Retail

HFF Brokers $29M Sale of Grocery-Anchored Center in Tampa Bay Area

by Camren Skelton July 13, 2018

PLANT CITY, FLA. — HFF has brokered the $29 million sale of Lake Walden Square, a 244,529-square-foot shopping center in the Tampa Bay community of Plant City. Eric Williams, Daniel Finkle and Luis Castillo of HFF arranged the transaction on behalf of the seller, Retail Value Inc. JBL Asset Management acquired the property. Winn-Dixie anchors Lake Walden Square, which was 93.3 percent leased at the time of sale. Additional tenants include Ross Dress for Less, Marshalls, Michaels, PetSmart, Ulta Beauty, Five Below, Famous Footwear, Continuecare Medical, Amscot Financial, Cricket Wireless, Queen Nails and Firehouse Subs.

July 13, 2018

Acquisitions Kentucky Retail Southeast

SRS Arranges $8.9M Sale of Shopping Center Near Lexington

by Camren Skelton July 13, 2018

NICHOLASVILLE, KY. — SRS’ Investment Properties Group has arranged the $8.9 million sale of Brannon Crossing Centre, a 63,707-square-foot retail center located at 230 E. Brannon Road in Nicholasville, roughly 12 miles south of Lexington. Kyle Stonis and Pierce Mayson of SRS arranged the transaction on behalf of the seller, Viking Partners. Jason Taylor of Equity Management Group Inc. represented the buyer, Brannon 230 LLC. Brannon Crossing Centre was 97 percent leased at the time of sale to tenants such as Marshalls, HomeGoods, Subway, Great Clips, Sally Beauty Supply and Sun Tan City.

July 13, 2018

Loans Retail Utah Western

Bellwether Enterprise Secures $10.5M Refinancing for Retail Center in Orem, Utah

by Amy Works July 13, 2018

OREM, UTAH — Bellwether Enterprise has arranged a $10.5 million first mortgage loan to refinance a shopping center in Orem. Shelley Magoffin and Max Sauerman of Bellwether secured the financing for a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The non-recourse loan features a 10-year term, 25-year amortization schedule and flexible prepayment penalty for the latter half of the loan term. Constructed in phases between the 1950s and 1980s, the property features more than 100,000 square feet of retail space. At the time of financing, the asset was 95 percent leased to 11 tenants ranging in size from 1,400 square feet to 40,000 square feet. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

July 13, 2018

Acquisitions Massachusetts Northeast Retail

NKF Capital Markets Brokers Sale of 21,754 SF Retail Center Near Boston

by David Cohen July 12, 2018

MARLBOROUGH, MASS. — NKF Capital Markets has brokered the sale of a 21,754-square-foot retail center in Marlborough. Located at 32-44 Boston Post Road West,The property is approximately 31 miles west of Boston. NKF Capital Markets represented the seller, The Gutierrez Company, in the transaction. A private equity fund managed by Crow Holdings Capital Partners purchased the asset for an undisclosed price. The shopping center is currently fully leased and features a tenant roster that includes 99 Restaurant & Pub, Jersey Mike’s Subs, Marlboro Wine & Spirit Co., Orangetheory Fitness and AFC Urgent Care.

July 12, 2018

Acquisitions California Retail Western

Fairbourne Properties Acquires Shopping Center in California for $85.7M

by Amy Works July 12, 2018

BRENTWOOD, CALIF. — Chicago-based Fairbourne Properties has purchased The Streets of Brentwood, a grocery- and theatre-anchored lifestyle center located at 2455 Sand Creek Road in Brentwood. A fund managed by DRA Advisors sold the asset for $85.7 million, according to property records obtained by the San Francisco Business Times. The 358,615-square-foot center includes a 14-screen AMC Theatre, DSW, Ulta Beauty and Sprouts Farmers Market. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markers represented the seller in the transaction.

July 12, 2018

Company News North Carolina Retail Southeast

The Fresh Market to Close 15 Stores Nationwide, Including Seven in Southeast

by Camren Skelton July 12, 2018

GREENSBORO, N.C. — The Fresh Market Inc. announced this week that it will close 15 stores nationwide, including seven in the Southeast. The impacted stores were selected after an analysis of overall growth and long-term financial performance, according to the Greensboro-based grocer. “Over the last eight months, our company has been executing a turnaround plan and we’ve seen great progress,” said Larry Appel, CEO of The Fresh Market, in a statement. “However, for a variety of reasons unique to each retail location, that progress is not evenly distributed and, as a result, we have decided to close these long-term, underperforming stores.” In the Southeast, The Fresh Market will close locations in Atlanta and Snellville, Ga.; Louisville, Ky.; Charlotte, N.C.; Hendersonville, Tenn.; and Winchester and Charlottesville, Va. Other affected locations are located throughout Illinois, Indiana, New Hampshire and Wisconsin. The stores will close over the next two to four weeks.

July 12, 2018

Acquisitions Hospitality Nevada Retail Top Stories Western

VICI Properties Closes $507.5M Sale-Leaseback of Octavius Tower at Caesars Palace

by Camren Skelton July 12, 2018

LAS VEGAS — VICI Properties has acquired the 23-story Octavius Tower at Caesars Palace Las Vegas for $507.5 million in cash. Under the terms of an existing ground lease, the REIT will lease the 668-room hotel back to the seller, Caesars Entertainment Corp., which currently operates the property. Caesars’ annual rent payment to VICI will be $35 million. Constructed in 2012, the hotel spans 1.2 million square feet and is located on the Flamingo Avenue side of Caesars Palace Las Vegas. At the time of closing, VICI announced that it will also acquire Harrah’s Philadelphia from Caesars. The original purchase price of $241.5 million will be reduced to $82.5 million to reflect modifications to VICI’s existing leases with Caesars. “These agreements with VICI unlock more than $500 million in value from our real estate assets to support value-adding growth opportunities and reduce the volatility of our future rent payments, demonstrating our commitment to create value for our shareholders while maintaining financial discipline,” says Mark Frissora, president and CEO of Caesars Entertainment. Constructed in 2006, Harrah’s Philadelphia underwent a renovation in 2017. The property spans 2 million square feet and includes 2,450 slot machines, live table games, and several bars, restaurants and parking garages. …

July 12, 2018

Acquisitions New York Northeast Retail

Petrakis Properties Acquires Six 7-Eleven Locations in Upstate New York for $2.7M

by David Cohen July 11, 2018

UPSTATE NEW YORK — Petrakis Properties has acquired six 7-Eleven convenience and fuel locations in Upstate New York. The properties are located in Attica, Warsaw, Elmira Heights, Corning, Hornell and Rochester. Jesse Tufariello of Silber Investment Properties represented the seller, Saunders Management Co., in the transaction. All six properties were previously acquired as part of a larger deal and converted by Saunders to 7-Eleven convenience and fuel stations. The total square footage of the properties is 15,118 square feet.

July 11, 2018

Acquisitions Illinois Midwest Retail

Quantum Brokers Sale of Two Retail Properties in Aurora, Illinois

by Kristin Harlow July 11, 2018

AURORA, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of two retail properties in Aurora for an undisclosed price. The sale includes a 31,000-square-foot retail center and a single-tenant building occupied by Walgreens. The retail center was fully leased at the time of sale. Tenants include Dollar General, O’Reilly Auto Parts and Subway. Constructed in 2002, the Walgreens property is approximately 15,000 square feet. Chad Firsel of Quantum represented the seller, a Chicago-based investor. Daniel Waszak of Quantum represented the buyer, a Colorado-based private investor.

July 11, 2018

Acquisitions California Retail Western

CVS-Anchored Shopping Center in the Inland Empire Trades for $24M

by Amy Works July 11, 2018

RANCHO CUCAMONGA, CALIF. — Apartment Income Investors has sold Thomas Winery Plaza, a shopping center located along Route 66 in Rancho Cucamonga. An undisclosed buyer acquired the asset for $24 million. CVS/pharmacy anchors the 99,838-square-foot shopping center. Lindsay Tsumpes and El Warner of Matthews Real Estate Investment Services handled the transaction.

July 11, 2018

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