NEW YORK CITY — Ready Capital Structured Finance has arranged $6 million in financing for the acquisition, renovation and stabilization of a mixed-use property in SoHo. The financing is a non-recourse senior floating-rate bridge loan. The property features 7,500 square feet of retail, office and multifamily space.
SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) has opened the first location of Amazon Go, an 1,800-square-foot mini grocery store in Seattle that allows customers to shop without waiting in checkout lines. The store was open exclusively to Amazon employees for the past year. The store is located at 2131 7th Ave. near the corner of Blanchard Street, less than a mile from Pike Place Market and the e-commerce giant’s headquarters. It offers ready-to-eat meals and snacks prepared by Amazon chefs, as well as grocery staples and artisanal baked goods. The offerings also include chef-designed meal kits. Shoppers must have an Amazon account and the Amazon Go app, the latter of which enables entry into the store. Once inside, customers shop as they normally would and then simply leave. While there are no cashiers, there are employees working in the store who prepare food and check IDs on purchases of alcoholic beverages. The store employs inventory-tracking technologies featuring cameras and motion sensors that automatically detect items being removed or returned to shelves. Shortly after shoppers depart, they receive a digital receipt and charges to their Amazon account. “Amazon has generally been regarded as a threat to conventional retail,” says Kenneth Katz, …
SAN DIEGO — CBRE has arranged the sale of Midway Square, a multi-tenant shopping center located at 3112 Midway Drive in San Diego’s Point Loma district. Winston Square LLC sold the property to Midway Square LLC for $5.2 million. Reg Kobzi, Sam Alison, Mike Philbin and Amar Goli of CBRE represented the seller, while Andrew Slade of CIRE Partners represented the buyer in the deal. At the time of sale, the property was 100 percent leased. Express Time, Auto Serve Center, Suspension Plus and Smog Creek occupy the 15,271-square-foot, single-level retail center.
MILPITAS, CALIF. — Big Al’s, a sports bar and entertainment chain, has signed a lease for 46,000 square feet of retail space at McCarthy Ranch Marketplace in Milpitas in Silicon Valley. TMS McCarthy LP is the landlord. Located at 15 Ranch Drive, Big Al’s Silicon Valley will be the company’s fifth center and second in California. The store is slated to open for business in late 2018.
HAMILTON, N.J. — Marcus & Millichap has brokered the sale of a single-tenant retail property, located at 2021 Nottingham Way in Hamilton. A private developer sold the property to a private investor for $5.5 million. Walgreens occupies the 14,280-square-foot property on a net-leased basis. Karly Iacono of Marcus & Millichap represented the seller, while Iacono and Jonathan Zamora, also of Marcus & Millichap, represented the buyer in the deal.
OMAHA — Darland Construction Co. has completed the new corporate headquarters and dealership for Truck Center Cos. in Omaha. The 180,000-square-foot property is located on a 26-acre site at the corner of I-80 and Highway 50. The two-building project features a full-service body shop, 60 service bays, an on-site diesel tech training center and a 34,000-square-foot parts warehouse. Darland completed the project more than two months ahead of schedule. Schemmer was the project architect.
SAN ANTONIO — HFF has negotiated the sale of Nacogdoches Crossing, a 22,434-square-foot shopping center located at 6826 N. Loop 1604 in northeast San Antonio. The property, which is shadow-anchored by a Walmart Supercenter and leased to tenants such as Taco Cabana and Rolling Oaks Dental, includes two acres of development-ready land that can accommodate about 19,000 square feet of additional retail space. John Taylor and Drew Fuller of HFF represented the seller, Santikos Real Estate Services, a San Antonio-based retail developer, in the transaction. A private investor purchased the asset free and clear of debt for an undisclosed price.
NASHVILLE, TENN. — HFF has arranged a $26.7 million construction loan for the adaptive reuse of the former May Hosiery textile mill in Nashville. The development is located at 425 to 431 Chestnut St. and 510 Houston St. in the city’s Wedgewood Houston neighborhood. Danny Kaufman and Christopher Knight of HFF arranged the two-year, floating-rate loan through LoanCore Capital on behalf of the borrower and developer, Chicago-based AJ Capital Partners. Proceeds of the loan will be used for the renovation and remaining lease-up of the property. Constructed in 1909, the 120,000-square-foot facility was originally home to May Hosiery, which made socks through most of the 20th century. AJ Capital Partners is redeveloping the property into a mixed-use space featuring 80,000 square feet of creative office space and 40,000 square feet of retail and restaurant space. In addition, the project will include a private rooftop terrace and central outdoor spaces. At the time of closing, the development was 47 percent preleased to Tuck-Hinton Architects, Southcomm Media, Dream Technologies, Parson’s Chicken & Fish and Blockhouse Barbers.
AUSTIN, TEXAS — TREK Investment Group has brokered the sale of Tech Ridge Center, an 8,200-square-foot retail center in north Austin. Built in 2017, the Class A center was 100 percent leased at the time of sale to Orangetheory Fitness, Smoothie King and Mattress One. Parker Carroll of TREK represented the undisclosed buyer in the transaction. Other terms of sale were not released.
MOUNT LAUREL, N.J. — New York City-based Prestige Properties has acquired Centerton Square, a shopping center located at 2 Centerton Road in Mount Laurel. Black Creek Diversified Property Fund sold the property for $130 million. Wegmans anchors the 426,436-square-foot regional shopping destination. At the time of sale, the property was fully leased to more than 40 tenants, including DSW Shoes, TJ Maxx, Bed Bath & Beyond and Burlington, which is slated to open soon.