Retail

IPA Brokers $55.7M Sale of Shopping Center in Aurora, Ohio

by Kristin Harlow February 8, 2018

AURORA, OHIO — Institutional Property Advisors (IPA) has brokered the sale of Marketplace at Four Corners in Aurora for $55.7 million. The 525,708-square-foot shopping center, located at 7155-7175 Aurora Road, opened in 2002. The property was 99 percent occupied at the time of sale. Anchor tenants include Walmart, Kohl’s Dick’s Sporting Goods and HomeGoods. Scott Wiles, Erin Patton and Craig Fuller of IPA represented the Florida-based seller, which Crain’s Cleveland Business cites as an affiliate of MPG Development. Along with Dean Zang of IPA, the team also secured the buyer, a New York-based 1031 exchange investor. IPA is a division of Marcus & Millichap.

February 8, 2018

California Loans Retail Western

HFF Arranges $83.5 Million Loan for 141,420 SF Retail Center in Bay Area

by Nellie Day February 7, 2018

EMERYVILLE, CALIF. — HFF has arranged an $83.5 million loan for Emeryville Public Market, a 141,420-square-foot shopping center in the San Francisco Bay Area community of Emeryville. Peter Smyslowski of HFF arranged the five-year, floating-rate loan through ACORE Capital on behalf of the borrower, a partnership between City Center Realty Partners LLC and Angelo, Gordon & Co. Proceeds of the loan will be used to retire an existing Bank of America loan, complete construction of an additional 26,350 square feet of retail space, add a 300-stall parking structure and expand an on-site public park. Emeryville Public Market is home to tenants including Guitar Center, Urban Outfitters and a food hall. The property was originally constructed in 1920, but underwent expansions and renovations in 1988 and 2017.

February 7, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $45.5M in Financing for Condo Development in Manhattan

by Amy Works February 7, 2018

NEW YORK CITY — Madison Realty Capital has provided $45.5 million in financing to a New York-based developer to complete the construction of 22 Bond Street, a mixed-use condominium development in the Noho neighborhood of Manhattan. The 11-story, 34,035-square-foot development features a 4,245-square-foot commercial condominium on the cellar and grade levels and six residential condominiums on the upper floors. The residential condominiums are three-bedroom, 3.5-bath duplex units with private elevator access and terraces. On-site amenities include an outdoor garden, storage and a resident lounge. Completion is slated for spring 2018.

February 7, 2018

Connecticut Northeast Retail

Marcus & Millichap Brokers $5.2M Sale of Shopping Center in Connecticut

by Amy Works February 7, 2018

EAST HAVEN, CONN. — Marcus & Millichap has arranged the sale of East Haven Shopping Center, located at 75 Frontage Road in East Haven. A Philadelphia-based development company sold the retail center for $5.2 million. Anchored by AutoZone, the 52,752-square-foot property was 93 percent occupied at the time of sale. Mark Krantz, Mark Taylor, Derrick Dougherty and J.D. Parker of Marcus & Millichap represented the seller in the deal. The name of the buyer was not disclosed.

February 7, 2018

Retail Texas

HHC Breaks Ground on 62,565 SF Retail Center in Metro Houston

by Taylor Williams February 7, 2018

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has broken ground on Lake Woodlands Crossing, a 62,565-square-foot retail center in the northern Houston suburb of The Woodlands. The property is 65 percent preleased to tenants such as Ulta Beauty, Main Squeeze Juice Co. and Stickhouse, a gelato shop. Completion of the center, which will be located at the intersection of Lake Woodlands Drive and Grogan’s Mill Road, is slated for the fourth quarter.

February 7, 2018

Retail Texas

Aldi, Dollar Tree Open Stores at 156,000 SF Shopping Center in Metro Houston

by Taylor Williams February 7, 2018

KINGWOOD, TEXAS — German discount grocer Aldi and Virginia-based Dollar Tree have opened stores at Shoppes at Kingsgate, a 156,000-square-foot retail center in the northern Houston suburb of Kingwood. Aldi will occupy approximately 19,000 square feet and Dollar Tree will occupy 9,500 square feet. A building that formerly housed Sears was demolished to make way for the construction of both retailers’ spaces. Shawn Ackerman of Henry S. Miller Co. Inc. (HSM) represented the landlord, Chestnut Ridge Associates, in the lease negotiations. Chris Pitts and Joe Silver of Streetwise Retail Advisors represented Aldi and Perry Zieben of Zieben Realty represented Dollar Tree.

February 7, 2018

Illinois Loans Midwest Retail

Associated Bank Provides $14.5M Construction Loan for Three-Building Retail Project in Schaumburg, Illinois

by Kristin Harlow February 7, 2018

SCHAUMBURG, ILL. — Associated Bank has provided a $14.5 million refinancing and construction loan for a multi-tenant retail project in Schaumburg. Known as Woodfield Gatherings, the three-building project is located near Woodfield Mall. The 30,074-square-foot retail property was formerly home to a parking lot for a J.C. Penney store. Chuy’s, Naf Naf Grill, Mod Pizza and Honey Grow have all signed leases at the new development. Chuy’s is currently open for business, while the remaining tenants will open in April. Daniel Barrins of Associated Bank originated the loan on behalf of the borrower, Shorewood Development Group.

February 7, 2018

Midwest Minnesota Retail

Novak Completes 180,000 SF Remodeling of Sam’s Club Store in St. Cloud, Minnesota

by Kristin Harlow February 7, 2018

ST. CLOUD, MINN. — Novak Construction has completed the remodeling of a 180,000-square-foot retail store occupied by Sam’s Club in St. Cloud in central Minnesota. The property is located at 207 County Road 120. The interior now features a new grocery wing with deli, bakery, produce, meat and dairy departments. The remodeling also features new offices, a training room, pharmacy and Subway sandwich shop. The project also included the installation of new electrical, mechanical, refrigeration systems, flooring, wall finishes and landscaping. Paul Bergin, John Rudd, Sean Raby, Kelsey Green and Dave Baniewicz led the project team for Novak.

February 7, 2018

Midwest Missouri Retail

Hanley Investment Group Arranges $2.4M Sale of Retail Building in Arnold, Missouri

by Kristin Harlow February 7, 2018

ARNOLD, MO. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 3,500-square-foot retail building occupied by Aspen Dental in Arnold, a southern suburb of St. Louis, for $2.4 million. The newly constructed building is situated on slightly less than one-half acre at 1200 Big Bill Road. An 80-foot billboard enhances the property’s visibility from the highway. Jeff Lefko and Bill Asher of Hanley represented the seller, DLJ Properties LLC. Robert Gamzeh of Triple Net Investment Group represented the buyer, a Chicago-based private investor.

February 7, 2018

Georgia Retail Southeast

Avison Young Brokers $35M Sale of Four-Property Shopping Center Portfolio in Metro Atlanta

by Camren Skelton February 7, 2018

ATLANTA — Avison Young has brokered the $35 million sale of a four-property retail portfolio in metro Atlanta. Theresa Johnson, David Krasnoff and Grant Linderman of Avison Young’s Atlanta office arranged the transaction on behalf of the seller, Ginsburg Development Cos. Harbour Retail Partners acquired the portfolio. The transaction included Dacula Village, a 69,300-square-foot shopping center in Dacula, roughly 25 miles northeast of Atlanta in Gwinnett County; Publix at Mt. Zion, a 79,000-square-foot center in Morrow, roughly 15 miles south of Atlanta in Clayton County; and Stockbridge Lanes, a 78,600-square-foot retail center in Stockbridge, roughly 20 miles south of Atlanta in Henry County. Publix anchors all three of the centers. In addition, Harbour Retail Partners acquired an 80,700-square-foot, Planet Fitness-anchored center — McDonough West — in the south Atlanta metro of McDonough in Henry County. At the time of sale, the four properties had a combined occupancy of 92.5 percent.

February 7, 2018

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