Retail

HFF Arranges $5.5M in JV Equity for Oliveira Plaza in Port Hueneme

by Nellie Day September 22, 2016

PORT HUENEME, CALIF. — HFF has arranged $5.5 million in joint venture equity for the acquisition of Oliveira Plaza, a 116,000-square-foot shopping center located in the Southern California community of Port Hueneme. The center consists of six single-story buildings that are 92 percent leased to tenants including Big Lots, Bank of America, Rite Aid, Citibank, West Marine, Dollar Tree, Panda Express and Carl’s Jr. Greg Brown and Jamie Kline of HFF worked on behalf of Progression REI to arrange the joint venture equity with an institutional equity investor.

September 22, 2016

Midwest Mixed-Use Multifamily Office Ohio Restaurant Retail

GE Global Operations Center Opens at The Banks in Cincinnati

by Haisten Willis September 22, 2016

CINCINNATI — The Global Operations Center has opened at The Banks mixed-use development in Cincinnati. More than 2,000 employees will work in the 12-story, 338,000-square-foot tower. The main entrance will be at the corner of Second and Rosa Parks streets. The new building is located in Phase II of The Banks, and includes 19,000 square feet of street-level retail space. Taste of Belgium and Pies & Pints are under construction and will open in the coming weeks. Next door, the Radius at The Banks apartment community is also now open. GE has signed a 15-year lease with Carter and Nicol Investment Co., co-owners of the building. PNC Financial Services led the construction financing for the project, and Brasfield & Gorrie oversaw construction along with Cincinnati-based Jostin Construction. RJTR is the architect and CBRE will manage the property.

September 22, 2016

Michigan Midwest Restaurant Retail

Mid-America Brokers $3.6M Sale of Macomb Mall Shops Near Detroit

by Haisten Willis September 22, 2016

ROSEVILLE, MICH. — Mid-America Real Estate Corp.’s Investment Sales team has brokered the sale of the Macomb Mall Shops in Roseville, Mich. A private investor purchased the 8,074-square-foot center for $3.6 million. Macomb Mall Shops is located at the northwest corner of Gratiot Avenue and Masonic Boulevard in Roseville. The center’s tenant list includes Potbelly’s, AT&T and Chipotle. Mid-America’s Carly Gallagher, Ben Wineman and Richard Kerwin represented the seller, Bloomfield Hills-based Lormax Stern Development Co., in the transaction.

September 22, 2016

Michigan Midwest Restaurant Retail

Gerdom Realty and Investment Negotiates Sale of Two Net Leased Restaurants in Michigan

by Haisten Willis September 22, 2016

CANTON AND SAGINAW, MICH. — Tjader Gerdom and Larry Siedell of Gerdom Realty and Investment represented both the buyer and seller in the sale of two net leased restaurants, Hayden’s Grill and Bar in Canton and Harvey’s Grill and Bar in Saginaw. Both locations are freestanding casual dining restaurants spanning 7,000 square feet. A private investor from the Detroit area bought the restaurants as a package deal.

September 22, 2016

Retail Texas

M&M Arranges Sale of 6,793 SF Retail Property in Houston

by Haisten Willis September 22, 2016

HOUSTON — Marcus & Millichap has arranged the sale of Broadway Shopping Center, a 6,793-square-foot retail property located in Houston. Gus Lagos and Alex Bouchard of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, an individual/personal trust partnership. Lagos and Bouchard also secured the buyer, a limited liability company. Broadway Shopping Center is located at 3933 Broadway St.

September 22, 2016

Retail Texas

First Cyclebar in San Antonio to Open in Stone Oak

by Haisten Willis September 22, 2016

SAN ANTONIO — CycleBar, an indoor cycling studio, will open its first San Antonio studio on Sept. 26 in a 3,000-square-foot space in Village at Stone Oak. The specialty retail center is located at 22602 U.S. Highway 281 N. Marcus Shaffer with The Weitzman Group handled negotiations for CycleBar. Tenants at Village at Stone Oak include Alamo Drafthouse Cinema, James Avery, Bar Louie, Victoria’s Secret, 54th Street Grill & Bar, Target, HomeGoods, Hobby Lobby, DSW and World Market. CycleBar’s rides offer a full-body workout and cardio exercise. The company provides shoes, water bottles and snacks at no extra cost, as well as secure storage and a locker room with robes, wet clothing bags and toiletries.

September 22, 2016

Market Reports Midwest Midwest Market Reports Missouri Retail

New Development, Healthy Leasing Activity Powers St. Louis Retail Market

by Jeff Shaw September 22, 2016

Retail development in the St. Louis metro area continues to gain momentum. Rental rates are strong, with triple-net asking rents averaging $12.30 per square foot, and are expected to trend upward as the retail market continues to grow. Absorption of existing product along with multiple new developments has created a positive forecast for the St. Louis retail market. In the second quarter of 2016, the St. Louis retail vacancy rate dropped to 5.9 percent from 6.1 percent the previous quarter with positive net absorption of 449,056 square feet. Leasing ramps up Contributing to the healthy retail market are several tenants moving into large blocks of space including two 41,921-square-foot Walmart Neighborhood Market stores now open in St. Peters. Among other store openings: • At Home has announced two 100,000-square-foot locations on the site of a former Walmart in Town & Country and a former K-Mart in O’Fallon, Mo. • Academy Sports will open two 62,000-square-foot locations in Manchester and O’Fallon, Ill. • Camping World will move into 34,710 square feet in Wentzville. • Stein Mart will occupy 31,000 square feet in Town & Country. • Bob’s Discount Furniture has signed a 28,035-square-foot lease in Manchester and a 30,000-square-foot lease at …

September 22, 2016

California Retail Western

Pacific Retail Capital Partners Acquires 2.8 MSF Regional Mall Portfolio

by Nellie Day September 21, 2016

EL SEGUNDO, CALIF. — El Segundo-based Pacific Retail Capital Partners has acquired a portfolio of three regional malls totaling 2.8 million square feet in a joint venture with an undisclosed partner. The centers have a combined value of more than $200 million. Acquisitions include: • The Galleria at White Plains, an approximately 870,000-square-foot, four-level enclosed regional mall located roughly 30 miles outside of New York City in White Plains, N.Y. • Northpark Mall, a 958,000-square-foot, two-level mall located roughly 10 miles outside of Jackson in Ridgeland, Miss. • The Esplanade, a more than 1 million-square-foot regional mall located roughly 13 miles outside of downtown New Orleans in Kenner, La. The Galleria at White Plains is home to 130 retailers including Macy‘s, Sears, H&M and Forever 21. Northpark Mall is home to 120 retailers and eateries including Dillard’s, Belk, JC Penney, H&M, Victoria’s Secret, Foot Locker and Sephora. The Esplanade is home to retailers including Dillard’s, Target, Macy’s, Victoria’s Secret and Old Navy. Orrick represented the joint venture in the acquisition. The seller was undisclosed.

September 21, 2016

Nevada Retail Western

ValueRock Realty Acquires Two Grocery Stores in Henderson

by Nellie Day September 21, 2016

HENDERSON, NEV. — ValueRock Realty Partners has acquired two single-tenant retail buildings occupied by Albertsons grocery stores in Las Vegas suburb of Henderson. The acquisition includes a 58,254-square-foot building located at 190 N. Boulder Highway and a 55,000-square-foot building located at 2910 Bicentennial Parkway. The properties are both part of larger shopping centers. HH Property North LLC and HH Property South LLC sold the properties. Nick Foster of HFF and David Zacharia of DZ Net Lease Realty LLC represented the seller in this transaction.

September 21, 2016

Oregon Retail Western

Albertsons Building in Baker City Changes Hands

by Nellie Day September 21, 2016

BAKER CITY, ORE. — ValueRock Realty Partners has acquired a 48,239-square-foot building in Baker City for an undisclosed sum. The property is net leased to an Albertsons grocery store. The building is located at 1120 Campbell St. Nick Foster, Mark West and Nick Kassab of HFF represented the seller in this transaction.

September 21, 2016

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