a public activity space. Other features of 88 Bluxome will be a childcare center, a pedestrian “art walk” with commissioned pieces from internationally renowned and local artists, light industrial space available for use …

July 26, 2019

Development Florida Retail Southeast

Blackwater, Hutton Complete 161,000 SF Shopping Center Near Tampa

by Alex Tostado July 25, 2019

TRINITY, FLA. — A partnership between two developers, Alabama-based Blackwater Real Estate and Tennessee-based Hutton, has completed The Village at Mitchell Ranch, a 161,000-square-foot shopping center near Tampa. A 30,0000-square-foot Sprouts Farmers Market anchors the property, which is located at the intersection of State Route 54 and Little Road in Trinity. Other anchors include HomeGoods, Michaels, Five Below, Skechers and Ulta Beauty. Restaurant users include Burger King, Chipotle Mexican Grill and Panda Express, with more to be announced in the coming months.

July 25, 2019

Acquisitions Florida Retail Southeast

SRS Negotiates $11.8M Sale of Retail Center in Central Florida

by Alex Tostado July 25, 2019

VIERA, FLA. — SRS Real Estate Partners has negotiated the $11.8 million sale of Viera Colonnade Shops, a 27,051-square-foot retail center comprising three buildings, in Viera. The asset is situated at 2328, 2338 and 2348 Citadel Way, 35 miles east of downtown Orlando. The property was delivered in 2017 and 2018. Viera Colonnade is fully leased to 14 tenants, including UPS, Jersey Mike’s, Great Clips, Mattress One and Blaze Pizza. Additionally, all 14 tenants recently signed brand new 10-year triple-net leases with extension options. Patrick Luther and Matthew Mousavi of SRS represented the seller, a developer based in Florida. The buyer, a private partnership comprising domestic and foreign investors, was self-represented. The property closed at a 6.85 percent cap rate.

July 25, 2019

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