Retail

Cushman & Wakefield Arranges $6.5M in Financing for Retail Center in Galloway, New Jersey

by Amy Works December 5, 2017

GALLOWAY, N.J. — Cushman & Wakefield has secured $6.5 million in financing for P3RE Properties for Smithville Square, a retail center located in downtown Galloway. Atlantic Stewardship Bank provided the five-year, fixed-rate financing. Smithville Square is a recently renovated 107,000-square-foot retail center. The center is home to 19 tenants, including Dunkin’ Donuts, Petvalu, JD’s Pub and Grill, Village Dry Cleaners and Lucky Nails. The center also includes 542 parking spaces and 1,061 feet of frontage on South New York Avenue. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented the sponsor, P3RE Properties, in the financing.

December 5, 2017

California Retail Western

SyWest Development Buys Retail Center Near Sacramento for $21.6M

by Nellie Day December 5, 2017

LINCOLN, CALIF. — SyWest Development has acquired Parkway Plaza, a 205,452-square-foot retail center in Lincoln, for $21.6 million. Bob and Jared Dong of TRI Commercial/CORFAC International arranged the transaction on behalf of the seller, Parkway-Sterling Investors, which developed the property in 2007 in a joint venture with Catlin Properties. At the time of sale, Parkway Plaza was fully leased to tenants including Lowe’s Home Improvement, Dollar Tree, Big 5 Sporting Goods, Red Robin, Paradise Laundry and Verizon Wireless.

December 5, 2017

Retail Western Wyoming

PetSmart Opens 1,600th Store in North America, Establishes Presence in All 50 States

by Nellie Day December 5, 2017

PHOENIX — PetSmart has opened its 1,600th store in North America. The newest store opened Thanksgiving week in El Paso, Texas. In addition, the pet specialty retailer opened its Casper, Wyo., store in October, marking PetSmart’s presence now in all 50 U.S. states. The store in El Paso features nearly 18,000 square feet of space and includes a Pinnacle Pet Nutrition Shop, which is a new feature in all new PetSmart stores. The shops are about 550 square feet and offer 400-plus items across several brands, and an expanded collection of pet food. PetSmart, Inc. is specialty pet retailer. The company operates more than 1,500 pet stores in the United States, Canada and Puerto Rico, as well as more than 200 in-store PetSmart PetsHotel dog and cat boarding facilities.

December 5, 2017

Retail Texas

Rubicon Realty Breaks Ground on 15,000 SF Retail Center in Metro Houston

by Taylor Williams December 4, 2017

MISSOURI CITY, TEXAS — Rubicon Realty Group has broken ground on Shops at Pebble Creek, a 15,000-square-foot retail center that will be located at the corner of State Highway 6 and Lake Olympia Parkway in the southwestern Houston metro of Missouri City. The property will offer 80-foot building depths and 5.45 parking spaces per 1,000 square feet. Construction is expected to be complete by the second quarter of 2018. Base rents are currently slated to start at $30 to $32 per square foot per year.

December 4, 2017

Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $4.6M Acquisition Financing for Retail Property in Peabody, Massachusetts

by Amy Works December 4, 2017

PEABODY, MASS. — Boston-based Fantini & Gorga has secured $4.6 million in first mortgage acquisition financing for a retail property located at 216 Newbury St. in Peabody. Casimir Groblewski and Jon Garcia of Fantini & Gorga arranged the financing through a New England-based financial institution on behalf of a longtime client based in Eastern Massachusetts. Namco, Workout World, Mass Bay Hockey Center and Revival For All Nations Church occupy the 68,381-square-foot shopping center, which is situated on 6.2 acres. The new owner plans to remodel the exterior of the property and reconfigure the parking areas.

December 4, 2017

Maine Multifamily Northeast Retail

Cardente Real Estate Negotiates $1.9M Sale of Mixed-Use Property in Bangor, Maine

by Amy Works December 4, 2017

BANGOR, MAINE — Cardente Real Estate has arranged the sale of a mixed-use property and adjacent parking garage located at 105 Main St. in Bangor. Brick & Mortar Holding Group sold the asset to an undisclosed buyer for $1.9 million. The property features a total of 25 retail and apartment units. Mike Cobb of Cardente Real Estate represented the seller and buyer in the deal.

December 4, 2017

Hawaii Retail Western

HFF Arranges $43.6M Sale of Grocery-Anchored Center in Hawaii

by Nellie Day December 4, 2017

KAPAA, HAWAII — HFF has arranged the $43.6 million sale of Kauai Village, a 109,466-square-foot, grocery-anchored retail center in Kapaa, on the Hawaiian island of Kauai. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, ValueRock Realty Partners. In addition, Kyle Spencer and John Chun of HFF secured $32.3 million in acquisition financing on behalf of the buyer, Epic Real Estate Partners. A life company provided the three-year, floating-rate loan. At the time of sale, Kauai Village was 81.2 percent leased to tenants including Safeway, Ross Dress for Less, Panda Express, Starbucks Coffee and ABC Stores.

December 4, 2017

Colorado Retail Western

Altar’d State Opens Boutique in Lone Tree, Colorado

by Nellie Day December 4, 2017

LONE TREE, COLO. — A new 6,088-square-foot Altar’d State store has opened in Lone Tree at the Park Meadows Mall. St. Louis-based Knoebel Construction completed construction on the chain’s 50th store in five years, working with the retailer across 26 states. The new Lone Tree location features Colorado-inspired furnishings, a rotating display window platform with graphics of Aspen tree trunks, and Aspen leaf design accents. The store is also one of the first to integrate checkout video monitors that display messages about the charitable causes Altar’d State supports. Since its start in 2009, Altar’d State has expanded from 13 employees to nearly 1,500. Today, Altar’d State operates nearly 90 boutiques in 30 states. Knoebel Construction, Inc. is a national general contractor specializing in retail center, restaurant, grocery, healthcare and retail store construction.

December 4, 2017

North Carolina Retail South Carolina Southeast

CBRE Brokers Sales of Three Grocery-Anchored Centers in Carolinas

by Camren Skelton December 1, 2017

CHARLOTTE, N.C. — CBRE has arranged the sales of three grocery-anchored centers in the Carolinas: Mountain Village in Jefferson, N.C.; Pine Needle Square in Smithfield, N.C.; and Westowne Shopping Center in Greenville, S.C. Mike Burkard and Steve Shields of CBRE arranged the transactions on behalf of the seller, Greensboro, N.C.-based Johnston Properties. The buyers and other terms of the transaction were not disclosed. Constructed in 1982, the 114,385-square-foot Mountain Village was fully leased at the time of sale to Food Lion, Rite Aid, Roses and Family Dollar. The 112,279-square-foot Pine Needle Square was constructed in 1975 and was 98 percent leased at the time of sale to tenants including Carlie C’s IGA, AutoZone, Citi Trends, Gallery Furniture and Pizza Hut. Westowne Shopping Center totals 121,839 square feet and was 94 percent leased at the time of sale to tenants including Bi-Lo, Roses Express, AutoZone and Cash America. The center was constructed in 1971.

December 1, 2017

Georgia Retail Southeast

PAC Acquires 74,370 SF Shopping Center in Atlanta’s Buckhead District

by Camren Skelton December 1, 2017

ATLANTA — Preferred Apartment Communities Inc. (PAC) has purchased Roswell Wieuca Shopping Center, a 74,370-square-foot retail center located at the corner of Roswell and Wieuca roads in Atlanta’s Buckhead district. PAC acquired the asset for an undisclosed price through its wholly owned subsidiary, New Market Properties LLC. Marcus & Millichap marketed the property on behalf of the seller, Brand Properties. A 22,921-square-foot Fresh Market grocery store anchors the center, which was fully leased at the time of sale to tenants including Willy’s, Ace Hardware, Chicken Salad Chick, Amazing Lash Studio, Abbadabba’s, Cheeseburger Bobby’s, Goldberg’s Bagel Co. & Deli and Sugarcoat Nail & Beauty Bar.

December 1, 2017

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