Retail

United Development to Deliver 33,517 SF Retail Center in Asheville, North Carolina

by Camren Skelton October 25, 2017

ASHEVILLE, N.C. — United Development Co. has unveiled plans to build The Peaks, a 33,517-square-foot retail center in Asheville. The property will sit on two acres at the corner of Highway 70 and South Tunnel Road, just west of Interstate 240, at the site of the former UA Beaucatcher Cinemas 7. The Peaks will offer 12 restaurant and retail spaces, including Chipotle Mexican Grill, Panera Bread and Rise Biscuits & Donuts. In addition, the property will feature a pedestrian-oriented design and outdoor dining with views of the Blue Ridge Mountains. Asheville-based PFA Architects designed the center and Atlantic Retail Properties is handling the leasing assignment. The Peaks is slated to open in June 2018.

October 25, 2017

Florida Loans Retail Southeast

Meridian Capital Closes $12.5M Acquisition Loan for Retail Center in Broward County

by Camren Skelton October 25, 2017

PLANTATION, FLA. — Meridian Capital Group has arranged a $12.5 million acquisition loan for Plantation Pointe, a 17,052-square-foot shopping center in Plantation, a Broward County city roughly seven miles west of Fort Lauderdale. Noam Kaminetzky of Meridian Capital arranged the 11-year loan with a fixed interest rate of 3.87 percent through a national life insurance company. The borrower was not disclosed. Located at 7500 W. Sunrise Blvd., the property includes three one-story retail buildings. At the time of sale, Plantation Pointe’s tenant roster included Chipotle Mexican Grill, Pieology Pizzeria, Panda Express, The Habit Burger Grill, McAlister’s Deli, AT&T, Starbucks Coffee and Walgreens.

October 25, 2017

Retail Texas

Vista Property to Redevelop Shopping Center in Dallas

by Taylor Williams October 25, 2017

DALLAS — Vista Property Co. will redevelop Maplewood, a shopping center located at the corner of Maple Avenue and Inwood Road in Dallas. The development will be rebranded Maple Walk and feature open-air staircases, a glass-enclosed elevator and an open breezeway to the rear parking lot. The project will also allow ownership to create new patio and outdoor seating spaces. Construction is scheduled to begin in late November.

October 25, 2017

Retail Texas

Venture Commercial Acquires 87,900 SF Retail Center in Arlington

by Taylor Williams October 25, 2017

ARLINGTON, TEXAS — Venture Commercial Real Estate has acquired Sublett Corners Shopping Center, an 87,900-square-foot retail center located at the corner of South Cooper Street and Sublett Road in Arlington. Shadow-anchored by Albertsons, the center was 93 percent leased at the time of sale to tenants such as Stein Mart, Dollar Tree, Supercuts, KFC and Jack in the Box. Venture Commercial was represented internally by Bo Brownlee and Easley Waggoner Jr. Bill Jordan of Marcus & Millichap represented the seller, Rip Griffin Truck Service Center Inc.

October 25, 2017

Retail Texas

TREK Brokers Sale of 20,000 SF Strip Center in Houston

by Taylor Williams October 25, 2017

HOUSTON — Austin-based TREK Investment Group has brokered the sale of Breen Plaza, a 20,000-square-foot retail center in northwest Houston. Built in 2007, the property was 100 percent leased to 11 different tenants at the time of sale. Ethan Offenbecher of TREK represented the undisclosed seller in the transaction. The buyer and sales price were also withheld.

October 25, 2017

New Jersey Northeast Retail

Colliers Facilitates Sale of 81,000 SF Shopping Center in South Marlton, New Jersey

by Amy Works October 25, 2017

SOUTH MARLTON, N.J. — Colliers International has arranged the sale of Evesham Crossing Shopping Center, located at 515 Route 73 in South Marlton. Starwood Capital and Goodman Properties sold the 81,000-square-foot property to Raymour and Flanigan for an undisclosed price. Todd Sussman and Josh Goldine of Colliers were the sole brokers in the transaction.

October 25, 2017

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $6M in Financing for Retail Property in Cherry Hill, New Jersey

by Amy Works October 25, 2017

CHERRY HILL, N.J. — Cronheim Mortgage has arranged $6 million in financing for Village Walk, a retail property located along Route 70 in Cherry Hill. The loan, provided by a local New Jersey bank, was structured with a five-year term. The 60,000-square-foot property is currently 100 percent leased to 14 tenants, including a yoga studio, Italian restaurant, sneaker store, bridal boutique, fitness center and hair salon. Allison Villamagna, Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the loan for the undisclosed borrower.

October 25, 2017

California Retail Top Stories Washington Western

ROIC Acquires Two West Coast Shopping Centers for $96.5M

by Nellie Day October 25, 2017

FULLERTON, CALIF., AND VANCOUVER, WASH. — Retail Opportunity Investment Corp. (ROIC) has acquired two shopping centers on the West Coast for a total of $96.5 million. The purchase includes Fullerton Crossroads, a 221,636-square-foot, grocery-anchored community center in Fullerton, and Riverstone Marketplace, a 108,323-square-foot, grocery-anchored shopping center in Vancouver. Fullerton Crossroads was built in 1971 at 3200–3362 E. Yorba Linda Blvd. It was renovated in 1996 and 2005. The center is 98 percent leased to tenants like Ralphs, Kohl’s, JoAnn Fabric & Craft and Daiso Japan. Riverstone Marketplace is located at 19215 and 19221 S.E. 34th St. and 3415, 3425 and 3505 S.E. 192nd Ave. in the Fisher’s Landing area of Vancouver. The center is 99 percent leased, with Quality Food Center as the anchor. ROIC represented itself in this stock transaction, while JLL’s Geoff Tranchina represented the seller, the Uhlmann Family Trust. “The seller was looking to divest itself of the day-to-day operations of these properties while maintaining its relationship and exposure to high-quality, West Coast retail real estate,” says Tranchina. “These unique tax-deferred structures, while complex to execute, provide long-term holders of real estate the potential to diversify their risk, eliminate management responsibilities and provide liquidity flexibility in the …

October 25, 2017

Colorado Retail Western

HFF Arranges $4.3M Sale of Shopping Center in Westminster

by Nellie Day October 24, 2017

WESTMINSTER, COLO. — HFF has arranged the $4.3 million sale of Brookhill Towne Center, a 99,142-square-foot retail center in Westminster, located 11 miles north of Denver. Jules Sherwood of HFF represented the seller and procured the buyer, Experimental Holdings Inc. Constructed in 1989, Brookhill Towne Center was 81.5 percent leased at the time of sale to Fruehauf’s, Guiry’s and Dollar Tree.

October 24, 2017

California Retail Western

Bob’s Discount Furniture Plans First Store Openings on the West Coast

by Nellie Day October 24, 2017

LOS ANGELES — Bob’s Discount Furniture plans to open six new stores in the Los Angeles market simultaneously on Feb. 15, 2018. New locations will open in Baldwin Park, Huntington Beach, Midtown, Long Beach, West Hills and Valencia. These six stores will be the first on the West Coast for the furniture retailer. Bob’s currently has 89 stores in 15 states across the East Coast, Mid-Atlantic and Midwest regions, after adding more than a dozen new stores in the past year. In addition to the six new stores in Los Angeles, the furniture retailer has three others set to open on the same day in Pennsylvania and Virginia. The nine store openings will bring the company to 98 stores nationwide.

October 24, 2017

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