Retail

SRS Real Estate Brokers $5.7M Sale of Red Robin-Occupied Asset in Colorado Springs

by Amy Works December 4, 2018

COLORADO SPRINGS, COLO. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant restaurant property, located at 1410 Jamboree Drive in Colorado Springs. A private, Minneapolis-based 1031 exchange investor acquired the asset for $5.7 million. Red Robin Gourmet Burgers occupies the 7,221-square-foot property, which was built in 1987. Brad Gibbs, Matthew Mousavi and Patrick Luther of SRS Real Estate represented the seller, a Midwest-based institutional investor, in the deal.

December 4, 2018

Arizona Loans Retail Western

Tremont Mortgage Trust Closes $12.8M Loan for 123,000 SF Retail Center in Phoenix

by Amy Works December 4, 2018

PHOENIX — Tremont Mortgage Trust has closed a $12.8 million first mortgage bridge loan to finance the acquisition of Mountainview Marketplace, a retail center located in Phoenix. Located at 3131 E. Thunderbird Road, the shopping center features 123,000 square feet of retail space. The floating-rate loan includes initial funding of $5.8 million and a future funding allowance of $7 million for property improvements and leasing capital. The loan is structured with a two-year initial term and two one-year extension options and has a loan-to-value ratio of 48 percent.

December 4, 2018

Acquisitions California Restaurant Retail Western

CalBay Development Acquires Restaurant Property in Los Angeles for $1.7M

by Amy Works December 4, 2018

LOS ANGELES — CalBay Development has purchased a restaurant property located in Los Angeles’ Sylmar neighborhood. An undisclosed seller sold the freeway-oriented site for $1.7 million. A Denny’s restaurant occupies the property. Matt LoPiccolo of CBRE brokered the transaction.

December 4, 2018

Leasing Activity Retail Texas

Floor & Décor to Open 79,864 SF Store in Metro Houston

by Taylor Williams December 4, 2018

HUMBLE, TEXAS — Floor & Décor will open a 79,864-square-foot store within Park Air 59, a 111-acre mixed-use development in Humble, located near Houston’s George Bush Intercontinental Airport. Construction of the space is expected to begin in January. Austin Alvis of NewQuest Properties and Preston Cunningham of Cunningham Ventures represented the developer, Archway Properties, in the negotiations. Jeff Kittleson and Matt Keener of CBRE represented Floor & Décor.

December 4, 2018

Acquisitions Florida Retail Southeast

Rainier Realty Buys 315,000 SF Power Retail Center in Central Florida

by Alex Tostado December 3, 2018

OLDSMAR, FLA. — Dallas-based Rainier Realty Investments LP has acquired Woodlands Square, a 315,000-square-foot power retail center in Oldsmar. The shopping center was 96 percent leased at the time of the sale to tenants such as Marshalls, PetSmart, Ulta Beauty, Dollar Tree, Beall’s, Earth Fare and AMC Theatres. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, RAM Realty Advisors, in the transaction. Dallas-based Metropolitan Capital Advisors provided acquisition financing on behalf of Rainier Realty. The sales price was undisclosed.

December 3, 2018

Development Retail Texas

Trez Forman Provides $59.3M Construction Loan for Retail Center in Metro Dallas

by Taylor Williams December 3, 2018

MANSFIELD, TEXAS — Trez Forman Capital Group has provided a $59.3 million construction loan for Shops at Broad, a 193,825-square-foot retail power center in Mansfield, a southwestern suburb of Dallas. Belk, T.J. Maxx and Aldi will anchor the property, which will be situated on 58 acres. Other tenants will include Starbucks, Five Guys and FLIX Brewhouse. The $59 million loan was arranged by Brett Forman and John Hutchinson, President of Trez Capital Group Texas, based in Dallas. Trez Forman Managing Director Russ Holland, based in Atlanta, was also part of the origination team. The loan’s sponsor is Clarke Coole of Geyer Morris, who was advised by Will James of NorthMarq Capital. A firm timeline for construction has not yet been established, but the development team believes the project could be complete within the next couple years.

December 3, 2018

Illinois Leasing Activity Midwest Restaurant Retail

Adelphia Negotiates 3,608 SF Restaurant Lease in Park Ridge, Illinois

by Kristin Harlow December 3, 2018

PARK RIDGE, ILL. — Adelphia Properties has negotiated a 3,608-square-foot restaurant lease at the historic Pickwick Theater building in downtown Park Ridge, a suburb of Chicago. Pazzi di Pizza will occupy the space, which was formerly home to the Pickwick Restaurant. The property is located at 1 S. Prospect Ave. Simeon Spirrison and George Spirrison of Adelphia represented the undisclosed landlord.

December 3, 2018

Leasing Activity Retail Texas

Alamo Drafthouse to Open 10-Screen Theater in Metro Austin

by Taylor Williams December 3, 2018

CEDAR PARK, TEXAS — Alamo Drafthouse, a concept that combines movies, food and adult beverages, will open a 10-screen, 45,000-square-foot venue in the northwestern Austin metro of Cedar Park. The theater will be situated within Presidio, a master-planned community developed by Austin-based Riverside Resources. The development team expects to break ground in spring 2019 and open the theater, which will be the seventh Alamo Drafthouse in the region, in summer 2020.

December 3, 2018

Acquisitions Retail Texas

SRS Negotiates $2.7M Sale of Retail Asset Leased to Chick-fil-A in Odessa

by Taylor Williams December 3, 2018

ODESSA, TEXAS — SRS Real Estate Partners has negotiated the $2.7 million sale of a 4,998-square-foot retail property leased to Chick-fil-A in the West Texas city of Odessa. The Atlanta-based restaurant chain has signed a 20-year corporate-guaranteed lease at the property and opened its doors in April. Matthew Mousavi, Patrick Luther and Dale Robbins of SRS represented the seller, Lisciotti Development Corp., in the transaction. The buyer was an undisclosed, Texas-based investor.

December 3, 2018

Acquisitions California Retail Western

Shea Properties Sells The Dunes on Monterey Bay Shopping Center for $45M

by Amy Works November 30, 2018

MARINA, CALIF. — Shea Properties has completed the sale of the retail component of The Dunes of Monterey Bay, located on 19.3 acres at 101-145 General Stilwell Drive in Marina. A Southern California-based private investor purchased the property for $45 million. Built in 2007, the power center consists of 233,892 square feet of retail space along the Pacific Coast Highway. At the time sale of the property was 100 percent leased to national and regional tenants, including Best Buy, Old Navy, Kohl’s, Bed Bath & Beyond, Michaels, Party City and REI. Kirk Brummer, Megan Wood, James Tyrrell, Jimmy Slusher, Philip Voorhees and Preston Fetrow of CBRE’s National Retail Partners-West represented the seller in the deal.

November 30, 2018

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