Retail

S2 Capital Partners Buys Shopping Center in Metro Richmond for $12M

by John Nelson December 5, 2016

CHESTERFIELD, VA. — S2 Capital Partners LLC has purchased Stonebridge Shopping Center, an 8.1-acre retail property located at 7000 Tim Price Way in Chesterfield, a suburb of Richmond. S2 Capital Partners purchased the center from an affiliate of Crosland Southeast, Stonebridge’s original developer, for $12 million. Berkeley Capital Advisors represented the seller in the transaction. Stonebridge was 95 percent leased at the time of sale to tenants such as Firestone, Krispy Kreme, Mattress Firm, Virginia ABC, Subway and Qdoba. The center is shadow-anchored by a 123,600-square-foot Kroger Marketplace and a Kroger Fuel Center. S2 Capital Partners plans to construct an additional 15,600 square feet of multi-tenant retail space on the site’s two pad sites, bringing the total footprint of the shopping center to 67,416 square feet.

December 5, 2016

Retail Texas

Vitorino Group Negotiates Sale of New Retail Center in Fort Worth

by Amy Works December 5, 2016

FORT WORTH, TEXAS — Vitorino Group has arranged the sale of a retail property located in Fort Worth. The newly constructed Presidio Retail Center sold for an undisclosed price. The three-tenant property is an outparcel to Presidio Junction, a 1 million-square-foot mixed-use development in north Fort Worth. A local Texas partnership acquired the property, which was listed for more than $600 per square foot.

December 5, 2016

California Retail Western

HFF Closes $84.5M Sale of 468,000 SF Portion of Retail Center in Orange

by Nellie Day December 2, 2016

ORANGE, CALIF. — HFF has arranged the sale of a 468,000-square-foot retail portion of The Village at Orange, an 850,000-square-foot retail center located at 1500 E. Village Way in Orange. An undisclosed institutional investor acquired the property, excluding Sears and JCPenney, from an institutional seller for $84.5 million. The property was 92 percent occupied at the time to sale to a variety of tenants, including Walmart, Trader Joe’s, Sprouts Farmers Market, Ross Dress for Less, Ulta, Home Goods, Party City and PetSmart. The property is currently undergoing renovations that will convert portions of the indoor regional mall into an open-air retail space. Bryan Ley, Gleb Lvovich and CJ Osbrink of HFF represented the seller in the transaction.

December 2, 2016

California Retail Western

Pacific Castle Buys Retail Property in Salinas for $20M

by Nellie Day December 2, 2016

SALINAS, CALIF. — Pacific Castle has acquired Prune Tree Shopping Center in Salinas from JG Management for $20 million. Located at 17601 Vierra Canyon Road, the 131,000-square-foot property is occupied by Safeway, CVS/pharmacy, McDonald’s, Taco Bell, Starbucks Coffee and AutoZone. Pacific Castle financed the acquisition through a 1031 exchange with existing capital partners. Bryan Ley of HFF represented the undisclosed seller in transaction.

December 2, 2016

Retail Washington Western

Starbucks Promotes Kevin Johnson to CEO

by Nellie Day December 2, 2016

SEATTLE — Kevin Johnson, president and chief operating officer of Starbucks Corp. and a seven-year member of the Starbucks board of directors, will assume the role and responsibilities of president and chief executive officer, effective April 3, 2017. Also effective April 3, 2017, Howard Schultz, chairman and CEO, will be appointed executive chairman and will shift his focus to innovation, design and development of Starbucks Reserve Roasteries around the world, expansion of the Starbucks Reserve retail store format and the company’s social impact initiatives. In this new role Schultz will continue to serve as chairman of the board. As president and chief operating officer since March 2015, Johnson has led the company’s global operating businesses across all geographies as well as the core support functions of Starbucks supply chain, marketing, human resources, technology, and mobile and digital platforms. Johnson has been a Starbucks board member since 2009, and will continue to serve as a member of the Starbucks board of directors. Johnson’s career spans 33 years in the technology industry, which included a 16-year career at Microsoft and a 5-year tour as CEO of Juniper Networks. Founed in 1971, Starbucks Coffee Co. has more than 25,000 stores around the globe.

December 2, 2016

California Loans Multifamily Retail Western

Meridian Capital Group Arranges $98M in Financing for Two Properties in Los Angeles

by Nellie Day December 2, 2016

LOS ANGELES — Meridian Capital Group, on behalf of Decron Properties, has arranged a $10 million loan for Playa Lincoln, a shopping center located at 8701 Lincoln Blvd. in Los Angeles. The grocery-anchored center features 73,000 square feet of retail space. Additionally, Meridian secured an $88 million loan for Playa Del Oro II, a multifamily property located at 7280 W. Manchester Ave. in Los Angeles. The asset features 260 apartment units and 5,000 square feet of retail space. The 10-year loans, provided by a life insurance company, feature five years of interest-only payments. Seth Grossman and Sarah Kuebler of Meridian Capital Group arranged the financing for the borrower.

December 2, 2016

New Jersey Northeast Retail

Regency Centers Corp. to Develop 218,000 SF Retail Center in Bridgewater, New Jersey

by Amy Works December 2, 2016

BRIDGEWATER, N.J. — Regency Centers Corp. will develop Chimney Rock, a ground-up retail property in Bridgewater. The $70 million development will feature 218,000 square feet of retail space, anchored by Somerset County’s first Whole Foods Market. Additional retailers will include Nordstrom Rack, Saks Off 5th, Ulta and The Container Store. Construction is underway, with completion slated for summer 2018.

December 2, 2016

Loans Multifamily New York Northeast Retail

A10 Capital Funds $27M Loan for Retail, Multifamily Property in SoHo

by Amy Works December 2, 2016

NEW YORK CITY — A10 Capital has provided a $27 million bridge loan for the refinancing of a retail and multifamily property located in Manhattan’s SoHo district. The five-story, 14,500-square-foot property features ground-floor retail space, which is leased to a brand name national clothing line, and four loft-style 2,500-square-foot apartments on the upper floors. The two-year, floating rate bridge loan refinanced the undisclosed borrower’s existing $23.5 million loan and provided an additional $2 million in proceeds to the borrower at closing. Cary Pollack and Judah Neuman of Meridian Capital Group arranged the financing for the borrower.

December 2, 2016

New York Northeast Retail

Nike Signs 69,214 SF Lease for Retail Space on Fifth Avenue in NYC

by Amy Works December 2, 2016

NEW YORK CITY — Nike Inc. has signed a 15-year lease for retail space at 650 Fifth Ave. in New York City’s Plaza District from landlord SL Green Realty Corp. and partner Jeff Sutton. The retailer will occupy 69,214 square feet, covering seven floors, which is the entire retail component of the 36-story office building. According to the New York Post, the transaction is valued at more than $700 million across the lease’s 15-year term.

December 2, 2016

Florida Retail Southeast

Morgan Wiseman Arranges $9.5M Sale of 268,000 SF Shopping Center in Orlando

by John Nelson December 2, 2016

ORLANDO, FLA. — Morgan Wiseman CRE, an Orlando-based retail broker, has arranged the $9.5 million sale of Pine Hills Marketplace, a 268,000-square-foot shopping center located on West Colonial Drive in Orlando. Built in 1965, the property was 70 percent leased at the time of sale and includes three outparcels, which are ground leased. The buyer, a private investment group based in Asia, purchased the property from AIG Investments in an off-market transaction. Florida Bank of Commerce provided acquisition financing in the deal. Morgan Wiseman represented the buyer, and AIG Investments was self-represented in the transaction.

December 2, 2016

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