Retail

CBRE Arranges $25.5M Sale of Mariano’s-Occupied Property in Arlington Heights, Illinois

by Kristin Harlow August 24, 2018

ARLINGTON HEIGHTS, ILL. — CBRE has arranged the $25.5 million sale of a 66,393-square-foot retail property occupied by Mariano’s Fresh Market in Arlington Heights, about 25 miles northwest of Chicago. The supermarket is located at 802 E. Northwest Highway. Christian Williams and Michael Kaider of CBRE represented the seller, an affiliate of Inland Private Capital, which purchased the asset in 2011 for $20.8 million. A joint venture between State Farm and Transwestern Investment Group was the seller, according to Crain’s Chicago Business.

August 24, 2018

Acquisitions Midwest Ohio Retail

RCG Ventures Acquires 110,507 SF Shopping Center in Bowling Green, Ohio

by Kristin Harlow August 24, 2018

BOWLING GREEN, OHIO — RCG Ventures has acquired Shoppes on South Main in Bowling Green for an undisclosed price. TJ Maxx, Planet Fitness, Petco, Staples and Dollar General anchor the 110,507-square-foot shopping center. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap represented the seller, a public REIT.

August 24, 2018

Acquisitions Illinois Midwest Retail

Quantum Brokers $6.2M Sale of Retail Center in Suburban Chicago

by Kristin Harlow August 24, 2018

MIDLOTHIAN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $6.2 million sale of Mid-Oak Plaza in Midlothian, a southwestern suburb of Chicago. Walgreens and Charter Fitness anchor the 73,284-square-foot retail center, which is located at 14702-14740 S. Cicero Ave. Chad Firsel of Quantum represented the seller, a metro Chicago-based acquisition and development company. A private real estate owner based in southern suburban Chicago was the buyer.

August 24, 2018

Acquisitions Kentucky Retail Southeast

NAI Isaac Secures $8.5M Sale of Shopping Center in Lexington

by Camren Skelton August 23, 2018

LEXINGTON, KY. — NAI Isaac has secured the $8.5 million sale of Stonewall Shopping Center, a 79,142-square-foot retail center located at 3101 Clays Mill Road in Lexington. Al Isaac of NAI Isaac arranged the transaction on behalf of the seller. Eli Mashni of Keller Williams represented the buyer. Other terms of the deal were not disclosed. Stonewall Shopping Center was 85 percent leased at the time of sale to tenants such as Bargain Hunt, Dollar Tree, Domino’s, Goodwill and Peoples Exchange Bank.

August 23, 2018

Development Retail Texas

NewQuest to Develop 66,000 SF Retail Expansion Project in Metro Houston

by Taylor Williams August 23, 2018

KATY, TEXAS — NewQuest Properties will develop a 66,000-square-foot expansion project at Grand Morton Town Center, located in the western Houston metro of Katy. Several retailers, including HomeGoods, Michaels, Petco and Hallmark have already preleased space at the property. NewQuest plans to break ground in the coming months, with the first stores opening in early summer 2019.

August 23, 2018

Acquisitions Retail Texas

STRIVE Arranges Sale of 51,390 SF Shopping Center Near Dallas

by Taylor Williams August 23, 2018

MESQUITE, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Pioneer Plaza, a 51,390-square-foot retail center in Mesquite, an eastern suburb of Dallas. The property was 85 percent occupied at the time of sale to mix of national, regional and local tenants. The seller was a group of investors based in California and Canada, and the buyer was a Texas-based investor.

August 23, 2018

Healthcare Loans Mixed-Use Office Retail Washington Western

Newmark Arranges $42M in Financing for 107,000 SF Mixed-Use Property in Sammamish, Washington

by Amy Works August 23, 2018

SAMMAMISH, WASH. — Newmark has secured $42 million in permanent financing for the Village at Sammamish Town Center, a 107,000-square-foot mixed-use property located in Sammamish. The property features 37,000 square feet of medical office space, a 35,000-square-foot Metropolitan Market and 35,000 square feet of retail space. The newly completed property is the only new commercial development on the Sammamish plateau in more than 20 years, according to Newmark. Michael Taylor, Skip Slavin and Patrick Taylor of Newmark’s Seattle office arranged the non-recourse financing on behalf of the property owner. The 14-year term, 30-year amortization loan was placed with one of Newmark’s correspondent lenders, and Newmark will service the loan.

August 23, 2018

Acquisitions Arizona Retail Western

SRS Real Estate Partners Directs $14.7M Acquisition of Retail Center in Chandler, Arizona

by Amy Works August 23, 2018

CHANDLER, ARIZ. — SRS Real Estate Partners has brokered the purchase of Laguna Village, a neighborhood shopping center located at 5965 W. Ray Road in Chandler. Sean Thomas of SRS’ Phoenix office represented a private investor in the $14.7 million acquisition. Scottsdale, Ariz.-based BernsteinMurphy represented the seller, a private investment group, in the deal. Built in 1988, the 102,033-square-foot property was 90 percent occupied at the time of sale. Christ’s Church of the Valley is the anchor tenant of the property, which is situated on 17 acres.

August 23, 2018

Acquisitions California Restaurant Retail Western

Hanley Investment Group Brokers Sale of Two Starbucks Properties in Northern California for $5.5M

by Amy Works August 23, 2018

RIPON AND PARADISE, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two newly constructed, single-tenant retail properties in two separate transactions in Northern California. In the first transaction, Bill Asher and Jeff Lefko of Hanley Investment Group represented a Glendale, Calif.-based private developer in the disposition of a 1,550-square-foot drive-thru property located at 338 E. Main St. in Ripon. A Northern California-based private investor acquired the property for $2.7 million, or $1,773 per square foot. Starbucks Coffee occupies the property, which was built in 2018. Steve Zakula of Pacific Union International in San Francisco represented the buyer in the deal. In the second transaction, a Los Angeles-based private investor sold a 2,482-square-foot drive-thru property, located at 6344 Skyway Road in Paradise, to a Sonoma, Calif.-based private investor for $2.7 million, or $1,091 per square foot. Starbucks Coffee occupies the property, which was constructed in 2018. Asher and Lefko of Hanley Investment Group represented the seller, while Harry Dematatis of CBRE represented the buyer in the transaction.

August 23, 2018

Company News North Carolina Retail Southeast Top Stories

Lowe’s to Close All 99 Orchard Supply Hardware Stores

by Camren Skelton August 23, 2018

MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has announced it will close all 99 of its Orchard Supply Hardware stores by Feb. 1. Founded in San Jose, Calif., in 1931 and acquired by Lowe’s in 2013, Orchard Supply Hardware operates locations in California, Oregon and Florida. Lowe’s is closing the stores to focus on its core home improvement business. “Our strategic reassessment is ongoing as we evaluate the productivity of our real estate portfolio and non-retail business investments,” said Marvin Ellison, president and CEO of Lowe’s, in an earnings statement. “While it was a necessary business decision to exit Orchard Supply Hardware, decisions that impact our people are never easy.” In addition to shuttering Orchard Supply stores, Lowe’s said it plans to “aggressively” tighten its store inventory, reducing lower-performing stock and increasing the depth of high-selling items. Mooresville-based Lowe’s increased sales 7.1 percent, year-over-year, in the second quarter of 2018. However, the company adjusted its full-year earnings and profits forecast to account for closing costs. The Orchard Supply closure is expected to cost the company between $390 million and $475 million. The company lowered the forecast for its full-year increase in sales from 5 percent to 4.5 percent. Store …

August 23, 2018

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