Retail

Hanley Investment Group Arranges $22.2M Sale of Retail Center in Riverside

by Nellie Day August 30, 2017

RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $22.2 million sale of Michaels Plaza, a 62,952-square-foot retail center located adjacent to the 1.2 million-square-foot Galleria at Tyler Mall in the Inland Empire community of Riverside. The property was 98 percent occupied at the time of sale by tenants including Michaels, David’s Bridal, Lamps Plus, Armed Forces, The Flame Broiler, GameStop and Miracle Ear. Ed Hanley, Bill Asher and Kevin Fryman of Hanley Investment represented the seller, an affiliate of The Krausz Companies Inc., in the transaction. Jefferson Kim of jKim Group Inc. represented the buyer, a private investor from Fullerton.

August 30, 2017

Colorado Retail Western

Massage Heights to Open Location in Fort Collins

by Nellie Day August 30, 2017

FORT COLLINS, COLO. — As part of its nationwide expansion, Massage Heights has signed three franchise agreements during the first half of 2017. The therapeutic massage and facial services provider will to expand the brand to the Los Angeles submarket of Woodland Hills, in addition to Houston and Boerne, Texas. Massage Heights also opened six new locations this year, including one in Fort Collins, Colo. The brand is on track to open 10 locations in 2017, with a goal of having 300 locations open by the end of 2020. Massage Heights is a family-owned, membership-based therapeutic services franchise company that provides massage and facial services.

August 30, 2017

Loans Retail Texas

HFF Arranges $225M Refinancing for 250,000 SF Upscale Shopping Center in Dallas

by Taylor Williams August 30, 2017

DALLAS — HFF has arranged the refinancing of Highland Park Village, a roughly 250,000-square-foot shopping center in Dallas. The property is currently leased to 75 tenants, including Chanel, Jimmy Choo, Christian Dior, Honor Bar and Cafe Pacific. John Brownlee and Cullen Aderhold of HFF arranged the financing, which comes to $225 million, according to The Dallas Morning News, on behalf of the borrower, HP Village Partners LP.

August 30, 2017

Multifamily Retail Southeast Virginia

Morgan Properties Acquires Multifamily, Retail Portfolio in Metro D.C. for $509M

by Camren Skelton August 30, 2017

ALEXANDRIA, VA. — Morgan Properties has acquired the Mark Center portfolio, a multifamily and retail portfolio comprising 2,664 apartment units and a 63,320-square-foot retail center in Alexandria, for $509 million. Located in the Seminary Road submarket, the 150-acre Mark Center portfolio is roughly eight miles south of Washington, D.C. CBRE represented the undisclosed seller in the transaction. The Apartments at Mark Center include six adjacent garden-style communities: Hillwood, Stoneridge, Meadow Creek, Lynbrook, Brookdale and Willow Run. King of Prussia, Pa.-based Morgan Properties will consolidate the six assets into four apartment communities and invest approximately $35 million in capital improvements, including updated interiors and appliances and a new fitness center, business center, movie theater, club room, putting green and a dog park. The Shops at Mark Center is leased to tenants including CVS/pharmacy, Global Foods, Starbucks Coffee and SunTrust Bank. The Mark Center acquisition is Morgan Properties’ second largest transaction in the company’s history. With the acquisition, the company obtained the former owner’s right to maximize the allowable density of the center from 2.5 million square feet to 6.4 million square feet over the long-term.

August 30, 2017

Indiana Loans Midwest Ohio Retail

NorthMarq Arranges $7M Refinancing for Retail Portfolio in Indiana and Ohio

by Kristin Harlow August 30, 2017

INDIANA AND OHIO — NorthMarq Capital has arranged a $7 million loan for the refinancing of Creekstone retail portfolio, a collection of retail properties totaling 50,000 square feet in Indiana and Ohio. The properties include: 1310, 1665 and 1675 N. National Road in Columbus, Ind.; 909 DuPont Road in Fort Wayne, Ind.; and 4425 Feedwire Road in Centerville, Ohio. Noah Juran of NorthMarq arranged the 15-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.

August 30, 2017

Midwest Missouri Retail

Block & Co. Brokers Sale of 65,000 SF Shopping Center in Raytown, Missouri

by Kristin Harlow August 30, 2017

RAYTOWN, MO. — Block & Co. Inc. Realtors has brokered the sale of Raytown Crossing shopping center in Raytown, a suburb of Kansas City. The sales price was not disclosed. The 65,069-square-foot center is located at 6715-6731 Blue Ridge Blvd. Tenants include Extreme Grand Prix Indoor Go Karting and Lonnie Bush Fitness. Bill Maas and Jay Friedman of Block & Co. negotiated the sale on behalf of the seller, CTA Properties LLC. The buyer was not disclosed.

August 30, 2017

North Carolina Retail Southeast

Preferred Apartment Communities Acquires Kroger-Anchored Center in Metro Raleigh

by Camren Skelton August 29, 2017

CARY, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Maynard Crossing, a 122,781-square-foot, Kroger-anchored shopping center in Cary, roughly 11 miles east of Raleigh. The sales price was not disclosed, but the company financed the acquisition using an $18.5 million, non-recourse loan from Principal Financial Group. The loan features an interest rate of 3.7 percent and matures on Sept. 1, 2032. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC. The acquisition of Maynard Crossing brings New Market Properties’ portfolio to 35 grocery-anchored shopping centers across seven states.

August 29, 2017

Illinois Midwest Retail

Mid-America Brokers Sale of Mariano’s Ground Lease for $20M in Lombard, Illinois

by Kristin Harlow August 29, 2017

LOMBARD, ILL. — Mid-America Real Estate Corp. has brokered the sale of a Mariano’s ground lease in Lombard for $20 million. The 74,000-square-foot property is located at the intersection of Roosevelt and Finley roads. Mariano’s holds a 20-year ground lease corporately guaranteed by Kroger Co. Joe Girardi and Wes Koontz of Mid-America brokered the sale on behalf of the seller, Bradford Real Estate. A private investor purchased the property.

August 29, 2017

Midwest Net Lease North Dakota Retail

The Boulder Group Arranges $4.8M Sale of Property Net Leased to Shopko in Stanley, North Dakota

by Kristin Harlow August 29, 2017

STANLEY, N.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko Hometown in Stanley, located in northwestern North Dakota, for $4.8 million. The 26,004-square-foot property is located at 702 Westview Lane. There are over 13 years remaining on the Shopko lease, which expires in November 2030. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate institution. A Southwest-based real estate investment firm purchased the property.

August 29, 2017

Midwest Ohio Retail

TNT Powerwash to Expand Operations in Sharonville, Ohio

by Kristin Harlow August 29, 2017

SHARONVILLE, OHIO — TNT Powerwash has unveiled plans to expand its operations in Sharonville. The company purchased a property located at 11910 Mosteller Road for $1 million with plans to demolish the existing truck terminal and redevelop the site. TNT plans to construct a new facility to house a truck dealership; maintenance, body and detail shop; and drive-thru truck wash. The $3.2 million project will create 20 new jobs, according to TNT. Erin Casey and John Gartner of Colliers International represented TNT in the transaction.

August 29, 2017

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