Retail

Hospitality Properties Trust Buys National Net-Lease Retail Portfolio for $2.4B

by John Nelson June 4, 2019

NEWTON, MASS. AND DALLAS — Hospitality Properties Trust (NASDAQ: HPT) has purchased a portfolio of net-leased retail assets from Spirit MTA REIT (NYSE: SMTA) for $2.4 billion. The portfolio consists of 774 service-oriented retail properties in 43 states that are occupied by tenants including AMC Theatres, Academy Sports + Outdoors and CarMax. The portfolio was 98 percent occupied as of March 31 and has a weighted average remaining lease term of 8.6 years. The portfolio includes all of SMTA’s owned properties held in its “Master Trust 2014” segment and excludes approximately 100 assets leased to Shopko Stores Inc., a Wisconsin-based general merchandiser that filed for bankruptcy in January. The portfolio also includes three Pilot Travel Centers that are currently owned by Spirit Realty Capital Inc., a Dallas-based net-lease REIT that owns single-tenant retail assets subject to long-term leases. Spirit Realty externally manages SMTA after spinning off the REIT from its holdings last summer. “Ultimately, we concluded that a sale to Hospitality Properties Trust represented the best possible outcome for our shareholders,” said Richard Stockton, lead independent trustee of SMTA, in a statement. “We will continue our work to close the transaction in the coming months and realize cash value for …

June 4, 2019

Acquisitions Arizona Retail Western

SRS Negotiates $13.8M Sale of El Super Shopping Center in Phoenix

by Amy Works June 3, 2019

PHOENIX — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of El Super Shopping Center, a retail property located at 2211 W. Camelback Road in Phoenix. Phoenix-based De Rito Partners and Van Tuyl Group sold the property to a West Coast-based private investor for $13.8 million. Built in 2017 and situated on 6.4 acres, the asset features 59,400 square feet of retail space. At the time of sale, the property was fully occupied by 11 tenants, including El Super and Subway. Patrick Luther and Ed Beeh of SRS represented the sellers, while Matthew Mousavi, also of SRS, represented the buyer in the deal.

June 3, 2019

Illinois Leasing Activity Midwest Retail

Play2Day to Open at Lincoln Common in Chicago

by Kristin Harlow June 3, 2019

CHICAGO — Play2Day, a childcare service for infants and toddlers ranging in age from 2 months to 5 years old, will open at Lincoln Common in Chicago. The 1,510-square-foot location is expected to open in the third quarter of this year. Play2Day joins the growing roster of Lincoln Common retailers, including Equinox, Velvet Taco, Philz Coffee, Athletico, Compass and Kohler Waters Spa. Developed by Hines and McCaffery, Lincoln Common features 100,000 square feet of retail space, 538 apartment units, 40 condominium units, a five-story office building, 850-stall parking garage, 156-room senior living community and more than an acre of open space.

June 3, 2019

Development Massachusetts Northeast Retail

Davenport Breaks Ground on Retail Building for CVS in Springfield, Massachusetts

by Taylor Williams June 3, 2019

SPRINGFIELD, MASS. — The Davenport Company, a Boston-based developer, has broken ground on a new retail building for CVS Pharmacy in Springfield, located in the western part of the state. The property is being constructed on Main Street at a site that was damaged by a tornado in 2011. Davenport acquired the parcel in 2016 and redeveloped it to include medical office and residential space. Davenport is also redeveloping a former factory in Springfield into a market-rate multifamily community, and will begin construction of that project this month.

June 3, 2019

Development Retail Texas

Harvey Completes Construction of 162,500 SF Nissan Car Dealership in Houston

by Taylor Williams June 3, 2019

HOUSTON — Harvey Construction has completed Central Houston Nissan, a 162,500-square-foot property that will serve as the hub for Central Automotive Group, which comprises an additional three of the Japanese carmaker’s Houston dealerships. The grand opening of the dealership, which is located at 2901 S. Loop West and will employ more than 200 people, will be held June 12. Kirksey Architects designed the 16-acre property, which will offer customers an array of amenities and services, including two coffee bars, three lounges, a children’s play area and an entertainment center.

June 3, 2019

Development Office Retail Texas

Gordon Partners to Undertake 35,000 SF Retail, Office Expansion Project in Conroe, Texas

by Taylor Williams June 3, 2019

CONROE, TEXAS — Houston-based Gordon Partners will soon begin construction of Phase II of Waterpoint Center, a mixed-use development located along the southern shore of Lake Conroe, about 40 miles north of Houston. Plans for Phase II include the development of an additional 35,000 square feet of retail, office and restaurant space, as well as the expansion of the marina to include an additional 70 boat slips. Construction is expected to be complete in the second quarter of 2020.

June 3, 2019

Acquisitions Northeast Pennsylvania Retail

HFF Negotiates Sale of 96,455 SF Shopping Center in Lancaster, Pennsylvania

by Taylor Williams May 31, 2019

LANCASTER, PA. — HFF has negotiated the sale of Chelsea Square, a 96,455-square-foot, grocery-anchored shopping center in Lancaster, located roughly midway between Philadelphia and Harrisburg. Regional grocer Weis serves as the anchor tenant alongside Talbots, Jos. A. Bank, M&T, Domino’s Pizza and Great Clips. Built on 10.6 acres, the property is located along the Manheim Pike, a retail corridor with a daily traffic count of approximately 46,000 vehicles. Chris Munley and Carl Fiebig of HFF represented the seller, Boston-based Beacon Communities, in the transaction. The buyer was Pennsylvania-based Goodman Properties. The sales price was not disclosed.

May 31, 2019

California Development Loans Mixed-Use Multifamily Retail Western

Parkview Financial Provides $31.8M Construction Loan for Mixed-Use Project Near San Diego

by Amy Works May 31, 2019

POWAY, CALIF. — Parkview Financial has funded a $31.8 million construction loan to San Diego-based Poway Property LP for the development of Outpost, a mixed-use project located at 13247 Poway Road in Poway. Upon completion, the three-building property will feature 53 apartment units and ground-floor retail space, which is fully pre-leased to Crunch Fitness and Three Local Brothers. Additionally, the asset will include two levels of underground parking offering a total of 337 parking spaces. The residential portion of the property will feature 16 one-bedroom, 22 two-bedroom and 15 three-bedroom units with stainless steel appliances, stone countertops and engineered hardwood/vinyl flooring. On-site community amenities will include patios, a courtyard, rooftop deck and leasing office. Construction began last summer, with completion slated for 2020.

May 31, 2019

Acquisitions California Retail Western

Marcus & Millichap Brokers $7M Sale of 16,480 SF Shopping Center in Southern California

by Amy Works May 31, 2019

WESTMINSTER, CALIF. — Marcus & Millichap has brokered the sale of Westminster Golden Center, a shopping center located at the southwest corner of Westminster Boulevard and Swan Avenue in Westminster. A private investor acquired the property from another private investor for $7 million. Situated on 1.5 acres in the Little Saigon submarket, the shopping center consists of three buildings offering a total of 16,480 square feet of space spread across 11 retail suites. Michael Matter and Aveesh Singroha of Marcus & Millichap’s South Bay office represented the seller and buyer in the deal.

May 31, 2019

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $1.5M Sale of Property Net Leased to Wendy’s in Suburban Chicago

by Kristin Harlow May 31, 2019

ELK GROVE VILLAGE, ILL. — Marcus & Millichap has brokered the sale of a 2,331-square-foot building net leased to Wendy’s in Elk Grove Village for $1.5 million. The property is located at 900 Busse Road. Brian Parmacek of Marcus & Millichap marketed the property on behalf of the seller. Calvin Lee of Marcus & Millichap secured and represented the buyer.

May 31, 2019

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