Retail

Meridian Capital Secures $19M in Financing for Mixed-Use Property in Brooklyn

by Amy Works July 12, 2017

NEW YORK CITY — Meridian Capital Group has arranged $19 million in construction take-out financing for the refinance of a mixed-use property located at 1122 Chestnut Ave. in the Midwood neighborhood of Brooklyn. The seven-year loan, provided by a local balance sheet lender, features a fixed rate of 4.00 percent. Blake Orman of Meridian negotiated the financing for the undisclosed borrower. The seven-story building features 57 residential rental units and 12,600 square feet of ground-floor retail space. Building amenities include high-speed elevators, parking with optional valet service, a laundry facility and a bicycle storage room.

July 12, 2017

Midwest Ohio Retail

Round 1 Signs 50,000 SF Retail Lease at Great Lakes Mall in Mentor, Ohio

by Kristin Harlow July 12, 2017

MENTOR, OHIO — Round 1, a family entertainment center, has signed a 50,000-square-foot retail lease at Great Lakes Mall in Mentor, about 25 miles northeast of Cleveland. Washington Prime Group Inc. owns the mall. Round 1 will anchor the $15 million redevelopment project and replace a former Dillard’s Men’s store. Earlier this year, Dillard’s consolidated its department stores at the mall into one space. This will be the first Round 1 location in Ohio. Round 1 offers bowling, karaoke, ping-pong, arcade games and dining. Washington Prime Group also plans to create a restaurant space adjacent to Round 1.

July 12, 2017

Florida Retail Southeast

Skanska Breaks Ground on $49.3M Renovation of Fort Lauderdale’s Las Olas Boulevard Corridor

by Camren Skelton July 12, 2017

FORT LAUDERDALE, FLA. — Skanska USA has broken ground on a $49.3 million renovation of the Las Olas Boulevard Corridor, Fort Lauderdale’s premiere thoroughfare for high-end shopping and dining. The project will include the addition of a 258,000-square-foot parking garage with 670 spaces, new canopy, public spaces, interactive water features, public beachfront park, architecturally designed landscaping and streetscape improvements. Designed by EDSA Inc., the parking facility will also feature stainless steel and aluminum wrap with LED lights and a partial amenity deck with views of downtown Fort Lauderdale and the Intracoastal Waterway. The project is slated for completion in August 2019.

July 12, 2017

Retail Texas

STRIVE Brokers Sale of 60,748 SF Retail Center in Helotes, Texas

by Taylor Williams July 12, 2017

HELOTES, TEXAS — STRIVE has brokered the sale of Bandera Trails Shopping Center, a 60,748-square-foot retail center anchored by Gold’s Gym in the San Antonio metro of Helotes. Jason Vitorino and Bryce Gissler of STRIVE marketed the property on behalf of the seller, a California-based Tenants in Common group. A Dallas-based private investor purchased the property for an undisclosed price.

July 12, 2017

Retail Texas

Baker Katz Acquires 22,000 SF Retail Property in Metro Houston

by Taylor Williams July 12, 2017

PASADENA, TEXAS — Houston-based retail brokerage firm Baker Katz has acquired a 22,000-square-foot retail asset located at the intersection of Fairmont Parkway and Beltway 8 in Pasadena. The property was 70 percent leased at the time of sale to tenants such as Supercuts, Leslie’s Pool Supplies and Mattress Overstock. The seller and other terms of sale were not disclosed.

July 12, 2017

Oregon Retail Top Stories Western

Kimco Realty Acquires 746,000 SF Shopping Center in Portland for $131.8M

by Nellie Day July 12, 2017

PORTLAND, ORE. — Kimco Realty Corp. (NYSE: KIM) has acquired Jantzen Beach Center, a 746,000-square-foot open-air shopping center in Portland, for $131.8 million. The property is located at in northern Portland near the Oregon-Washington border. Jantzen Beach Center was 96 percent occupied at the time of sale. Notable tenants include Home Depot, Target, TJ Maxx, HomeGoods, Ross Dress for Less, Burlington, Petco, Best Buy, DSW and Michaels. Jantzen Beach Center was built in 1972. It underwent more than $40 million in renovations and upgrades between 2010 and 2014. The center’s location near the Oregon-Washington border allows it to pull visitors from more than 70 miles away due to Oregon’s lack of sales tax. “The center pulls customers from the 9 percent sales tax state of Washington into the no-sales-tax state of Oregon,” says Nick Kassab of HFF, who, along with Brian Ley, represented the unnamed seller in this transaction. “Given that opportunities to acquire a top-performing center of this size and scale in the Pacific Northwest are few and far between, the sale received significant interest from institutional investors across the country.” Kimco purchased the center free and clear of any existing debt. The New Hyde Park, N.Y.-based REIT acquired …

July 12, 2017

Loans Northeast Pennsylvania Retail

Natixis Provides $54.5M in Financing for Redevelopment of Suburban Philadelphia Retail Center

by Amy Works July 11, 2017

CHELTENHAM, PA. — Natixis has originated a $54.5 million floating-rate loan for New York City-based Sun Equities Partners. The borrowers will use the loan to redevelop the former Cheltenham Square Mall located in Cheltenham. The financing consists of a $42 million senior loan and a $12.5 million mezzanine loan. Initial loan proceeds of $16.9 million were used to retire existing property financing and an additional $40.1 million is earmarked for the redevelopment and future leasing of the property. The 429,617-square-foot retail center will be rebranded as Greenleaf at Cheltenham. The property is currently 60 percent leased and pre-leased to a variety of retailers, including The Home Depot, Marshalls, LA Fitness, TD Bank, Wells Fargo, T-Mobile, Chick-fil-A and Wendy’s. Eli Breiner and Jerry Boxer of ECB Capital Group arranged the financing for the borrower.

July 11, 2017

North Carolina Retail Southeast

Sembler Co. to Develop Publix-Anchored Shopping Center in Metro Raleigh

by Camren Skelton July 11, 2017

CARY, N.C. — The Sembler Co. has unveiled plans to develop a 72,000-square-foot, Publix-anchored shopping center in Cary, roughly 11 miles west of Raleigh. The project, which will be known as Amberly Place, is situated on 22 acres of land at the northwest corner of Greenlevel Church and Carpenter Fire Station roads. The Sembler Co. has developed approximately 325 projects totaling 27 million square feet.

July 11, 2017

Loans Nevada Retail Western

Eyzenberg & Co. Arranges $18.1M Refinancing for The Shoppes at Harmon Square in Las Vegas

by Nellie Day July 11, 2017

LAS VEGAS — Eyzenberg & Co. has secured an $18.1 million refinancing for The Shoppes at Harmon Square, a 31,384-square-foot retail center located across from the Hard Rock Hotel & Casino in Las Vegas. Tenants at the newly renovated center include Dunkin’ Donuts, Subway, 7-Eleven, Liquor World, Tropical Smoothie and Roberto’s Tacos. David Eyzenberg, Jeff Conti and Elena Vlasyuk of Eyzenberg & Co. arranged the fixed-rate senior secured loan on behalf of the owner, HD Harmon Square LLC. Benefit Street Partners provided the capital.

July 11, 2017

California Retail Western

Faris Lee Brokers $7M Sale of Strip Center in Stockton

by Nellie Day July 11, 2017

STOCKTON, CALIF. — Faris Lee Investments has arranged the $7 million sale of The Shops at Hammer & West, a 15,314-square-foot strip center located in Stockton. Jeff Conover of Faris Lee represented the Newport Beach-based seller, West Hammer Properties, in the transaction. Vista Pacific Realty represented the buyer, Tian He Jian Real Estate USA Inc. The center is fully occupied by seven tenants including Jollibee.

July 11, 2017

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