Retail

NBS Financial Secures $5M in Financing for Mixed-Use Asset in Seattle

by Amy Works March 22, 2019

SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $5 million in financing for Wallingford Center in Seattle. The borrower is Wallingford Center LLP. Mike Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate loan. Riversource LLC, a life company correspondent of NBS Financial, provided the capital. Originally constructed as a school, the 28,377-square-foot mixed-use asset features retail space on the first two floors and 24 apartments above. The use of the financing was not disclosed.

March 22, 2019

Acquisitions Arizona Retail Western

Valencia Property Acquires CVS-Occupied Building in Arizona for $4.5M

by Amy Works March 22, 2019

PRESCOTT, ARIZ. — Valencia Properties has purchased a freestanding, single-tenant property located at 901 Willow Lake Road in Prescott. A Southern California-based private investor sold the building for $4.5 million in an all-cash transaction. CVS/pharmacy occupies the 13,186-square-foot drive-thru property, which was built in 2015. The absolute triple-net leased asset is corporate guaranteed by CVS Health Corp. with 22 years remaining. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Gulf Stream Capital Ventures represented the buyer.

March 22, 2019

Acquisitions Illinois Midwest Retail

SVN | Chicago Commercial Brokers $4.4M Sale of Retail Center in Arlington Heights, Illinois

by Kristin Harlow March 22, 2019

ARLINGTON HEIGHTS, ILL. — SVN | Chicago Commercial has brokered the sale of The Esplanade at Arlington Heights for $4.4 million. The 18,419-square-foot retail property is located at 2920-2964 W. Euclid Ave. in Arlington Heights. Subway and Starbucks are the anchor tenants. Tim Franz and John Livaditis of SVN represented the seller, a private real estate investment group. The buyer was not disclosed.

March 22, 2019

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 7,000 SF Retail Property in Palmview, Texas

by Taylor Williams March 21, 2019

PALMVIEW, TEXAS — Marcus & Millichap has arranged the sale of a 7,000-square-foot retail property net-leased to Advance Auto Parts in in the South Texas city of Palmview. Justin Miller and Davis Hansen of Marcus & Millichap marketed the property on behalf of the seller, a Houston-based partnership. Hank Wolfer also with Marcus & Millichap, represented the buyer, an out-of-state personal trust.

March 21, 2019

Leasing Activity Midwest Ohio Retail

Hand & Stone Signs Lease for Strongsville, Ohio Location

by Kristin Harlow March 21, 2019

STRONGSVILLE, OHIO — Hand & Stone Massage and Facial Spa has signed a 3,264-square-foot lease to open in Strongsville, a suburb of Cleveland. The company will occupy the space at Ledgewood Plaza. Sherrie Mendenhall of Coldwell Banker Commercial/Emmco Realty Group represented the tenant in the lease transaction.

March 21, 2019

Acquisitions Retail Utah Western

CIM Sells The Family Center Retail Asset in Utah to CCA Acquisition Co. for $48.2M

by Amy Works March 21, 2019

RIVERDALE, UTAH — CIM has completed the disposition of The Family Center at Riverdale, a shopping center located on 42 acres at 1083 W. Riverdale Road in Riverdale, approximately 35 miles from downtown Salt Lake City. CCA Acquisition Co. acquired the property for $48.2 million. At the time of sale, the 427,828-square-foot property was 97 percent occupied by Target (165,550 square feet), Sportsman’s Warehouse, Best Buy, Pier 1 Imports, Show Carnival, PetSmart, Dollar Tree and Joann Fabrics. The retail center was built in phases from 1995 to 2008. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank, along with Ben Brown and Brandon Goodman of Mountain West, represented the seller. The buyer was self-represented.

March 21, 2019

Acquisitions California Net Lease Retail Western

SRS Arranges $5.3M Sale of Grocery Outlet Bargain Market in Riverside, California

by Amy Works March 21, 2019

RIVERSIDE, CALIF. — SRS Real Estate Partners’ National Net Lease Group is arranged the sale of a freestanding, single-tenant property located on 1.9 acres at 3490 Madison St. in Riverside. A Newport Beach, Calif.-based private developer sold the property to a Newport Beach-based physician for $5.3 million. Grocery Outlet Bargain Market occupies the 17,889-square-foot retail property on a 15-year triple-net lease. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Marcus & Millichap represented the buyer. Additionally, Garrett Colburn and Townsend Cropsey of SRS secured the long-term lease with Grocery Outlet on behalf of the ownership.

March 21, 2019

Acquisitions Nevada Retail Western

Marcus & Millichap Negotiates $5.2M Sale of 10,500 SF Retail Building in Las Vegas

by Amy Works March 21, 2019

LAS VEGAS — Marcus & Millichap has arranged the sale of Mountain’s Edge Pad E, a retail property in Las Vegas. An undisclosed seller sold the property for $5.2 million. Located at 8085 Blue Diamond Road, the property features 10,500 square feet of retail space. Dustin Alvino and Jake Wasserkrug of Marcus & Millichap represented the seller and undisclosed buyer in the deal.

March 21, 2019

Company News Retail Southeast Tennessee Top Stories

Christian Book Retailer LifeWay to Close All 170 Stores, Focus on Digital Platform

by John Nelson March 21, 2019

NASHVILLE, TENN. — LifeWay, a Christian bookseller based in Nashville, announced its plan to close all 170 of its physical bookstores. The bulk of the company’s stores are in the Southeastern United States, with a large concentration of locations in Texas and Ohio. A full list can be found here. LifeWay expects to close all of its physical locations by the end of the year, and the timing of store closings will vary depending on local circumstances. In January, the company announced it would reduce the number of its retail locations due to declining customer traffic and sales, but has since pivoted. “While we had hoped to keep some stores open, current market projections show this is no longer a viable option,” says Brad Waggoner, acting president and CEO of LifeWay following the retirement of Thom Rainer last month. “The decision to close our local stores is a difficult one. LifeWay has developed close connections with the communities where our stores are located, and we have been honored to serve those communities.” LifeWay is neither closing nor filing for bankruptcy, instead focusing on its digital platform, customer service center and its network of church partnerships. Details about the lease terms …

March 21, 2019

Development Florida Restaurant Retail Southeast

Yumbrella Food Hall Opens at The Shops at Sunset Place in South Miami

by Alex Tostado March 20, 2019

SOUTH MIAMI, FLA. — Yumbrella Food Hall is now open at The Shops at Sunset Place in South Miami. Led by food truck organizer and restaurateur Steve Simon, Yumbrella is the only food hall in the city, paying homage to Miami’s original food hall, which opened in the 1970s by the same name. The 6,500-square-foot hall features seven restaurant concepts ranging from Chinese to soul food, Italian, Latin, American and German fare. Confirmed food hall vendors include Cracked by Chef Adrianne, Dr. Limon Express, Killer Melts, NOODS, King of Racks BBQ, The Tonic and The Beverly. Amenities include a shared kitchen, full bar, stage for musical performances and a private room for events. The Shops at Sunset Place has been owned and operated by Federal Realty Investment Trust, Grass River Property and The Comras Co. since 2015. Other tenants at The Shops at Sunset Place include AMC Theatres, LA Fitness, Tea & Poets, Splitsville and Z-Gallerie.

March 20, 2019

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