Retail

Mid-America Real Estate Brokers $10.6M Sale of Chippewa Center in St. Louis

by Haisten Willis September 21, 2016

ST. LOUIS — Mid-America Real Estate Corp. has brokered the sale of the Chippewa Center in St. Louis on behalf of the seller, an investment partnership with St. Louis-based Pace Properties Inc. Springfield, Ill.-based Jared Commercial purchased the 147,920-square-foot retail center for $10.6 million. Chippewa Center is located at the northwest corner of Chippewa Street and River Des Peres Boulevard. Tenants at the center include Shop ’n Save, Value City Furniture and Dollar Tree. Ben Wineman of Mid-America Real Estate Inc., in cooperation with Mid-America Real Estate Group-Missouri LLC and Scott Seyfried of Pace Properties Inc. were the brokers in the transaction.

September 21, 2016

Retail Texas

JLL Secures Sale of 681,319 SF Mall of Abilene

by Haisten Willis September 21, 2016

ABILENE, TEXAS — On behalf of an investment group advised by Gregory Greenfield & Associates, JLL Capital Markets has secured the sale of the Mall of Abilene in Abilene. An affiliate of Radiant Partners LLC purchased the 681,319-square-foot mall for an undisclosed price. Radiant Partners is a national owner/operator of regional Class B malls. David Monahan and Cameron Pittman led the JLL team in the sale. The Mall of Abilene is visible from the adjacent U.S. Route 84 and Buffalo Gap Road. Tenants include Best Buy, Dillard’s, Ulta Beauty and Sears.

September 21, 2016

Restaurant Retail Texas

M&M Arranges Sale of 36,485 SF Retail Property in Frisco

by Haisten Willis September 21, 2016

FRISCO, TEXAS — Marcus & Millichap has arranged the sale of Shops of Eldorado I & II, a 36,485-square-foot retail property located in Frisco. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy also secured the buyer, a private investor. Built in 2007, Shops of Eldorado I & II is located on 3.7 acres at 12398 and 12399 FM 423. All leases are triple net, and 55 percent of the occupied space includes personal guaranties. The center is 85 percent leased to a mix of retail and medical office tenants, including PetSense, orthodontist Dr. Castano-Rendon, Bella Nails, pediatric dentist Dr. Davis and Love Sushi.

September 21, 2016

Georgia Loans Mississippi North Carolina Retail South Carolina Southeast

HFF Arranges $62M Financing for Seven-Property Retail Portfolio in the Southeast

by John Nelson September 21, 2016

PITTSBURGH — Pittsburgh-based HFF has arranged $62 million in financing for a portfolio of seven retail centers totaling 805,803 square feet in North Carolina, South Carolina, Georgia and Mississippi. The portfolio includes a Walmart Neighborhood Market located at 10635 Dorchester Road near Charleston in Summerville, S.C.; Poplar Springs Plaza, located at 2153 E. Main St. in Duncan, S.C.; Tire Kingdom & Starbucks Coffee, located at 1820 N. Highway 17 near Charleston in Mount Pleasant, S.C.; Albany Square, located at 2707 Dawson Road in Albany, Ga.; East-West Commons, located at 1757 East-West Connector in Austell, Ga.; Morganton Heights, located at 400 Henredon Road in Morganton, N.C.; and The Ridge at Turtle Creek, located in Hattiesburg, Miss. The portfolio’s tenants include Publix, Academy Sports + Outdoors, Dick’s Sporting Goods, T.J. Maxx, Ross Dress for Less, Hobby Lobby and Bealls. Kevin Mackenzie, Greg Brown and Cory Fowler of HFF worked on behalf of the borrower-sponsor, Cole Credit Property Trust IV Inc., to place the seven-year, fixed-rate loan through Voya Investment Management. HFF will service the loan.

September 21, 2016

California Retail Western

Consolidated-Tomoka Land Co. Sells 14-Property Retail Portfolio for $51.6M

by Nellie Day September 20, 2016

IRVINE, CALIF. — Consolidated-Tomoka Land Co. (CTO) has sold a 14-property portfolio of single-tenant income assets for $51.6 million. The portfolio includes nine Bank of America financial centers in Orange County. The buyer assumed CTO’s existing $23.1 million mortgage loan secured by the properties. The portfolio sale resulted in an estimated gain of about $11.1 million for CTO, or about $1.20 per share, after tax. CTO plans to use the proceeds for the recently reported Bloomin’ Brands sale-leaseback and future acquisitions as part of one or more Section 1031 like-kind exchange transactions.

September 20, 2016

California Retail Western

Dunkin’ Donuts Opens 12,000th Restaurant in Riverside

by Nellie Day September 20, 2016

RIVERSIDE, CALIF. — Dunkin’ Donuts has opened its 12,000th restaurant worldwide with its new location in Riverside. The new restaurant is part of the company’s westward expansion, opening more than 30 new restaurants in California with plans for about 300 new locations to be developed in the state over the coming years. Franchisee Parag Patel owns and operates the location. Patel opened two other Southern California Dunkin’ Donuts this summer in Villa Park and Yorba Linda. He plans to open approximately 20 new Riverside and Orange County locations in the coming years. Founded in 1950, Dunkin’ Donuts has more than 11,900 restaurants in 44 countries worldwide. Based in Canton, Mass., Dunkin’ Donuts is part of the Dunkin’ Brands Group Inc. family of companies.

September 20, 2016

Michigan Midwest Retail

Reichle Klein Group Brokers $3.95M Sale of Retail Building in Adrian, Mich.

by Haisten Willis September 20, 2016

ADRIAN, MICH. — Reichle Klein Group has brokered the $3.95 million sale of a multi-tenant retail building in Adrian. Reichle Klein Group’s Duke Wheeler represented the seller, Blitz Hutton One LLC. The 13,000-square-foot retail center, which is 100 percent occupied, is located at 1515 E. U.S. Route 223. Wheeler has been involved with the leasing of this asset since 2008.

September 20, 2016

Retail Texas

San Antonio Commercial Advisors Brokers Sale of Two Grocery-Anchored Centers

by Haisten Willis September 20, 2016

SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of two grocery-anchored shopping centers located in San Antonio. The first property, located at 3614 Pleasanton Road near its intersection with Formosa Boulevard, spans 30,675 square feet on 2.9 acres. The second property, located at 340 Enrique Barrera Parkway, includes 50,240 square feet on 4.3 acres. Arlan’s Market, a local grocery store chain with 20 locations across south Texas, and Family Dollar anchor both properties. SACA’s Bradley Suttle negotiated the sale on behalf of the seller, 2ML Real Estate Interests Inc., and procured the buyer, a Texas-based investment group.

September 20, 2016

Restaurant Retail Texas

TIC Group Sells Colonnade at West Lake Houston Retail Property

by Haisten Willis September 20, 2016

HOUSTON — A group of 16 tenant-in-common (TIC) investors has sold the Colonnade at West Lake Houston retail development to a local retail investment and development company. The 54,449-square-foot property, located at 18455 Lake Houston Parkway, was 94 percent leased at the time of sale. SONA Colonnades LP, which owns other area retail properties, was the buyer. Chris Dray of NewQuest Properties represented the buyer of the four-building property. The 6.8-acre Colonnade is located near the eastern shore of the 12,000-acre Lake Houston.

September 20, 2016

District of Columbia Retail Southeast Virginia

Saks Fifth Avenue OFF 5TH Expands Footprint in Greater D.C. Area

by John Nelson September 20, 2016

SPRINGFIELD, VA. AND WASHINGTON, D.C. — Saks Fifth Avenue OFF 5TH has two locations opening in the metro Washington, D.C., area within a week of each other. The new locations total more than 60,000 square feet. The retailer has opened a two-level, 30,000-square-foot store at Springfield Town Center in Springfield, with plans to open a 33,000-square-foot store at 555 12th St. N.W. in Washington, D.C., this week. The Springfield store is the first Saks OFF 5TH to open in northern Virginia and the first in PREIT’s portfolio. The D.C. store will open on Thursday within the historic Thurman Arnold Building. According to Jonathan Greller, president of Saks OFF 5TH, there will be two more locations opening in the Mid-Atlantic region in October.

September 20, 2016

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