Retail

Hanley Investment Group Arranges $5.6M Sale of Retail Center in Lancaster, California

by Nellie Day November 15, 2017

LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $5.6 million sale of Lancaster Triangle, a five-building, 35,569-square-foot retail center in Lancaster. Bill Asher and Jeff Lefko of Hanley Investment Group and Rosanne Morgiewicz of The Morgiewicz Co. arranged the transaction on behalf of the seller, Lancaster Triangle LLC, and the buyer, an undisclosed private investor. Lancaster Triangle was fully leased at the time of sale to tenants including Burger King, Fast Auto & Payday Loans, American Tire Depot, Sugary Donuts, Socorro’s Bridal and York Shore House Fish & Chips.

November 15, 2017

Loans Northeast Retail Rhode Island

HFF Secures $75M Refinancing for Warwick Mall in Warwick, Rhode Island

by Amy Works November 15, 2017

WARWICK, R.I. — HFF has arranged $75 million in refinancing for Warwick Mall, a super regional mall located at 400 Bald Hill Road in Warwick. The borrower is a joint venture between Bliss Properties, Mark T. Brennan & Co. and Lane Family Trust. Jennifer Keller and Andrew Gray of HFF arranged the 10-year, fixed-rate loan through Bank of America. Originally developed in the 1970s and renovated in 2011, the 978,659-square-foot mall is occupied by 86 tenants, including Nordstrom Rack, Macy’s, Jordan’s Furniture, Target, H&M, Old Navy and JCPenney. Additionally, the mall features a 12-screen Showcase Cinema, 12 restaurants and 5,000 parking spaces.

November 15, 2017

Loans Northeast Pennsylvania Retail

Cronheim Arranges $33.5M Loan for Retail Center in Fairless Hills, Pennsylvania

by Amy Works November 15, 2017

FAIRLESS HILLS, PA. — Cronheim Mortgage has arranged a $33.5 million mortgage loan for Fairless Hills Towne Center, a retail center located in Fairless Hills. The borrower is a joint venture between Larken Associates and Red Starr Investment. The loan was placed with an investment bank and structured with a seven-year term and 30-year amortization schedule after an 18-month interest-only payment period. The permanent loan refinanced the bridge loan used to acquire and reposition the property. The borrowers acquired the 294,000-square-foot center, which is anchored by Giant Food/Pharmacy, in 2015.

November 15, 2017

New York Northeast Retail

Island Associates Brokers $5.7M Acquisition of Retail Property in New Windsor, New York

by Amy Works November 15, 2017

NEW WINDSOR, N.Y. — Island Associates has brokered the acquisition of a retail property located at 170 Windsor Highway in New Windsor. An undisclosed buyer purchased the property for $5.7 million. QuickCheck occupies the 7,254-square-foot property, which is situated on 2.9 acres. Roger Delisle of Island Associates represented the buyer, while Matthew Gorman of CBRE represented the undisclosed seller in the deal.

November 15, 2017

Retail Texas

STRIVE Arranges Sale of 196,006 SF Retail Center in Metro Dallas

by Taylor Williams November 15, 2017

WAXAHACHIE, TEXAS — STRIVE has arranged the sale of Northgate Plaza, a 196,006-square-foot retail center situated on 18.6 acres at 507 U.S. Highway 77 in the southern Dallas metro of Waxahachie. Anchored by Big Lots, the property was 88 percent leased at the time of sale to tenants such as Aaron’s, Verizon Wireless and Schlotzsky’s. Jennifer Pierson of STRIVE represented the seller and procured the buyer, both of whom were private investors based in California.

November 15, 2017

Georgia Hospitality Mixed-Use Restaurant Retail Southeast

Nobu Hotel, Restaurant to Headline Phipps Plaza Expansion in Atlanta’s Buckhead District

by Camren Skelton November 15, 2017

ATLANTA — Simon has unveiled plans to transform Phipps Plaza, an upscale shopping mall in Atlanta’s Buckhead district, into a mixed-use destination. The additional uses coming to Phipps Plaza include a 150-room Nobu Hotel, 10,000-square-foot Nobu Atlanta Restaurant, 90,000-square-foot Life Time Athletic fitness center and a 12-story office building. The hotel will feature a rooftop pool, conference space and spa facilities, and the restaurant will offer Japanese-style cuisine. Life Time will develop an athletic club in a three-level space that will feature studio, yoga and cycle classes, personal training, a café, rooftop pool, beach club and a bistro. The new buildings will join recent additions to Phipps Plaza including the 166-room AC Hotel Atlanta Buckhead and the 319-unit Domain at Phipps Plaza, an upscale apartment community. Construction is scheduled to begin in 2018, with a phased opening beginning in spring 2020.

November 15, 2017

Midwest Missouri Retail

United Development, Falcon Realty Plan Upgrade, Redevelopment of Shopping Center in Kansas City for $45M

by Kristin Harlow November 15, 2017

KANSAS CITY, MO. — A partnership between United Development Co. and Falcon Realty Advisors has purchased Barry Towne Center in Kansas City for an undisclosed price. The partnership will undertake a $15 million renovation of the retail center, which is anchored by Target, Kohl’s and Babies “R” Us. An additional $30 million will be invested in developing the remaining 13 acres on the east side of the property. The shopping center has been renamed Twin Creeks Center and will be expanded by an additional 200,000 square feet. Jay Ferguson of Ferguson Properties represented the buyers, while Garry Hayes of MD Management Real Estate Development represented the sellers, the Morgan and Davis builder-developer families. Metropolitan Capital Advisors arranged the financing via lender Centennial Bank. MD Management Real Estate Development has been retained to continue management of Twin Creeks Center and Lane4 Property Group is the leasing agent.

November 15, 2017

New Jersey Northeast Retail

Prestige Properties Acquires Shopping Center in Mount Laurel, New Jersey, for $130M

by Amy Works November 14, 2017

MOUNT LAUREL, N.J. — Prestige Properties has purchased Centerton Square, a shopping center located at 2 Centerton Road in Mount Laurel. Black Creek Diversified Property Fund sold the property for $130 million. A 426,436-square-foot Wegman’s grocery store anchors the more than 700,000-square-foot regional shopping center. At the time of sale, the property was fully leased to a variety of tenants, including DSW Shoes, TJ Maxx, Bed Bath & Beyond and Burlington, which is slated to open soon.

November 14, 2017

Connecticut Mixed-Use Multifamily Northeast Retail

Avison Young Brokers $1.2M Sale of Development Site in Wilton, Connecticut

by Amy Works November 14, 2017

WILTON, CONN. — Avison Young has brokered the sale of a development site located at 200 Danbury Road in Wilton. The Kent House LLC sold the parcel to 200 Danbury Road LLC for $1.2 million. The buyer plans to develop a mixed-use residential and retail center on the site. Sean McDonnell and Alison Luisi of Avison Young represented the seller in the deal.

November 14, 2017

Arizona Retail Western

HFF Arranges $24.5M Sale, $17.8 M Financing for Retail Center in Tucson

by Nellie Day November 14, 2017

TUCSON, ARIZ. — HFF has arranged the $24.5 million sale of Colonia Verde, a 98,937-square-foot retail center in Tucson. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, Westwood Financial Corp., and Nick Kassab of HFF represented the buyer, ROK Properties Inc. Additionally, Jeremy Womack of HFF secured a 10-year, $17.8 million acquisition loan for the asset through a global financial services firm on behalf of the new owner. Safeway and Walgreens anchor Colonia Verde, which was 99 percent leased at the time of sale to tenants including Ace Hardware, Wells Fargo, Panda Express, Coldstone Creamery and Jamba Juice.

November 14, 2017

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