Retail

Disney Brokers Sale of 417,515 SF Retail Power Center in Norman, Oklahoma

by Taylor Williams June 28, 2019

NORMAN, OKLA. — Dallas-based Disney Investment Group has brokered the sale of University Town Center, a 417,515-square-foot retail power center in Norman. The property was 99 percent leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Academy Sports + Outdoors, Kohl’s and Michael’s. Disney represented the undisclosed seller in the transaction. The buyer was an entity controlled by Rainier Realty Investments, which partnered with CIL2 REIT LLC, managed by Continuum Holdings. Dallas-based Metropolitan Capital Advisors arranged acquisition financing for the deal.

June 28, 2019

Acquisitions Mixed-Use Office Retail Southeast Virginia

Divaris Real Estate Acquires Six Properties Totaling 232,057 SF in Hampton Roads

by Alex Tostado June 28, 2019

VIRGINIA BEACH, VA. — Divaris Real Estate Inc. has acquired six properties totaling 232,057 square feet in Hampton Roads. The acquisitions include shopping centers Las Gaviotas Shopping Center, a 90,505-square-foot, Food Lion-anchored property in Chesapeake; and Cypress Run, a 25,000-square-foot, Kroger shadow-anchored property in Smithfield. The two office buildings are the 76,024-square-foot Northampton Executive Center and the 10,000-square-foot 2125 McComas Way, both in Virginia Beach. The medical office building and two-building mixed-use properties are also in Virginia Beach. The seller(s) and sales prices were not disclosed.

June 28, 2019

Acquisitions California Retail Western

Flocke & Avoyer Negotiates $4.8M Sale of Three Retail Parcels in Ramona, California

by Amy Works June 28, 2019

RAMONA, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the sale of three retail parcels, totaling 22,527 square feet, at Stonegate Plaza Shopping Center in Ramona. Trevor Associates acquired the assets from Lesser-Moore South Coast for $4.8 million. Goodwill, The UPS Store, T-Mobile, Sally’s Beauty Supply and Itan occupy the parcels, located at 1668, 1672 and 1676 Main St. Stater Bros and Rite Aid serve as shadow anchors. Bryan Cunningham of Flocke & Avoyer represented the seller, while Steve Hollenbeck represented the buyer in the deal.

June 28, 2019

California Leasing Activity Restaurant Retail Western

Location Matters Arranges 10-Year Lease for Restaurant Property in Downtown San Diego

by Amy Works June 28, 2019

SAN DIEGO — Location Matters has brokered a lease for the relocation of McFadden’s Restaurant & Saloon in San Diego. The restaurant recently shuttered its original location to make way for the development of an AC Hotels by Marriott property and signed a 10-year lease, valued at $3.8 million, for a corner restaurant location in downtown San Diego. McFadden’s Restaurant & Saloon will occupy a 7,932-square-foot property, including approximately 4,500 square feet of basement space, at 672 Fifth Ave. The space was formerly occupied by Jimmy Loves and Florent. Mike Spilky of Location Matters represented the tenant in the deal.

June 28, 2019

Development Loans Mixed-Use Multifamily Office Retail Washington Western

Vibrant Cities Receives $31.3M in Construction Financing for Mixed-Use Project in Seattle

by Amy Works June 27, 2019

SEATTLE — Vibrant Cities has received $31.3 million in construction financing for the development of Pivot, a mixed-use property in Seattle’s Capitol Hill neighborhood. Brandon Roth and Zack Goodwin of HFF secured the five-year, floating-rate loan through H.I.G. Realty Partners for the borrower. The project will replace an existing parking lot with a pedestrian-inspired development along the Pike/Pine corridor. Once complete, Pivot will features 71 apartments above a sub-grade parking garage, street-level retail space and 11,000 square feet of office space.

June 27, 2019

Acquisitions Arizona Retail Western

Hanley Investments Brokers $7.6M Sale of Retail Pad Building in Glendale, Arizona

by Amy Works June 27, 2019

GLENDALE, ARIZ. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant pad building located at 7870 W. Bell Road in Glendale. ECC Bell Road Property LLC sold the asset to a family trust based in Orange County, Calif., for $7.6 million, or $901 per square foot. Tenants at the 8,433-square-foot property include The Habit Burger Grill, Tempur-Pedic, Pearle Vision and Blaze Pizza. The 1.2 million-square-foot Arrowhead Towne Center Mall shadow anchors the asset. Bill Asher and Jeff Lefko of Hanley Investment represented the seller, while Pat Kent and Parker Walter of SRS Real Estate Partners represented the buyer in the deal.

June 27, 2019

Development Illinois Midwest Restaurant Retail

Largest Rooftop Deck Opens Atop Chicago’s Navy Pier

by Kristin Harlow June 27, 2019

CHICAGO — Offshore, a 52,300-square-foot rooftop deck, has opened on the third floor of Chicago’s Navy Pier. The Guinness Book of World Records has named the establishment “the world’s largest rooftop deck.” The deck includes a bar, kitchen, terraces, seven fire pits, an entertainment and gaming area and multiple gathering spaces. Culinary direction for Offshore is led by Executive Chef Michael Shrader. Modern American cuisine is served as small, shareable plates. Clay Livingston, formerly of Red Herring Lounge and Kitchen, curates the beverage program seasonally, with house made craft cocktails, wine, champagne and local craft beer.

June 27, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $2.8M Sale of Property Net Leased to Thornton’s in Prospect Heights, Illinois

by Kristin Harlow June 27, 2019

PROSPECT HEIGHTS, ILL. — Marcus & Millichap has arranged the $2.8 million sale of a 4,400-square-foot gas station and convenience store net leased to Thornton’s in Prospect Heights. The property is located at 1600 N. Rand Road in suburban Chicago. Thornton’s has 20 years remaining on its lease at the newly constructed property. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller. The team also represented the private 1031 exchange buyer with assistance from Marcus & Millichap’s Joseph Bono.

June 27, 2019

Acquisitions Florida Retail Southeast

Plaza Advisors Arranges Sale of 90,328 SF Shopping Center in Metro Tampa

by Alex Tostado June 27, 2019

TEMPLE TERRACE, FLA. — Plaza Advisors has arranged the sale of Temple Terrace Plaza, a 90,328-square-foot shopping center in Temple Terrace. The Winn Dixie-anchored property was 95 percent leased at the time of sale to tenants including the United States Post Office, Greenberg Dental, Sally Beauty, Rainbow, Mariner Finance and Sprint. Temple Terrace Plaza is located at 8837 N. 56th St., nine miles north of downtown Tampa. Jim Michalak and Keith Nurre of Plaza Advisors represented the seller, a REIT, in the transaction. The buyer was an undisclosed private equity group. The sales price was not disclosed.

June 27, 2019

Acquisitions Maryland Multifamily Retail Southeast Top Stories Virginia

WashREIT Agrees to Sell Eight Retail Assets, Increases Focus on Multifamily Sector

by Alex Tostado June 27, 2019

WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell five of its retail properties for $485 million, plus an additional three power centers, as part of a strategic move to increase its investment in the multifamily sector. The buyers are two undisclosed institutional investors. The first sale agreement includes five retail properties totaling 800,000 square feet. Those assets include Gateway Overlook in Columbia, Md.; Wheaton Park in Wheaton, Md.; Olney Village Center in Olney, Md.; and Bradlee Shopping Center and Shoppes of Foxchase in Alexandria, Va. The second transaction includes three Maryland properties spanning 850,000 square feet. The properties are Centre at Hagerstown in Hagerstown, and Frederick Crossing and Frederick County Square in Frederick. WashREIT said it will disclose the sales price of the second transaction after the deal’s closure, which is expected to occur in late July. Simultaneously, WashREIT has agreed to acquire an urban-infill, value-add multifamily community for $70 million. Details about the property were not disclosed at this time. Earlier this year, WashREIT announced that it would acquire a portfolio of seven multifamily properties in the Washington, D.C. area for $461 million, thereby increasing its multifamily portfolio from 28 percent to 45 percent based on net …

June 27, 2019

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