NEW YORK CITY — Meridian Capital Group has arranged the $25 million refinancing of a retail and parking facility in Brooklyn. The 10-year CMBS loan features a rate of 4.86 percent and full-term, interest-only payments. Steven Ribiat, Morris Diamant and Tzvi Krieger of Meridian’s New York office arranged the financing for the transaction with the undisclosed borrower. Located at 236 Atlantic Ave., the 69,000-square-foot property was constructed less than 10 years ago and features 24,000 square feet of ground-floor retail space as well as a parking garage. Current tenants include PetSmart and PM Pediatrics. The building also includes 42 residential condominiums on the upper floors that were not part of the collateral.
ATLANTA — NKF Capital Markets has arranged the sales of two Publix-anchored shopping centers and one fitness-anchored center in Georgia. The transaction totals more than $36 million and spans approximately 200,000 square feet. In Perry, a city in Central Georgia, Cypress Development sold Paradise Shoppes of Perry to Flag Wharf Inc. for $11.4 million. The 72,200-square-foot center was 96 percent leased at the time of sale to tenants such as Publix, Subway, Marco’s Pizza, El Jalisco Grille and T-Mobile. In Atlanta, Lakha Properties sold the 46,219-square-foot Shallowford Exchange to Shallowford LLC for $12.5 million. The center, located at 2558 Shallowford Road, was fully leased at the time of sale to tenants such as Publix, Subway, Marco’s Pizza, UPS Store and MetroPCS. In Alpharetta, located roughly 25 miles north of Atlanta, WB Holdings-Silos LLC acquired The Silos at North Farm Marketplace for $12.5 million. The 78,765-square-foot center was 97 percent leased at the time of sale to One Life Fitness, Alpine Bakery and Bach to Rock. Drew Fleming, Mark Joines and Henry Kushner of NKF arranged all three transactions.
MIAMI — Doral, Fla.-based Biscayne Bay Brewing Co. has unveiled plans to open a second location at the Old United States Post Office and Courthouse building in downtown Miami. Originally constructed in the early 1900s, the building was designated a historical site in 1989. The new brewery will occupy 6,500 square feet on the third floor of the building, where The Miami Weather Bureau Office was once located. Post Office Development LLC, managed by Daniel Peña, is overseeing the redevelopment of the building. Peña, a principal of Stambul Construction Co., led the restoration of the Eurostars Langford Hotel — previously Miami National Bank. Biscayne Bay will open its new location at the building this winter. The brewery’s flagship facility is located at 8000 N.W. 25th St. in Doral.
CASA GRANDE, ARIZ. — New Jersey-based Lamar Cos., in partnership with Real Capital Solutions, has acquired the Promenade at Casa Grande in Case Grande, a suburb of Phoenix. Macerich sold the 550,000-square-foot property for an undisclosed price. The Promenade at Casa Grande is a portion of an open-air shopping center totaling more than 1 million square feet. Tenants at the property include Harkins Theaters, Ross Dress for less, Marshalls, PetSmart, Bed Bath & Beyond, Shoe Dept., Michaels, Beall’s Outlet, Dollar Tree and Ulta Beauty.
LAS VEGAS — At RECon, the world’s largest retail real estate trade show held last week in Las Vegas, REBusinessOnline sat down with veteran Chicago broker Rick Scardino of Lee & Associates. A principal with the Chicago office, Scardino spearheads the retail division at Lee & Associates of Illinois. Discussion topics ranged from backfilling vacant space to local, independent grocers and the movement of online retailers embracing brick-and-mortar locations. What follows is an edited version of that conversation. REBO: According to Mid-America Real Estate Corp.’s Shopping Center Report, development has tailed off about 5 percent year over year. Is that a surprise or not? Scardino: This has been going on for a few years. It’s well known that the United States is the most over-developed retail country in the world by far. It’s all about rightsizing, simple supply and demand. I don’t see it as a bad thing. Certainly existing landlords who aren’t developing are thrilled to see less new competition coming online. There really hasn’t been a need for it. Mellody Farm in Vernon Hills, Illinois, is one of the few new projects with Whole Foods Market, REI and Nordstrom Rack as anchor tenants. Regency Centers Corp. is the …
ALEXANDRIA, VA. — The JCR Cos. has acquired Krispy Korner Shopping Center in Alexandria, located eight miles south of Washington, D.C., for $6.7 million. The 16,680-square-foot center formerly housed a Krispy Kreme. Krispy Korner LLC sold the property, according to local media reports. The transaction marks JCR’s 10th shopping center acquisition since 2012 and its second for 2018. The center is home to tenants such as Wing Stop, Sprint, One Main Financial, a dentist and a dry cleaner.
KINGWOOD, TEXAS — Marcus & Millichap has brokered the sale of Rustic Woods Center, a 17,266-square-foot retail center in Kingwood, a master-planned community on the northern outskirts of Houston. Nate Newman of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Gus Lagos, also with Marcus & Millichap, represented the buyer, a private investor.
SAN DIEGO — CBRE has arranged the sale of Torrey Del Mar Plaza, a strip retail center located at 13857-13859 Carmel Valley Road in San Diego. Carmel Valley Plaza LLC sold the property to a local private investor for $6.5 million. Situated in the Torrey Highlands submarket, the 10,008-square-foot property was 100 percent occupied at the time of sale. Eight service-type tenants occupy the property, including a dentist, yoga studio, dry cleaner and animal hospital. Reg Kobzi, Sam Alison, Mike Philbin and Amar Goli of CBRE represented the seller, while Jason Richards represented the buyer in the transaction.
LAHAINA, HAWAII — CoastWood Capital Group LLC has signed four new tenants to The Outlets of Maui, a 150,000-square-foot, open-air shopping center in Lahaina. Waikiki Brewing Co. will open at the center, joining restaurant tenants such as Ruth’s Chris Steak House and PI Artisan Pizza. The 3,940-square-foot brewpub will open this fall. Other tenants that will join the Outlets of Maui include: Kate Spade, which will open a 3,250-square-foot store this fall; Le Creuset, scheduled to open a 1,600-square-foot location in June; and Maui Sunglass/Maui Jim, which will relocate to a new, 950-square-foot location within the center. In addition to the new retailers, Warren & Annabelle’s an entertainment venue for magic and comedy, will undergo a complete renovation to its existing 5,700-square-foot space. Existing tenants at the Outlets of Maui include Coach, Michael Kors, Gap Factory Store, Banana Republic Factory Store and Tommy Hilfiger.
HOUSTON AND WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have confirmed that they plan to combine operations. The terms of the merger were not disclosed, but PMRG will become part of the family of companies owned by Capital Guidance, a global investment firm that owns Washington, D.C.-based Madison Marquette. The leadership of both firms will remain intact, and the combined company will maintain its primary office locations in Houston and Washington, D.C. Closing is expected in the next 30 days. “We anticipate a highly complementary combination that significantly expands the capabilities of both firms,” says Amer Hammour, chairman of Madison Marquette. “Madison Marquette’s investment management as well as retail and mixed-use development, marketing and management expertise would join PMRG’s office, medical, industrial and multifamily capabilities to provide leadership across all asset classes to our clients and investment partners.” PMRG’s concentration in the Southern United States will balance well with Madison Marquette’s presence in primary gateway markets on both coasts, according to PMRG. The companies’ shared clients include several institutional owners and investors in the industry. PMRG is a privately held commercial real estate firm specializing in project leasing, property management, investment management and development services. The company’s 180 …