Retail

Vibrant Cities Receives $31.3M in Construction Financing for Mixed-Use Project in Seattle

by Amy Works June 27, 2019

SEATTLE — Vibrant Cities has received $31.3 million in construction financing for the development of Pivot, a mixed-use property in Seattle’s Capitol Hill neighborhood. Brandon Roth and Zack Goodwin of HFF secured the five-year, floating-rate loan through H.I.G. Realty Partners for the borrower. The project will replace an existing parking lot with a pedestrian-inspired development along the Pike/Pine corridor. Once complete, Pivot will features 71 apartments above a sub-grade parking garage, street-level retail space and 11,000 square feet of office space.

June 27, 2019

Acquisitions Arizona Retail Western

Hanley Investments Brokers $7.6M Sale of Retail Pad Building in Glendale, Arizona

by Amy Works June 27, 2019

GLENDALE, ARIZ. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant pad building located at 7870 W. Bell Road in Glendale. ECC Bell Road Property LLC sold the asset to a family trust based in Orange County, Calif., for $7.6 million, or $901 per square foot. Tenants at the 8,433-square-foot property include The Habit Burger Grill, Tempur-Pedic, Pearle Vision and Blaze Pizza. The 1.2 million-square-foot Arrowhead Towne Center Mall shadow anchors the asset. Bill Asher and Jeff Lefko of Hanley Investment represented the seller, while Pat Kent and Parker Walter of SRS Real Estate Partners represented the buyer in the deal.

June 27, 2019

Development Illinois Midwest Restaurant Retail

Largest Rooftop Deck Opens Atop Chicago’s Navy Pier

by Kristin Harlow June 27, 2019

CHICAGO — Offshore, a 52,300-square-foot rooftop deck, has opened on the third floor of Chicago’s Navy Pier. The Guinness Book of World Records has named the establishment “the world’s largest rooftop deck.” The deck includes a bar, kitchen, terraces, seven fire pits, an entertainment and gaming area and multiple gathering spaces. Culinary direction for Offshore is led by Executive Chef Michael Shrader. Modern American cuisine is served as small, shareable plates. Clay Livingston, formerly of Red Herring Lounge and Kitchen, curates the beverage program seasonally, with house made craft cocktails, wine, champagne and local craft beer.

June 27, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $2.8M Sale of Property Net Leased to Thornton’s in Prospect Heights, Illinois

by Kristin Harlow June 27, 2019

PROSPECT HEIGHTS, ILL. — Marcus & Millichap has arranged the $2.8 million sale of a 4,400-square-foot gas station and convenience store net leased to Thornton’s in Prospect Heights. The property is located at 1600 N. Rand Road in suburban Chicago. Thornton’s has 20 years remaining on its lease at the newly constructed property. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller. The team also represented the private 1031 exchange buyer with assistance from Marcus & Millichap’s Joseph Bono.

June 27, 2019

Acquisitions Florida Retail Southeast

Plaza Advisors Arranges Sale of 90,328 SF Shopping Center in Metro Tampa

by Alex Tostado June 27, 2019

TEMPLE TERRACE, FLA. — Plaza Advisors has arranged the sale of Temple Terrace Plaza, a 90,328-square-foot shopping center in Temple Terrace. The Winn Dixie-anchored property was 95 percent leased at the time of sale to tenants including the United States Post Office, Greenberg Dental, Sally Beauty, Rainbow, Mariner Finance and Sprint. Temple Terrace Plaza is located at 8837 N. 56th St., nine miles north of downtown Tampa. Jim Michalak and Keith Nurre of Plaza Advisors represented the seller, a REIT, in the transaction. The buyer was an undisclosed private equity group. The sales price was not disclosed.

June 27, 2019

Acquisitions Maryland Multifamily Retail Southeast Top Stories Virginia

WashREIT Agrees to Sell Eight Retail Assets, Increases Focus on Multifamily Sector

by Alex Tostado June 27, 2019

WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell five of its retail properties for $485 million, plus an additional three power centers, as part of a strategic move to increase its investment in the multifamily sector. The buyers are two undisclosed institutional investors. The first sale agreement includes five retail properties totaling 800,000 square feet. Those assets include Gateway Overlook in Columbia, Md.; Wheaton Park in Wheaton, Md.; Olney Village Center in Olney, Md.; and Bradlee Shopping Center and Shoppes of Foxchase in Alexandria, Va. The second transaction includes three Maryland properties spanning 850,000 square feet. The properties are Centre at Hagerstown in Hagerstown, and Frederick Crossing and Frederick County Square in Frederick. WashREIT said it will disclose the sales price of the second transaction after the deal’s closure, which is expected to occur in late July. Simultaneously, WashREIT has agreed to acquire an urban-infill, value-add multifamily community for $70 million. Details about the property were not disclosed at this time. Earlier this year, WashREIT announced that it would acquire a portfolio of seven multifamily properties in the Washington, D.C. area for $461 million, thereby increasing its multifamily portfolio from 28 percent to 45 percent based on net …

June 27, 2019

Loans Retail Texas

Levcor Receives Loan for Refinancing of Entertainment-Anchored Center in Houston

by Taylor Williams June 26, 2019

HOUSTON — Locally based retail developer Levcor Inc. has received a loan for the refinancing of the Marq*E Entertainment Center, a Houston venue that houses an array of restaurants bars and entertainment concepts, including Dave & Buster’s and Edwards Cinema. Levcor purchased the center, which was originally developed in 2003 and 94 percent occupied at the time of sale, in 2014. Jimmy Board, Tom Melody, Tom Fish and Wes Wallace of JLL handled the debt placement on behalf of Levcor. LoanCore provided the nonrecourse, floating-rate loan, a portion of which will be used to fund property improvements.

June 26, 2019

Acquisitions Midwest Nebraska Retail

Broad Reach Acquires 158,380 SF Shopping Center in Omaha

by Kristin Harlow June 26, 2019

OMAHA, NEB. — Broad Reach Retail Partners has acquired Baker Square Shopping Center in Omaha for an undisclosed price. The grocery-anchored center spans 158,380 square feet and features Fresh Thyme Farmers Market, JoAnn Fabric and CHI Health. The property is 73 percent leased. The seller was not disclosed. LinkedIn recently signed a lease for a new 200,000-square-foot campus less than one mile north of the shopping center.

June 26, 2019

Features Retail

Q&A: Best Practices for Filling Vacant Big Box Retail Space

by Katie Sloan June 26, 2019

Shopping Center Business, sister publication to REBusinessOnline, recently sat down with Cynthia Nelson, senior managing director in the real estate solutions practice at FTI Consulting, to discuss the current retail landscape and tips and tricks for tackling big box vacancies. Tell me a bit about your outlook on the retail landscape at current. We’re going through a huge transformation in terms of how consumers buy retail goods and services and it is taking a toll on our shopping centers. Many big box spaces formerly occupied by retailers like Toys ‘R’ Us are going dark. I think we are in the midst of a longer period of transition, but nothing like the ‘retail apocalypse’ some are forecasting. The landscape is changing — I like to call it a ‘retail reincarnation.’ What would be your advice for an owner or a landlord looking to re-lease or redevelop vacant big box space? Owners and landlords have to be thinking about creative ways to maximize the value of available or vacant space at their shopping centers. The easiest and most straightforward route for filling a vacancy is re-leasing to a tenant that will use the same amount of space. This may not garner much …

June 26, 2019

Development Florida Restaurant Retail Southeast

Ex-Football Coach Steve Spurrier to Open Restaurant Within Celebration Pointe in Gainesville

by Alex Tostado June 25, 2019

GAINESVILLE, FLA. — Former University of Florida football coach Steve Spurrier is seeking a partner for a new restaurant in Celebration Pointe in Gainesville. The new restaurant will be called “Spurrier’s” and is expected to open in 2020. The selected partner will have a $1 million build-out budget and the ability to influence the final menu and décor, as well a salary and/or equity in the restaurant. The partner will be named later this year. Celebration Pointe is a 160-acre mixed-use development that upon completion will span more than 1 million square feet and will include office and retail space, residential units and a mix of experiential and entertainment venues, such as seafood restaurant The Keys, a Nike Factory Store and a 10-screen Regal Cinemas theater.

June 25, 2019

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