Retail

Hanley Investment Negotiates Sales of Six Retail Pads in California for $29.5M

by Amy Works March 29, 2018

PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of six retail pads at Perris Marketplace, located at 1820-2000 N. Perris Blvd., in separate transactions. The combined sales price for the six pads was approximately $29.5 million. The plaza is located in the Los Angeles suburb of Perris. The 100-percent occupied properties, which total 39,000 square feet, consist of three multi-tenant pad buildings and three single-tenant fast-food pad restaurants. Walmart Supercenter anchors the 225,000-square-foot shopping center. Additional tenants include America’s Best Contacts and Eyeglasses, Chipotle, Dickey’s BBQ, Great Clips, Jamba Juice, Jimmy John’s Gourmet Sandwiches, Pacific Dental, Panda Express, Pieology, Popeye’s, Sally Beauty, Starbucks Coffee, T-Mobile, Verizon Wireless, Waba Grill, Wendy’s and Yogurtland. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, Evergreen and Trachman Indevco, in the deal. The names of the buyers were not disclosed.

March 29, 2018

California Loans Retail Western

MidCap Financial Provides $17.9M Refinancing for Shopping Center in Sacramento

by Amy Works March 29, 2018

SACRAMENTO — MidCap Financial has provided $17.9 million in refinancing for the repositioning and lease-up of Stockton Plaza, a grocery-anchored community shopping center in Sacramento. The borrower is Santa Monica, Calif.-based DPI Retail. The borrower plans to renovate and repurpose the property, which Kmart formerly anchored. A regional grocery chain and national discount department store will be the new anchors at the renovated center. The first mortgage features a floating rate with a term of up to three years. Loan proceeds were used to refinance the existing debt and fund renovation, lease-up and carry costs. The Mozer team at George Smith Partners arranged the financing.

March 29, 2018

Loans Northeast Retail Rhode Island

EagleBridge Capital Provides $6.4M in Financing for CVS-Anchored Shopping Center in Rhode Island

by David Cohen March 28, 2018

TIVERTON, R.I. — EagleBridge Capital has provided $6.4 million in financing for CVS Plaza in Tiverton, a shopping center anchored by a freestanding 13,500-square-foot CVS Pharmacy. Other tenants in the shopping center located at 500 Main Road include The Saconnet River Grille and an Allstate insurance agency. The term of the loan is 10 years with a 30 year amortization. Ted M. Sidel and Brian D. Sheehan of EagleBridge Capital arranged the financing provided by a CMBS lender. The law firm of DarrowEverett represented the undisclosed borrower in closing the loan.

March 28, 2018

Acquisitions Midwest Retail Wisconsin

Newport Acquires Retail Center in Brookfield, Wisconsin for $17.9M

by Kristin Harlow March 28, 2018

BROOKFIELD, WIS. — Newport Capital Partners has acquired The Plaza in Brookfield, a suburb of Milwaukee, for $17.9 million. The 108,000-square-foot retail center is situated on 11 acres. The property is 99 percent leased by 22 tenants, including CVS Pharmacy, Guitar Center, Stan’s Fit for Your Feet and Hooters. Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers, in the transaction.

March 28, 2018

Florida Loans Property Type Retail Southeast

Aztec Arranges $80.5M Construction Loan for Walmart, Home Depot-Anchored Project in Northeast Florida

by Camren Skelton March 28, 2018

ST. JOHNS, FLA. — Aztec Group Inc. has arranged an $80.5 million construction loan for The Pavilion at Durbin Park, an 80-acre retail project in St. Johns, roughly 25 miles south of Jacksonville. Jason Shapiro and Sean Harrington of Aztec Group arranged the three-year, floating-rate loan through City National Bank of Florida on behalf of the project developer, Gatlin Development Co. The Pavilion is the first phase of Durbin Park, a 1,700-acre mixed-use development that will eventually include more than 2 million square feet of retail, 2 million square feet of office space, multifamily units and a hotel. Walmart and The Home Depot will anchor the 600,000-square-foot first phase of the project. In addition, The Pavilion will include 200,000 square feet of space for junior anchors, as well as approximately 90,000 square feet for local retail and restaurant concepts. Walmart is scheduled to open in November, and Home Depot is scheduled to open in spring 2019. The remaining portion of The Pavilion is slated for completion in summer 2019.

March 28, 2018

Acquisitions California Retail Western

Marcus & Millichap Arranges $5.7M Sale of Shopping Center Near Los Angeles

by Amy Works March 28, 2018

LA HABRA, CALIF. — Marcus & Millichap has brokered the sale of Harbor Hills Shopping Center, a retail property located at 1450-1460 S. Harbor Blvd. in the Orange County city of La Habra. Los Angeles-based DMI Real Estate Group LLC acquired the property from Harbor Hills LP for $5.7 million. The 27,080-square-foot property was mostly vacant at the time of sale. Joseph Lising and Mitchell Neff of Marcus & Millichap represented the seller in the transaction.

March 28, 2018

Acquisitions Florida Retail Southeast

TREIS Arranges $5.2M Sale of Retail Center in Tampa

by Camren Skelton March 27, 2018

TAMPA, FLA. — Tiktin Real Estate Investment Services (TREIS) has arranged the $5.2 million sale of Madison Square, a 38,720-square-foot shopping center located at 5513-55119 S. 78th St. in Tampa. Adam Tiktin of TREIS arranged the transaction on behalf of both the seller, Madison Square Group LLC, and the buyer, ATS Residential LLC. Family Dollar anchors the property, which was constructed in 2007 and was fully leased at the time of sale. The site also includes a one-acre outparcel for a future restaurant or retail building.

March 27, 2018

Acquisitions Midwest Retail Wisconsin

SRS Real Estate Negotiates $5.2M Sale of Retail Center in Oak Creek, Wisconsin

by Kristin Harlow March 27, 2018

OAK CREEK, WIS. — SRS Real Estate Partners has negotiated the $5.2 million sale of The Shoppes at Drexel in Oak Creek, about 12 miles south of Milwaukee. Five tenants, including Mod Pizza, Men’s Hair House, Five Guys, Orange Leaf Frozen Yogurt and Potbelly Sandwich Shop, occupy the 10,351-square-foot retail center. Patrick Luther and Matthew Mousavi of SRS represented the seller, a Chicago-based merchant developer. A New York-based private investor was the buyer.

March 27, 2018

Acquisitions Arizona Multifamily Office Retail Western

Cushman & Wakefield Brokers Two Sales Totaling $7.7M in Tucson

by Amy Works March 27, 2018

TUCSON, ARIZ. — Cushman & Wakefield has arranged two sales totaling $7.7 million in Tucson. In the first deal, Pelican 9th LLC acquired Sonoran on 9th Apartments, a multifamily property located at 814 and 838 E. 9th St. in Tucson. SVP Holdings sold the 26-unit property for $4.6 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield | PICOR brokered the deal. In the second transaction, West Ina Center Marana Arizona LLC purchased a commercial building located at 3662 W. Ina Road in Tucson. Ina Meredith LLC sold the 8,917-square-foot asset for $3.1 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the buyer. Rick Volk of Volk Co. and Pete Villaescusa of CBRE represented the seller in the deal.

March 27, 2018

Acquisitions Company News Illinois Midwest New York Northeast Property Type Retail Top Stories

Brookfield to Buy Mall Owner GGP for $9.25B in Cash Plus Stock

by John Nelson March 27, 2018

NEW YORK AND CHICAGO — Brookfield Property Partners (NASDAQ: BPY) has agreed to acquire all remaining shares of GGP Inc. (NYSE: GGP), a Chicago-based mall owner. BPY, a global real estate company based in New York City, and its affiliates already hold a 34 percent stake in GGP. The deal struck between the two parties is for GGP shareholders to receive $23.50 per share in cash, a total cash consideration of $9.25 billion. Alternately, shareholders may elect to receive stock in either BPY or a new REIT that BPY plans to list on one of the major U.S. exchanges. “This is a compelling transaction that enables GGP shareholders to receive premium value for their shares and gives them the ability to participate in the long-term upside of their investment,” says Brian Kingston, CEO of BPY. The newly agreed-upon deal comprises a cash-to-equity ratio of 61/39, which is more cash-centric than BPY’s original 50/50 cash-to-equity offer to acquire the remainder of GGP last November. Shares in the new REIT will be equivalent to that of a BPY unit. BPY’s parent company, Brookfield Asset Management (NYSE: BAM), has guaranteed the exchange of the shares between the two stocks (totaling 254 million units) …

March 27, 2018

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