Retail

Sansome Pacific Acquires 11 Cabela’s Stores for $324.3M

by Jeff Shaw May 30, 2019

SAN FRANCISCO — A joint venture led by Sansome Pacific, a real estate investment firm based in San Francisco, has acquired 11 locations of outdoor sports retailer Cabela’s for $324.3 million. The transaction was structured as a sale-leaseback with the seller, Bass Pro Shops, which owns the Cabela’s brand. Much like Bass Pro Shops, Cabela’s is known for its sprawling retail campuses. The 11-property portfolio spans 1.6 million square feet on 227 acres of land. Bass Pro Shops is based in Springfield, Missouri, while Cabela’s is based in Sidney, Nebraska. The specific locations of the 11 stores were not disclosed. B+E brokered the deal, claiming it as the largest transaction ever brokered by a digital sales platform. Co-founders Camille Renshaw and Scott Scurich are longtime real estate brokers that founded the company in 2017 after a stint with Ten-X, another digital real estate sales platform. The program “uses artificial intelligence to track the most active buyers in the real-time, net-lease market, much as stock and bond software tracks institutional investors,” according to the company. “The algorithm evaluates a buyer’s past purchases, as well as current acquisition criteria and dollars raised that must be allocated within a given year.” Bass Pro …

May 30, 2019

Features Mixed-Use Retail

ICSC Roundup: Developer Talks Construction Costs, Store Closures, Role of Mixed-Use

by Taylor Williams May 30, 2019

LAS VEGAS — Besides rampant store closures, one of the biggest challenges retail developers currently face is high construction costs. An ongoing labor shortage, higher prices on certain materials that have been tariffed, and the general impact of inflation have all driven costs of new development to historically high levels. That said, developers that play the long game and have the vision and resources to execute multiple uses are up for the challenge. Structured Development, a Chicago-based real estate firm that builds a variety of project types, but tends to specialize in retail and mixed-use, is an example of such a company. Jeff Berta, the company’s senior director of real estate, met with REBusinessOnline at this year’s ICSC RECon show in Las Vegas to discuss current trends within the retail sector and the challenges of executing mixed-use developments. Berta has held a number of positions in the real estate development, construction management and architecture fields. What follows is an edited transcript of the conversation. REBusinessOnline.com: Construction costs are very high right now and are making projects more difficult to pencil out. What’s the real story behind these rising costs as it pertains to developing a mixed-use project? Jeff Berta: There …

May 30, 2019

Acquisitions Midwest Retail Wisconsin

SRS Arranges $5M Sale of Walgreens-Occupied Property in Plymouth, Wisconsin

by Kristin Harlow May 29, 2019

PLYMOUTH, WIS. — SRS Real Estate Partners has arranged the $5 million sale of a single-tenant property occupied by Walgreens in Plymouth near Sheboygan. The 14,490-square-foot freestanding building is located at 2455 Eastern Ave. Built in 2004, the property is situated on 1.5 acres. Walgreens has 11 years remaining on its lease term. Dan Elliot and Sean Lutz of SRS represented the seller, Torrington Development Inc. MEI Realty purchased the building.

May 29, 2019

Acquisitions Midwest Retail Wisconsin

KW Commercial Negotiates $3.5M Sale of 44,911 SF Retail Center in Plover, Wisconsin

by Kristin Harlow May 29, 2019

PLOVER, WIS. — KW Commercial has negotiated the $3.5 million sale of Village Park at Plover, a 44,911-square-foot retail center in Plover near Stevens Point in the center of the state. The property, located at 3012 Village Park Drive, is home to a variety of retail, restaurant and office tenants. Matthew Klein of KW represented the buyer, Amsden LLC. Jeff Rowlett of Marcus & Millichap represented the undisclosed seller.

May 29, 2019

Loans New Jersey Northeast Retail

JLL Arranges $46.5M in Refinancing for Retail Power Center in Howell, New Jersey

by Taylor Williams May 29, 2019

HOWELL, N.J. — JLL has arranged a $46.5 million loan for the refinancing of Greenleaf at Howell, a 290,000-square-foot retail power center in Howell, approximately 30 miles east of Trenton. Aaron Appel, Jonathan Schwartz, Keith Kurland, Brett Rosenberg, Adam Schwartz and Brandon Krupetsky of JLL placed the debt through JPMorgan Chase on behalf of the borrower, Sun Equity Partners LLC. A B.J.’s Wholesale Club anchors the property, which is located at the intersection of U.S. Route 9 North and Lanes Mill Road. Approximately 87,000 people live within a three-mile radius of the center, which sees a daily traffic count of roughly 40,000 vehicles.

May 29, 2019

iSports-Athletic-Facility-Cedar-Park-Texas

Development Retail Texas

iSports Breaks Ground on 206,000 SF Athletic Complex in Metro Austin

by Taylor Williams May 28, 2019

CEDAR PARK, TEXAS — iSports Cedar Park Ltd., an entity formed by a coalition of local real estate professionals and led by developer Eric Perardi, has broken ground on a 206,000-square-foot athletic complex in the northern Austin suburb of Cedar Park. Situated on 15.4 acres at the corner of U.S. Highway 183 and Scottsdale Drive, the complex will house tenants dedicated to elevating athletic performance. These include Austin-based Chaparral Ice, which will operate the facility’s two regulation-sized hockey rinks, and Nashville-based D1 Training, which has trained and rehabilitated famous athletes such as Tim Tebow, Von Miller and Peyton Manning. iSports is also seeking tenants that can operate the complex’s private gym, competitive cheerleading and gymnastics programs, sand volleyball courts, rehabilitation facilities and sports retail stores. Construction is expected to last a little more than a year, with the development team hoping to open the complex by next summer.

May 28, 2019

Loans Retail Texas

Locust Park Capital Arranges $3M Loan for Refinancing of Dallas Retail Property Leased to CVS

by Taylor Williams May 28, 2019

DALLAS — Locust Park Capital, a New York City-based investment banking and capital advisory firm, has arranged a $3 million loan for the refinancing of a retail property in Dallas that is net-leased to CVS. Kenneth Lee of Locust Park Capital originated the five-year loan, which carried a fixed 4.95 percent interest rate and a 30-year amortization schedule, on behalf of the undisclosed borrower.

May 28, 2019

Leasing Activity Maryland Retail Southeast

Nellis Signs Five New Retailers to Shopping Center in Metro D.C.

by Alex Tostado May 28, 2019

LANDOVER HILLS, MD. — Nellis Corp. has signed five new retail tenants to Capital Plaza Shopping Center in Landover Hills. The five retailers include Starbucks Coffee, AT&T, Tropical Smoothie Café, Quickway Hibachi and Inspire Nail Bar & Spa. The tenants will join Walmart, McDonald’s and an under-construction Royal Farms. Capital Plaza is situated at 6200 Annapolis Road, eight miles east of downtown Washington, D.C. The center offers 180,000 square feet of developed retail space. The site is under redevelopment, and Nellis Corp. expects the first of three pad sites to be delivered by the end of the year. Brian Finkelstein, John Meyer and Joe Mekulski of KLNB represented the landlord in the lease negotiations.

May 28, 2019

Acquisitions Illinois Midwest Restaurant Retail

SVN Brokers $1.1M Sale of Restaurant Property in Algonquin, Illinois

by Kristin Harlow May 28, 2019

ALGONQUIN, ILL. — SVN | Chicago Commercial has brokered the sale of a 7,549-square-foot restaurant property in Algonquin for $1.1 million. The freestanding building is located at 2561 County Line Road. Tim Rasmussen and Olivia Czyzynski of SVN brokered the transaction. The buyer, an operator of Mexican restaurants, plans to open a casual Mexican concept, according to Rasmussen.

May 28, 2019

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges $3M Sale of Retail Center in Hamilton, New Jersey

by Taylor Williams May 28, 2019

HAMILTON, N.J. — Marcus & Millichap has arranged the $3 million sale of Olden Plaza, an 11,500-square-foot retail center in Hamilton, located just east of Trenton. The property was fully leased at the time of sale to seven tenants, six of which have occupied their spaces for more than 10 years. Michael Lombardi, Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller, a private investor, in the transaction, which drew 10 offers and closed at full asking price. The buyer was not disclosed.

May 28, 2019

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