Retail

JLL Arranges $36.7M Development Financing for Mixed-Use Project in Manhattan

by Jeff Shaw February 8, 2019

NEW YORK CITY — JLL Capital Markets has arranged a $36.7 million construction loan for a mixed-use project on the border of the Chelsea and Flatiron neighborhoods of Manhattan. Located at 128-130 W. 23rd St., the 37,752-square-foot, 15-story project will include 30 residential units and 3,673 square feet of retail space. The property will also feature 2,500 square feet of amenity space including a fitness center and rooftop space. Jonathan Schwartz, Max Herzog, Brett Rosenberg and Chris Byrns of JLL Capital Markets secured financing for the borrowers, Pan-Brothers Association and Valyrian Capital. The lender was CapitalSource. Terms of the financing were not disclosed.

February 8, 2019

Acquisitions Arizona Retail Western

SVN Desert Commercial Advisors Arranges $6.9M Shopping Center Sale in Mesa, Arizona

by Amy Works February 8, 2019

MESA, ARIZ. — SVN Desert Commercial Advisors has brokered the sale of a shopping center, located at 810-848 S. Alma School Road in Mesa. Alex Holding LLC and Sunnyslope LLC acquired the asset for $6.9 million. At the time of sale, the 74,604-square-foot property was fully occupied. Rommie Mojahed and Beau Flahart of SVN Desert Commercial Advisors represented the undisclosed seller in the transaction.

February 8, 2019

Market Reports Retail Texas Texas Market Reports

Retail Landlords Aim to Connect on First Swing

by Taylor Williams February 8, 2019

Developers of new retail product in the e-commerce era face an array of roadblocks, from rising land and construction costs to heightened scrutiny from lenders on cash flows. Besides a larger economic downturn, in today’s Darwinian retail environment, nothing makes a new project fizzle or a stabilized center depreciate faster than lost income and occupancy brought on by an un-engaging, uninspiring tenant mix. Consequently, developers are devoting more of their budgets than they have in years past to researching, meeting and analyzing users to ensure they nail their tenant rosters on their first try. This is particularly true for developers whose business models center on long-term holds of their properties. “If we put a problem tenant in a center on day one, we inherit that problem for the term of the lease,” says Anderson Smith, co-founder of Capital Retail Properties, a Houston-based retail firm that holds its developments for the long term. “So it’s very important that we do it right the first time.” Smith says that his firm’s first move when researching a potential tenant is to check out that company’s Instagram account, which provides insight on the retailer’s approach to store build-outs and quality of product or service. …

February 8, 2019

Loans New Hampshire Northeast Retail

Fantini & Gorga Secures $11M Refinancing for Shopping Center in Salem, New Hampshire

by Alex Tostado February 7, 2019

SALEM, N.H. — Fantini & Gorga has arranged an $11 million loan to refinance North Broadway Crossing, a four-building shopping complex in Salem. Located at 236 N. Broadway, the nearly 10-acre property was completed in 2007 and features a tenant roster that includes Pentucket Bank, McKinnon’s Market, Maddie’s Bagel & Eatery, Wasabi Hibachi Restaurant and Edible Arrangements. Casimir Groblewski and Lindsay Feig of Fantini & Gorga represented the borrower, the original developer, in the transaction. The lender was a major Massachusetts-based financial institution. Terms of the financing were undisclosed.

February 7, 2019

California Development Multifamily Retail Western

Shea Properties, Ivanhoé Cambridge Begin Construction of Mixed-Use Property in San Jose

by Amy Works February 7, 2019

SAN JOSE, CALIF. — Shea Properties and Ivanhoé Cambridge have broken ground on a two-property mixed-use project in San Jose’s Japantown. Situated on a 3.8-acre parcel, the project will include Facet, a two-building, 518-unit apartment community, and 6th and Jackson, a 19,000-square-foot retail area with restaurants, shops and services. Additionally, the project will feature a community park situated between the residential structures. Being built by San Jose-based Swenson, the residential component will feature units ranging from 512-square-foot studios to 1,537-square-foot three-bedroom units. Units will include stainless steel appliances, full-size washers/dryers, quartz countertops and smart home technology. Community amenities will include swimming pool/spa, poolside BBQ grills, outdoor gaming areas, fitness room, indoor kitchen/lounge, rooftop deck, pet spa and large dog run area. Additionally, the North building will offer flexible work options, including work pods, collaborative work lounges and multimedia rooms, for residents. The South Building will feature amenities for an active lifestyle, including large, gym-quality fitness areas, as well as shopping and dining options on the ground level. Facet is slated to begin leasing in Spring 2021, with the retail space at 6th and Jackson scheduled to open at the same time.

February 7, 2019

Acquisitions North Carolina Retail Southeast

WRS Acquires 207,542 SF Mayberry Mall in Mount Airy, North Carolina

by Alex Tostado February 7, 2019

MOUNT AIRY, N.C. — WRS Inc. Real Estate Investments has purchased Mayberry Mall, a 207,542-square-foot regional mall located at 338 Frederick St. in Mount Airy. Completed in 1968, Mayberry Mall is the only enclosed regional mall within a 30-mile radius and is anchored by Belk. The seller is longtime owner Kohan Retail Investment Group. WRS plans to redevelop the mall and bring in new uses and retailers. The Mt. Pleasant, S.C.-based owner and developer says it will begin construction and leasing initiatives immediately. Situated five miles south of the Virginia border, the city of Mount Airy is the home of comedian and TV star Andy Griffith and served as the inspiration for the fictional town of Mayberry, the setting of the “Andy Griffith Show.”

February 7, 2019

Acquisitions Illinois Midwest Retail

Joint Venture Acquires Retail Center in Burr Ridge, Illinois for $15M, Plans Renovation

by Kristin Harlow February 7, 2019

BURR RIDGE, ILL. — Edwards Realty Co. and Core Acquisitions have acquired Burr Ridge Village Center in suburban Chicago for $15 million. The joint venture plans to renovate the 200,000-square-foot retail center. Originally constructed in 2007, the property is home to more than 30 national and local retail tenants. Renovation plans call for more entertainment and food options, according to Ramzi Hassan, president of Edwards Realty Co.

February 7, 2019

Acquisitions Arizona Retail Western

Cushman & Wakefield Arranges Sale of Coyote Station Retail Center in Sedona for $7.7M

by Amy Works February 7, 2019

SEDONA, ARIZ. — Cushman & Wakefield has brokered the sale of Coyote Station, located at northeast corner of State Route 179 and Cortez Drive in Sedona. Cupertino, Calif.-based Brochway LLC acquired the property from Sedona-based Crescent Properties for $7.7 million. Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office represented the seller. Coyote Station is a 10,028-square-foot, multi-tenant retail center. At the time of sale, a variety of tenants fully occupied the center, including Marathon Petroleum, Subway, Wendy’s and Diamond Resorts.

February 7, 2019

Acquisitions Michigan Midwest Retail

NAI Wisinski Negotiates Sale of 91,225 SF Shopping Center in Grand Rapids

by Kristin Harlow February 7, 2019

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated the sale of Grand Central Plaza in Grand Rapids for an undisclosed price. The 91,225-square-foot shopping center is home to Buffalo Wild Wings, Bluff Banquet, Rent-A-Center and Capital Cities Hobbies. Russ Bono, Todd Leinberger and Cameron Timmer of NAI Wisinski represented the buyer, a Michigan-based investor, and the seller, California-based SDLT Investments VII LLC.

February 7, 2019

Development New York Northeast Retail

Saks Fifth Avenue Debuts New 53,000 SF Main Floor of Manhattan Flagship Store

by Jeff Shaw February 6, 2019

NEW YORK CITY — Saks Fifth Avenue has opened the new 53,000-square-foot main floor of its Manhattan flagship store. The floor is part of a $250 million renovation of the location. The renovated section triples the handbag department selling space, which includes more than 50 brands. The beauty floor above the main was renovated last year and is already open. The two floors are connected via a new atrium that features a large-scale multimedia installation centered around a 60- by 20-foot LED screen as well as custom terrazzo flooring from Italy. The Vault, a high-end jewelry experience, will be unveiled on the lower level of the store later this year.

February 6, 2019

Newer Posts

Older Posts