Retail

Brodyco Purchases 82,000 SF Retail Center in Durham, Plans Redevelopment

by Amy Works October 24, 2018

DURHAM, N.C. — An affiliate of Greenville, N.C.-based Brodyco has purchased Lakewood Shopping Center in Durham for an undisclosed price. A 29,000-square-foot Food Lion and Dollar General anchor the 82,000-square-foot shopping center, which was built in the 1960s. The buyer is considering remerchandising the center’s tenant mix going forward. The 58-year-old shopping center has a rich history. The property was once an amusement park with roller coaster, dance pavilion and bowling, and more recently, home to Winn Dixie, W.T. Grant and Woolworth’s Department Stores.

October 24, 2018

Acquisitions California Retail Western

Lang & Lang Properties Sells Prime Rodeo Drive Retail Building in Beverly Hills for $96M

by Amy Works October 24, 2018

BEVERLY HILLS, CALIF. — Lang & Lang Properties has completed the sale of a retail building, located at 457-459 N. Rodeo Drive in Beverly Hills. A joint venture led by Michael Shabani of Crown Equity, Hakim Holdings, GWP Real Estate and Mazal Enterprises, acquired the property for $96 million, or $8,240 per square foot. Brioni, an Italian menswear retailer, and Alexander McQueen, a British fashion house, occupy the 11,625-square-foot retail building. With 50 feet of frontage on Rodeo Drive, the property comprises 7,150 square feet of ground-floor space, approximately 600 square feet on the mezzanine level and 3,875 square feet on the basement level. Carine Mamann, Kazuko Morgan and Stephen Algermissen of Cushman & Wakefield represented the buyer in the transaction.

October 24, 2018

Acquisitions Midwest Net Lease Retail Wisconsin

Boulder Group Arranges $5.2M Sale of Property Net Leased to Pick ‘n Save in Wisconsin

by Kristin Harlow October 23, 2018

WISCONSIN RAPIDS, WIS. — The Boulder Group has arranged the $5.2 million sale of a single-tenant property net leased to Pick ‘n Save in Wisconsin Rapids. The 46,608-square-foot property is located at 900 E. Riverview Expressway. Wisconsin Rapids is in the central part of Wisconsin.Pick ‘n Save recently expanded its lease for 10 years. The store is scheduled to undergo a $2 million interior remodeling in 2019. The property was originally constructed in 1980. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. A West Coast-based real estate fund purchased the asset.

October 23, 2018

Features Heartland Feature Archive Illinois Midwest Retail

Marry Online Efficiency With Brick-and-Mortar Retail, Say Experts at ICSC Chicago Deal Making

by Kristin Harlow October 23, 2018

CHICAGO — How retailers can best integrate online and brick-and-mortar sales as well as utilize new technology to analyze shopper activity were two of the most prominent discussion points at this year’s Chicago Deal Making & VRN Outlet Convention. The event, hosted by the International Council of Shopping Centers (ICSC), took place at Navy Pier on Oct. 17-18 and attracted more than 2,400 registered attendees. In a recently released study from ICSC, a new store opening was shown to boost a brand’s web traffic within that market by an average of 37 percent. There’s a special term for it, known as the “halo effect.” The magic formula for today’s retailers and shopping centers is to marry online efficiency with brick-and-mortar locations, according to Karen Fluharty, partner with Montville, N.J.-based Strategy + Style Marketing Group. Fluharty’s remarks came during the “Future of Outlets” session. Today, an omnichannel presence is increasingly critical to a retailer’s competitiveness. Online retailers with growing sales have started successfully transforming their “clicks” into “bricks.” Warby Parker and Bonobos are two of the most well-known online retailers with a steady expansion of physical stores. What’s beneficial for outlet centers is that nine out of 10 consumers say they …

October 23, 2018

Development New York Northeast Retail

Farmington Valley Opens First Tractor Supply Location in Long Island

by David Cohen October 22, 2018

MEDFORD, N.Y. — Developer Farmington Valley LLC has opened a 19,097-square-foot Tractor Supply retail store in Medford. The property, which also includes 20,000 square feet of outdoor display and sales space, is the first Tractor Supply location in Long Island. Farmington Valley is an operating company of New England Retail Properties Inc. Tractor Supply Co. owns and operates over 1,750 stores in 49 states, supplying basic maintenance products to home, land, pet and animal owners.

October 22, 2018

Acquisitions Florida Loans Mixed-Use Retail Southeast

Berkadia Secures $46.9M Acquisition Loan for Mixed-Use Development in Miami

by Amy Works October 22, 2018

MIAMI — Berkadia has arranged a $46.9 million loan for the acquisition of Downtown Dadeland, a seven-acre urban retail development located 7250 N. Kendall Drive in Miami. Brad Williamson and Mitch Sinberg of Berkadia secured the financing for the borrower, Midtown Capital Partners, a real estate investment and asset management firm led by Alejandro Velez and Alexander Saieh. A life company originated an initial $44.5 million loan with a $2.4 million earnout. The 10-year loan was secured with five years interest-only payments and a interest rate with no prepayment after seven years. Built in 2008 and renovated in 2015, the property consists of 126,133 square feet of ground-floor retail space occupied by a mix of national, regional and local tenants, 416 condo units and more than 500 parking space in seven buildings. At the time of sale, the retail portion of the property was 97 percent leased. Tenants include West Elm, Chili’s Bar & Grill, Men’s Wearhouse, Club Champion, Orangetheory Fitness, Paul Mitchell, The Brass Tap, Pubbelly Sushi, Harry’s, Ghee, Erba, Barley and The Brick.

October 22, 2018

Acquisitions Arizona Retail Western

DSW Commercial Real Estate Acquires 190,022 SF Campbell Plaza Retail Center in Tucson for $33M

by Amy Works October 22, 2018

TUCSON, ARIZ. — DSW Commercial Real Estate, along with Iridius Capital and JCR Capital, has purchased Campbell Plaza, a shopping center located along Campbell Avenue in Tucson. The Krausz Cos. sold the property for $33 million. Albertson’s and Ross Dress for Less are tenants at the 190,022-square-foot, core-plus asset. Mark Lucescu of Lucescu Realty represented the seller, while James Hardman of DSW Commercial Real Estate represented the buyer. Tim Storey of Newmark Realty Capital secured equity and debt financing for the acquisition.

October 22, 2018

Acquisitions Colorado Restaurant Retail Western

Charles Dunn Co. Arranges $3.2M Sale of Restaurant Property in Metro Denver

by Amy Works October 22, 2018

PARKER, COLO. — Charles Dunn Co. has negotiated the sale of a single-tenant restaurant property located at 11179 Pikes Peak Drive in Parker, a suburb 25 miles southeast of Denver. A California-based private investment group sold the property for $3.2 million in a 1031 exchange. Jack in the Box occupies the 2,920-square-foot property and has 12 years remaining on its lease. The buyer plans to hold the asset as a long-term investment with minimal landlord responsibilities. Justin Mendelson and Joshua Berger with Charles Dunn Co.’s restaurant property group, in collaboration with JDS Real Estate, represented both the seller and the undisclosed buyer.

October 22, 2018

Development Hospitality Mixed-Use North Carolina Office Restaurant Retail Southeast

Spectrum, Invesco to Develop Five-Acre Mixed-Use Project in Charlotte

by Amy Works October 22, 2018

CHARLOTTE, N.C. — The Spectrum Cos., in partnership with Invesco Real Estate, is developing a mixed-use project located on a five-acre tract linking Charlotte’s South End with its Uptown business district. Located on South Tryon Street at Carson Boulevard, the project will include two nine-story, 220,000-square-foot office buildings, an urban plaza with event space, 40,000 square feet of street-level restaurant and retail space and a 200-room boutique hotel atop a parking deck. The office component includes a flared design that offers private terraces on each floor overlooking the urban plaza, street-level retail and Uptown city lights. Located on top of a parking deck, the lifestyle hotel will include a rooftop bar. The project is the first venture between Spectrum and Invesco.

October 22, 2018

Leasing Activity Michigan Midwest Retail

Metro Commercial Negotiates Two New Locations for EDGE Fitness in Metro Detroit

by Kristin Harlow October 22, 2018

DETROIT — Metro Commercial Real Estate has negotiated two new locations for The EDGE Fitness Club in metro Detroit. The fitness club will occupy 37,000 square feet in Farmington Hills in a space formerly occupied by Kohl’s. The opening is scheduled for the fourth quarter of 2019. In Sterling Heights, EDGE will occupy 36,676 square feet in a space formerly occupied by Kroger. The opening is also slated for the fourth quarter of 2019. Brandon Anapol of Metro led the leasing team. EDGE facilities are accessible at all hours. Fitness classes, training, nutrition and weight loss support are available.

October 22, 2018

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