Retail

RadioShack Partners with HobbyTown to Open 100 New Express Locations Nationwide

by John Nelson July 30, 2018

FORT WORTH, TEXAS AND LINCOLN, NEB. — Fort Worth-based RadioShack has partnered with Lincoln, Neb.-based retailer HobbyTown to open more than 100 new express stores nationwide. RadioShack will start by opening 60 locations of its store-within-a-store concept at HobbyTown stores across the country. The new express store will sell RadioShack-branded electronics. The move will bring RadioShack’s merchandise to several suburban markets. Founded in 1921, RadioShack is owned today by General Wireless Operations Inc., which acquired the brand in March 2015.

July 30, 2018

Acquisitions New York Northeast Retail

Cushman & Wakefield Arranges $3M Sale of Retail Building in Brooklyn

by David Cohen July 30, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a 2,919-square-foot retail building in the Bensonhurst neighborhood of Brooklyn. The two-story property sold for $3 million or $1,028 per square foot. Jeffrey A. Shalom of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was a private investor. The entire building is currently leased through August 2019 to Free Time Hangout, a Cantonese restaurant.

July 30, 2018

Arizona Loans Retail Western

KeyBank Provides $35.3M Financing for Retail Center in Goodyear, Arizona

by Amy Works July 30, 2018

GOODYEAR, ARIZ. — KeyBank Real Estate Capital has provided a $35.3 million CMBS first-mortgage loan for Market at Estrella Falls, a retail center in Goodyear. The name of borrower was not released. Jacob Proctor of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term, two-year interest-only period and a 30-year amortization schedule. The borrower used the loan to acquire the property, as well as an adjacent vacant lot for future development. Burlington, T.J. Maxx/HomeGoods and C-A-L Ranch Stores anchor the 292,034-square-foot shopping center.

July 30, 2018

Acquisitions New Mexico Retail Western

AAG Management Acquires 43,484 SF Albertsons in New Mexico for $9M

by Amy Works July 30, 2018

CLOVIS, N.M. — AAG Management has purchased a single-tenant retail property located 1905 N. Prince St. in Clovis. An undisclosed seller sold the property for $9 million. Albertsons Market occupies the 43,484-square-foot building. Matt Berres of JLL’s Capital Markets represented the seller in the deal.

July 30, 2018

Acquisitions Illinois Midwest Net Lease Restaurant Retail

Baum Brokers $1.8M Sale of Property Net Leased to Chipotle in Effingham, Illinois

by Kristin Harlow July 30, 2018

EFFINGHAM, ILL. — Baum Realty Group LLC has brokered the $1.8 million sale of a single-tenant restaurant property net leased to Chipotle Mexican Grill in Effingham in southwest Illinois. The property, located at 1207 N. Keller Drive, is near Panera Bread, Panda Express, Steak ’n Shake and two hotels. Patrick Forkin of Baum represented the seller, a Midwest-based developer. A regional investor purchased the asset.

July 30, 2018

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $8.1M Sale of Shopping Center in Clarkston, Michigan

by Kristin Harlow July 27, 2018

CLARKSTON, MICH. — Marcus & Millichap has brokered the $8.1 million sale of White Lake Commons in Clarkston, about 35 miles northwest of downtown Detroit. Neiman’s Family Market anchors the 151,201-square-foot shopping center. Other tenants include CVS, Office Depot, Anytime Fitness, Enterprise Rent-A-Car, The UPS Store and Wendy’s. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a publicly traded REIT. A local private buyer purchased the asset.

July 27, 2018

Development Northeast Pennsylvania Retail

CBL Properties to Develop 100,000-Square-Foot Casino, Entertainment Complex at Westmoreland Mall in Pennsylvania

by David Cohen July 27, 2018

HEMPFIELD TOWNSHIP, PA. — CBL Properties, in partnership with Stadium Casino LLC, has unveiled plans to develop a 100,000-square-foot casino and entertainment complex at CBL’s Westmoreland Mall in Hempfield Township. Stadium Casino LLC is a joint venture between The Cordish Cos. and Greenwood Gaming & Entertainment. The new casino will backfill space currently occupied by Bon-Ton, which will close in early August. The project, which is expected to create 600 jobs, is subject to the review and approval of the Pennsylvania Gaming Control Board. A construction timeline will be released upon approval.

July 27, 2018

Colorado Loans Mixed-Use Multifamily Retail Western

HFF Arranges $118.5M Refinancing for Mixed-Use Property in Aurora, Colorado

by Amy Works July 27, 2018

AURORA, COLO. — HFF has arranged $118.5 million in financing for The Forum Fitzsimons, a mixed-use residential and retail property located in Aurora, a suburb of Denver. The borrower is a joint venture between Catalina Development Co., The Pollin Group and Sightway Capital. Chris McColpin and Josh Simon of HFF arranged the five-year, floating-rate loan through a specialty finance company. Loan proceeds were used to replace the existing construction financing, which HFF arranged on behalf of the development team in 2015. Located at 13650 E. Colfax Ave., the four-story property features 397 apartments and 28,640 square feet of ground-floor retail space. Additionally, the property offers more than 15,000 square feet of amenities, including two resort-style pools and spas with outdoor fireplaces and grills; clubrooms with a theater and game room; a fitness facility with specialized yoga and cycling rooms; an internet café and business center; a dog washing facility and two bark parks; a bike shop; storage facilities; and a six-story gated parking structure.

July 27, 2018

Acquisitions Retail South Carolina Southeast

Colliers Brokers $16.3M Sale of Open-Air Shopping Center in Columbia

by Camren Skelton July 27, 2018

COLUMBIA, S.C. — Colliers International has brokered the $16.3 million sale of Village at Town Center I, a 288,000-square-foot, open-air shopping center in Columbia. Joe Montgomery and Tony D’Ambrosio of Colliers arranged the transaction on behalf of the seller, a CMBS special servicer. Sandhill Center LLC, a South Florida-based private ownership group, acquired the asset. JC Penney and Books-A-Million anchor Village at Town Center, which was 84 percent leased at the time of sale. Additional tenants include Victoria’s Secret, Ann Taylor, Loft, Jos. A Bank, Panera Bread, Blaze Pizza, Moe’s Southwest Grill and Wild Wing Café. The property is the primary component of Village at Sandhill, a 300-acre mixed-use project located at the intersection of Clemson and Two Notch roads.

July 27, 2018

Acquisitions Florida Retail Southeast

CREC Acquires Tallahassee Shopping Center for $15.9M

by Camren Skelton July 27, 2018

TALLAHASSEE, FLA. —CREC has acquired Killearn Shopping Center in Tallahassee for $15.9 million. The 95,229-square-foot retail center is home to tenants such as Hobby Lobby, CVS/pharmacy, Bonefish Grill, Five Guys, Moe’s Southwest Grill, Hungry Howie’s and Firehouse Subs. The center was fully leased at the time of sale. Warren Weiser, Alan Esquenazi and Andrew Remick represented CREC internally in the transaction. Carson Good and Tarik Bateh of JLL represented the seller, a joint venture between DDR Corp. and Madison International Realty.

July 27, 2018

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