Retail

Natixis Arranges $480.8M Construction Loan for Development in Boston Seaport Square

by Amy Works January 5, 2018

BOSTON — Natixis has arranged a $480 million construction loan for Cottonwood Management to develop 3.5 acres in Boston Seaport Square in Boston. The loan will finance a 717-unit residential facility, two condominium towers and one luxury rental tower, as well as a two-story, 125,000-square-foot retail base podium centered around a public courtyard. The overall project is an 819,000-square-foot mixed-use space on Boston’s waterfront. The property’s residential units will feature luxury finishes including quartz countertops, stainless steel appliances, gas fireplaces, floor-to-ceiling windows and in-unit laundry, custom Italian cabinetry and porcelain tile. Common amenities will include a wine room, a lounge, outdoor and indoor swimming pools, a spa treatment room, a half basketball court, an innovation center, a children’s playroom, a pet spa and lobbies.

January 5, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Structured Finance Closes $6M Loan for Mixed-Use Building in SoHo

by Amy Works January 5, 2018

NEW YORK CITY — Ready Capital Structured Finance has closed a non-recourse $6 million loan for the acquisition, renovation and stabilization of a mixed-use building in SoHo. The undisclosed sponsor plans to renovate the 7,500-square-foot property, including restoration of the retail portion to white box finish, full interior renovations on each floor, upgrading the building’s systems and re-tenanting the property at market rental rates. The loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.

January 5, 2018

Retail Texas

The Silver Group Brokers Sale of Retail Store Leased to Walgreens in Northwest Houston

by John Nelson January 5, 2018

HOUSTON — The Silver Group has arranged the sale of a single-tenant retail store in northwest Houston that is leased to Walgreens. Walgreens chose the newly built store, located at 11220 Louetta Road, as a relocation for an older Walgreens drugstore roughly a half-mile to the west. The new store is situated adjacent to The Vintage, a 630-acre enclave featuring single-family residences, a Whole Foods Market-anchored shopping center, office space and multifamily properties. The Silver Group represented the undisclosed developer in the sale, and SVN-Texas represented the undisclosed buyer. The new Walgreens is the 71st drugstore The Silver Group has brokered.

January 5, 2018

Mixed-Use Retail Texas

Thor Equities Signs Three New Retail Leases at Kirby Collection in Houston

by John Nelson January 5, 2018

HOUSTON — Thor Equities has secured three new retail leases at Kirby Collection, a 1 million-square-foot mixed-use development in Houston’s River Oaks neighborhood. Located in the Upper Kirby District of River Oaks, the project features two levels of retail space totaling 65,000 square feet, a 25-story residential tower with 199 apartment units and a 13-story, 186,000-square-foot Class A office building. The new tenants joining Kirby Collection include boutique retailer A Ma Maniere leasing 2,200 square feet, Indian restaurant Great W’Kana Café leasing 2,960 square feet and high-end hair salon Atelier Isabelle Rose leasing 3,855 square feet. Other recent transactions include high-end bowling and dining concept Pinstripes leasing 33,830 square feet; Whitney Bank leasing the entire 11th floor of the office tower for its regional headquarters, as well as ground-floor retail space for a bank branch; Novum Energy Trading leasing space on the 10th floor for its global headquarters; and Regency Centers leasing 4,000 square feet. The development team for Kirby Collection includes general contractor E.E. Reed Construction, architect Richard Keating Architecture, interior designer Dianna Wong Architecture + Design, Houston-based architect of record Kirksey, structural engineer Walter P. Moore and Houston-based MEP engineer WYLIE.

January 5, 2018

Midwest Minnesota Retail

Upland Arranges $7.5M Sale of Retail Building in Downtown Minneapolis

by Kristin Harlow January 5, 2018

MINNEAPOLIS — Upland Real Estate Group Inc. has arranged the sale of 700 Hennepin Avenue in downtown Minneapolis for $7.5 million. Seven the Steakhouse and Clear Channel Billboards occupy the 30,977-square-foot, net leased retail building. Both tenants have over nine years remaining on their leases with annual rent increases in place. Seven the Steakhouse has operated at the property since 2007. Nearby attractions include Pantages Theatre, Target Field (home of the Minnesota Twins) and U.S. Bank Stadium (home of the Minnesota Vikings). Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. A private New Jersey-based investor purchased the asset.

January 5, 2018

Florida Loans Retail Southeast

Fifth Third Bank Provides $43M Construction Loan for Retail Portion, Parking Garage at Miami Worldcenter

by Camren Skelton January 5, 2018

MIAMI — Fifth Third Bank has provided a $43 million construction loan for the construction of 53,000 square feet of retail space and a 1,100-space parking garage at Miami Worldcenter, a 27-acre mixed-use project in downtown Miami. Miami Worldcenter Associates and CIM GROUP are developing the project, which at full build-out will feature 360,000 square feet of retail space, apartments buildings, a 600,000-square-foot office building, 1,700-room Marriott Marquis hotel and 350,000 square feet of convention space. The loan brings the total amount of financing secured to date to approximately $500 million.

January 5, 2018

Retail Southeast Tennessee

Cobalt Buys 134,818 SF Retail Center in Nashville for $16.3M

by Camren Skelton January 5, 2018

NASHVILLE, TENN. — Cobalt Real Estate Solutions LLC has acquired Jackson Downs, a 134,818-square-foot shopping center in Nashville, for $16.3 million. Viking Partners sold the asset, and Integrated Realty Advisors arranged acquisition financing through ORIX RE Holdings LLC. Marshalls and OfficeMax anchor the property, and Target and Kohl’s are shadow-anchors. At the time of sale, Jackson Downs was fully occupied. Divaris Real Estate and Divaris Property Management Corp. have been retained to oversee leasing and management of the property, with support from Colliers International.

January 5, 2018

Illinois Midwest Ohio Retail Top Stories

Sears, Kmart, Macy’s Unveil List of Store Closures for Early 2018

by Kristin Harlow January 5, 2018

HOFFMAN ESTATES, ILL. AND CINCINNATI — Sears Holdings Corp. has announced that 64 Kmart stores and 39 Sears stores will close nationwide between March and early April of this year. Sears had previously unveiled an effort to close unprofitable stores and “right size” store footprints. Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores. Liquidation sales will begin as early as Jan. 12 at the stores set to close. The company is closing three Kmart stores and three Sears stores in its home state of Illinois. For a full list of store closings, click here. Meanwhile, Cincinnati-based Macy’s has also announced the planned closure of 11 stores, four of which were previously disclosed. With these closures, the retailer will have completed 81 of the approximately 100 planned store closures announced in August 2016. The company intends to close approximately 19 additional stores as leases or operating covenants expire or sales transactions are completed. Including the newly announced stores, Macy’s has closed 124 stores since 2015. A majority of the Macy’s stores closing in early 2018 are located in California and Florida. A full list is available here. …

January 5, 2018

Alabama Retail Southeast

InvenTrust Sells Shopping Center in Dothan, Alabama for $33.8M

by Camren Skelton January 4, 2018

DOTHAN, ALA. — InvenTrust Properties Inc. has sold Dothan Pavilion, a 327,423-square-foot shopping center located at 4601 Montgomery Highway in Dothan, for $33.8 million. Dothan Pavilion Group LLC acquired the asset, and Jim Hamilton, Richard Reid and Barry Brown of HFF arranged the transaction on behalf of InvenTrust. At the time of sale, Dothan Pavilion was 89 percent leased to tenants including Bed Bath & Beyond, Barnes & Noble, Carmike Cinemas AMC Theatres, Michaels, Ross Dress for Less, Dick’s Sporting Goods, Target, Lowe’s Home Improvement, Kohl’s, Moe’s Southwest Grill, Ulta Beauty, Cold Stone Creamery and GameStop.

January 4, 2018

Retail Texas

Woodmont Arranges 105,851 SF in Leases at Shopping Center in Killeen, Texas

by John Nelson January 4, 2018

KILLEEN, TEXAS — The Woodmont Co. has closed four leases totaling 105,851 square feet at Wendland Plaza, a 205,224-square-foot shopping center located at 901 S. Fort Hood St. in Killeen. The four transactions bring the center to 85 percent occupancy. Conn’s Home Plus will lease 45,000 square feet, Altitude Trampoline Park will lease 44,580 square feet, Dollar Tree will lease 10,500 square feet and Lumber Liquidators will lease 5,771 square feet. Grant Gary and Dan Rebensdorf of The Woodmont Co. represented the landlord, Killeen ATM LLC.

January 4, 2018

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