Retail

MetroGroup Arranges $3.7M Refinancing of Three Retail Properties Occupied by Walgreens in Illinois

by Kristin Harlow April 25, 2018

ROCKFORD AND PARK FOREST, ILL. — MetroGroup Realty Finance has arranged three loans totaling $3.7 million used to refinance a three-property retail portfolio in northern Illinois. The assets, totaling 38,639 square feet, are all leased to Walgreens for 50-year terms. Built in the 1990s, the standalone properties are located at 3803 Auburn St. and 1602 Kishwaukee St. in Rockford, and 15 S. Orchard Drive in Park Forest. The three loans replace two maturing CMBS loans and return a portion of the equity to ownership, according to Patrick Ward, MetroGroup president. A St. Louis-based bank provided the financing. Scott Ketchum, a Newport Beach, Calif.-based private investor, was the borrower.

April 25, 2018

Acquisitions Midwest Ohio Restaurant Retail

Marcus & Millichap Negotiates $2.3M Sale of McDonald’s Ground Lease in Canton, Ohio

by Kristin Harlow April 25, 2018

CANTON, OHIO — Marcus & Millichap has negotiated the $2.3 million sale of a McDonald’s ground lease in Canton. The 4,673-square-foot property, built in 2014, is located at 4643 Belden Village St. The ground lease is for 20 years. Erin Patton, Scott Wiles and Craig Fuller marketed the property on behalf of the seller, a local developer. The buyer, a private investor, was completing a 1031 exchange.

April 25, 2018

Acquisitions New York Northeast Retail

NKF Capital Markets Negotiates $18.5M Sale of Retail Property in Horseheads, New York

by Amy Works April 24, 2018

HORSEHEADS, N.Y. – NKF Capital Markets has brokered the sale of Southern Tier Crossing, a retail property located at Horseheads. A joint venture between DRA Advisors and DLC Management acquired the property from DDR for $18.5 million. Southern Tier Crossing comprises a 174,642-square-foot retail asset within a 522,734-square-foot power center in Upstate New York. At the time of sale, the property was 89 percent leased to a variety of tenants, including Dick’s Sporting Goods, Jo-Ann Fabric, PetSmart, Ulta Beauty, Five Below, Men’s Warehouse, Buffalo Wild Wings, Lane Bryant and Aspen Dental. Geoffrey Millerd and Justin Smith of NKF represented the seller in the transaction.

April 24, 2018

Acquisitions Northeast Pennsylvania Retail

IPA to Arrange Sale of 110,365-Square-Foot Shopping Center in Pennsylvania

by Amy Works April 24, 2018

HARRISBURG, PENN. – Institutional Property Advisors (IPA), a division of Marcus & Millichap, has been retained as the exclusive advisor for the sale of The Shoppes at Susquehanna Marketplace, a 110,365-square-foot shopping center in Harrisburg. The property is listed at $38.2 million. Bill Rose, Mark Taylor and Rick Lechtman of IPA are representing the seller, an institutional advisor. The Shoppes at Susquehanna is home to tenants such as Athleta, Banana Republic, Chico’s, J. Crew, JoS A. Banks, Harvest Seasonal Grill & Wine Bar, Loft, Ramano’s Macaroni Grill, Talbots, White House Black Market and Williams-Sonoma.

April 24, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $12.8M Sale of Shopping Center in New Jersey

by Amy Works April 24, 2018

FRANKLIN PARK, N.J. – Marcus & Millichap has arranged the sale of Somerset Plaza Shopping Center, a retail property located on 8.99 acres at 3151 Route 27 retail corridor in Franklin Park. A private investor acquired the property for $12.8 million. Eleven tenants, including Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank, occupy the 67,530-square-foot shopping center. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the buyer in the deal.

April 24, 2018

Acquisitions Industrial Michigan Midwest Retail

Signature Associates Negotiates Sale of 180,000 SF Retail Property in Flint, Michigan

by Kristin Harlow April 24, 2018

FLINT, MICH. — Signature Associates has negotiated the sale of a 180,000-square-foot retail property in Flint for an undisclosed price. The building is located at 4403 Clio Road. The sale is part of a federal court seizure. Grant Bruce of Signature Associates represented both the seller, Treasure Enterprise LLC, and the buyer, Rock Property Management LLC. The buyer is in the process of getting the property rezoned for industrial use.

April 24, 2018

Leasing Activity Michigan Midwest Restaurant Retail

South Korean Restaurant Bonchon to Open First Michigan Location

by Kristin Harlow April 24, 2018

GRAND RAPIDS, MICH. — South Korean-based restaurant chain Bonchon is opening its first Michigan location at the Knapp North retail development located at 2365 E. Beltline Ave. in Grand Rapids. The restaurant, whose signature dish is Korean fried chicken and wings, will occupy 2,644 square feet. Pinnacle Construction Group is constructing the three-building development. Other tenants include Sherwin Williams and Sara’s Sweets. Doug Taatjes and Hillary Taatjes-Woznick of NAI Wisinski of West Michigan represented Pinnacle in the lease transaction. Chris Prins of Colliers International represented Bonchon.

April 24, 2018

Acquisitions Retail Texas

Disney Brokers Sale of Two Shopping Centers in Metro Dallas for $17.1M

by Taylor Williams April 24, 2018

ALLEN AND CARROLLTON, TEXAS — Disney Investment Group (DIG) has brokered the sale of two shopping centers totaling 57,135 square feet in metro Dallas for a combined $17.1 million. The sold assets include McDermott Towne Crossing, a 42,651-square-foot, Kroger-anchored shopping center in Allen, and Carrollton Retail Center, a 14,484-square-foot center in Carrollton. David Disney and Adam Crockett of DIG represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction. The duo also procured the buyer of both centers, a Texas-based private investor.

April 24, 2018

Acquisitions Retail Texas

Marcus & Millichap Closes Sale of 5,943 SF Retail Center in Lufkin, Texas

by Taylor Williams April 24, 2018

LUFKIN, TEXAS — Marcus & Millichap has closed the sale of Lufkin Plaza, a 5,943-square-foot retail center in Lufkin, roughly halfway between Houston and Shreveport, La. Philip Levy of Marcus & Millichap represented the buyer, a Texas-based investor that acquired the property via a 1031 exchange. A West Coast-based investor sold the center, which was 100 percent leased at the time of closing.

April 24, 2018

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers $2.3M Sale of Retail Property in Hampton, Pennsylvania

by Amy Works April 23, 2018

HAMPTON, PA. – Marcus & Millichap has arranged the sale of a retail property located at 5161 William Flynn Highway in Hampton. A private investor acquired the property from a developer for $2.3 million. Dunkin’ Donuts and Heartland Dental occupy the 4,200-square-foot property. Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller, while David Cafiero, Sgambati and Cafiero represented the buyer in the deal.

April 23, 2018

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