Retail

Sheldon Gross Realty Arranges Sale of 41,500 SF Warehouse, Retail Facility in East Brunswick

by David Cohen April 16, 2018

EAST BRUNSWICK, N.J. — Sheldon Gross Realty has arranged the sale of a 41,500-square-foot warehouse and retail facility in East Brunswick. New Jersey based HSJE Realty purchased the property, which is located at 2 Claire Road, for an undisclosed amount. Jonathan Glick and Glenn Jaffe of Sheldon Gross Realty represented the undisclosed seller in the transaction. Corporate America Realty & Advisors represented HSJE Realty. The facility, which is located approximately halfway between New York City and Philadelphia, currently has three tenants, each of which uses a portion of the building for warehousing and retail.

April 16, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $1.5M Sale of Retail Property in New Jersey

by David Cohen April 16, 2018

ORANGE, N.J. — Marcus & Millichap has brokered the sale of a 13,500-square-foot retail property in Orange, about 18 miles west of Manhattan, for $1.5 million. The property, which is located at 206 Main St., is currently occupied by Kicks USA on a net-lease basis. David Cafiero, Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the buyer and seller in the transaction, both private investors. Kicks USA has 41 stores in the United States.

April 16, 2018

Acquisitions North Carolina Retail Southeast

Cushman & Wakefield Arranges $11.3M Sale of Shopping Center in Metro Raleigh

by Camren Skelton April 16, 2018

MORRISVILLE, N.C. — Cushman & Wakefield has arranged the $11.3 million sale of Alexander Village, a 77,994-square-foot shopping center in Morrisville, roughly 13 miles west of Raleigh. Sam Young and David Hoppe of Cushman & Wakefield arranged the transaction on behalf of the seller, a private owner. A Dallas-based private investor acquired the asset. Food Lion anchors the center.

April 16, 2018

Development Louisiana Retail Southeast

Drive Shack to Open 62,000 SF Golf, Entertainment Venue in New Orleans

by Camren Skelton April 16, 2018

NEW ORLEANS — Golf entertainment concept Drive Shack has unveiled plans to open a 62,000-square-foot venue at the site of the former Times-Picayune building at 3800 Howard Ave. in New Orleans. Drive Shack will demolish the facility to make way for the new three-story entertainment complex, which will feature 90 indoor driving range bays, a restaurant, corporate and group event space, additional lounge areas and parking. The $29 million project is expected to be up and running by 2019, according to local media reports. Ryan Pécot and Saban Sellers of Stirling Properties represented Drive Shack in the lease negotiations. The New Orleans facility is one of five planned locations in the United States. Drive Shack opened its flagship location in Orlando earlier this month. Other planned locations include West Palm Beach, Fla.; Raleigh, N.C.; Marietta, Ga.; and Richmond, Va.

April 16, 2018

Development Retail Texas

Weingarten Begins Work on 25-Acre Retail Project in San Antonio

by Taylor Williams April 16, 2018

SAN ANTONIO — Weingarten Realty, a Houston-based REIT, has begun work on the 25-acre retail portion of Stevens Ranch, a 2,400-acre master-planned community in San Antonio. The site will consist of a 20,000-square-foot retail shell, which broke ground in February, as well as five one-acre pad sites and one 18.3-acre pad site. Deliver is slated for the fall. Tenants that have preleased space at the property include Supercuts, Quarry Nails and Smilepoint Dental Group. Fulcrum Construction is serving as general contractor for the project, which is being designed by Lune Middleman Architects.

April 16, 2018

Acquisitions Mixed-Use Multifamily Retail Washington Western

ACME Realty Acquires Mixed-Use Property in Seattle for $17.7M

by Amy Works April 16, 2018

SEATTLE — ACME Realty has purchased Remi Apartments, a multifamily community located at 2727 Eastlake Ave. East in Seattle’s Eastlake neighborhood. An undisclosed company sold the property for $17.7 million, or $480,000 per unit. Built in 1996, the property features 34 apartments and three ground-floor commercial spaces. The property features a mix of one- and two-bedroom units with private decks or patios, as well as a rooftop deck. At the time of sale, the property was 97 percent occupied and the commercial spaces were fully leased. Mark Zoffel and Kyle Yamamoto of CBRE represented the seller in the transaction.

April 16, 2018

Acquisitions Illinois Midwest Retail Top Stories

Eldorado Resorts to Acquire Grand Victoria Casino in Illinois for $327.5M

by Taylor Williams April 16, 2018

ELGIN, ILL. — Eldorado Resorts Inc. (NASDAQ: ERI), a Nevada-based casino owner and operator, has agreed to acquire the Grand Victoria Casino for $327.5 million. The riverboat casino opened in 1994 and is moored on the Fox River in Elgin, approximately 40 miles northwest of Chicago. Eldorado Resorts will acquire the roughly 30,000-square-foot casino from a partnership between MGM Resorts International (NYSE: MGM) and RBG LLP, a subsidiary of Hyatt. Eldorado will use proceeds from recent asset sales, cash from ongoing operations and loans from its revolving credit facility to fund the transaction, which is expected to close during the fourth quarter. “The addition of Grand Victoria Casino will further diversify the geographic reach of our operations and includes excess contiguous acreage for potential future development,” says Gary Carano, CEO of Eldorado Resorts. “Grand Victoria is one of the leading casinos in the Chicagoland market and is extremely well maintained, which will allow us, upon closing, to focus on enhancing the guest experience and operating results without the need to undertake capital investments,” he adds. MGM acquired a 50 percent interest in Grand Victoria in 2005 when it acquired Mandalay Resort Group. As the seller, MGM will receive approximately $162 million …

April 16, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $2.6M Sale of Retail Property in Parsippany

by David Cohen April 13, 2018

PARSIPPANY, N.J. — Marcus & Millichap has arranged the $2.6 million sale of The Shoppes on New Road, a recently completed 7,410-square-foot retail property in Parsippany, 28 miles west of Manhattan. The four-tenant retail center is located at 131 New Road and is 100 percent occupied. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.

April 13, 2018

Acquisitions Georgia Mixed-Use Office Restaurant Retail Southeast

Asana Acquires Krog Street Market, Atlanta Stove Works in Atlanta’s Inman Park Neighborhood from Paces Properties

by Camren Skelton April 13, 2018

ATLANTA — Charlotte-based Asana Partners has acquired Krog Street Market and Atlanta Stove Works, two mixed-use destinations in Atlanta’s Inman Park neighborhood that once housed Tyler Perry Studios. Paces Properties sold both assets to Asana for an undisclosed price. Situated across Krog Street from one another, the properties are adjacent to the Atlanta BeltLine’s Eastside Trail, a former railway corridor-turned-multi-use trail. Krog Street Market houses a food hall and retail shops including Hop City, Bar Mercado, Jeni’s Splendid Ice Creams, Superica, Ticonderoga Club, The Collective and The Merchant. Atlanta Stove Works houses creative office space for firms like Media Star Promotions, Trees Atlanta and Atlanta BeltLine Partnership, as well as three restaurants — Rathbuns, Bell Street Burrito and Krog Bar. Paces Properties opened Krog Street Market in 2014 in a former 1920s warehouse. The Atlanta-based company acquired Stove Works in 2012. Asana will invest capital to enhance the properties, building on their appeal as central gathering spaces along the BeltLine trail. King & Spalding served as legal adviser to Asana, and Eastdil Secured arranged the transaction on behalf of Paces Properties.

April 13, 2018

Acquisitions Retail Texas

CBRE Negotiates Sale of 74,310 SF Retail Center in Denton

by Taylor Williams April 13, 2018

DENTON, TEXAS — CBRE has negotiated the sale of Shops at Colorado, a 74,310-square-foot retail center in the North Texas city of Denton. The property was 100 percent leased at the time of sale to tenants such as Bed Bath & Beyond, Staples, Party City and Sherwin-Williams. Chris Gerard, Chris Cozby and Blaine Dozier of CBRE represented the seller, RCG-Denton LLC, in the transaction. Lincoln Retail Income & Growth Fund purchased the asset for an undisclosed price.

April 13, 2018

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