Retail

VICI Properties, Penn National Buy Downtown Detroit Casino for $1B

by Alex Tostado November 15, 2018

DETROIT — VICI Properties Inc. (NYSE: VICI) and Penn National Gaming Inc. (NASDAQ: Penn) have purchased the Greektown Casino-Hotel in downtown Detroit for $1 billion in an all-cash deal. VICI Properties will be the majority owner, contributing approximately $700 million for the land and real estate assets. Penn National will supply the remaining $300 million for the operating assets. VICI Properties, a New York-based REIT, simultaneously entered into a triple-net lease agreement with Penn National. The lease will have an initial rent of $55.6 million annually for 15 years with four five-year renewal options. Greektown opened in 2000 and features over 10,000 square feet of casino space, about 2,700 gaming machines, three restaurants and a 400-room hotel. Greektown employs about 1,800 people. “We are proud to expand our partnership with Penn National and add Greektown to our growing portfolio of market-leading gaming, hospitality and entertainment destinations,” says John Payne, president and chief operating officer of VICI Properties. “As the only casino located in Detroit’s historic Central Business District, Greektown, and its 30-story hotel tower, are ideally situated.” The Detroit Free Press reports Dan Gilbert, founder of Quicken Loans and owner of the Cleveland Cavaliers, is the seller. Gilbert is expected …

November 15, 2018

Acquisitions Illinois Midwest Retail

Baum Arranges $3M Sale of Retail Building in St. Charles, Illinois

by Kristin Harlow November 14, 2018

ST. CHARLES, ILL. — Baum Realty Group LLC has arranged the $3 million sale of a 4,469-square-foot retail building in St. Charles, roughly 40 miles west of Chicago. Starbucks and Verizon fully occupy the property. Patrick Forkin of Baum represented the seller, a national retail developer. An East Coast-based buyer completing a 1031 tax-deferred exchange purchased the asset in an all-cash transaction.

November 14, 2018

Acquisitions Retail Texas

SRS Negotiates $4.7M Sale of Walgreens Asset Near Dallas

by Taylor Williams November 14, 2018

MESQUITE, TEXAS — SRS Real Estate Partners has negotiated the $4.7 million sale of a retail asset triple-net leased to Walgreens in Mesquite, an eastern suburb of Dallas. The property was built in 2000 and totals 15,062 square feet. Matthew Mousavi and Patrick Luther of SRS represented the Utah-based seller in the transaction. The buyer in the all-cash deal was a California-based investor that acquired the property via a 1031 exchange.

November 14, 2018

Acquisitions Retail Southeast Virginia

Heidenberg Properties Acquires Shopping Center in Culpeper, Virginia from Regency Centers for $32.7M

by John Nelson November 13, 2018

CULPEPER, VA. — Heidenberg Properties Group (HPG) has acquired Culpeper Colonnade in Culpeper, located midway between Charlottesville and Washington, D.C. HPG bought the property from Regency Centers for $32.7 million. The 307,000-square-foot shopping center is anchored by Martin’s Food Market, Dick’s Sporting Goods and PetSmart. HPG plans to replace the center’s existing Staples location with a Michael’s store. The center, which is 100 percent occupied, also has Chick-fil-A, Panera Bread, Glory Days Grill, Chipotle Mexican Grill and IHOP as tenants. The property is shadow-anchored by a 127,000-square-foot Target. Since January 2017, Heidenberg Properties and its partners have acquired more than 900,000 square feet of retail.

November 13, 2018

California Loans Mixed-Use Multifamily Retail Western

Newmark Arranges $29.9M in Financing for Five55 Apartment, Retail Development in Santa Cruz

by Amy Works November 13, 2018

SANTA CRUZ, CALIF. — Newmark has arranged $29.9 million in financing for Five55 Pacific, a newly developed mixed-use property located in Santa Cruz. Swenson Builders, the borrower, completed the development earlier this year. The beachside property features 94 apartments and four ground-floor commercial spaces, which are managed by Woodmont Real Estate Services. Jeff Wilcox, Robert Slatt and Charlie Kokernak of Newmark structured the financing as a first deed of trust with Benefit Street Partners.

November 13, 2018

Alaska Loans Mixed-Use Multifamily Retail Western

KeyBank Provides $12.7M Financing for Mixed-Use Property in Anchorage, Alaska

by Amy Works November 13, 2018

ANCHORAGE, ALASKA — KeyBank Community Development Lending & Investment (CDLI) has provided Cook Inlet Housing Authority (CIHA) with $12.7 million in financing. The package includes $6.9 million in combined construction-to-permanent loan financing for the development of Elizabeth Place Apartments in downtown Anchorage, along with $5.8 million in Low Income Housing Tax Credit (LITHC) equity. The mixed-use property will feature 2,680 square feet of ground-floor commercial space, 38 units of affordable housing for those earning 50 percent to 60 percent area median income, and 12 market-rate units. Among the affordable housing units, 15 will be fully equipped for residents with sensory and mobility impairments, 10 units will be set aside for residents who are otherwise differently abled and four will be for residents experiencing homelessness. CIHA partnered with a variety of local organizations on the development, including University of Alaska, YWCA, Red Cross, Providence Alaska, Ninestar, Credit Union 1, Alaska Injury Prevention Center, Junior Achievement and Catholic Social Services. Victoria Quinn and Beth Palmer Wirtz of KeyBank’s CDLI team arranged the financing.

November 13, 2018

Development Retail Texas

Weitzman Completes Redevelopment of 59,438 SF Retail Center in Metro Dallas

by Taylor Williams November 13, 2018

CARROLLTON, TEXAS — Weitzman has completed the redevelopment of Trinity Plaza, a 59,438-square-foot retail center located at North Josey Lane and the George Bush Turnpike in Carrollton. The project upgraded the center’s façade, signage, landscaping and parking, and also delivered new spaces for both a junior anchor and an endcap restaurant. Current tenants include Café Brazil, Party City and O’Reilly Auto Parts. Hodges & Associates served as project architect.

November 13, 2018

Acquisitions California Restaurant Retail Western

Locker Realty Brokers $8.4M Acquisition of Chick-fil-A Property in Santa Monica, California

by Amy Works November 12, 2018

SANTA MONICA, CALIF. — Locker Realty Corp. has arranged the acquisition of a restaurant property, located on Lincoln Boulevard in Santa Monica. An undisclosed buyer acquired the asset for $8.4 million. Chick-fil-A occupies the 1,560-square-foot restaurant and drive-thru building, which is located on 12,314 square feet of land, on a net-leased basis. Paul Locker and Kristine Locker of Locker Realty Corp. represented the buyer, while Pat Wade and Alex Kozakov of CBRE represented the undisclosed seller in the deal.

November 12, 2018

Leasing Activity Office Retail Texas

Marcus & Millichap Brokers Sale of 17,636 SF Retail/Office Center in Metro Houston

by Taylor Williams November 12, 2018

PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Harris Professional Pavilion, a 17,636-square-foot retail/office center in Pasadena, a southeastern suburb of Houston. Justin Miller, Harris Brooks and Davis Hansen of Marcus & Millichap represented the seller, a Houston-based investor, in the transaction. Tommy Lovell III and Richard Robson, also of Marcus & Millichap, procured the buyer, which acquired the property via a 1031 exchange. Other terms of sale were not disclosed.

November 12, 2018

Loans Midwest Retail Wisconsin

Mag Mile Capital Arranges $1.6M Loan for Refinancing of Retail Property in Green Bay

by Kristin Harlow November 12, 2018

GREEN BAY, WIS. — Mag Mile Capital has arranged a $1.6 million loan for the refinancing of a 12,900-square-foot retail property at 2066 Central Drive in Green Bay. Aveda Salon is one of the tenants. Mac Dobson of Mag Mile Capital arranged the five-year loan on behalf of the private borrower, Michael Nass. The loan features a 5.45 percent rate and a 25-year amortization schedule. The borrower plans to use the funds to refinance a maturing loan and buy out a partner in the property. The lender was not disclosed.

November 12, 2018

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