LAS VEGAS — Calmwater Capital has provided a $15.2 million loan for the development of a new shopping center in Las Vegas, located adjacent to the Palms Casino Resort. Calmwater arranged the two-year, senior loan on behalf of the borrower, an entity controlled by CAI Investments. The developer plans to construct five pad sites for the center, totaling 27,000 square feet. Signed tenants at the center include Walgreens, Wahoo’s Fish Tacos, Denny’s, Del Taco and Dunkin’ Donuts. The project is estimated for completion over the next 12 to 18 months.
PORTLAND, MAINE — Cardente Real Estate has arranged the sale of a restaurant property located at 476 Stevens Ave. in Portland. Rock Properties sold the property to 476 Stevens Ave LLC for $1.1 million. Siano’s Pizzeria formerly occupied the 4,091-square-foot restaurant building. Cheri Bonawitz of Cardente Real Estate represented the seller, while Mike Anderson of Malone Commercial Brokers represented the buyer in the deal.
LOS ANGELES — Centre Partners, a leading middle market private equity firm with offices in Los Angeles and New York, has sold its portfolio company Captain D’s. The buyer and price were not disclosed. Captain D’s is a seafood-themed operator in the quick-service restaurant (QSR) sector. The Captain D’s system consists of 530 restaurants, including 227 franchised and 303 company-owned locations in 21 U.S. states, with established strongholds in the Southeast and Midwest. Founded in 1986, Centre Partners has invested over $2 billion of equity capital in more than 75 transactions since its inception.
DACULA, GA. — Franklin Street has arranged the $13.9 million sale of Mountain Crossing, a 93,396-square-foot retail center in Dacula, roughly 25 miles northeast of downtown Atlanta. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the buyer, Phillips Edison Grocery Center REIT II Inc., and the seller, Mountain Crossing Associates LLC. Kroger anchors the center, which was 97 percent leased at the time of sale to tenants including Great Clips, The UPS Store, Wells Fargo, a nail salon, cleaners and restaurants.
As the real estate world addresses the uncertain future of brick-and-mortar shopping, the market for retail investment in San Antonio remains strong. The recent bankruptcies of physical merchandisers such as Toy “R” Us, Radio Shack, Rue 21 and Payless Shoes — to name but a few — have proven that retailers must adapt their strategies to an ever-changing environment. In San Antonio, however, a historically low volume of new retail development and decreasing vacancy rates, combined with strong fundamentals, have attracted and secured more retail investors than ever before. San Antonio’s thriving economy is supported by steady job growth — 25,000 jobs have thus far been added in 2017, according to the City Employment Statistics survey. The Bureau of Labor Statistics put San Antonio’s unemployment rate at 3.7 percent as of August 2017, versus the national average of 4.5 percent. Often referred to as Military City, USA, San Antonio is home to Joint Base San Antonio, which includes Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base. These military installations alone employ roughly 90,000 people and have an estimated $27 billion impact on the local economy. These statistics, coupled with the market’s steady job and population growth, …
MCKINNEY, TEXAS — The Retail Connection (TRC) has secured a 19,941-square-foot retail lease at Craig Crossing, a shopping center located at the corner of U.S. Highway 75 and Eldorado Boulevard in McKinney. Jamie Streeter and Wyatt Russo of TRC represented the landlord, Centcom/Vantage McKinney LLC, in the lease negotiations. Katherine Wildman and Bunny McLeod of Wulfe & Co. represented the tenant, Chair King Backyard Store, a provider of outdoor and patio furniture.
SAUGUS, MASS. — NKF Capital Markets has arranged the sale of a retail property located at the intersection of Route 1 and Main Street in Saugus. Ocean State Job Lot purchased the 40,000-square-foot building from Taylor Saugus Limited Partnership, a joint venture between Eastern Real Estate and a partnership between Josh Katzen and Steve Tannenbaum. The property is fully leased to Bob’s Stores, a regional apparel and footwear retailer. Geoffrey Millerd, Justin Smith and Christoper Peterson of the NKF Capital Markets Boston office represented the seller in the deal.
CARO, MICH. — Regency Properties has acquired Caro Centre and Sugarcreek Plaza in Caro, located east of Saginaw in Michigan’s Thumb region. The sales price and seller were not disclosed. The 71,706-square-foot Caro Centre is home to tenants including Family Dollar, Peebles, Goodwill and Caro Ace Hardware. Regency Properties plans to invest approximately $200,000 to renovate the property’s façade. Sugarcreek Plaza totals 43,916 square feet and is home to two tenants — Tractor Supply Co. and Save-A-Lot. In addition, the property includes a nearly one-acre outlot that is available for development.
BAL HARBOUR, FLA. — Whitman Family Development LLC has signed a 53,000-square-foot lease with Barneys New York to anchor the $400 million expansion of Bal Harbour Shops, an upscale, open-air shopping center in South Florida’s Bal Harbour. The store will be the brand’s first Barney’s New York location in Florida, and will include Freds at Barneys New York, a European-inspired restaurant that serves contemporary American cuisine. Barneys New York, along with Freds, is scheduled to open in 2023 in conjunction with the 350,000-square-foot Bal Harbour expansion, which will add roughly 70 new retailers. The family-owned Bal Harbour Shops originally opened in 1965 and was the first all-luxury fashion center in the United States.
MARIETTA, GA. — IKEA U.S. will submit plans to the City of Marietta for its second Atlanta-area store. Situated roughly 15 miles northwest of downtown Atlanta, IKEA Marietta is expected to be built on 34 acres on the western side of Interstate 75 on Franklin Gateway, between the Marietta Parkway and Delk Road exit interchanges. A construction timeline for the new store has not been determined. The Swedish home furnishings retailer currently operates a store in Midtown near Atlantic Station.