AMARILLO, TEXAS — TREK Investment Group has brokered the sale of Coronado Shopping Center, a 48,716-square-foot retail center located at 3303 Wimberly Road in Amarillo. Parker Carroll of TREK represented the buyer, Assertive Realty Group LLC, in the transaction. The name and representative of the seller were not disclosed.
BROOKLYN PARK, MINN. — Cushman & Wakefield NorthMarq has arranged the sale of two shopping centers in suburban Minneapolis for undisclosed prices. Edinburgh Festival Centre, located at the corner of Highway 252 and 85th Avenue North in Brooklyn Park, consists of 91,563 square feet. Festival Foods anchors the center, which is 95 percent leased. Other tenants include Caribou Coffee, Broadway Pizza and Dollar Tree. Shingle Creek Shopping Center consists of 39,456 square feet and is located in Brooklyn Center. The property is fully leased to tenants such as Panera Bread, H&R Block, Gamestop and UPS. IRC Retail Centers sold both properties to LS Capital. Leah Maurer of Cushman & Wakefield NorthMarq represented the seller in the Edinburgh Festival transaction and the buyer in the Shingle Creek transaction.
DELTA TOWNSHIP, MICH. — Mid-America Real Estate Corp. has brokered the sale of a 174,353-square-foot shopping center in Delta Township, a western suburb of Lansing. The sales price was not disclosed. Marketplace at Delta Township is located at the southwest corner of I-69 and Saginaw Highway. Michaels, PetSmart, Tractor Supply Co. and Ulta anchor the center. GDA Real Estate Services purchased the property. Ben Wineman, Carly Gallagher and Daniel Stern of Mid-America brokered the transaction on behalf of the seller, a public REIT.
Pittsburgh retail can be summed up in three words: location, location, location — and the original definition of great real estate has never been more pronounced than it is today in the Pittsburgh retail market. According to some publications, retail and retailers appear to be struggling almost everywhere for many different reasons, including online sales, too many stores, market conditions and oversaturation of product. However, as of year-end 2016, CoStar indicated that the overall Pittsburgh retail market occupancy rate was 96.8 percent. Pittsburgh has natural barriers to entry for retail due to its topography, which includes numerous hills and valleys, making it often times impossible to build a “newer, bigger, better” retail property across the street. As a result, many developers have successfully repurposed older centers through adaptive reuse, converting them in keeping with the latest and greatest retail trends. Other older centers have successfully withstood the test of time, replacing outdated retail concepts with today’s current concepts at significantly lower costs than building a new center. Adaptive reuse of Pittsburgh retail started decades ago when the May Company relocated Kaufmann’s Department Stores from four freestanding locations into the dominant regional malls, leaving one- and two-story 200,000-square-foot boxes vacant. Local …
MEXIA, TEXAS — Henry S. Miller Co. (HSM) has brokered the sale of Mexia Plaza, a 16,600-square-foot retail center located at 1322 Milam St. in Mexia, a city approximately 40 miles east of Waco. Shadow-anchored by Walmart, the property was 100 percent occupied at the time of sale to tenants such as Cricket Wireless, Hibbett Sports and Payday Loans. Lane Kommer of HSM represented the seller in the transaction, and Michelle Hudson of Hudson Peters represented the buyers.
WESTBROOK AND BRIDGEPORT, CONN. — Arbor Realty Trust has funded two loans, totaling $34.5 million, in Connecticut. The firm provided a $32.6 million for a retail property located in Westbrook. Funded under Arbor’s balance sheet bridge load program, the three-year interest-only, floating-rate loan features two one-year extension periods, allows the borrower to acquire the property and provides tenant improvement capital to execute a new 10-year lease to H&M. The name of the borrower was not released. Additionally, Arbor provided a $1.9 million acquisition loan for a 32-unit multifamily property in Bridgeport to an undisclosed borrower. Funded under the Freddie Mac small business loan product line, the 20-year loan features a fixed rate and a 30-year amortization schedule.
SAUGUS, MASS. — CBRE/New England has arranged the sale of the Hilltop Steak House site on Route 1 in Saugus. High Country Investors sold the property to AvalonBay Communities for $17.2 million. The buyer plans to develop the site into a 280-unit luxury rental apartment community with 25,000 square feet of retail space. Community amenities of the mixed-use property will include a landscaped courtyard, pool, fireplaces, grills, a dog park and a clubhouse with a fitness facility. Simon Butler, Biria St. John and Rob Robledo of CBRE/NE represented the seller and procured the buyer in the transaction.
NEEDHAM, MASS. — NAI Hunneman has brokered the acquisition of two retail properties, located at 1257 and 1299 Highland Ave. in Needham. South Street 4414 Holdings LLC purchased the properties from DWM Interests and LGM Interests for $11.6 million. Situated on 1.4 acres, the buildings total 21,252 square feet and share a parking lot. David Ross of NAI Hunneman represented the buyer, while Craig Barker of Boston Real Estate Advisors represented the seller in the deal.
For most brick-and-mortar retailers, visibility to remain top-of-mind is at the forefront of operational decisions. Not so for microbreweries. In fact, it’s not as much about where a brewery is located as it is about how it is designed. For this still fairly young industry, brewery architecture and design are nearly as important as the beer itself. Microbreweries are quickly taking the Southeast by storm as places to taste and enjoy a fine beverage, as well as spend an enjoyable afternoon or evening. With so many intricate design components within often-limited budgets, this kind of project can be a perfectly alluring (and appetizing) challenge for an architect. Critical to the success of creating the ideal atmosphere and experience for a microbrewery is partnering with an architectural and design firm that understands the business to ensure the building ultimately supports current and future operations and growth. And, with fermenters and grain rooms in the mix, the design is quite unique to other commercial and even industrial spaces. Microbrewery operators must have space for two (possibly three) components: production, event space and now retail sales, an emerging third element for states like Georgia with new alcohol sales laws. The production space must …
LAS VEGAS — With more than 30 years of experience representing tenants and landlords in retail negotiations, Jedd Nero, principal and executive managing director at Avison Young’s New York office, has worked with household-name retailers such as Hershey’s, Hugo Boss and Verizon Wireless. Nero was one of about 37,000 retail professionals who attended ICSC RECon in Las Vegas in late May. As the crowd jostled through the Las Vegas Convention Center in search of their next networking opportunity, Northeast Real Estate Business found time to chat with Nero. His insights into the rapidly changing landscape of retail real estate are detailed below. Northeast Real Estate Business: Since the beginning of the year, we’ve seen a rash of store closures nationally. In terms of the volume of these closures, what has precipitated that? Is it just online shopping or are there other factors at work? Jedd Nero: I think it’s a combination of several factors. I think we can all agree that the country is over-malled. There are about 1,200 malls in the country. By the time everything is said and done, there will probably be about 900 left. Class C and D malls have been affected the most. Certainly online …