Retail

Marcus & Millichap Brokers $9.2M Sale of Shopping Center in Philadelphia

by David Cohen July 16, 2018

PHILADELPHIA — Marcus & Millichap has brokered the sale of Victory Square, a 38,234-square-foot retail center in Philadelphia. The property sold for $9.2 million. Derrick Dougherty, Scott Woodard and Mark Taylor of Marcus & Millichap represented the seller, Post Brothers, and the out-of-market buyer, in the transaction. Victory Square is located at 4424 N. Broad St in North Philadelphia. The shopping center is fully leased and is anchored by an 18,500-square-foot Save-A-Lot grocery store. The tenant roster also includes Dollar Tree, Taco Bell and a laundromat. Originally constructed in 1980, the two-acre property was renovated in 2016.

July 16, 2018

Acquisitions California Mixed-Use Office Retail Western

LPC West Buys 57,253 SF Mixed-Use Property Near San Diego for $27.5M

by Amy Works July 16, 2018

DEL MAR, CALIF. — LPC West has acquired Polo Plaza, a mixed-use property located at 3702 and 3790 Via De La Valle in Del Mar, approximately 20 miles north of San Diego. An undisclosed local seller sold the property for $27.5 million. At the time of sale, the two-building 57,253-square-foot property was 92 percent occupied. Ben Tashakorian and Bradley Peters of Marcus & Millichap represented the seller, while LPC West represented itself in the transaction. LPC West plans to renovate the Mediterranean-style office and retail property to include a new paint scheme, monument sign, exterior lighting, furniture and landscaping, as well as complete parking lot upgrades. The renovated property will feature small ExecuOffices and on-site amenities, including a café offering coffee, breakfast and lunch.

July 16, 2018

Georgia Market Reports Property Type Retail Southeast Southeast Market Reports

Tech, Film Industries Help Atlanta Sustain Retail Growth Intown and in Suburbs

by John Nelson July 16, 2018

“How long will Atlanta’s retail boom last?” That is the multibillion-dollar question everyone in the market is asking themselves. Nobody knows for sure, although there are many valid reasons to think that Atlanta will sustain its growth through 2018 and beyond. The state of Georgia has placed a strong emphasis on drawing technology companies to the state, and Atlanta’s tech boom has catapulted the city to the front of the race for Amazon’s $5 billion HQ2 project. The city already boasts the world’s busiest airport, which makes it easy for any company to relocate here because they can directly connect to anywhere in the world. Most recently, Facebook announced it will build a sprawling data center campus at Stanton Springs, about 40 miles east of Atlanta, and NCR Corp. recently opened its new headquarters campus in Midtown. The emerging tech community includes startup hubs such as Atlanta Tech Village, Switchyards Downtown Club, the upcoming Coda project at Tech Square and Advanced Technology Development Center, an affiliate of Georgia Tech. With elite local colleges like Georgia Tech, Emory University and the state’s flagship school, the University of Georgia, about 60 miles east in Athens rapidly producing new graduates, the city is …

July 16, 2018

Loans Northeast Pennsylvania Retail

Uber Capital Group Secures $24M Refinancing for Logan Valley Mall in Pennsylvania

by David Cohen July 13, 2018

ALTOONA, PA. — Uber Capital Group has secured a $24 million refinancing for Logan Valley Mall in Altoona. Joel J. Gorjian of Uber Capital represented the borrower, a private national commercial real estate investment group, in securing financing from a regional bank based in Pennsylvania. Terms of the loan included a 4.75 percent fixed rate and a 25-year amortization. The two-story, 785,000-square-foot mall is located at 5580 Goods Lane and currently has a roster of more than 80 tenants. JCPenney, Macy’s, Sears, and AMC Theatres anchor the mall.

July 13, 2018

Acquisitions Northeast Pennsylvania Retail

Colliers Negotiates $2.5M Sale of Retail Condominium in Philadelphia

by David Cohen July 13, 2018

PHILADELPHIA — Colliers International has negotiated the $2.5 million sale of a 5,170-square-foot retail condominium in Philadelphia’s central business district. Located on the first floor of 1228-1232 Arch St., the condominium was formerly occupied by CitiBank and will be converted into restaurant and other retail space. Todd Sussman, Josh Goldfine and Anna MacDonald of Colliers represented the seller, Independence Realty Arch Street, in the transaction. The property was purchased by Maitay LLC.

July 13, 2018

Acquisitions New Jersey Northeast Retail

NAI Hanson Brokers Sale of 48-Acre Land Parcel for Zip Line Adventure Park in New Jersey

by David Cohen July 13, 2018

ROXBURY, N.J. — NAI James E. Hanson has brokered the sale of a two land parcels totaling 48 acres that have been approved for a zip line adventure park in Roxbury. NAI James E. Hanson represented the seller, Darl Enterprises LLC. Flagstaff Extreme LLC purchased the two parcels for an undisclosed price. Arizona-based Flagstaff Extreme operates a number of extreme adventure courses in Arizona the Midwest. This will be its first location in the Northeast. The two vacant parcels, which are located at 1233 Route 46, were listed separately with the option to purchase together. The smaller parcel is .17 acres and the larger parcel is 48 acres.

July 13, 2018

Acquisitions California Retail Western

HFF Brokers Sale of 281,240 SF Shopping Center in Southern California for $51.1M

by Amy Works July 13, 2018

SIMI VALLEY, CALIF. — HFF has arranged the sale of Mountaingate Plaza, a value-add shopping center located in Simi Valley. A joint venture between Investcorp International Realty and ScanlanKemperBard sold the property to Merlone Geier Partners for $51.1 million. Situated on 24.8 acres at 1197-1301 E. Los Angeles Ave. and 2022-2090 First St., the property comprises eight buildings and outparcel pads. Tenants at the center include Valley Marketplace, Rite Aid, 99 Cents Only, dd’s Discounts, Black Bear Diner, Smash Burger, El Pollo Loco, Jersey Mike’s Subs, Starbucks Coffee, U.S. Armed Forces and Ventura County Health Care Agency. Gleb Lvovich, Bryan Ley and Daniel Tyner of HFF represented the seller in the transaction.

July 13, 2018

Acquisitions Florida Retail Southeast

HFF Brokers $29M Sale of Grocery-Anchored Center in Tampa Bay Area

by Camren Skelton July 13, 2018

PLANT CITY, FLA. — HFF has brokered the $29 million sale of Lake Walden Square, a 244,529-square-foot shopping center in the Tampa Bay community of Plant City. Eric Williams, Daniel Finkle and Luis Castillo of HFF arranged the transaction on behalf of the seller, Retail Value Inc. JBL Asset Management acquired the property. Winn-Dixie anchors Lake Walden Square, which was 93.3 percent leased at the time of sale. Additional tenants include Ross Dress for Less, Marshalls, Michaels, PetSmart, Ulta Beauty, Five Below, Famous Footwear, Continuecare Medical, Amscot Financial, Cricket Wireless, Queen Nails and Firehouse Subs.

July 13, 2018

Acquisitions Kentucky Retail Southeast

SRS Arranges $8.9M Sale of Shopping Center Near Lexington

by Camren Skelton July 13, 2018

NICHOLASVILLE, KY. — SRS’ Investment Properties Group has arranged the $8.9 million sale of Brannon Crossing Centre, a 63,707-square-foot retail center located at 230 E. Brannon Road in Nicholasville, roughly 12 miles south of Lexington. Kyle Stonis and Pierce Mayson of SRS arranged the transaction on behalf of the seller, Viking Partners. Jason Taylor of Equity Management Group Inc. represented the buyer, Brannon 230 LLC. Brannon Crossing Centre was 97 percent leased at the time of sale to tenants such as Marshalls, HomeGoods, Subway, Great Clips, Sally Beauty Supply and Sun Tan City.

July 13, 2018

Loans Retail Utah Western

Bellwether Enterprise Secures $10.5M Refinancing for Retail Center in Orem, Utah

by Amy Works July 13, 2018

OREM, UTAH — Bellwether Enterprise has arranged a $10.5 million first mortgage loan to refinance a shopping center in Orem. Shelley Magoffin and Max Sauerman of Bellwether secured the financing for a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The non-recourse loan features a 10-year term, 25-year amortization schedule and flexible prepayment penalty for the latter half of the loan term. Constructed in phases between the 1950s and 1980s, the property features more than 100,000 square feet of retail space. At the time of financing, the asset was 95 percent leased to 11 tenants ranging in size from 1,400 square feet to 40,000 square feet. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

July 13, 2018

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