Retail

HFF Arranges $550M Construction Loan for Bal Harbour Shops in Miami Beach

by Alex Tostado July 9, 2019

MIAMI BEACH, FLA. — HFF has arranged $550 million in financing to expand Bal Harbour Shops, an upscale shopping mall in Miami Beach. The 463,114-square-foot mall is home to anchors Saks Fifth Avenue and Neiman Marcus. The borrower, Miami-based Whitman Family Development, will use $150 million of the loan to pay off an existing loan and $400 million to expand the center by 300,000 square feet, bringing the total to 763,114 square feet. The expansion will include a 57,414-square-foot space to be occupied by Barneys New York, a three-story promenade that will be added to connect Barneys to the existing palm tree-lined promenade, a new grand entrance at the northeast quadrant of the property and the expansion of the Neiman Marcus space by 20,000 square feet. MetLife Investment Management provided the loan. The $150 million portion features a fixed interest rate for eight years while the $400 million portion is underwritten with a floating interest rate. Other tenants at Bal Harbour Shops include Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino. Manny de Zárraga, Chris Drew, Jim Dockerty and Matthew McCormack of HFF arranged the loan on behalf of Whitman Family. Arun Singh and Jay …

July 9, 2019

Acquisitions Retail Texas

Baceline Purchases Two DFW Retail Centers Totaling 109,145 SF

by Taylor Williams July 9, 2019

DALLAS AND ARLINGTON, TEXAS— Denver-based investment and management firm Baceline Investments has purchased two retail centers totaling 109,145 square feet in Dallas and Arlington. The properties include Cooper Street Marketplace, a 75,974-square-foot, multi-tenant shopping center in Arlington; and Tarrant Parkway, a 33,171-square-foot property in Dallas. The assets were acquired in conjunction with a 71,602-square-foot center in Indianapolis. The seller was not disclosed. Baceline now owns more than 2 million square feet of retail space across 15 states, a portfolio that has an occupancy rate of 91 percent.

July 9, 2019

Illinois Midwest Retail

Old Second Bank Awards NAI Hiffman Property Management of All Chicagoland Bank Branches

by Kristin Harlow July 9, 2019

CHICAGO — Old Second Bank has awarded NAI Hiffman the management of 28 branches spanning 18 suburbs and the city of Chicago. Old Second Bank is a full-service banking business that provides customary consumer and commercial banking products. Its flagship bank, Old Second National Bank, was founded in 1871. The parent entity, Old Second Bancorp Holding Co., was founded in 1982 and is headquartered in Aurora, Ill.

July 9, 2019

Acquisitions Midwest Minnesota Retail

Cooper Group Brokers $5.6M Sale of Shopping Center in Hutchinson, Minnesota

by Kristin Harlow July 9, 2019

HUTCHINSON, MINN. — The Cooper Commercial Investment Group has brokered the sale of County Fair Marketplace in Hutchinson, located 61 miles west of Minneapolis, for $5.6 million. The Aldi-anchored shopping center spans 60,208 square feet. Other tenants include PetSmart and Pizza Ranch. Dan Cooper of Cooper Commercial represented the Illinois-based institutional seller. A California-based private investor purchased the asset. The cap rate was 7.68 percent.

July 9, 2019

Leasing Activity Midwest Retail Wisconsin

Dave’s Guitar Shop Leases 5,209 SF in Milwaukee

by Kristin Harlow July 9, 2019

MILWAUKEE — Dave’s Guitar Shop LLC has signed a 5,209-square-foot retail lease in Milwaukee. The guitar store will occupy the space at 914 S. 5th St. Max Jacobson and Drew Speth of Mid-America Real Estate-Wisconsin LLC represented the tenant in the lease transaction. The landlord was not disclosed. Dave’s Guitar Shop first opened in La Crosse, Wis. in 1982.

July 9, 2019

Features Retail

Reis: National Retail Vacancy Experiences First Drop Since 2016 Among Neighborhood Shopping Centers

by Kristin Harlow July 9, 2019

NEW YORK CITY — The neighborhood and community shopping center retail vacancy rate fell 10 basis points to 10.1 percent in the second quarter, according to New York-based commercial real estate data firm Reis. This is the first time in which vacancy has declined since the first quarter of 2016. For context, in the second quarter of 2018, the rate had risen 20 basis points to 10.2 percent and remained flat at that rate through the first quarter of this year. The tightening of available space is in contrast to the larger talking points about U.S. retail, which often claim a “retail apocalypse” is upon us as e-commerce continues to cause a sea change in how Americans shop. Reis information comes from its database of commercial real estate property information, spanning 77 primary metro areas. Both the national average asking rent and effective rent, which nets out landlord concessions, increased 0.4 percent in the second quarter. At $21.39 per square foot (asking) and $18.73 per square foot (effective), the average rents have both increased 1.7 percent since the second quarter of 2018. Mall outlook The regional mall vacancy rate rose 30 basis points in the first quarter to 9.3 percent, …

July 9, 2019

Development Retail Texas

Fidelis Begins 1.1 MSF Redevelopment of San Jacinto Mall in Metro Houston

by Taylor Williams July 8, 2019

BAYTOWN, TEXAS — Fidelis Realty Partners has begun the redevelopment of the San Jacinto Mall, a 1.1 million-square-foot shopping and dining center that opened in 1981. Fidelis, which acquired the mall in 2015 from Triyar Retail Group, is demolishing one of the anchor stores that was previously occupied by Sears as part of the initial phase of the redevelopment. According to local media sources, Fidelis will ultimately reposition the mall into a 1 million-square-foot, open-air center that will be branded San Jacinto Marketplace.

July 8, 2019

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $3.7M Sale of Net-Leased Bank Property in Hilliard, Ohio

by Kristin Harlow July 8, 2019

HILLIARD, OHIO — Marcus & Millichap has arranged the $3.7 million sale of a 5,525-square-foot property net leased to S&T Bank in Hilliard, a suburb of Columbus. The build-to-suit, completed this year, is located at 4599 Cemetery Road. Dan Yozwiak and John Reehil of Marcus & Millichap brokered the transaction. Both the buyer and seller were limited liability companies.

July 8, 2019

Acquisitions Florida Retail Southeast

NAI Realvest | Charles Wayne Arranges $2.7M Sale of Beachside Retail Center Near Daytona Beach

by John Nelson July 8, 2019

ORMOND BEACH, FLA. — NAI Realvest | Charles Wayne Commercial has brokered the $2.7 million sale of Aliki Plaza, a 29,730-square-foot beachside shopping center near Daytona Beach. Built in 1985 at 378-404 S. Atlantic Ave. in Ormond Beach, the retail property was 90 percent leased at the time of sale to 18 tenants, including Daytona Beach Welcome Center, Weichert Hallmark Properties and Coldwell Banker Premier Properties. Charles Lichtigman and Brad Gifford of NAI Realvest | Charles Wayne negotiated the sale on behalf of the seller, Sunbelt Holdings Daytona LLC. Carl Lentz of SVN Alliance represented the buyer, Aliki Plaza of Ormond Beach LLC, which is led by local investor Ty Lohman.

July 8, 2019

California Leasing Activity Restaurant Retail Western

Social Syndicate Signs $2.4M Retaurant Lease in San Diego

by Jeff Shaw July 8, 2019

SAN DIEGO — Location Matters has arranged a $2.4 million, 10-year lease for Social Syndicate, a San Diego-based multi-concept restaurant group, for a space at 1852 Bacon St. in the Ocean Beach neighborhood of San Diego. Nati’s Mexican Restaurant had occupied the freestanding restaurant building for nearly 60 years before the Social Syndicate lease. The new restaurant will also carry a Mexican theme. Nati’s Inc., which is controlled by Foley Development, owns the property. Future plans call for developing the land directly behind the restaurant into an apartment complex. Mike Spilky of Location Matters represented the landlord and tenant in the transaction. Social Syndicate will occupy 2,660 square feet inside the building, in addition to 1,468 square feet of patio space.

July 8, 2019

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