Retail

New England Development Signs Planet Fitness, Burlington to Westgate Mall in Massachusetts

by David Cohen September 21, 2018

BROCKTON, MASS.— New England Development has signed Planet Fitness and Burlington to Westgate Mall in Brockton, a city 25 miles south of Boston. Burlington will open a 43,000-square-foot location store at the mall, creating 50 to 100 new jobs. Planet Fitness typically operates 20,000-square-foot clubs, according to the company’ s website. Both tenants are scheduled to open at the mall this month. The new retailers join recently opened stores such as Chipotle Mexican Grill, Staples, Verizon and XFINITY Store by Comcast. Additional tenants at Westgate Mall include Sears, Best Buy, Bath & Body Works, Famous Footwear, Old Navy, Victoria’s Secret, Buffalo Wild Wings and IHOP.

September 21, 2018

Acquisitions California Retail Western

Cushman & Wakefield Arranges $55 Million Sale of Whole Foods Property in Silicon Valley

by Amy Works September 21, 2018

LOS ALTOS, CALIF. — Cushman & Wakefield has arranged the $55 million sale of a 50,451-square-foot retail property leased to Whole Foods Market in Los Altos. Kevin Held and Matt McNeil of Cushman & Wakefield arranged the transaction on behalf of the buyer, Imperial Hornet Developers LLC. Compass Grand Associates LLC sold the asset. The store features dual entry on the ground floor, as well as two levels of subterranean parking.

September 21, 2018

Development Georgia Leasing Activity Retail Southeast

Paces Properties Signs Three Taverns Brewery to Atlanta Dairies Redevelopment

by Camren Skelton September 21, 2018

ATLANTA — Atlanta-based Paces Properties has signed Three Taverns Brewery to its Atlanta Dairies redevelopment, a planned mixed-use project in East Atlanta’s Reynoldstown neighborhood. The new brewery, dubbed Imaginarium, is set to open in summer 2019. The new location is an extension of Three Tavern’s flagship brewery in nearby Decatur. Imaginarium will serve four to five of Three Tavern’s core beers on tap, as well as a rotating list of 20 to 25 experimental beers. New brews will include juicy and hazy India Pale Ales (IPAs) and, in keeping with the Dairies theme, craft styles like milk stouts, fruit and cream sours and milkshake IPAs. Square Feet Studios is designing the new space, which will draw inspiration from laboratories and apothecaries of centuries’ past. Three Taverns will join other announced tenants at Atlanta Dairies including a café from THRIVE Farmers, Collier’s Department Store, a music venue with a rooftop bar and a diner and barbecue restaurant, The Atlanta Journal-Constitution reports. The project will also feature The Yard, a one-acre outdoor gathering area. The Atlanta Dairies redevelopment is expected to open in spring 2019.

September 21, 2018

Acquisitions California Retail Western

Faris Lee Investments Brokers $1.3M Sale of Value-Add Retail Property in Orange County

by Amy Works September 21, 2018

SANTA ANA, CALIF. — Faris Lee Investments has directed the sale of a retail property located at 111 E. Saint Andrew Place and 1947 and 1959 S. Main St. in Santa Ana. An undisclosed buyer acquired the property for $1.3 million. The property is a value-add, multi-tenant asset situated in Santa Ana’s historic district. Nick Coo, Matt Brooks, Tom Chichester and Joe Chichester of Faris Lee represented the undisclosed seller, while Andres Cortez of RE/MAX Orange County East represented the buyer in the deal.

September 21, 2018

Acquisitions Florida Retail Southeast

SRS Real Estate Partners Brokers $8.1M Sale of Vacant Retail Building in Southeast Florida

by Camren Skelton September 21, 2018

JUPITER, FLA. — SRS Real Estate Partners has arranged the $8.1 million sale of a vacant, freestanding retail building in Jupiter, a city on Florida’s southeastern coast. Home Depot USA acquired the 38,000-square-foot asset and will use the site as an expansion and redevelopment of the Home Depot store currently onsite. Sports Authority previously occupied the property. Matthew Mousavi, Patrick Luther, John Artope and Michael Weiss of SRS arranged the transaction on behalf of the seller, Indiantown Road LLC. Corporate Property Dispositions and The Rotella Group Inc. represented Home Depot. Walgreens, PetSmart, Winn-Dixie and Pep Boys neighbor the property.

September 21, 2018

Acquisitions Midwest Missouri Retail

Select Strategies Purchases Seven-Property Shopping Center Portfolio in Metro St. Louis for $78.4M

by Kristin Harlow September 21, 2018

ST. LOUIS — Select Strategies Retail Holdings V LLC, an affiliate of privately held real estate investment firm Select Strategies Realty, has purchased a seven-property shopping center portfolio in metro St. Louis for $78.4 million. The 1.1 million-square-foot portfolio is 91 percent leased to tenants such as Aldi, Fresh Thyme Farmers Market, Burlington and Planet Fitness. The properties include Creve Coeur, Kings Highway, LeMay Shopping Center, Gravois Plaza, Kirkwood Crossing, Overland Crossing and Fairview City Centre. Jeremy Sain of HFF represented Select Strategies. The seller was not disclosed.

September 21, 2018

Acquisitions California Retail Western

Newman International Buys 159,324 SF Shopping Center in Southern California for $20M

by Amy Works September 20, 2018

SAN BERNARDINO, CALIF. — Newman International has acquired Seley Plaza, a neighborhood shopping center located at 2002-2383 E. Highland Ave. in San Bernardino. A joint venture between Robhana Group and SAFCO Capital Corp. sold the property for $20 million, or $125 per square foot. At the time of sale, the 159,324-square-foot property was 91 percent occupied by 21 tenants. Current tenants include 99 Cents Only, Rite Aid Pharmacy, Big 5 Sporting Goods, Dollar Tree, Chase Bank, Rent-A-Center, Western Dental, Del Taco and Goodyear Tire. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, while Max Wang and John Griffin, also of Cushman & Wakefield, represented the buyer in the deal.

September 20, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $4.8M Sale of Retail Property in New Jersey

by David Cohen September 20, 2018

RIVERVALE, N.J. — Marcus & Millichap has negotiated the $4.8 million sale of a 14,900-square-foot retail property in Rivervale also known as the Rudd O’Connor Building. Located at 184 Rivervale Road, the property is fully occupied by a mix of tenants. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a limited liability company.

September 20, 2018

California Loans Retail Western

Quantum Capital Arranges $16M Loan for New Retail Center in Downtown Los Angeles

by Amy Works September 20, 2018

LOS ANGELES — Quantum Capital Partners has secured $16 million in long-term first mortgage financing for the recapitalization of a retail center in downtown Los Angeles’ Arts District. Third Art Holdings, a local investment group, is the sponsor. Located at 833 E. Third St., the 27,000-square-foot retail center is the $5 million adaptive reuse of a 1930s-era bowstring truss warehouse building. Completed in 2017, the property is currently 100 percent leased to a variety of tenants, including Over the Influence, H. Lorenzo, Shinola, Salt and Straw, Salt Bae and Inko Nito. Proceeds from the 10-year CMBS loan originated by Deutsche Bank were used to take out the construction loan and return equity to the sponsor. Jonathan Hakakha and Mike Yim of Quantum Capital Partners arranged the financing for the borrower.

September 20, 2018

Acquisitions Retail Southeast Tennessee

HFF Brokers $18.5M Sale of Publix-Anchored Retail Center Near Chattanooga

by Camren Skelton September 20, 2018

OOLTEWAH, TENN. — HFF has brokered the $18.5 million sale of Snow Hill Village, an 86,108-square-foot shopping center in Ooltewah, roughly 18 miles east of Chattanooga. Jim Hamilton, Mike Allison and Andrew Kahn of HFF arranged the transaction on behalf of the seller, Six Pines Realty. Publix Super Markets — which anchors the center — was the buyer. Snow Hill Village was constructed in 2008 and was 95 percent leased at the time of sale. In addition to Publix, the center is home to tenants such as Beef O’Brady’s, Edward Jones, H&R Block, The UPS Store, Dr. Hammontree, Ooltewah Vision Center, Unique Nails, Marco’s Pizza, SunTrust Bank, Open Spigot Liquor and Great Clips.

September 20, 2018

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