Retail

Avison Young Brokers $4.1M Sale of La Brea Avenue Property in Los Angeles

by Amy Works August 10, 2018

LOS ANGELES — Avison Young has negotiated the sale of 819 N. Le Brea Ave., an iconic retail property located in Los Angeles’ La Brea neighborhood. Flora M Kinyon Trust sold the property to Santa Monica Corridor LLC for $4.1 million. Built in 1928 as a ribbon factory and renovated in 2015, the 5,106-square-foot, single-tenant property features an enclosed courtyard and gated parking lot with 19 spaces, as well as 105 feet of frontage along La Brea Avenue. Rick Owens’ currently occupies the property with its West Coast flagship store. Christopher Bonbright and Brandon Mason of Avison Young represented the buyer and seller in the transaction.

August 10, 2018

Leasing Activity Michigan Midwest Retail

NAI Wisinski Negotiates 7,000 SF Lease for Discount Retailer in Grand Rapids, Michigan

by Kristin Harlow August 10, 2018

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated a 7,000-square-foot retail lease on behalf of B2 Outlet Stores in Grand Rapids. B2 stands for “benefit twice.” The retailer offers merchandise at a discounted rate and then invests 51 percent of the profits back into the local community. This store, located at 3343 Alpine Ave., is the company’s 12th location in Michigan. The original B2 store opened in Hudsonville in 2014.

August 10, 2018

Loans Retail Southeast Virginia

Avison Young Secures $32M Acquisition Loan for Shopping Center in Metro D.C.

by Camren Skelton August 10, 2018

VIENNA, VA. — Avison Young has arranged a $32 million acquisition loan for Maple Avenue Shopping Center, a 111,810-square-foot retail property in Vienna, roughly 17 miles west of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the loan through PGIM Real Estate Finance on behalf of the borrower, GRI Maple Avenue LLC. Giant Food and CVS/pharmacy anchor Maple Avenue Shopping Center, which was fully leased at the time of sale. The retail center is also home to Michaels and other smaller stores.

August 10, 2018

Development Hospitality Retail Texas

Majestic, Hickman to Develop 200-Room Hotel Within Fort Worth Stockyards

by Taylor Williams August 9, 2018

FORT WORTH, TEXAS — Stockyards Heritage Development Co., a partnership between California-based Majestic Realty Co. and Fort Worth-based The Hickman Cos., will develop Hotel Drover, a 200-room boutique hotel that will be located within the Fort Worth Stockyards redevelopment. Operating under Marriott International’s Autograph Collection, the hotel will include an event barn, 15,000 square feet of meeting space, swimming pool, lounge with a fireplace and library, courtyard and a restaurant called 97 West Kitchen and Bar. The $175 million Fort Worth Stockyards project has already delivered retail, restaurant and office space, with new tenants such as Shake Shack, Second Rodeo Brewing Co., MB Mercantile & Supply, RFD-TV’s headquarters and studios and American Paint Horse Association having been confirmed. Fort Worth Stockyards is a public-private partnership between Stockyards Heritage Development, the City of Fort Worth and Tarrant County.

August 9, 2018

Development Florida Retail Southeast

Halvorsen Holdings to Develop $23M Publix-Anchored Retail Center in Central Florida

by Camren Skelton August 9, 2018

LOUGHMAN, FLA. — Halvorsen Holdings has unveiled plans to develop Loughman Crossing, a 78,200-square-foot retail center that will be located along Poinciana Parkway in Loughman, a city roughly 30 miles south of Orlando. Publix will anchor the $23 million development, which is approximately 40 percent preleased. Committed tenants include pending deals with a national hamburger restaurant chain, a national dental service provider and a national gas/convenience store operator. Three of the six outparcels around the perimeter of the site are available for sale or ground lease. The newly opened Poinciana Parkway is a nine-mile extension of Ronald Reagan Parkway. A construction timeline for Loughman Crossing was not disclosed.

August 9, 2018

Acquisitions Illinois Midwest Retail

SRS Negotiates Sale of Small-Format Target Store in Chicago’s Oak Park

by Kristin Harlow August 9, 2018

OAK PARK, ILL. — SRS Real Estate Partners has negotiated the sale of a 22,000-square-foot retail real estate property occupied by Target in Chicago’s Oak Park. The small-format Target features a full-service CVS Pharmacy and a Starbucks. Built in 2017, the store is the ground-floor retail component of The Emerson, a mixed-use development that includes 271 residential units. Britt Raymond, Matthew Mousavi, Patrick Luther and Kyle Fant of SRS represented the New York-based buyer, who completed a 1031 tax-deferred exchange. Ben Wineman and Wes Koontz of Mid-America represented the seller, a Chicago-based developer. Target launched its new small-format concept three years ago and now has eight stores open in Chicago, with two more slated to open this year and four scheduled to open in 2019.

August 9, 2018

Acquisitions Midwest Retail Wisconsin

Mid-America Brokers $10.2M Sale of Shopping Center in Oshkosh, Wisconsin

by Kristin Harlow August 9, 2018

OSHKOSH, WIS. — Mid-America Real Estate Corp. has brokered the sale of Oshkosh Center II for $10.2 million. The 107,456-square-foot shopping center is located at the northeast corner of 20th Avenue and Koeller Street in Oshkosh, nearly 90 miles northwest of Milwaukee. Anchor tenants include Pick ’n Save and Office Max. The sale also includes a 4,150-square-foot outlot building for a total of 111,606 square feet. Carly Gallagher, Rick Drogosz and Dan Rosenfeld of Mid-America brokered the transaction on behalf of the seller, Marlin Properties. Cincinnati-based Midland Atlantic purchased the asset.

August 9, 2018

Acquisitions Midwest Retail South Dakota

Marcus & Millichap Brokers $4.3M Sale of Retail Center in Rapid City, South Dakota

by Kristin Harlow August 9, 2018

RAPID CITY, S.D. — Marcus & Milichap has brokered the sale of Northgate Plaza in Rapid City for $4.3 million. The 173,678-square-foot retail center is located at 1111 E. North St. Kmart and Family Dollar anchor the property, which is 74 percent occupied. Karly Iacono of Marcus & Millichap represented the seller, a private investor, and the buyer, a developer.

August 9, 2018

Acquisitions California Retail Western

NKF Capital Markets Arranges $59.3 Million Sale of Elk Grove Commons Near Sacramento

by Amy Works August 9, 2018

ELK GROVE, CALIF. — NKF Capital Markets has arranged the sale of Elk Grove Commons, a 241,926-square-foot shopping center in Elk Grove, a southern suburb of Sacramento. The sales price was not disclosed, but the Sacramento Business Journal reports the asset sold for $59.3 million. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markets arranged the transaction on behalf of the seller, Donahue Schriber. Acadia Realty Trust acquired the center, which was fully leased at the time of sale. Elk Grove Commons houses tenants such as Trader Joe’s, HomeGoods and Kohl’s.

August 9, 2018

Colorado Development Retail Western

Kimco Unveils $14.5 Million Redevelopment Plans for Village on the Park in Colorado

by Amy Works August 9, 2018

AURORA, COLO. — Kimco Realty Corp. has unveiled plans for its $14.5 million redevelopment of Village on the Park, a 179,862-square-foot shopping center in Aurora. As part of the redevelopment, Kimco will demolish and reconstruct the four currently vacant retail spaces located south of Ross Dress for Less. The company has signed a lease with Old Navy to occupy a 13,800-square-foot space in the new section. America’s Best Contacts & Eyeglasses will fill a 3,515-square-foot space located on the pad adjacent to TJ Maxx. Kimco will break ground on the redevelopment this fall, with completion scheduled for summer 2019. America’s Best Contacts & Eyeglasses is expected to open this year.

August 9, 2018

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