SAN BERNARDINO, CALIF. — SRS Real Estate Partners has arranged the sale of a newly constructed, single-tenant retail property located at the intersection of University Parkway and North State Street in San Bernardino. A local private 1031 exchange buyer purchased the property from an Orange County, Calif.-based real estate investment and development firm for $5.3 million. Built in 2017 on 1.15 acres, Starbucks Coffee occupies the 3,000-square-foot drive-thru property. Michael Walseth of SRS represented the seller, while Chris Nikchevich of TNG Real Estate Services represented the buyer in the deal.
AVONDALE, ARIZ. — Brixton Capital has purchased Palmilla Center, a grocery-anchored shopping center located at S.E. Dysart and McDowell roads in Avondale, a suburb of Phoenix. Weingarten Realty sold the property for an undisclosed price. Fry’s Food & Drug, PetSmart, OfficeMax, Dollar Tree, Ono Hawaiian BBQ and H&R Block occupy the 103,568-square-foot property, which was fully leased at the time of sale. Additionally, the acquisition included the Chase Bank and Arizona Federal Credit Union pad buildings at the site. Bryan Ley of HFF represented the seller, while Brixton represented itself in the transaction.
WASHINGTON, D.C. — More than 149 million U.S. adults are expected to celebrate St. Patrick’s Day on Saturday, spending a record $5.9 billion on items related to the holiday, according to a survey by the National Retail Federation (NRF) and Proper Insights & Analytics. The annual survey, conduced Feb. 2 to 13, asked 7,657 consumers ages 18 and up about their St. Patrick’s Day plans. The 2018 figure is the highest level in the survey’s 14-year history, up from last year’s previous record of $5.3 billion. “The holiday falls on a Saturday this year, so Americans will have more time to splurge a little as they get together with friends and loved ones for a day of festivities,” says Matthew Shay, president and CEO of NRF, a Washington, D.C.-based retail trade association. According to the survey, consumers are expected to spend an average of $39.65 per person, up from last year’s total of $37.92. The holiday is most popular among individuals 18 to 24 years old, with 77 percent celebrating, but those 35 to 44 will be the biggest spenders at an average of $45.76 each. Celebrants plan to make the majority of their St. Paddy’s purchases from grocery stores (38 …
WILLIAMSBURG, VA. — Broad Street Realty has broken ground on Midtown Row, a mixed-use redevelopment in Williamsburg. The Bethesda, Md.-based firm is transforming Williamsburg Shopping Center and the adjoining Monticello Shopping Center, which it acquired in 2017 for $13.3 million and $4.2 million, respectively. The project will include ground up construction, as well as renovations. At full build-out, Midtown Row will feature 233,047 square feet of retail, including 56,243 square feet of new retail; up to 628 apartment units; 6,319 square feet of office space; and a $3 million streetscape improvement, developed in partnership with the City of Williamsburg. Earth Fare is the first tenant to break ground at the former Monticello Shopping Center. The Fletcher, N.C.-based organic grocer is expected to open this June or July. Ace Peninsula Hardware, a division of Ace Hardware, will relocate within Midtown Row by the fall. Other restaurants and businesses that already exist in the shopping center, including Sal’s by Victor, the ABC Store and Food Lion, plan to remain in the new development, according to local media reports. Broad Street Realty will deliver Midtown Row in phases between this year and 2020.
SOUTH SAN FRANCISCO, CALIF. — The City Council of South San Francisco has approved SummerHill Apartment Communities’ plans for a mixed-use community at 988 El Camino Real in South San Francisco. Serving as the gateway to the city’s El Camino Real/Chestnut Area, the development is located across from the future site of the Community Civic Campus, adjacent to Centennial Way Trail and near the Bay Area Rapid Transit station. KTGY Architecture + Planning designed the six-story project featuring 172 apartments ranging in size from studios to two-bedroom units and 11,000 square feet of ground-floor retail space. On-site amenities will include a lounge, fitness studio, bike hub, dog park, club room, two resort-style courtyards with spa, fire pits, outdoor kitchen and dining areas, lounge areas, and spur trail connecting to Centennial Way Trail. Additionally, the project will feature commercial and visitor parking at the ground level, a 212-space underground parking garage for residents, 130 bike parking spaces and electric vehicle charging stations.
MCKINNEY, ALLEN AND LITTLE ELM, TEXAS — SHOP Cos. has brokered the sale of three retail properties totaling 68,771 square feet in the Dallas-Fort Worth (DFW) area. The properties are Craig Ranch North Plaza, a 38,265-square-foot retail center in McKinney; McDermott Commons North & BB&T Bank, a 24,389-square-foot center and freestanding pad site in Allen; and Cook Children’s & Frisco Elm Dental, a 6,035-square-foot center in Little Elm. The sellers were not disclosed, but all were based in Texas. An Arkansas-based limited liability company purchased Craig Ranch North Plaza, and a Texas-based limited liability company and a Texas-based limited partnership purchased the Allen and Little Elm properties, respectively. The sales prices were not released.
CHICAGO — Baum Realty Group LLC has negotiated the sale of a 23,562-square-foot retail center in Chicago for an undisclosed price. The property is located at 4701-4729 N. Pulaski Road. Tenants include a laundromat, dentist and beauty shop. Greg Dietz, Brad Teitelbaum and Danny Spitz of Baum represented the private seller. A local investment group acquired the property in a 1031 exchange.
NEW YORK CITY – Madison Realty Capital (MRC) has provided a $37.5 million first mortgage loan collateralized by a mixed-use development site and two adjacent commercial buildings in the Ridgewood neighborhood of Queens. The borrower, AB Capstone, used the loan proceeds to buy out an existing partner, complete the acquisition of the two commercial properties, pay off previous financing on the development site and fund construction of the new building’s foundation. Located along Myrtle Avenue, St. Nicholas Avenue and Palmetto Street, the proposed development will feature a 17-story, 234,623-square-foot mixed-use building containing 129 residential units, 90,000 square feet of commercial space, 3,300 square feet of community facility space and 352 parking spaces. The two adjacent commercial buildings, totaling 12,170 square feet of space, are currently occupied by retail, office and medical office users.
HAVERSTRAW, N.Y.- NorthMarq Capital has arranged $18.5 million in refinancing for The Rosman Center, a grocery-anchored retail center located in Haverstraw. A 60,453-square-foot ShopRite anchors the 123,073-square-foot property. Gary Cohen of NorthMarq secured the financing through NorthMarq’s correspondent relationship with a life insurance company for the undisclosed borrower.
NEW YORK CITY – Cushman & Wakefield has arranged the sale of a mixed-use property located at 217 E. Third St. in Manhattan’s East Village neighborhood. An undisclosed buyer acquired the property from the estate of Michael Mendez for $5.1 million. The mixed-use property consists of a vacant turn-key restaurant space on the ground floor and three free-market, floor-through apartments. The property is approximately 4,160 square feet above grade, not including a one-story structure situated at the rear of the site and separated by a small courtyard area. Additionally, the property includes 4,700 square feet of air rights and a useable basement that houses mechanicals and a storage area. Michael DeCheser of Cushman & Wakefield represented the seller in the transaction.