Retail

RealtyLink Unveils New Tenants at 270,000 SF Retail Center in Terrell, Texas

by Taylor Williams October 30, 2018

TERRELL, TEXAS — RealtyLink LLC, a developer specializing in retail and restaurant properties, has unveiled the latest round of tenants that will open stores at Crossroads at Terrell, a 270,000-square-foot center being developed about 30 miles east of Dallas. The newest retailers, which are expected to open their stores during the third quarter of 2019, include Petco, GoWireless and Sport Clips. Previously announced tenants at the center include Hobby Lobby, Five Below, Marshalls and Rack Room Shoes. CBRE is marketing the center for lease.

October 30, 2018

Development Retail Texas

Edifis Group to Reopen 95,295 SF Redeveloped Shopping Center in Texas City

by Taylor Williams October 30, 2018

TEXAS CITY, TEXAS — On Nov. 12, Houston-based Edifis Group will reopen Palmer Plaza, a 95,295-square-foot shopping center in Texas City, about 40 miles southeast of Houston. In 2016, Edifis Group purchased the property, which was originally built in 1987, and upgraded its landscaping, decorative lighting and signage. New and future tenants at the redeveloped center include Aldi, Ross Dress for Less and Chick-fil-A.

October 30, 2018

Development Georgia Mixed-Use Multifamily Office Retail Southeast Student Housing

Morehouse School of Medicine, Carter Break Ground for $52M Mixed-Use Project in Atlanta

by Amy Works October 30, 2018

ATLANTA — Morehouse School of Medicine (MSM) and Carter, an Atlanta-based developer, have broken ground for the first phase of Lee Street Campus, a $52 million mixed-use development in Atlanta’s Historic West End. The $52 million development will include MSM’s first on-campus graduate student housing, offering 187 units in a mix of studio, one- and two-bedroom layouts; a 25,000-square-foot ambulatory health facility; 9,000-square-foot fitness/wellness center; 2,500 square feet of retail space; and a four-level parking deck at the corner of Lee Street and Westview Drive. The ownership joint venture for the project includes equity investments by MSM, Carter and Campus Life Fund, sponsored by Atlantic American Partners. Patterson Real Estate Advisors Group secured construction financing, which was provided by First Citizens Bank. Construction is slated for completion in time for the 2020 school year.

October 30, 2018

Illinois Leasing Activity Midwest Retail

It’Sugar Opens 2,000 SF Store at Chicago’s Navy Pier

by Kristin Harlow October 30, 2018

CHICAGO — It’Sugar has opened a 2,000-square-foot store at Chicago’s Navy Pier. Founded in 2006, the candy retailer has approximately 100 locations across the country and worldwide. The store at Navy Pier offers a “Taste of Chicago Box,” which features products that originated in Chicago including Tootsie Rolls, Razzles, Baby Ruth, Juicy Fruit, Charleston Chew, Sugar Daddy and Chuckles. Other current tenants at Navy Pier include Build-A-Bear Workshop, Garrett Popcorn Shops, Giordano’s, Harry Caray’s Tavern, Bubba Gump Shrimp Co., McDonald’s and Starbucks. Gregory Kirsch, Corey Black and Larry Kling of Newmark Knight Frank represented It’Sugar in the lease.

October 30, 2018

California Features Retail Western Western Feature Archive

Revival is Afoot at the Nation’s Regional Malls

by John Nelson October 30, 2018

The malls of yesteryear are not dead, but many are in need of a revival if they want to thrive tomorrow and beyond, believes Leslie Lundin, co-founder and managing partner at LBG Real Estate Cos. Lundin, who held the “Transforming Challenges into Opportunities” workshop on Monday at ICSC’s Western Dealmaking Conference at the Los Angeles Convention Center, asserts that many mall properties are situated in prime traffic corridors — meaning the traffic is there but it’s up to the owner to take advantage of these numbers. She points to the Shops at Hilltop, a 1.2-million-square-foot shopping center in the San Francisco East Bay submarket of Richmond, as one example. LBG acquired the asset, which is currently undergoing a rebranding and re-tenanting just off Interstate 80 in a dense traffic corridor that sits 20 miles northeast of San Francisco, in July 2017. It is set to become an Asian-themed shopping and entertainment destination that includes a movie theater, live theater, grocery store, food hall, and more than 100,000 square feet of restaurants along with various entertainment-related tenants. The Shops at Hilltop will also include off-price, valued-based tenants such as H&M, Forever 21 and Saks Off Fifth. Rich Walter, executive vice president …

October 30, 2018

Loans New York Northeast Retail

ABS Altman Warwick Arranges $51M Refinancing of Power Center in Staten Island

by David Cohen October 29, 2018

NEW YORK CITY — ABS Altman Warwick has arranged the $51 million refinancing of the Pergament Enterprises Mall, a 360,000-square-foot grocery-anchored power center in Staten Island. Located adjacent to the 1.3 million-square-foot Staten Island Mall on Richmond Avenue, the center in anchored by Stop & Shop. ABS Altman Warwick arranged a 15-year, interest-only loan with a rate of 4 percent on behalf of the undisclosed borrower. The lender was a major life insurance company.

October 29, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $5.4M Sale of Retail Property in Sewell, New Jersey

by David Cohen October 29, 2018

SEWELL, N.J. — Marcus & Millichap has negotiated the $5.4 million sale of a 2,000-square-foot retail property net leased to Wawa in Sewell. The property is located at 485 Woodbury Glassboro Road. The sales price represents a 4.5 percent capitalization rate. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was undisclosed.

October 29, 2018

Acquisitions Arizona Retail Western

DRA Advisors, Pine Tree Acquire 232,577 SF Shopping Center Near Phoenix for $44.7M

by Amy Works October 29, 2018

GOODYEAR, ARIZ. — A joint venture between DRA Advisors and Pine Tree has purchased Palm Valley Pavilions West, a shopping center located at 1478 N. Litchfield Road in Goodyear, a suburb 20 miles west of Phoenix. Retail Value Inc. sold the property for $44.7 million. Built in 1994 and situated on 28 acres, the 232,577-square-foot property was 98.5 percent leased at the time of sale. Tenants include Ross Dress for Less, Best Buy, Total Wine & More and ULTA Beauty. Pete Bethea, CJ Osbrink, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal.

October 29, 2018

California Loans Retail Western

HFF Secures $17.1M Refinancing for Grocery-Anchored Center in Southern California

by Amy Works October 29, 2018

GLENDORA, CALIF. — HFF has secured $17.1 million in post-acquisition financing for Grand and Alosta, a 70,881-square-foot, newly redeveloped shopping center located in the Southern California community of Glendora. Anchored by Sprouts Farmers Market and Marshalls, the fully leased property is also home to Orangetheory Fitness, Mattress Firm, Oke Poke, Sherwin-Williams, The Coffee Bean, US Nail and Spa, Burgerim and Creamistry. Paul Brindley, Marc Schillinger and Ryan Ash of HFF worked on behalf of an institutional borrower to secure the seven-year, fixed-rate, interest-only, non-recourse loan through a national life insurance company.

October 29, 2018

Acquisitions Hawaii Office Retail Western

Cushman & Wakefield Chaney Brooks Brokers Sale of 56,250 SF Commercial Property in Honolulu

by Amy Works October 29, 2018

HONOLULU — Honolulu-based Cushman & Wakefield Chaney Brooks has arranged the sale of 1659 and 1673 Kapiolani Boulevard in Honolulu. Evershine acquired the two-parcel asset from a multi-seller group, including Seiju Co. Ltd., Maruito USA and TYA LLC, for an undisclosed price. Combined, the properties feature 56,250 square feet of commercial space. The assets are situated in the Kapiolani-Ala Moana corridor, which is transforming into a transit-oriented live, work and play district near the under-construction Ala Moana rail station. Steve Sombrero of Cushman & Wakefield Chaney Brooks represented the sellers in the transaction.

October 29, 2018

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