Retail

Mid-America Brokers $23M Sale of Shopping Center in Evansville, Indiana

by Kristin Harlow August 13, 2018

EVANSVILLE, IND. — Mid-America Real Estate Corp. has brokered the sale of East Lloyd Commons in Evansville for $23 million. The 159,682-square-foot shopping center is located at the northwest corner of Lloyd Expressway and Burkhardt Road in southwestern Indiana. Dick’s Sporting Goods, Best Buy, Michaels, Guitar Center and Panera Bread anchor the property. Ben Wineman, Rick Drogosz and Carly Gallagher of Mid-America represented the seller, Retail Value Inc. (NYSE: RVI). A Cleveland-based private buyer purchased the asset.

August 13, 2018

Acquisitions Midwest Minnesota Retail

Upland Arranges $4.6M Sale of PetSmart-Occupied Property in Lakeville, Minnesota

by Kristin Harlow August 13, 2018

LAKEVILLE, MINN. — Upland Real Estate Group Inc. has arranged the $4.6 million sale of a retail property occupied by PetSmart in Lakeville, a southern suburb of Minneapolis. The 18,007-square-foot building is located at the southeast corner of 160th Street and Pilot Knob Road. Nearby retail stores include a HyVee supermarket and Target. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. The California-based buyer completed a 1031 tax-deferred exchange.

August 13, 2018

Acquisitions California Retail Western

Vestar Acquires 340,000 SF Bay Area Shopping Center for $55M

by Amy Works August 13, 2018

PETALUMA, CALIF. — Vestar has purchased East Washington Place, a shopping center located at 401 Kennilworth Drive in Petaluma, for $55 million. The name of seller was not released. Totaling more than 340,000 square feet, East Washington Place shopping center is LEED Silver certified. Current tenants include Target, TJ Maxx/HomeGoods, Sprouts Farmers Market, ULTA Beauty, Dick’s Sporting Goods and PetSmart. With this acquisition, the company’s portfolio crossed the 30 million-square-foot threshold.

August 13, 2018

Acquisitions California Retail Western

Cushman & Wakefield Arranges $15.3M Sale of 121,296 SF Retail Center in Santa Cruz County

by Amy Works August 13, 2018

SCOTTS VALLEY, CALIF. — Cushman & Wakefield has arranged the sale of Scotts Village, a neighborhood shopping center in Scotts Valley. McNellis Partners acquired the property from The Pratt Co. for $15.3 million. Located at 227-259 Mt Hermon Road, the 121,296-square-foot property was developed in 1984. Current tenants include Safeway, CVS/pharmacy, Chase Bank, McDonald’s and Taco Bell. Dan Wald and Don LeBuhn (The Wald|LeBuhn Team) of Cushman & Wakefield represented the seller, while the buyer was self-represented the in the deal.

August 13, 2018

Acquisitions California Retail Western

Avison Young Brokers $4.1M Sale of La Brea Avenue Property in Los Angeles

by Amy Works August 10, 2018

LOS ANGELES — Avison Young has negotiated the sale of 819 N. Le Brea Ave., an iconic retail property located in Los Angeles’ La Brea neighborhood. Flora M Kinyon Trust sold the property to Santa Monica Corridor LLC for $4.1 million. Built in 1928 as a ribbon factory and renovated in 2015, the 5,106-square-foot, single-tenant property features an enclosed courtyard and gated parking lot with 19 spaces, as well as 105 feet of frontage along La Brea Avenue. Rick Owens’ currently occupies the property with its West Coast flagship store. Christopher Bonbright and Brandon Mason of Avison Young represented the buyer and seller in the transaction.

August 10, 2018

Leasing Activity Michigan Midwest Retail

NAI Wisinski Negotiates 7,000 SF Lease for Discount Retailer in Grand Rapids, Michigan

by Kristin Harlow August 10, 2018

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated a 7,000-square-foot retail lease on behalf of B2 Outlet Stores in Grand Rapids. B2 stands for “benefit twice.” The retailer offers merchandise at a discounted rate and then invests 51 percent of the profits back into the local community. This store, located at 3343 Alpine Ave., is the company’s 12th location in Michigan. The original B2 store opened in Hudsonville in 2014.

August 10, 2018

Loans Retail Southeast Virginia

Avison Young Secures $32M Acquisition Loan for Shopping Center in Metro D.C.

by Camren Skelton August 10, 2018

VIENNA, VA. — Avison Young has arranged a $32 million acquisition loan for Maple Avenue Shopping Center, a 111,810-square-foot retail property in Vienna, roughly 17 miles west of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the loan through PGIM Real Estate Finance on behalf of the borrower, GRI Maple Avenue LLC. Giant Food and CVS/pharmacy anchor Maple Avenue Shopping Center, which was fully leased at the time of sale. The retail center is also home to Michaels and other smaller stores.

August 10, 2018

Development Hospitality Retail Texas

Majestic, Hickman to Develop 200-Room Hotel Within Fort Worth Stockyards

by Taylor Williams August 9, 2018

FORT WORTH, TEXAS — Stockyards Heritage Development Co., a partnership between California-based Majestic Realty Co. and Fort Worth-based The Hickman Cos., will develop Hotel Drover, a 200-room boutique hotel that will be located within the Fort Worth Stockyards redevelopment. Operating under Marriott International’s Autograph Collection, the hotel will include an event barn, 15,000 square feet of meeting space, swimming pool, lounge with a fireplace and library, courtyard and a restaurant called 97 West Kitchen and Bar. The $175 million Fort Worth Stockyards project has already delivered retail, restaurant and office space, with new tenants such as Shake Shack, Second Rodeo Brewing Co., MB Mercantile & Supply, RFD-TV’s headquarters and studios and American Paint Horse Association having been confirmed. Fort Worth Stockyards is a public-private partnership between Stockyards Heritage Development, the City of Fort Worth and Tarrant County.

August 9, 2018

Development Florida Retail Southeast

Halvorsen Holdings to Develop $23M Publix-Anchored Retail Center in Central Florida

by Camren Skelton August 9, 2018

LOUGHMAN, FLA. — Halvorsen Holdings has unveiled plans to develop Loughman Crossing, a 78,200-square-foot retail center that will be located along Poinciana Parkway in Loughman, a city roughly 30 miles south of Orlando. Publix will anchor the $23 million development, which is approximately 40 percent preleased. Committed tenants include pending deals with a national hamburger restaurant chain, a national dental service provider and a national gas/convenience store operator. Three of the six outparcels around the perimeter of the site are available for sale or ground lease. The newly opened Poinciana Parkway is a nine-mile extension of Ronald Reagan Parkway. A construction timeline for Loughman Crossing was not disclosed.

August 9, 2018

Acquisitions Illinois Midwest Retail

SRS Negotiates Sale of Small-Format Target Store in Chicago’s Oak Park

by Kristin Harlow August 9, 2018

OAK PARK, ILL. — SRS Real Estate Partners has negotiated the sale of a 22,000-square-foot retail real estate property occupied by Target in Chicago’s Oak Park. The small-format Target features a full-service CVS Pharmacy and a Starbucks. Built in 2017, the store is the ground-floor retail component of The Emerson, a mixed-use development that includes 271 residential units. Britt Raymond, Matthew Mousavi, Patrick Luther and Kyle Fant of SRS represented the New York-based buyer, who completed a 1031 tax-deferred exchange. Ben Wineman and Wes Koontz of Mid-America represented the seller, a Chicago-based developer. Target launched its new small-format concept three years ago and now has eight stores open in Chicago, with two more slated to open this year and four scheduled to open in 2019.

August 9, 2018

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