Retail

NKF Arranges $10.7M Sale of Retail Center in Cambridge

by David Cohen October 19, 2018

CAMBRIDGE, MASS. — Newmark Knight Frank has arranged the $10.7 million sale of a 12,128-square-foot retail strip center in Cambridge. Located at 351-359 Fresh Pond Parkway, the property is fully leased to a tenant roster that includes Bank of America, AT&T, Sherwin Williams, Sleep Number and The Vitamin Shoppe. The retail center was built in 2013. NKF represented the seller, a joint venture between Spellman Ventures and Sydney Associates, in the transaction. The buyer was an affiliate of The Grossman Companies.

October 19, 2018

Acquisitions Development North Carolina Retail Southeast

Willard Retail Buys Land for 150,000 SF Town Center Project in Raleigh’s Research Triangle Park

by Amy Works October 19, 2018

RALEIGH, N.C. — Chevy Chase, Md.-based Willard Retail has signed an agreement with the Research Triangle Foundation to acquire a 12-acre parcel located in Research Triangle Park. The site is at the convergence of Interstate 40, Highway 54 and Davis Drive in Raleigh. Willard Retail plans to develop a 150,000-square-foot town center to serve as the shopping and dining core of Park Center — a large mixed-use development project included more than 1,000 residential units, a hotel, conference center and more than 1 million square feet of office space. Expected to open in late 2020, the new retail component is slated to include a grocery store, health club and a mix of restaurants and small shops. Additionally, the development will feature outdoor public spaces for programmed events such as yoga classes, movie nights and live music. Willard Retail has engaged CBRE|Raleigh to lead the project’s leasing activities.

October 19, 2018

Acquisitions California Retail Western

Lucescu Realty Arranges Sale of 326,608 SF Clovis Commons Shopping Center in California for $45M

by Amy Works October 19, 2018

CLOVIS, CALIF. — Lucescu Realty has brokered the sale of Clovis Commons Shopping Center in Clovis. Brixmor Property Group sold the retail center to an affiliate of a Southern California-based privately held investment and management company for $45 million. Target, Best Buy, T.J. Maxx, PetSmart, Office Depot and Dollar Tree anchor the 326,608-square-foot community shopping center. The five anchor tenants, included in the sale, together occupy approximately 64 percent of the gross leasable area in the center. Additional tenants include Round Table Pizza, Farmer Boys, Massage Envy, Sequoia Sandwich Co., El Pollo Loco, Chronic Taco, Verizon Wireless, Starbucks Coffee, Subway, GameStop, Kumon, Menchie’s, Cost Cutters and GNC. Mark Lucescu of Lucescu Realty represented the seller in the transaction.

October 19, 2018

Acquisitions Oregon Retail Western

Redmond Development Ventures Sells Retail Property in Oregon for $1.5M

by Amy Works October 18, 2018

REDMOND, ORE. — Redmond Development Ventures has completed the $1.5 million sale of a retail building in Redmond. Located at 3113 S. Highway 97, the property features 11,076 square feet of retail space. Robert Raimondi and Russell Huntamer of Compass Commercial Real Estate Services represented the seller in the deal. The name of the buyer was not released.

October 18, 2018

Arkansas Georgia Industrial Loans Mixed-Use Office Retail Southeast

North Avenue Capital Closes Two Loans Totaling $16.8M for Properties in Georgia, Arkansas

by Amy Works October 18, 2018

WAYCROSS, GA. AND PARAGOULD, ARK. — North Avenue Capital has closed two acquisition loans totaling $16.8 million for properties in Georgia and Arkansas. USDA Rural Development Business & Industry funded the loans on behalf of the undisclosed borrowers. In Waycross, North Avenue arranged $7.3 million in financing for the acquisition of a 51,548-square-foot mixed-use center. Enhanced Resource Corp., a business management operation, anchors the property. Other tenants include Surchero’s Fresh Grill, AppleCare, Bone & Joint Institute and Southeastern Credit Union. In Paragould, North Avenue arranged a $9.3 million acquisition loan for a 579,015-square-foot, single-tenant industrial facility. Arkansas-based LA Darling occupies the property, which it has leased for more than 50 years. LA Darling, a Berkshire Hathaway subsidiary, is a retail merchandising solutions firm that builds out physical displays and fixtures for chains such as Walmart and Best Buy.

October 18, 2018

Acquisitions Maine Northeast Retail

Marcus & Millichap Negotiates $6.4M Sale of Retail Center in Maine

by David Cohen October 17, 2018

STANDISH, MAINE — Marcus & Millichap has negotiated the $6.4 million sale of Colonial Marketplace, a retail center in Standish. Located at 111 Ossipee Trail, the property is approximately 17 miles west of Portland. Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. Hannaford Supermarket has anchored the retail center for more than 25 years.

October 17, 2018

Loans Retail Utah Western

HFF Secures $69M Refinancing for 726,306 SF Shopping Center in Metro Salt Lake City

by Amy Works October 17, 2018

TAYLORSVILLE, UTAH — HFF has secured a $69 million refinancing for Crossroads of Taylorsville, a 726,306-square-foot retail center located 10 miles outside Salt Lake City in Taylorsville. Jim Curtin of HFF worked on behalf of the borrower, Dallas-based TriGate Capital, to place the three-year, floating-rate loan with NexBank. Loan proceeds will be used to refinance the current loan amount, provide capital for tenant improvements and leasing commissions to fully stabilize the asset, and allow TriGate to complete its business plan. The property is home to tenants such as Shopko, Jo-Ann Fabric and Craft, FYE, Ross Dress for Less, 24-Hour Fitness, PetSmart, Guitar Center, T.J.Maxx and Regal Cinemas. The center is also shadow-anchored by a Harmons supermarket and a Starbucks Coffee.

October 17, 2018

Acquisitions Retail Southeast Tennessee

SRS Arranges Sale of Walmart-Anchored Shopping Center Near Chattanooga

by Amy Works October 17, 2018

KIMBALL, TENN. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Kimball Crossing, a 280,476-square-foot retail center located in Kimball, 29 miles outside Chattanooga. Evansville, Ind.-based Regency Properties acquired the center for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the seller, Brixmor Property Group, in the transaction. The center was 98 percent leased at the time of sale to tenants such as Walmart, Goody’s, Goodwill, Dollar Tree, Shoe Show Mega Store, Hibbett Sports, Cato, H&R Block, Cricket Wireless, Little Caesars Pizza, Verizon Wireless, Subway, GNC and GameStop.

October 17, 2018

Acquisitions New Mexico Retail Western

Compass Commercial Real Estate Brokers $2.7M Acquisition of Retail Building in Albuquerque

by Amy Works October 17, 2018

ALBUQUERQUE, N.M. — Compass Commercial Real Estate Services has arranged the sale of a retail building located in Albuquerque. An undisclosed buyer acquired the property for $2.7 million. Situated on 1.1 acres at 1720 Unser Blvd., the property features 4,500 square feet of retail space. Jay Lyons and Grant Schultz of Compass Commercial represented the buyer in the deal. The name of the seller was not released.

October 17, 2018

Acquisitions Illinois Midwest Net Lease Retail

Stan Johnson Co. Arranges Sale of Property Net Leased to Jewel-Osco in Oswego, Illinois

by Kristin Harlow October 17, 2018

OSWEGO, ILL. — Stan Johnson Co. has arranged the sale of a single-tenant retail building net leased to Jewel-Osco in Oswego for an undisclosed price. The 62,000-square-foot property is located at 3795 Orchard Road. Jewel-Osco has more than 19 years remaining on its initial lease term. Tom Georges and Jon Cohen of Stan Johnson Co. represented the buyer, Los Angeles-based ASAS LLC, in the transaction. Jeff Hughes, Zach Haris and Jonathan Ameen, also of Stan Johnson Co., represented the seller, CF Albert Propco LLC.

October 17, 2018

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