Retail

West Valley Properties Sells 89,804 SF Shopping Center in Arizona for $26M

by Amy Works May 24, 2018

CHANDLER, ARIZ. — Los Altos, Calif.-based West Valley Properties has completed the disposition of The Boardwalk at Anderson Springs, a shopping center located at the southeast corner of Dobson and Ray roads in Chandler. Los Angeles-based Westwood Financial purchased the property for $26 million. The original Sprouts Farmers Market anchors the 89,804-square-foot property. Sprouts originally opened in 2005 and is currently undergoing a $1 million renovation. At the time of sale, the property was 97 percent occupied by a variety of tenants, including Pita Jungle, State Farm, Pet Planet and Desert Financial Credit Union. Ryan Schubert and Michael Hackett of Cushman & Wakefield Phoenix represented the seller.

May 24, 2018

Acquisitions California Retail Western

Colliers Negotiates Sales of Two Retail Properties in Sonoma and Los Angeles Counties

by Amy Works May 24, 2018

SOUTH PASADENA AND CLOVERDALE, CALIF. — Colliers International has arranged two sales of retail properties located in Sonoma and Los Angeles counties totaling $12 million. In the first deal, Guillermo Olaiz and John Archibald of Colliers represented a family trust in the $5.3 million sale of a corner lot located at 815 Freemont Ave. in South Pasadena. The property is short-term leased to Carrow’s Restaurant. The buyer was a San Gabriel Valley-based builder. In the second transaction, the family trust purchased a single-tenant, net-leased retail property located in Cloverdale for $6.7 million. Grocery Outlet, a regional discount grocer, occupies the 15,756-square-foot property. Olaiz and Archibald of Colliers represented the family trust in this 1031 exchange transaction.

May 24, 2018

Acquisitions New York Northeast Retail

Cushman & Wakefield Negotiates $9.9M Sale of Retail Building in Queens

by David Cohen May 23, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $9.9 million sale of 43-10/24 Queens Blvd., an 8,521-square-foot retail building in the Sunnyside neighborhood of Queens. The single-story property features 95 feet of retail frontage and currently houses eight retail tenants. Tom Donovan, Will Suarez, Eugene Kim, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the seller in the transaction. The buyer was undisclosed.

May 23, 2018

Loans Multifamily Retail Texas

LMI Capital Closes Three Acquisition Loans Totaling $24M in Houston Area

by Taylor Williams May 23, 2018

HOUSTON AND PASADENA, TEXAS — LMI Capital has closed three loans totaling roughly $24 million for the acquisitions of two multifamily complexes and one retail center in the Houston area. The undisclosed properties include a 215-unit apartment complex in northwest Houston, a 200-unit apartment property in the southeastern suburb of Pasadena and a 21,000-square-foot retail center in west Houston. Jamie Mullin, Brandon Brown and Jamie Safier of LMI Capital closed the deals for the first, second and third properties, respectively. The borrowers were not disclosed.

May 23, 2018

Loans Nevada Retail Western

NorthMarq Arranges $37M Refinancing for Retail Center in Las Vegas

by Amy Works May 23, 2018

LAS VEGAS — NorthMarq Capital has secured a $37 million refinancing for Sahara Center, a retail property located at 10000 W. Sahara Ave. in Las Vegas. Scott Monroe of NorthMarq Capital’s Las Vegas office arranged the 10-year term on a 30-year amortization schedule. A conduit CMBS lender provided the capital. Sprouts Farmers Market, TJ Maxx, Petco, Raising Cane’s Chicken Fingers, In-N-Out Burger, Stein Mart and Burlington Coat Factory are major tenants at the 222,883-square-foot retail property.

May 23, 2018

Features Retail

Retail Sector is in Midst of Unprecedented Adaptation Cycle, Says Nadji

by John Nelson May 22, 2018

LAS VEGAS — Hessam Nadji has a simple message for the shopping center community in a tumultuous retail environment: adaptation plus innovation equals opportunity, particularly in an economy with plenty of runway left for growth. “If you take a look at the most dominant technology players that you can think of — Microsoft, Apple and Amazon — they are getting into brick-and-mortar retail every day. Why? Because physical space counts, physical location counts, presence in the community counts, foot traffic counts,” said Nadji, president and CEO of Marcus & Millichap, who delivered a forceful message Monday afternoon to a packed ballroom of several hundred attendees at the Renaissance Hotel in Las Vegas. The event, titled “Marcus & Millichap’s Retail Trends 2018,” was held in conjunction with RECon, an event hosted by the International Council of Shopping Centers (ICSC) that has attracted approximately 37,000 industry professionals and 1,200 exhibitors to the Las Vegas Convention Center. Apple currently operates more than 270 stores in the United States, followed by Microsoft with about 90 stores. Through its $13.7 billion acquisition of Whole Foods Market last year, Amazon controls about 479 stores in the United States and Europe. Conversely, the graveyard of failed retailers …

May 22, 2018

Leasing Activity New York Northeast Retail

Feil Organization Inks 1,541 SF Lease With Coffee Shop in Flatiron District

by David Cohen May 22, 2018

NEW YORK CITY — The Feil Organization has leased a 1,541-square-foot space to Blue Bottle Coffee on the ground floor of 257 Park Ave. South, a 226,000-square-foot mixed-use building in Manhattan’s Flatiron District. The café, which sells coffee beans less than 48 hours out of the roaster, will have 23 feet of frontage on Park Avenue South. Blue Bottle Coffee joins retail tenants such as Bravo Pizza and FedEx Office Print & Ship Center. Office tenants at the building include the Environmental Defense Fund, OpenSlate and Independence Care System. Drew Weiss, Mark Frankel and Jeff Roseman of Newmark Knight Frank arranged the 10-year lease on behalf of Blue Bottle Coffee, and Randall Briskin of Feil represented the company internally. Blue Bottle Coffee is expected to move into the space in July.

May 22, 2018

Development Retail Texas

Flix Brewhouse to Open 39,000 SF Venue in Metro Austin

by Taylor Williams May 22, 2018

HUTTO, TEXAS — Flix Brewhouse, an entertainment concept that combines the movie theater experience with beer brewing, will open a new venue within The Co-Op District, a mixed-use development under construction in the northeastern Austin metro of Hutto. The number of screens has not yet been determined, but the venue will span approximately 39,000 square feet, according to Community Impact Newspaper. The Hutto location will be Flix Brewhouse’s fourth venue in Texas and ninth overall. Developed by MA Partners, the Co-Op District will include residential, retail and civic components upon completion.

May 22, 2018

Acquisitions Arizona Georgia Retail Southeast Western

Westwood Financial Acquires Two Sprouts-Anchored Centers in Metro Atlanta, Phoenix for $66.2M

by Camren Skelton May 22, 2018

DECATUR, GA. AND CHANDLER, ARIZ. — Westwood Financial LLC has acquired two Sprouts-anchored retail centers located in Decatur and Chandler for a combined $66.2 million. The properties were acquired in separate transactions, and the individual sales prices were not disclosed. In Atlanta, Westwood acquired Decatur Crossing, an 81,900-square-foot shopping center that was constructed in 2017. Atlanta-based Fuqua Development developed and sold the property, according to the Atlanta Business Chronicle. HFF arranged a loan through Unum Group on behalf of Westwood. Decatur Crossing was fully leased at the time of sale. In Chandler, an eastern suburb of Phoenix, Westwood acquired Boardwalk at Andersen Springs. Constructed in 2005, the property is the home of the original Sprouts Farmers Market. HFF arranged an acquisition loan through Nationwide Life Insurance Co. on behalf of Westwood. Boardwalk at Andersen Springs was 97 percent leased at the time of sale.

May 22, 2018

Acquisitions Georgia Retail South Carolina Southeast

Marcus & Millichap Brokers $13.4M Sale of Two Walmart-Leased Properties in Georgia, South Carolina

by Camren Skelton May 22, 2018

HEPHZIBAH, GA. AND CAYCE, S.C. — Marcus & Millichap has brokered the $13.4 million sale of two properties leased to Walmart Neighborhood Market in Hephzibah and Cayce. The Hephzibah property is located at 3697 Windsor Spring Road, roughly 14 miles south of Augusta. The property sold for $6.6 million. The Cayce building is located at 1355 Knox Abbott Drive, roughly four miles south of Columbia, and sold for $6.8 million. Both properties span 41,921 square feet and were constructed in 2015. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group arranged the transaction on behalf of the seller, Fletcher Bright Co. Harry Collison Jr. of The Real Estate Consortium represented the buyer, McKinley Cos. LLC.

May 22, 2018

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