Retail

Site Centers Sells 266,247 SF Shopping Center in Metro Atlanta

by Alex Tostado November 26, 2018

DOUGLASVILLE, GA. — Site Centers Corp. has sold Douglasville Pavilion, a 266,247-square-foot shopping center in Douglasville. The Ainbinder Co. bought the property, which is located about 20 miles west of downtown Atlanta. The property’s anchors include Marshalls, Ross Dress for Less, Michaels, PetSmart, Big Lots and Office Max. Target is a shadow anchor. The center was 97 percent leased at the time of the sale. The sales price was not disclosed. CBRE represented Beachwood, Ohio-based Site Centers in the transaction.

November 26, 2018

Leasing Activity Retail Texas

TRC Negotiates 18,023 SF Retail Lease in Metro Dallas

by Taylor Williams November 26, 2018

FARMERS BRANCH, TEXAS — The Retail Connection (TRC) has negotiated an 18,023-square-foot lease at 4141 LBJ Freeway in Farmers Branch, a northern suburb of Dallas. David Levinson and Kathleen Nash of TRC represented the undisclosed landlord in the lease negotiations. Jimmy Pham of Concept Commercial Realty represented the tenant, Elite Gymnastics.

November 26, 2018

Acquisitions New York Northeast Retail

Cushman & Wakefield Negotiates $3M Sale of Retail Property in Queens

by David Cohen November 26, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the $3 million sale of a 5,736-square-foot retail strip in the Far Rockaway neighborhood of Queens. Located at 1326-1342 Beach Channel Drive, the seven-unit property includes approximately 115 feet of frontage on Beach Channel Drive. The tenant roster includes a Little Caesars pizzeria, a restaurant, deli and grocery store, hair salons and a barbershop. Stephen Preuss of Cushman & Wakefield represented the seller, Beach Channel 12 LLC / 1326 Beach Channel Realty Corp., in the transaction. The buyer was Deer Grow Developments.

November 26, 2018

Leasing Activity New Jersey Northeast Retail

LA Fitness Signs 34,000 SF Lease in Aberdeen, New Jersey

by David Cohen November 26, 2018

ABERDEEN, N.J. — LA Fitness has signed a 34,000-square-foot lease at Aberdeen Plaza in Aberdeen. The shopping center is located at the intersection of Route 35 and Cliffwood Avenue. LA Fitness will take possession in spring 2019. Area retailers include Target, Costco, Pier 1 Imports, Stein Mart, BJ’s, and Modell’s. Michael Horne of CBRE and John Kalamaris of RealSource Partners represented LA Fitness in the transaction. Basser Kaufman, the owner of Aberdeen Plaza, represented itself.

November 26, 2018

Acquisitions Retail Utah Western

Faris Lee Investments Completes Sale of Two Retail Locations in Metro Salt Lake City

by Amy Works November 26, 2018

TAYLORSVILLE, UTAH — Faris Lee Investments has completed the combined fee simple interest sale of national single tenant retailers located within Taylorsville Shopping Center in Taylorsville. A Southern California-based private investor bought the properties for an undisclosed price. The assets are 24 Hour Fitness and Old Spaghetti Factory. Additional tenants at the shopping center include T.J. Maxx, PetSmart, Ross Dress for Less, Regal Theaters, Chick-fil-A, Panda Express, Starbucks Coffee and Chase Bank. Don MacLellan, Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller and buyer in the deal.

November 26, 2018

Acquisitions Florida Retail Southeast

Collett Capital, Long Wharf Capital Acquire Orlando Shopping Center for $26.2M

by Alex Tostado November 21, 2018

ORLANDO, FLA. — Collett Capital and Long Wharf Capital have acquired a 186,000-square-foot shopping center in Orlando for $26.2 million. International Drive Value Center is located six miles from downtown Orlando, about nine miles northeast of Walt Disney World and less than one mile southeast of Universal Studios. The shopping center was 95 percent leased at the time of the sale to tenants such as Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx, dd’s DISCOUNT, Five Below and Dollar Tree. Brad Peterson, Whitaker Leonhardt and Michael Brewster of HFF represented the seller, Retail Value Inc. Travis Anderson, Cory Fowler and Rebcca Van Reken, also of HFF, placed $18.9 million in acquisition financing for the buyers.

November 21, 2018

Development Michigan Midwest Retail

Plum Market to Open 8,000 SF ‘Street Concept’ at Ally Detroit Center

by Kristin Harlow November 21, 2018

DETROIT — Plum Market has unveiled plans to open a location inside the Ally Detroit Center at 500 Woodward Ave. The 8,000-square-foot store will offer fast-casual dining options, grab-and-go items, select groceries and a full-service bar. Set to open in summer 2019, the store will be Plum Market’s first “street concept” location. Michigan-based Plum Market announced earlier this year that it would open a similar concept at the new Detroit Pistons Performance Center in spring 2019. Bedrock owns the Ally Detroit Center.

November 21, 2018

Acquisitions Florida Retail Southeast

PEBB Enterprises, Pebb Capital Sell Shopping Center in South Florida to MetLife for $74M

by Alex Tostado November 20, 2018

WELLINGTON, FLA. — PEBB Enterprises and Pebb Capital have sold the Shoppes at Isla Verde, a 207,030-square-foot shopping center in South Florida’s Palm Beach County, to MetLife Investment Management for approximately $74 million. The Shoppes is situated on a 22-acre, four-parcel land assemblage in Wellington, a village in central Palm Beach County. Completed by PEBB Enterprises in 2008, the center was 94.2 percent occupied at the time of the sale to several national retailers, including CVS/pharmacy, Best Buy, Old Navy, Petco, Panda Express, Chipotle Mexican Grill and Ulta Beauty. PEBB Enterprises announced in July that Sprouts Farmers Market will also join the tenant roster. PEBB Enterprises, founded in 1972, is a family-owned and operated real estate investment company based in Boca Raton, Fla. Pebb Capital spun off of PEBB Enterprises in 2014. Daniel Finkle, Luis Castillo and Eric Williams of HFF represented the sellers in the transaction.

November 20, 2018

Acquisitions New Jersey New York Northeast Retail

Lidl US to Acquire 27 Best Market Stores in New York, New Jersey

by David Cohen November 20, 2018

NEW YORK AND NEW JERSEY — Supermarket chains Lidl US and Best Market have announced an agreement in which Lidl will acquire 27 Best Market stores in New York and New Jersey. Beginning next year, the German discount retailer will convert the Best Market stores to the Lidl brand. The process will involve the remodeling, reinvestment and reflagging of Best Market locations as Lidl stores. Best Market is a privately owned fruit and grocery store chain headquartered in Bethpage, New York. Of the 27 Best Market locations, 24 are located in Long Island, two are located in New York City and one is located in New Jersey. The terms of the acquisition are undisclosed, and it is expected to close in the first quarter of 2019.

November 20, 2018

Massachusetts Northeast Retail

HFF Arranges $33M Refinancing for Retail Center in Beverly, Massachusetts

by David Cohen November 20, 2018

BEVERLY, MASS. — HFF has arranged a $33 million loan to refinance North Beverly Plaza, a 197,471-square-foot, grocery-anchored retail center in Beverly, approximately 26 miles north of Boston. Located at 55 Dodge St., the property is anchored by a 65,000-square-foot Shaw’s supermarket and features a tenant roster that includes CVS, People’s United Bank, Staples and Chipotle. Greg LaBine and Amy Lousararian of HFF secured the long-term, fixed-rate loan on behalf of the borrower, North Beverly Plaza LLC, an entity of Mugar Enterprises. The lender was TD Bank.

November 20, 2018

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