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AcquisitionsBuild-to-RentGeorgiaRetailSoutheast

FrostPoint Capital Acquires 13,896 SF Retail Strip Center in Grayson, Georgia

by John Nelson

GRAYSON, GA. — FrostPoint Capital, an investment firm based in West Palm Beach, Fla., has acquired Olde Towne Grayson, a 13,896-square-foot retail strip center in Grayson, a northeast suburb of Atlanta in Gwinnett County. The property, which FrostPoint is rebranding as Grayson Square, was fully leased at the time of sale to tenants including AutoZone, Lendmark Financial, Little Caesars Pizza, JB’s Barbershop and Katie’s Sports Bar & Grill. Marc Irvin and Matthew Welch of Marcus & Millichap brokered the transaction. The seller and sales price were not disclosed.

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DevelopmentLoansMidwestNebraskaRetail

WarHorse Gaming Receives $300M in Financing for Casino Construction Projects in Nebraska

by Kristin Harlow

NEBRASKA — Casino operator WarHorse Gaming LLC has secured refinancing of $300 million in startup loans for a five-year deal that will launch the next phase of casino expansions and construction of a new casino in Nebraska. U.S. Bank organized the deal, which includes Capital One, KeyBank, The Huntington National Bank, BOK Financial and Comerica Bank. WarHorse is expanding its casinos at horse racetracks in Omaha and Lincoln. The $70 million expansion of the Lincoln casino will include larger gaming areas for machines, more table games, a new steakhouse and a high-end sports bar. The Omaha expansion was completed in April. New construction of a third casino in South Sioux City is scheduled to begin next summer.

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AcquisitionsMichiganMidwestRetail

SRS Real Estate Negotiates $7.6M Sale of Shops of Edelweiss Village in Gaylord, Michigan

by Kristin Harlow

GAYLORD, MICH. — SRS Real Estate Partners has negotiated the $7.6 million sale of Shops at Edelweiss Village, a 51,857-square-foot shopping center located at 859 Edelweiss Village Parkway in Gaylord, a city in northern Michigan. Built in 2004 and situated on nearly 13 acres, the property is 78 percent occupied and was sold as a value-add opportunity. Dollar Tree is the anchor tenant. Additional tenants include Pet Supplies Plus, Kay Jewelers, AT&T and Sally Beauty. Matthew Mousavi and Patrick Luther of SRS represented the seller, a Michigan-based family partnership. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial Real Estate Advisors represented the buyer, a Michigan-based group of private investors and owners of retail centers throughout the state.

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LoansMassachusettsNortheastRetail

PREIT Receives $56M in Financing for Darthmouth Mall in Southeastern Massachusetts

by Taylor Williams

DARTMOUTH, MASS. — Pennsylvania Real Estate Investment Trust (PREIT) has received $56 million in financing for Dartmouth Mall, a 671,000-square-foot regional shopping and dining destination in southeastern Massachusetts. Tenants that recently committed to Dartmouth Mall include Boot Barn, Locker Room by Lids and Chick-fil-A. Macy’s and J.C. Penney are the mall’s anchor tenants, and other major retailers include Burlington, ALDI, ULTA Beauty, AMC Theatres, H&M, Five Below and Old Navy. The 10-year loan carries a 7.1 percent interest rate for the first five years and matures in October 2035.

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AcquisitionsMultifamilyNew YorkNortheastRetail

JLL Arranges $25M Sale of Multifamily, Retail Building in Manhattan

by Taylor Williams

NEW YORK CITY — JLL has arranged the $25 million sale of an eight-story, 19,000-square-foot multifamily and retail building located at 149 Spring St. in Manhattan’s SoHo neighborhood. The building’s retail space, which is currently vacant, totals 2,254 square feet, and according to StreetEasy, the multifamily component encompasses seven units. Michael Mazzara, Ethan Stanton, Brendan Maddigan, Steve Rutman, Guthrie Garvin and Hall Oster of JLL represented the seller, local developer EMP Capital Group, in the transaction. The buyer was Creed Equities, a New York City-based family investment firm.

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DevelopmentLoansMixed-UseMultifamilyRetailSoutheastVirginia

FCP Provides $47.1M Construction Financing for Mixed-Use Redevelopment Project in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — FCP has provided $47.1 million in construction financing for a two-tower mixed-use development located at 685 N. Glebe Road in Arlington, a suburb of Washington, D.C. The site was formerly home to a Macy’s department store in the city’s Ballston neighborhood. The borrower, a partnership between Insight Property Group and PGIM Real Estate, is developing two 16-story residential towers called Mira and Ador that will total 553 apartments and sit atop a 40,000-square-foot grocery store. Amenities will include a shared rooftop pool and sundeck and a variety of outdoor amenities, including dog parks and entertainment areas. Resident parking will be underground, with grocery store customers accessing a separate parking deck with a dedicated entrance. Brian Crivella, Bill Gribbin and Yalda Ghamarian of Berkadia arranged the preferred equity investment on behalf of the development team. Michael Zelin, Marshall Scallan and Bindi Shah of Cushman & Wakefield arranged the senior loan through Northwestern Mutual. Bill Collins, Paul Norman and Shaun Weinberg of Cushman & Wakefield arranged the land sale.

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AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Brokers $25M Sale of Two-Tenant Retail Property in Metro Los Angeles

by Amy Works

SANTA CLARITA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $25 million sale of a two-tenant retail property located in Santa Clarita, roughly 30 miles north of Los Angeles. Situated within Centre Pointe Marketplace, the 83,953-square-foot property is occupied by DICK’S Sporting Goods and Burlington. DICK’S has extended its lease and remodeled its store. Meanwhile, Burlington has acquired the lease previously held by JOANN after its bankruptcy. Sean Cox and Kevin Fryman of Hanley represented the seller and developer, locally based Spirit Properties Ltd., and the buyer, in the transaction.

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IllinoisLeasing ActivityMidwestRestaurantRetail

CBRE Negotiates Five Retail Leases for QDOBA Mexican Eats in Metro Chicago

by Kristin Harlow

CHICAGO — CBRE has negotiated five new retail leases for QDOBA Mexican Eats in the suburbs of Chicago. The locations are in Vernon Hills, Wheaton, Downers Grove, Bloomingdale and Elmhurst. CBRE’s Phillip Golding represented the fast-casual restaurant. The 2,000-square-foot location at 700 N. Milwaukee Ave. in Vernon Hills is within The Marketplace at Vernon Hills, a retail center owned by Kimco Realty. Danada Square West in Wheaton is a grocery-anchored center owned by DLC. The 2,000-square-foot location in Downers Grove is within a property owned by Vic Mehta. LFI is the landlord for the Bloomingdale and Elmhurst properties. Holy Moley Guacamole is the franchise business for the new locations.

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Annapolis-Town-Center
AcquisitionsMarylandRetailTop Stories

Federal Realty Acquires 480,000 SF Retail Center in Annapolis, Maryland for $187M

by Hayden Spiess

ANNAPOLIS, MD. — Federal Realty Investment Trust (NYSE: FRT) has completed the acquisition of the retail center situated within Annapolis Town Center in Anne Arundel County, roughly 30 miles outside Washington, D.C.  Federal Realty, a REIT based in North Bethesda, Md., purchased the property for $187 million. According to local reporting by the Capital Gazette, PGIM Real Estate was the seller. Anchored by Whole Foods Market, Annapolis Town Center totals 480,000 square feet. Other tenants at the property include a Life Time fitness club, Anthropologie, Sephora, RH (formerly Restoration Hardware), True Food Kitchen and Williams Sonoma. Target shadow-anchors the acquired portion of Annapolis Town Center. Greenberg Gibbons Commercial developed the mixed-use Annapolis Town Center property in 2008, with development costs estimated at  $500 million. In addition to the retail component, the development features office space, luxury condominiums and apartments.  The Capital Gazette reports that PGIM acquired the property from Greenberg Gibbons in 2018 for an undisclosed price.  This acquisition marks the continuation of Federal Realty’s growth of its retail portfolio; the firm also acquired Town Center Plaza and Town Center Crossing in Kansas earlier this year.  Federal Realty owns 102 properties that comprise approximately 3,500 tenants across 27 million commercial square feet, as well as approximately …

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AcquisitionsRetailTexas

CBRE Brokers Sale of 29,309 SF Bobcat Crossing Retail Center in Celina, Texas

by Taylor Williams

CELINA, TEXAS — CBRE has brokered the sale of Bobcat Crossing, a 29,309-square-foot retail center located in the North Texas city of Celina. The center is located within the Carter Ranch master-planned development and is home to 13 tenants, including Sherwin-Williams and Subway. Michael Austry and Jared Aubrey of CBRE represented the seller, Standridge Cos., in the transaction. The buyer was Houston-based investment firm Stablewood.

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