Retail

Wood Investments Buys Retail Center in Upland for $18.5M

by Nellie Day May 12, 2017

UPLAND, CALIF. — Laguna Beach-based Wood Investments Inc. has purchased Upland Village, a 153,000-square-foot shopping center in Upland. The company plans to revitalize the intersection of Euclid and Foothill in Upland with the $18.5 million acquisition of the center, which was only 10 percent occupied at the time of the sale. Upland Village, formerly occupied by a 65,000-square-foot Dick’s Sporting Goods, is currently leased to two tenants, 99 Cents Only and Laser Island. The sale also included five residential properties located along Euclid Avenue. Wood Investments Inc. and its partners plan to redevelop the property over time. The first phase will include the addition of Ross Dress for Less, Burlington Coat Factory and Raising Cane’s. Wood Investments Inc. is in the pre-leasing stage for phase two.

May 12, 2017

California Retail Western

Passco Cos. Acquires Value-Add Shopping Center in Corona for $17M

by Nellie Day May 12, 2017

CORONA, CALIF. — Passco Cos. has acquired Temescal Village, a 102,976-square-foot neighborhood shopping center in Corona, for $17 million. A retail brokerage team led by Dixie Walker and Charley Simpson of Cushman & Wakefield’s Irvine office represented the seller, a private investor, in the transaction. Located at 1181-1199 Magnolia Ave. and built in 1983, Passco plans to modernize the property through a series of renovations and capital improvements. Planned renovations include redesigning the landscaping and updating the façades throughout the center, as well as adding a social gathering, outdoor dining and seating areas. The center is 93.5 percent leased to 19 tenants including CVS Pharmacy, Citibank, Carl’s Jr., Wells Fargo, H&R Block, the UPS Store, County of Riverside and Metro PCS. Architecture Design Collaborative will design renovations for the center. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco through Fannie Mae.

May 12, 2017

California Retail Western

Sterling Organization Acquires 75,890 SF Retail Building in Orange County for $11M

by Nellie Day May 12, 2017

GARDEN GROVE, CALIF. — Sterling Organization has acquired Pavilion Plaza West, a 75,890-square-foot vacant retail building located at 9852 Chapman Ave. in Garden Grove, for $11 million. The property was once a Vons Supermarket. The sellers were a group of five individuals in a tenant-in-common ownership agreement via Sterling Organization’s institutional fund, Sterling Value Add Partners II LP. Sterling Organization has acquired a total of five properties in California in just over a year, including assets in the Los Angeles, San Diego and San Francisco markets.

May 12, 2017

California Retail Western

CBRE Brokers $1.9M Sale of Retail Center in San Diego

by Nellie Day May 12, 2017

SAN DIEGO — CBRE has brokered the $1.9 million sale of a 9,840-square-foot strip center in San Diego. The seven-tenant property, located at 3280 Main St., is 83 percent leased. Joel Wilson, Reg Kobzi and Michael Peterson of CBRE represented the seller, 1987 Butler Living Trust, in the transaction. Curtis Gabhart of KW Commercial represented the buyer, Jehan Enterprises.

May 12, 2017

New Jersey Northeast Retail Top Stories

Urban Edge Properties Obtains $100M Loan to Refinance Tonnelle Commons in North Bergen

by Nellie Day May 12, 2017

NORTH BERGEN, N.J. — Urban Edge Properties (NYSE: UE) has obtained a $100 million loan to refinance Tonnelle Commons, a 410,015-square-foot retail power center in the New York City suburb of North Bergen. The Class A center is located at 2100 88th St. at the corner of Tonnelle Avenue. Tonnelle Commons is fully leased to 16 tenants. Anchors include Walmart, BJ’s Wholesale Club, PetSmart and Staples. Other tenants include Applebee’s, the Vitamin Shoppe, GameStop, SuperCuts and Mattress Firm. The property was built in 2009 less than 10 miles from Midtown Manhattan and four miles from the entrance to the New Jersey Turnpike. The center is situated at the northern edge of Hudson County, the most densely populated county in New Jersey. HFF’s debt placement team, led by Scott Aiese and Mike Tepedino , secured the 10-year, non-recourse, fixed-rate loan. Urban Edge Properties is a REIT that manages, acquires, develops and redevelops retail real estate in urban communities, primarily in the New York metropolitan region. The REIT’s stock closed at $24.93 per share on Thursday, May 11, down from $27.38 one year ago. — Nellie Day

May 12, 2017

Retail Washington Western

Nordstrom Names New Chief Financial Officer

by Nellie Day May 11, 2017

SEATTLE — Seattle-based Nordstrom Inc. has hired Anne Bramman as chief financial officer (CFO), effective June 2, 2017. Bramman comes to Nordstrom from Avery Dennison Corp. where she has served as senior vice president and CFO since 2015. She has an extensive financial leadership background in a variety of industries, including retail. Mike Koppel retired as the company’s CFO on May 1, 2017, after 16 years and will continue to support Nordstrom in a consulting and advisory role through the end of the year. Nordstrom Inc. is a fashion specialty retailer. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 353 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico; 220 Nordstrom Rack stores; two Jeffrey boutiques; and two clearance stores.

May 11, 2017

Loans Retail Texas

Vestar Secures $8.6M in Financing for Sprouts-Anchored Retail Center in Allen, Texas

by Taylor Williams May 11, 2017

ALLEN, TEXAS — Private equity firm Vestar has secured $8.6 million in financing for Twin Creeks Marketplace, a 43,134-square-foot retail center located at 1265 W. Exchange Parkway in the Dallas-Fort Worth metro of Allen. The property, which was developed in 2016, was 100 percent leased at the time of loan closing to anchor Sprouts Farmers Market, as well as tenants such as Verizon Wireless, Starbucks Coffee and Advancial Credit Union. Vestar secured the 15-year loan through Lincoln National Life Insurance Co.

May 11, 2017

Mixed-Use New Jersey Northeast Office Restaurant Retail

Edison Properties Begins Redevelopment of Ironside Newark in New Jersey

by Haisten Willis May 11, 2017

NEWARK, N.J. — Edison Properties has begun construction at Ironside Newark, a mixed-use building in downtown Newark. Located at the corner of Edison Place and McCarter Highway (Route 21), Ironside Newark will transform the warehouse building into a commercial and retail destination. Designed by New York City-based Perkins Eastman, the project will include 456,000 square feet of offices across its six upper floors, with access to a rooftop featuring green space and views of Newark and Manhattan. Two floors of retail and restaurant space will front the newly announced Mulberry Commons Park, providing a link between Ironside Newark and Newark Penn Station, Prudential Center arena and downtown Newark. Hollister Construction Services will serve as the sole construction manager on the project. Construction on the building is expected to last 18 months, with opening tentatively scheduled for fall 2018.

May 11, 2017

New Jersey Northeast Restaurant Retail

Anchor Tenants Announced at The Shoppes at Middletown in Middletown, N.J.

by Haisten Willis May 11, 2017

MIDDLETOWN, N.J. — National Realty & Development Corp. (NRDC) has signed the first anchor tenants at The Shoppes at Middletown, a retail development in Middletown. A 130,000-square-foot Wegmans Food Markets store and a 26,530-square-foot, six-screen CMX, The VIP Cinema Experience will join the 340,000-square-foot development. When complete, The Shoppes at Middletown will include national, regional and local retailers and restaurants. The project is located on Route 35 at its intersection with Kings Highway East in eastern Monmouth County.

May 11, 2017

Northeast Pennsylvania Retail Top Stories

CBRE Global Investor Fund Acquires King of Prussia Town Center for $183M

by John Nelson May 11, 2017

KING OF PRUSSIA, PA. — A fund advised by CBRE Global Investors has acquired King of Prussia Town Center, a newly constructed, open-air shopping center located at 155 Village Drive in King of Prussia, an affluent suburb of Philadelphia. The sales price and seller were undisclosed, but various media outlets have reported that the fund acquired the 263,423-square-foot project from developer JBG Cos. for $183 million. King of Prussia Town Center is the retail component of The Village at Valley Forge, a 122-acre master planned development by Realen Corp. that will feature nearly 3,000 residential units and 1 million square feet of commercial space upon completion. The development also features the newly opened Children’s Hospital of Philadelphia Specialty Care & Surgery, King of Prussia and a 130,000-square-foot Wegmans grocery store, which is owned by the same CBRE-backed fund. King of Prussia Town Center’s average traffic count is more than 360,000 vehicles daily, according to CBRE Global Investors. The development is situated near King of Prussia Mall, a 2.3 million-square-foot superregional mall owned and operated by Simon Property Group. King of Prussia Town Center was 87 percent leased at the time of sale to retailers including REI, LA Fitness, Muse Paintbar, …

May 11, 2017

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