The Hawaii investment sale market was active in 2018 with an abundance of capital seeking investment opportunities throughout the state and across all product types. Mortgage availability from local banks and non-local financiers remained strong, and there was a steady flow of new interest from debt and equity sources looking for first opportunities in Hawaii. Last year’s transaction volume (including entity level) was up 33 percent from 2017 to $5.5 billion. Institutional and cross-border investment volumes were up from 2017 and performing well above the 10-year average. It was a slower year for private investors and REITs, though institutional capital from Singapore, Zurich, Kuwait, Germany and Japan were the foreign standouts in 2018. Entity-level activity boosted Hawaii’s transaction volume significantly in 2018. We anticipate this story to continue to spill over into Hawaii through 2019 as institutions deploy large amounts of capital to build scale. Brookfield’s acquisition of GGP was the largest entity-level transaction, which included the 2.5 million-square-foot Ala Moana Center with its two office buildings consisting of about 400,000 square feet, the Whalers Village in Maui and the Prince Kuhio Plaza in Hilo. The hospitality sector led the charge for the third year in a row with $2.45 …
MAYNARD, MASS. — Capital Group Properties and SRS Real Estate Partners have announced that Market Basket Supermarket will be the anchor grocery store for the Maynard Crossing mixed-use project in Maynard. The 306,000-square-foot development is slated to open in the first quarter of 2020. The project will also include The Vue at Maynard Crossing, a 180-unit apartment complex developed by LeCesse Development as well as a 143-unit independent living community for seniors developed by Hawthorn Retirement Group. The project will also feature multiple restaurants, retail shops, fitness options and medical offices. Maynard is approximately 25 miles west of downtown Boston.
ELGIN, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to Jewel-Osco in Elgin for $14.8 million. The 69,129-square-foot building, located at 1660 Larking Ave., was remodeled in 2009. Jewel-Osco has approximately 19 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction. A Los Angeles-based real estate firm completing a 1031 tax-deferred exchange purchased the asset. A Southwest-based private real estate investment company was the seller.
HOUSTON — Brixmor Property Group Inc., a New York City-based shopping center REIT, has sold Northwood Plaza, a 136,747-square-foot retail center in Houston. Anchored by local grocer Food City, the property was 91 percent leased at the time of sale to tenants such as Beauty Supply, Family Dollar, Burger King and Subway. Ryan West, John Indelli and Charles Strauss of HFF represented Brixmor in the transaction. Michael Johnson and Stuart Hepler of HFF arranged acquisition financing through Amerant Bank on behalf of the undisclosed buyer.
IRVING, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Victory Shops @ Riverside II, a 6,333-square-foot strip retail center in Irving. The property was built in 2017 and was 100 percent occupied at the time of sale by tenants on triple-net leases including Domino’s Pizza. STRIVE represented the seller, a Dallas-based investor, and procured the buyer in the transaction. Both parties requested anonymity.
MANHATTAN BEACH, CALIF. — DWS Group has broken ground on Village Shops, the next phase of its $180 million Manhattan Village redevelopment in Manhattan Beach. Manhattan Village is 44-acre, 573,000-square-foot indoor/outdoor mixed-use dining and retail property. Village Shops will feature 60,942 square feet of retail/restaurant space, 30,744 square feet in South Village and 30,198 square feet in North Village; two parking decks encompassing 956 spaces in South Deck, North Deck and surface lots; a water feature; clock tower; and seating areas and lush landscaping. Completion for Village Shops is scheduled for November 2020. Currently signed tenants at Manhattan Village include ROC, Mercado Manhattan Beach, California Pizza Kitchen, Joey Manhattan Beach, Urban Plates, MAC, Origins, Holly and Hudson Nail Lounge, Macy’s, Apple, Williams Sonoma, Pottery Barn, Pottery Barn Kids, Sephora, Victoria’s Secret, Tommy Bahama and Kiehl’s. Manhattan Village is being developed in phases and slated for full completion in 2020. JLL is managing and handling leasing at Manhattan Village.
CRESTWOOD, KY. — SRS Real Estate Partners has arranged the $3.5 million sale of Crestwood Crossing, a 19,129-square-foot retail center in Crestwood, about 19 miles west of Louisville. Matthew Mousavi, Patrick Luther and Chris Edwards of SRS represented the seller, a local developer, in the transaction. The property was 94 percent leased at the time of the sale to a mix of fitness, dental, service-oriented and restaurant tenants. The Ohio-based buyer bought the center that was built in 2007.
ARLINGTON, TEXAS — JLL has negotiated the sale of a 63,124-square-foot retail property leased to Albertsons and located at 6620 Highway 287 Frontage Road in Arlington. The sale includes the 6.4 acres on which the single-tenant property is situated. Matthew Berres and Caroline Binning of JLL marketed the property on behalf of the undisclosed seller. The buyer was also undisclosed.
HOUSTON — HomeGoods Inc. will open a 20,000-square-foot store at Weslayan Plaza Shopping Center, a 354,000-square-foot retail property located on the west side of Houston. Culver Stedman of EDGE Realty Partners represented HomeGoods in the lease negotiations. The landlord, Regency Centers, a Florida-based REIT specializing in grocery-anchored shopping centers, was self-represented. A timeline for the store opening was not disclosed.
NEW YORK CITY — Eunate Real Estate NY LLC has acquired a 4,620-square-foot retail condominium in Nomad. The sales price was $26.5 million. Located at 212 Fifth Ave., the property includes more than 200 feet of wraparound frontage. At the time of sale, the property was fully occupied. Christine Trainaand Elissa Slanof Douglas Elliman Real Estate represented Eunate Real Estate in the transaction. The sellers, Building and Land Technology and Madison Equities, were represented by Cushman & Wakefield.