Retail

SRS Arranges $15M Sale of Retail Center in Metro New Orleans

by Alex Tostado November 8, 2019

HARAHAN, LA. — SRS Investment Properties Group has arranged the $15 million sale of Elmwood Oaks Shopping Center, a 136,284-square-foot retail center in Harahan. Academy Sports + Outdoors and Dollar Tree anchor the property, which was 96 percent leased at the time of sale to tenants including Lumber Liquidators and AutoZone. Elmwood Oaks is located at 800 S. Clearview Parkway, eight miles west of downtown New Orleans. Kyle Stonis, Pierce Mayson and Steve Miskew of SRS represented the seller, Regency Centers, in the transaction. The buyer was Property Commerce Dividend Fund LP.

November 8, 2019

Acquisitions New Jersey Northeast Retail

Ashkenazy Acquires 380,000 SF Vernon Hills Shopping Center in Eastchester, New Jersey

by Alex Patton November 8, 2019

EASTCHESTER, N.J. — Ashkenazy Acquisition Corp. has acquired the 380,000-square-foot Vernon Hills Shopping Center in Eastchester, a northern suburb of New York City, for approximately $125 million. Medical tenants including Lawrence Hospital and its affiliates NY Presbyterian and Columbia Medical practices anchor the center. Retail tenants include Starbucks, New York Sports Club, Barnes & Noble, Gap and American Eagle. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso, Kyle Schmidt, Matt Lisk and Al Mirin of Cushman & Wakefield procured Ashkenazy as the buyer. The team also represented the seller, which was undisclosed.

November 8, 2019

Illinois Loans Midwest Retail

Uber Capital Group Arranges $12.5M Acquisition Loan for Chicago Mall

by Kristin Harlow November 8, 2019

CHICAGO — Uber Capital Group has arranged a $12.5 million loan for the acquisition of Ford City Mall in Chicago. The 1.2 million-square-foot mall is located at 7601 S. Cicero St. JC Penney anchors the property, which is home to more than 135 retailers and restaurants, including a 14-screen AMC Theatres. Joel J. Gorjian of Uber arranged the three-year, fixed-rate loan at 75 percent loan-to-value with a 20-year amortization schedule. A New York-based private real estate investment group was the borrower.

November 8, 2019

Acquisitions Midwest Minnesota Retail

Upland Negotiates $8.9M Sale of Walgreens-Occupied Property in Minnesota

by Kristin Harlow November 8, 2019

ROBBINSDALE, MINN. — Upland Real Estate Group Inc. has negotiated the $8.9 million sale of a single-tenant retail property occupied by Walgreens in Robbinsdale, about seven miles northwest of Minneapolis. Walgreens has a triple net lease with more than 16 years remaining. The property is situated at the corner of West Broadway and 41st avenues. Buyer and seller information was not disclosed.

November 8, 2019

Acquisitions California Net Lease Restaurant Retail Western

Valore Ventures Sells Triple-Net Leased Outback Steakhouse Property in Southern California

by Amy Works November 8, 2019

GARDEN GROVE, CALIF. — Valore Ventures has completed the sale of a restaurant property located at 12001 Harbor Blvd. in Garden Grove. A private investor acquired the asset for $6.6 million. Outback Steakhouse occupies the 6,180-square-foot building, which was built in 2001, on a triple-net leased basis. The property is situated a mile from Disneyland and Disney California Adventure and minutes from the Anaheim Convention Center. Valore Ventures originally purchased the property as part of a four-building portfolio that included a Red Robin Gourmet Burger and Brews, Joe’s Crab Shack and Oggi’s Pizza & Brewery. This sale is the last of the four fee simple interests that Valore acquired in January for $13.1 million. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group brokered the transaction.

November 8, 2019

Northeast Retail Rhode Island

CVS to Close 22 Stores in 2020

by Alex Patton November 7, 2019

WOONSOCKET, R.I. — CVS Health (NYSE: CVS) plans to close 22 underperforming drugstores during the first quarter of 2020. In its third quarter results of 2019, the Rhode Island-based drugstore giant reported a 36.5 percent increase in revenue from $47.3 billion in 2018 to $64.8 this year. During 2018, CVS closed 46 underperforming stores and acquired health insurance and Medicare company Aetna (NYSE: AET) for approximately $70 billion. The integrated companies moved forward with major asset redevelopments, including a “hub-and-spoke” model wherein smaller retail stores function as outposts for central hub stores with greater pharmaceutical inventory and treatment capabilities. CVS operates approximately 9,900 stores in the United States and specific locations of the closing stores were undisclosed.

November 7, 2019

Acquisitions Massachusetts Northeast Retail

JLL Brokers $19.5M Sale of Grocery-Anchored Shopping Center in Stoughton, Massachusetts

by Alex Patton November 7, 2019

STOUGHTON, MASS. — JLL has brokered the $19.5 million sale of a shopping center in Stoughton, located approximately 20 miles south of Boston. A 59,987-square-foot Stop & Shop grocery store anchors the 79,300-square-foot center, which also houses tenants such as Bank of America, Care Central Urgent Care and Andrade’s Liquors. Nat Heald, Chris Angelone and Jessica Dowd of JLL represented the seller, Katz Properties Retail, in the transaction. RK Centers was the buyer.

November 7, 2019

Acquisitions Retail Texas

JLL Negotiates Sale of 73,000 SF The Mix @ Midtown Retail Center in Houston

by Taylor Williams November 7, 2019

HOUSTON — JLL has negotiated the sale of The Mix @ Midtown, a 73,000-square-foot retail center that occupies a full city block in Houston’s Midtown neighborhood. The property was fully leased at the time of sale to tenants such as 24 Hour Fitness, Jinya Raman Bar, Artisans Restaurant, Gen Korean BBQ, Piola, Kung Fu Tea and Cloud 10 Creamery. Rusty Tamlyn, John Indelli, Michael Johnson and Bryan Strode of JLL represented the seller, Crosspoint Properties, which developed the center in 2008, in the transaction. A joint venture between Houston-based Fifth Corner and Pointer Real Estate Partners purchased the asset for an undisclosed price.

November 7, 2019

Fourth-Street-Distribution-Center-Rancho-Cucamonga-CA

Acquisitions California Industrial Retail Western

Bridge Development Partners Buys Fourth Street Distribution Center in Inland Empire for $191.1M

by Amy Works November 7, 2019

RANCHO CUCAMONGA, CALIF. — Bridge Development Partners has acquired Fourth Street Distribution Center, a 1.4 million-square-foot distribution/fulfillment center and a 23,240-square-foot retail building in Rancho Cucamonga. West Coast Liquidators sold the asset for $191.1 million. Originally developed in 1984, the asset is situated on 91.4 acres at 12434 Fourth St. in the Inland Empire West submarket. Mark Detmer, Bo Mills, Ryan Sitov, Sharon Wortmann, Mike McCrary and Peter McWilliams of JLL represented the seller in the deal. Additionally, Brian Torp, Kevin MacKenzie and Brian Halpern of JLL Capital Markets arranged $200 million in bridge financing to fund the acquisition for the buyer.

November 7, 2019

Acquisitions California Net Lease Retail Western

NKF Directs $8.8M Sale of Triple-Net Leased Retail Property in Orange, California

by Amy Works November 7, 2019

ORANGE, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of a single-tenant retail property located at 1809 W. Chapman Ave. in Orange. A Southern California-based family trust acquired the property from Orange County, Calif.-based Adray Plaza for $8.8 million in a 1031 exchange. Fresenius Medical Care, a dialysis clinic, occupies the 21,000-square-foot property on an absolute, triple-net lease basis. Glenn Rudy and Rob Ippolito of NKF represented the seller, while Matthew Graham of Graham & Associates represented the buyer in the deal.

November 7, 2019

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