Retail

HFF Arranges $18M Refinancing for 307,138 SF Shopping Center in Berwyn, Illinois

by Kristin Harlow July 18, 2018

BERWYN, ILL. — HFF has arranged an $18 million loan for the refinancing of Cermak Plaza in Berwyn, a western suburb of Chicago. The 307,138-square-foot shopping center is 95 percent leased to tenants including Walgreens, Marshalls, Ross Dress for Less, The Gap, McDonald’s, Office Depot, Dollar Tree, Party City and Shoe Carnival. The borrower, Cermak Plaza Associates LLC, originally developed the center in 1955. The property has undergone several renovations and expansions with the most recent being in 2014. Matthew Schoenfeldt of HFF represented the borrower. An insurance company provided the 10-year, fixed-rate loan. Loan proceeds were used to retire an existing loan and fund capital improvements in conjunction with the termination of a lease with Meijer and a new lease with Tony’s Finer Foods.

July 18, 2018

Market Reports Northeast Northeast Market Reports Retail Rhode Island

Providence Retail Presents Signs of a Strengthening Economy

by David Cohen July 18, 2018

The Rhode Island retail market has seen a considerable level of activity over the last year that presents promising signs of a strengthening economy and an improving property market. Generally speaking, each submarket has seen positive absorption of retail space, with the new concepts entering the market for the first time, as well as existing operators further expanding their footprints and market share. From street retail to lifestyle and big-box centers, each class has seen significant activity that represents a much healthier retail climate than popular opinion and media reporting might suggest. Some specific transactions are worth noting. Garden City Center in Cranston continues to outperform as the dominant outdoor shopping destination in the greater Providence market. This past year, The Wilder Companies built an approximately 29,800-square-foot addition at Garden City, which allowed them to bring Boston favorites Legal C Bar and Tavern in the Square to town. These are the first Rhode Island locations for both operators, which points to the strength of the local Rhode Island economy as well as the faith tenants have in the long-term viability of the best retail projects. Wilder was also able to bring The Simple Greek, Anthony’s Coal Fired Pizza, Z Gallerie …

July 18, 2018

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $6.2M Sale of Hanover Shopping Plaza in Massachusetts

by David Cohen July 17, 2018

HANOVER, MASS. — Marcus & Millichap has brokered the $6.2 million sale of the Hanover Shopping Plaza in Hanover. The 26,307-square-foot retail center is located at 1422 Washington St. and anchored by Town Fair Tire, Papa Gino’s, D’Angelo and Pearle Vision. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company. The buyer has plans to renovate the property, which was developed in 1975, and lease up the vacant space.

July 17, 2018

Acquisitions Northeast Retail Rhode Island

Out of the Box Ventures Acquires 300,000 SF Shopping Center in Rhode Island

by David Cohen July 17, 2018

WOONSOCKET, R.I. — Out of the Box Ventures, a subsidiary of Lionheart Capital, has acquired Walnut Hill Plaza in Woonsocket for an undisclosed price. The seller was undisclosed. The 300,000-square-foot shopping center is located at 1500 Diamond Hill Road and anchored by Aero Trampoline, Planet Fitness, and Walnut Hill Bowl. Other tenants include Olympia Sports, Weight Watchers, Payless Shoe Source, GameStop and T-Mobile. Walnut Hill Plaza is the first acquisition in Rhode Island for Miami-based Lionheart Capital.

July 17, 2018

Acquisitions California Retail Western

Kidder Mathews Arranges Sale of Four-Building Retail Property in California’s Central Valley

by Amy Works July 17, 2018

VISALIA, CALIF. — Kidder Mathews has brokered the sale of The Shops at Visalia Pavilion, located at 3833, 3837, 3927 and 4015 W. Caldwell Ave. in Visalia. Toor Capital purchased the four-building property for $8.7 million. At the time of sale, the 33,000-square-foot asset was 95 percent occupied by a variety of tenants, including Starbucks Coffee, T-Mobile and Papa Murphy’s Pizza. Peter Beauchamp, Darren Tappen and Jenette Bennett of Kidder Mathews represented the seller, a New York-based private equity firm, in the deal.

July 17, 2018

Development Loans North Carolina Retail Southeast

HFF Arranges $28.8M in Construction Financing for Wegmans-Anchored Project in Triangle

by Camren Skelton July 17, 2018

CARY, N.C. — HFF has arranged $28.8 million in preferred equity and construction financing for the development of the first phase of Twin Lakes Center, a 153,229-square-foot retail center in Cary. The first phase includes a four-building retail center that is 93 percent preleased and will be anchored by Wegmans, a Rochester, N.Y.-based grocer.Greg Nalbandian, Roger Edwards, Devlin Murphy and Andrew Zilenziger of HFF arranged $6.3 million in preferred equity through a life insurance company and a $22.5 million, floating-rate loan through CapitalSource, a division of Pacific Western Bank. LeylandAlliance is developing the 35.8-acre property, which will be completed in phases and will include restaurants, retail space, seniors housing, a lake and walking paths. LeylandAlliance expects to wrap up construction on the retail portion of the project in July 2020.

July 17, 2018

Development Multifamily Retail Southeast Virginia

Skanska Acquires 94,000 SF Site in Metro D.C. for New Retail, Multifamily Development

by Camren Skelton July 16, 2018

TYSONS, VA. — Skanska USA has acquired a 94,000-square-foot site in Tysons for a new multifamily and retail development. Richard Siegel, Wendy Feldman Block and Bill Quinby of Savills Studley arranged the transaction on behalf of Skanska. The development company acquired the site within the mixed-use district of Scotts Run from master developer Cityline Partners. At full build-out, Scotts Run will span 8 million square feet and house offices, apartments, hotels, retail and restaurants. The land Skanska acquired is located across the street from the McLean Silver Line Metro station. The company is scheduled to break ground on the unnamed multifamily/retail development in 2019, with completion slated for 2022.

July 16, 2018

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers $9.2M Sale of Shopping Center in Philadelphia

by David Cohen July 16, 2018

PHILADELPHIA — Marcus & Millichap has brokered the sale of Victory Square, a 38,234-square-foot retail center in Philadelphia. The property sold for $9.2 million. Derrick Dougherty, Scott Woodard and Mark Taylor of Marcus & Millichap represented the seller, Post Brothers, and the out-of-market buyer, in the transaction. Victory Square is located at 4424 N. Broad St in North Philadelphia. The shopping center is fully leased and is anchored by an 18,500-square-foot Save-A-Lot grocery store. The tenant roster also includes Dollar Tree, Taco Bell and a laundromat. Originally constructed in 1980, the two-acre property was renovated in 2016.

July 16, 2018

Acquisitions California Mixed-Use Office Retail Western

LPC West Buys 57,253 SF Mixed-Use Property Near San Diego for $27.5M

by Amy Works July 16, 2018

DEL MAR, CALIF. — LPC West has acquired Polo Plaza, a mixed-use property located at 3702 and 3790 Via De La Valle in Del Mar, approximately 20 miles north of San Diego. An undisclosed local seller sold the property for $27.5 million. At the time of sale, the two-building 57,253-square-foot property was 92 percent occupied. Ben Tashakorian and Bradley Peters of Marcus & Millichap represented the seller, while LPC West represented itself in the transaction. LPC West plans to renovate the Mediterranean-style office and retail property to include a new paint scheme, monument sign, exterior lighting, furniture and landscaping, as well as complete parking lot upgrades. The renovated property will feature small ExecuOffices and on-site amenities, including a café offering coffee, breakfast and lunch.

July 16, 2018

Georgia Market Reports Property Type Retail Southeast Southeast Market Reports

Tech, Film Industries Help Atlanta Sustain Retail Growth Intown and in Suburbs

by John Nelson July 16, 2018

“How long will Atlanta’s retail boom last?” That is the multibillion-dollar question everyone in the market is asking themselves. Nobody knows for sure, although there are many valid reasons to think that Atlanta will sustain its growth through 2018 and beyond. The state of Georgia has placed a strong emphasis on drawing technology companies to the state, and Atlanta’s tech boom has catapulted the city to the front of the race for Amazon’s $5 billion HQ2 project. The city already boasts the world’s busiest airport, which makes it easy for any company to relocate here because they can directly connect to anywhere in the world. Most recently, Facebook announced it will build a sprawling data center campus at Stanton Springs, about 40 miles east of Atlanta, and NCR Corp. recently opened its new headquarters campus in Midtown. The emerging tech community includes startup hubs such as Atlanta Tech Village, Switchyards Downtown Club, the upcoming Coda project at Tech Square and Advanced Technology Development Center, an affiliate of Georgia Tech. With elite local colleges like Georgia Tech, Emory University and the state’s flagship school, the University of Georgia, about 60 miles east in Athens rapidly producing new graduates, the city is …

July 16, 2018

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