Retail

Alliant: Communication is a Commodity in Today’s Lending Environment

by Jaime Lackey February 19, 2019

Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market. Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.

February 19, 2019

Acquisitions California Restaurant Retail Western

Faris Lee Investments Arranges Sale of Two Quick-Serve Restaurants in California for $5.3M

by Amy Works February 19, 2019

LAKE ELSINORE AND VISTA, CALIF. — Faris Lee Investments has brokered the $5.3 million sale of two quick-serve restaurants in California via two separate transactions. In the first transaction, Loan Oak Ranch acquired a newly constructed restaurant property, located in front of the recently completed Central Plaza in Lake Elsinore. The seller was HFC/PRP Elsinore LLC. The property was pre-sold, as it was still under construction at the time of sale, for $3.8 million. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller, while Schuil & Associates represented the buyer. In the second deal, Northern California-based Maddvio California purchased a newly constructed quick-serve restaurant property in downtown Vista from 227 Broadway LLC for $1.5 million. DogHaus Restaurant & Brewery, a “craft-casual” gourmet hot dog chain, occupies the 3,593-square-foot property. Conover, Scott DeYoung and Hunter Steffien of Faris Lee Investments represented the seller, while Faris Lee represented the buyer in the transaction.

February 19, 2019

Acquisitions California Lee & Associates Retail Western

Lee & Associates Brokers $2.2M Sale of 7-Eleven Property in Salinas, California

by Amy Works February 19, 2019

SALINAS, CALIF. — Lee & Associates – North San Diego County has arranged the sale of a retail property, located on 0.3 acres in Salinas. BEWS Main Street LLC sold the property to Bei-Scott Co. for $2.2 million. 7-Eleven occupies the 2,251-square-foot retail building, which was built in 1987. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, while Shoemaker Commercial Real Estate represented the buyer in the deal.

February 19, 2019

Leasing Activity North Carolina Retail Southeast

CBRE | Raleigh Negotiates Three New Tenant Leases at Shopping Center in Raleigh

by Alex Tostado February 19, 2019

RALEIGH, N.C. — CBRE | Raleigh has signed Petco, Ulta Beauty and Five Below to leases at Pleasant Valley Promenade in Raleigh. Petco signed a 13,600-square-foot lease, Ulta signed a 10,718-square-foot lease and Five Below signed an 8,474-square-foot lease. The new tenants are expected to open this year and will join Dick’s Sporting Goods, Ross Dress for Less, Marshalls, Bed Bath & Beyond and Fitness Connection. Pleasant Valley Promenade offers more than 362,000 square feet of retail space and is situated about seven miles northwest of downtown Raleigh. Cristi Greene and Reagan Crabtree of CBRE | Raleigh represented the landlord, Kimco Realty, in the transactions.

February 19, 2019

Leasing Activity Retail Southeast Tennessee

PEBB Enterprises Announces New Retail Tenants at Mixed-Use Center in Metro Memphis

by Alex Tostado February 19, 2019

GERMANTOWN, TENN. — PEBB Enterprises has signed Ulta Beauty and Verizon Wireless to leases at Germantown Village Square, a retail and office complex, in Memphis. With the additions, the shopping center is now 97 percent leased, with one 4,000-square-foot space vacant. The upstairs office space is 90 percent leased, with 2,700-square-foot and 3,800-square-foot spaces available for lease. The center is located about 21 miles east of downtown Memphis.

February 19, 2019

Acquisitions New York Northeast Retail

M&J Wilkow, MetLife Investment Management Acquire 493,459 SF Shopping Center in Westchester County

by David Cohen February 19, 2019

PORT CHESTER, N.Y. — M&J Wilkow and MetLife Investment Management have acquired Port Chester Shopping Center, a 493,459-square-foot shopping center in Port Chester. The sales price was undisclosed. Whole Foods and Kohl’s anchor the open-air retail center. The rest of the tenant roster includes HomeGoods, Ulta and Old Navy. The seller was not disclosed.

February 19, 2019

Development Illinois Midwest Retail

Summit Design + Build Completes Renovations at Two Chicago Music Venues

by Kristin Harlow February 19, 2019

CHICAGO — Summit Design + Build LLC has completed renovations at the House of Blues and the Aragon Ballroom, two Chicago music venues. Summit remodeled the VIP areas at each venue. At the Aragon Ballroom, Summit renovated the first-floor staff offices and expanded the restrooms. At the House of Blues, Summit remodeled the third-floor Foundation Dining Room. The project also included a new bar with custom windows, new flooring and lighting and the addition of a small stage. RLE Partners and Valerio Dewalt Train & Associates made up the project team. Live Nation owns both venues.

February 19, 2019

Acquisitions New Jersey Northeast Retail Uncategorized

CBRE Negotiates $26.7M Sale of Retail Center in Morris Plains

by David Cohen February 18, 2019

MORRIS PLAINS, N.J. — CBRE has negotiated the $26.7 million sale of a retail center in Morris Plains. Located at 245 Littleton Road, a 67,449-square-foot Stop & Shop anchors the center. The property is leased to Stop & Shop through 2031. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, JDA Development Co., in the transaction. The buyer was Oak Street Real Estate Capital.

February 18, 2019

District of Columbia Leasing Activity Retail Southeast

CBRE Negotiates 46,016 SF Lease for Target at CityLine in Washington, D.C.

by Alex Tostado February 18, 2019

WASHINGTON, D.C. — CBRE has arranged a lease for Target to occupy 46,016 square feet of space at CityLine, a historic retail destination located at 4500 Wisconsin Ave. N.W. in Washington, D.C. The asset is the site of the first Sears in the city, is on top of Tenleytown Metro Station and is about five miles north of downtown Washington, D.C. Target is expected to open in 2020. Michael Zacharia of CBRE represented Target in the lease transaction. CityLine at Tenley Center Inc., an affiliate of Invesco Real Estate, is the landlord.

February 18, 2019

Development Florida Retail Southeast

Azor Advisory Services, Partners Break Ground on Retail Redevelopment of South Florida Office Complex

by Alex Tostado February 18, 2019

PLANTATION, FLA. — A partnership led by Azor Advisory Services Inc. has broken ground on the redevelopment of an office building in Plantation. Phase I — set for completion in early 2020 — will feature 6,400 square feet of retail space occupied by Starbucks Coffee. The initial phase is being built on an empty piece of land on the south end of the property. Phase II — which will include bulldozing the existing office building — is expected to break ground in September. Plans have not been finalized for what will take the office building’s place, but Beth Azor of Azor Advisory Services says it will likely be retail-oriented. Lombardi Development will act as general contractor for the project.

February 18, 2019

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