Retail

Prestige Properties Acquires 117,000 SF Retail Center in Metro NYC for $25.4M

by Amy Works January 24, 2018

EAST BRUNSWICK, N.J. — Prestige Properties and Development has purchased a grocery-anchored retail center located at 50 Race Track Road in East Brunswick. A partnership between MCB Real Estate and Alex Brown Realty sold the property for $25.4 million. Aldi, Burlington, AutoZone and Jersey Fine Wines occupy the 117,000-square-foot retail center. The recently renovated center also includes a new building that is occupied by Starbucks, Supercuts and Five Guys. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal.

January 24, 2018

New York Northeast Office Retail

Cushman & Wakefield Arranges $21M Sale of Office, Retail Property in Manhattan

by Amy Works January 24, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a multi-tenanted commercial office and retail building located at 224 Fifth Avenue in Manhattan. An undisclosed buyer acquired the property for $21 million. Originally built in the mid-19th century and significantly altered in 1980, the six-story building features 15,949 square feet of office and retail space. The building has floor plates that range from 2,600 square feet to 2,827 square feet and is currently leased to three office tenants and one retail tenant, 7-Eleven. John Ciraulo and Craig Waggner of Cushman & Wakefield represented the undisclosed seller in the transaction.

January 24, 2018

Florida Retail Southeast

The Shopping Center Group Secures $8.4M Sale of Retail Center in Tampa Via Auction

by Camren Skelton January 23, 2018

TAMPA, FLA. — The Shopping Center Group has arranged the $8.4 million sale of Shoppes of Amberly, an 88,000-square-foot shopping center in Tampa. Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller, a special servicer, in the transaction that was finalized through the RealINSIGHT Marketplace auction platform. Shoppes of Amberly LLC acquired the center. At the time of sale, Shoppes of Amberly was 86 percent leased to tenants including Crunch Fitness and Peabody’s Billiards. In addition, the center is home to local restaurants and medical, health and beauty services.

January 23, 2018

Retail Southeast Virginia

Wheeler REIT Acquires 888,917 SF Shopping Center in Norfolk for $85.7M

by Camren Skelton January 22, 2018

NORFOLK, VA. — Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) has acquired JANAF Shopping Yard, an 888,917-square-foot shopping center in Norfolk, for $85.7 million. Ann Arbor, Mich.-based McKinley sold the property, according to Inside Business. In addition to retail space, the center includes 37,234 square feet of office space in one building. As part of the transaction, Wheeler REIT assumed a $53.7 million loan with a fixed interest rate of 4.49 percent and a $5.2 million loan with a fixed interest rate of 4.95 percent. The loans mature in July 2023 and January 2026, respectively. In addition, the company utilized a $6.5 million loan with a fixed interest rate of 4.65 percent and one year of interest-only payments to purchase a separate parcel within the center. As of Sept. 30, 2017, JANAF Shopping Yard was 94 percent leased to tenants including BJ’s Wholesale Club and Fuel Center, T.J. Maxx, Petco, Wawa, Big Lots, Panera Bread, Northern Tool + Equipment, The U.S. Postal Service and SunTrust Bank. Originally constructed in 1959, JANAF has undergone several renovations, the latest in 2006.

January 22, 2018

California Retail Western

Faris Lee Arranges $15M Sale of CVS/Pharmacy-Anchored Center in Huntington Beach

by Nellie Day January 22, 2018

HUNTINGTON BEACH, CALIF. — Faris Lee Investments has arranged the $15 million sale of CVS Beach Garfield Center, a 31,140-square-foot retail property anchored by a freestanding CVS/Pharmacy in Huntington Beach. Shaun Riley of Faris Lee arranged the transaction on behalf of the buyer, 209 N. Brand Blvd. LP. Triwell Properties represented the seller, Sampont Properties LLC. In addition to CVS/Pharmacy, the center is home to tenants including Starbucks Coffee, O’Reilly Auto Parts, Verizon Wireless and Bank of America. The property was fully leased at the time of sale.

January 22, 2018

Midwest Ohio Restaurant Retail

Marcus & Millichap Brokers $2.5M Sale of Texas Roadhouse Ground Lease in West Chester Township, Ohio

by Kristin Harlow January 22, 2018

WEST CHESTER TOWNSHIP, OHIO — Marcus & Millichap has brokered the sale of a Texas Roadhouse ground lease in West Chester Township, about 25 miles north of Cincinnati, for $2.5 million. The 7,163-square-foot net leased property is located at 7309 Kingsgate Way and has a 15-year ground lease. Craig Fuller, Erin E. Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a local private developer. An out-of-state buyer completing a 1031 exchange was the purchaser.

January 22, 2018

Loans Mixed-Use Multifamily New York Northeast Office Retail

Ready Capital Structured Finance Secures $6M Loan for Mixed-Use Property in SoHo

by Amy Works January 22, 2018

NEW YORK CITY — Ready Capital Structured Finance has arranged $6 million in financing for the acquisition, renovation and stabilization of a mixed-use property in SoHo. The financing is a non-recourse senior floating-rate bridge loan. The property features 7,500 square feet of retail, office and multifamily space.

January 22, 2018

Retail Top Stories Washington Western

Amazon Opens Prototype 1,800 SF Checkout-Free Grocery Store in Seattle

by Taylor Williams January 22, 2018

SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) has opened the first location of Amazon Go, an 1,800-square-foot mini grocery store in Seattle that allows customers to shop without waiting in checkout lines. The store was open exclusively to Amazon employees for the past year. The store is located at 2131 7th Ave. near the corner of Blanchard Street, less than a mile from Pike Place Market and the e-commerce giant’s headquarters. It offers ready-to-eat meals and snacks prepared by Amazon chefs, as well as grocery staples and artisanal baked goods. The offerings also include chef-designed meal kits. Shoppers must have an Amazon account and the Amazon Go app, the latter of which enables entry into the store. Once inside, customers shop as they normally would and then simply leave. While there are no cashiers, there are employees working in the store who prepare food and check IDs on purchases of alcoholic beverages. The store employs inventory-tracking technologies featuring cameras and motion sensors that automatically detect items being removed or returned to shelves. Shortly after shoppers depart, they receive a digital receipt and charges to their Amazon account. “Amazon has generally been regarded as a threat to conventional retail,” says Kenneth Katz, …

January 22, 2018

California Retail Western

CBRE Brokers $5.2M Sale of Shopping Center in San Diego’s Point Loma

by Nellie Day January 19, 2018

SAN DIEGO — CBRE has arranged the sale of Midway Square, a multi-tenant shopping center located at 3112 Midway Drive in San Diego’s Point Loma district. Winston Square LLC sold the property to Midway Square LLC for $5.2 million. Reg Kobzi, Sam Alison, Mike Philbin and Amar Goli of CBRE represented the seller, while Andrew Slade of CIRE Partners represented the buyer in the deal. At the time of sale, the property was 100 percent leased. Express Time, Auto Serve Center, Suspension Plus and Smog Creek occupy the 15,271-square-foot, single-level retail center.

January 19, 2018

California Restaurant Retail Western

Big Al’s Leases 46,000 SF of Retail Space at McCarthy Ranch Marketplace in Silicon Valley

by Nellie Day January 19, 2018

MILPITAS, CALIF. — Big Al’s, a sports bar and entertainment chain, has signed a lease for 46,000 square feet of retail space at McCarthy Ranch Marketplace in Milpitas in Silicon Valley. TMS McCarthy LP is the landlord. Located at 15 Ranch Drive, Big Al’s Silicon Valley will be the company’s fifth center and second in California. The store is slated to open for business in late 2018.

January 19, 2018

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