Retail

Kidder Mathews Arranges Sale of Four-Building Retail Property in California’s Central Valley

by Amy Works July 17, 2018

VISALIA, CALIF. — Kidder Mathews has brokered the sale of The Shops at Visalia Pavilion, located at 3833, 3837, 3927 and 4015 W. Caldwell Ave. in Visalia. Toor Capital purchased the four-building property for $8.7 million. At the time of sale, the 33,000-square-foot asset was 95 percent occupied by a variety of tenants, including Starbucks Coffee, T-Mobile and Papa Murphy’s Pizza. Peter Beauchamp, Darren Tappen and Jenette Bennett of Kidder Mathews represented the seller, a New York-based private equity firm, in the deal.

July 17, 2018

Development Loans North Carolina Retail Southeast

HFF Arranges $28.8M in Construction Financing for Wegmans-Anchored Project in Triangle

by Camren Skelton July 17, 2018

CARY, N.C. — HFF has arranged $28.8 million in preferred equity and construction financing for the development of the first phase of Twin Lakes Center, a 153,229-square-foot retail center in Cary. The first phase includes a four-building retail center that is 93 percent preleased and will be anchored by Wegmans, a Rochester, N.Y.-based grocer.Greg Nalbandian, Roger Edwards, Devlin Murphy and Andrew Zilenziger of HFF arranged $6.3 million in preferred equity through a life insurance company and a $22.5 million, floating-rate loan through CapitalSource, a division of Pacific Western Bank. LeylandAlliance is developing the 35.8-acre property, which will be completed in phases and will include restaurants, retail space, seniors housing, a lake and walking paths. LeylandAlliance expects to wrap up construction on the retail portion of the project in July 2020.

July 17, 2018

Development Multifamily Retail Southeast Virginia

Skanska Acquires 94,000 SF Site in Metro D.C. for New Retail, Multifamily Development

by Camren Skelton July 16, 2018

TYSONS, VA. — Skanska USA has acquired a 94,000-square-foot site in Tysons for a new multifamily and retail development. Richard Siegel, Wendy Feldman Block and Bill Quinby of Savills Studley arranged the transaction on behalf of Skanska. The development company acquired the site within the mixed-use district of Scotts Run from master developer Cityline Partners. At full build-out, Scotts Run will span 8 million square feet and house offices, apartments, hotels, retail and restaurants. The land Skanska acquired is located across the street from the McLean Silver Line Metro station. The company is scheduled to break ground on the unnamed multifamily/retail development in 2019, with completion slated for 2022.

July 16, 2018

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers $9.2M Sale of Shopping Center in Philadelphia

by David Cohen July 16, 2018

PHILADELPHIA — Marcus & Millichap has brokered the sale of Victory Square, a 38,234-square-foot retail center in Philadelphia. The property sold for $9.2 million. Derrick Dougherty, Scott Woodard and Mark Taylor of Marcus & Millichap represented the seller, Post Brothers, and the out-of-market buyer, in the transaction. Victory Square is located at 4424 N. Broad St in North Philadelphia. The shopping center is fully leased and is anchored by an 18,500-square-foot Save-A-Lot grocery store. The tenant roster also includes Dollar Tree, Taco Bell and a laundromat. Originally constructed in 1980, the two-acre property was renovated in 2016.

July 16, 2018

Acquisitions California Mixed-Use Office Retail Western

LPC West Buys 57,253 SF Mixed-Use Property Near San Diego for $27.5M

by Amy Works July 16, 2018

DEL MAR, CALIF. — LPC West has acquired Polo Plaza, a mixed-use property located at 3702 and 3790 Via De La Valle in Del Mar, approximately 20 miles north of San Diego. An undisclosed local seller sold the property for $27.5 million. At the time of sale, the two-building 57,253-square-foot property was 92 percent occupied. Ben Tashakorian and Bradley Peters of Marcus & Millichap represented the seller, while LPC West represented itself in the transaction. LPC West plans to renovate the Mediterranean-style office and retail property to include a new paint scheme, monument sign, exterior lighting, furniture and landscaping, as well as complete parking lot upgrades. The renovated property will feature small ExecuOffices and on-site amenities, including a café offering coffee, breakfast and lunch.

July 16, 2018

Georgia Market Reports Property Type Retail Southeast Southeast Market Reports

Tech, Film Industries Help Atlanta Sustain Retail Growth Intown and in Suburbs

by John Nelson July 16, 2018

“How long will Atlanta’s retail boom last?” That is the multibillion-dollar question everyone in the market is asking themselves. Nobody knows for sure, although there are many valid reasons to think that Atlanta will sustain its growth through 2018 and beyond. The state of Georgia has placed a strong emphasis on drawing technology companies to the state, and Atlanta’s tech boom has catapulted the city to the front of the race for Amazon’s $5 billion HQ2 project. The city already boasts the world’s busiest airport, which makes it easy for any company to relocate here because they can directly connect to anywhere in the world. Most recently, Facebook announced it will build a sprawling data center campus at Stanton Springs, about 40 miles east of Atlanta, and NCR Corp. recently opened its new headquarters campus in Midtown. The emerging tech community includes startup hubs such as Atlanta Tech Village, Switchyards Downtown Club, the upcoming Coda project at Tech Square and Advanced Technology Development Center, an affiliate of Georgia Tech. With elite local colleges like Georgia Tech, Emory University and the state’s flagship school, the University of Georgia, about 60 miles east in Athens rapidly producing new graduates, the city is …

July 16, 2018

Loans Northeast Pennsylvania Retail

Uber Capital Group Secures $24M Refinancing for Logan Valley Mall in Pennsylvania

by David Cohen July 13, 2018

ALTOONA, PA. — Uber Capital Group has secured a $24 million refinancing for Logan Valley Mall in Altoona. Joel J. Gorjian of Uber Capital represented the borrower, a private national commercial real estate investment group, in securing financing from a regional bank based in Pennsylvania. Terms of the loan included a 4.75 percent fixed rate and a 25-year amortization. The two-story, 785,000-square-foot mall is located at 5580 Goods Lane and currently has a roster of more than 80 tenants. JCPenney, Macy’s, Sears, and AMC Theatres anchor the mall.

July 13, 2018

Acquisitions Northeast Pennsylvania Retail

Colliers Negotiates $2.5M Sale of Retail Condominium in Philadelphia

by David Cohen July 13, 2018

PHILADELPHIA — Colliers International has negotiated the $2.5 million sale of a 5,170-square-foot retail condominium in Philadelphia’s central business district. Located on the first floor of 1228-1232 Arch St., the condominium was formerly occupied by CitiBank and will be converted into restaurant and other retail space. Todd Sussman, Josh Goldfine and Anna MacDonald of Colliers represented the seller, Independence Realty Arch Street, in the transaction. The property was purchased by Maitay LLC.

July 13, 2018

Acquisitions New Jersey Northeast Retail

NAI Hanson Brokers Sale of 48-Acre Land Parcel for Zip Line Adventure Park in New Jersey

by David Cohen July 13, 2018

ROXBURY, N.J. — NAI James E. Hanson has brokered the sale of a two land parcels totaling 48 acres that have been approved for a zip line adventure park in Roxbury. NAI James E. Hanson represented the seller, Darl Enterprises LLC. Flagstaff Extreme LLC purchased the two parcels for an undisclosed price. Arizona-based Flagstaff Extreme operates a number of extreme adventure courses in Arizona the Midwest. This will be its first location in the Northeast. The two vacant parcels, which are located at 1233 Route 46, were listed separately with the option to purchase together. The smaller parcel is .17 acres and the larger parcel is 48 acres.

July 13, 2018

Acquisitions California Retail Western

HFF Brokers Sale of 281,240 SF Shopping Center in Southern California for $51.1M

by Amy Works July 13, 2018

SIMI VALLEY, CALIF. — HFF has arranged the sale of Mountaingate Plaza, a value-add shopping center located in Simi Valley. A joint venture between Investcorp International Realty and ScanlanKemperBard sold the property to Merlone Geier Partners for $51.1 million. Situated on 24.8 acres at 1197-1301 E. Los Angeles Ave. and 2022-2090 First St., the property comprises eight buildings and outparcel pads. Tenants at the center include Valley Marketplace, Rite Aid, 99 Cents Only, dd’s Discounts, Black Bear Diner, Smash Burger, El Pollo Loco, Jersey Mike’s Subs, Starbucks Coffee, U.S. Armed Forces and Ventura County Health Care Agency. Gleb Lvovich, Bryan Ley and Daniel Tyner of HFF represented the seller in the transaction.

July 13, 2018

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