Retail

Urban Edge to Acquire $325M Retail Portfolio in New York, Philadelphia, St. Louis

by Taylor Williams April 10, 2017

NEW YORK, PHILADELPHIA AND ST. LOUIS — Urban Edge Properties (NYSE: UE), a real estate investment trust, has entered into a contract to acquire a seven-property portfolio of retail assets for $325 million. The portfolio was 83 percent leased at the time of sale. The portfolio, which spans approximately 1.5 million square feet of leasable space, will consist primarily of retail properties in the New York City area, with holdings in the Philadelphia and St. Louis areas as well. According to CoStar Group, affiliates of New Jersey-based Acklinis Realty Holding LLC have owned the portfolio for the last four decades. The contributors will exchange their interests for approximately $127 million of UE’s operating partnership units, which are valued at $27.02 per unit. Urban Edge will also assume $33 million in existing debt, issue roughly $117 million of non-recourse, secured debt and fund the remaining $48 million in cash. Among the portfolio’s New York City-area properties are Yonkers Gateway Center, a 436,770-square-foot asset located at 2500 Central Park Ave. in Yonkers, which is 88 percent leased to tenants such as Burlington Coat Factory, PetSmart and Alamo Drafthouse; and The Plaza at Woodbridge, a 413,013-square-foot center located at 675 U.S. Highway 1 in …

April 10, 2017

Retail Texas

CBL, Horizon Group Open 358,000 SF Outlet Shoppes at Laredo

by Taylor Williams April 7, 2017

LAREDO, TEXAS — CBL & Associates Properties Inc. and Horizon Group Properties have completed the development of The Outlet Shoppes at Laredo, a 358,000-square-foot retail center located at 1600 Water St. in Laredo. More than 50 retailers, including Nike, Puma, Michael Kors, Brooks Brothers and Sunglass Hut, have secured leases at the center. The grand opening was held on April 5.

April 7, 2017

Retail Texas

Baker Katz Arranges 4,243 SF Lease for Newk’s Eatery in Metro Houston

by Taylor Williams April 7, 2017

HOUSTON — Baker Katz has arranged a 4,243-square-foot lease on behalf of Newk’s Eatery, a Mississippi-based fast casual restaurant chain, in Sugar Land, a southwestern suburb of Houston. The new restaurant, which is scheduled to open in early May, will be situated within Market at Town Center, a retail center located at the intersection of Lexington Boulevard and State Highway 6. Ben Brown of Baker Katz and Jennifer Watson of Newmark Grubb Knight Frank represented Newk’s Eatery in the lease transaction.

April 7, 2017

Michigan Midwest Retail

Signature Associates Arranges Sale of 35,856 SF Retail Building in Big Rapids, Michigan

by Kristin Harlow April 7, 2017

BIG RAPIDS, MICH. — Signature Associates has arranged the sale of a 35,856-square-foot retail building in Big Rapids in central Michigan. The sales price was not disclosed. The building is located at 706 Perry Ave. Joe Rizqallah of Signature Associates represented the seller, Blackmer-Cosgrove LLC, and the purchaser, Cocca Development. The space will be leased to Dunham Sports.

April 7, 2017

Michigan Midwest Retail

KJ Commercial Brokers Sale of 31,000 SF Retail Center in Rochester Hills, Michigan

by Kristin Harlow April 7, 2017

ROCHESTER HILLS, MICH. — KJ Commercial has brokered the sale of Auburn Plaza in Rochester Hills, about 25 miles north of Detroit. The sales price was not disclosed. The 31,000-square-foot retail center is located at 240 E. Auburn Road. Kevin Jappaya of KJ Commercial represented the undisclosed buyer in the transaction. The buyer purchased the property in a 1031 exchange.

April 7, 2017

California Retail Western

CalBay Development Acquires STNL Outback Steakhouse in Foothill Ranch

by Nellie Day April 7, 2017

FOOTHILL RANCH, CALIF. — CalBay Development LLC has acquired, via an off-market transaction, the STNL Outback Steakhouse in Foothill Ranch for $1.85 million. The site sits within the Foothill Ranch Town Center, a 130-acre retail project with tenants including Target, Regal Cinemas, Walmart, CVS, Ralphs, Hobby Lobby, Michaels and Old Navy. Hon Development, part of the original property developer partnership of Foothill Ranch Town Center, was the seller.

April 7, 2017

California Retail Western

West Elm to Open Location at the Cedros Avenue Design District in San Diego

by Nellie Day April 7, 2017

SAN DIEGO — West Elm will open a store in the Cedros Avenue Design District in San Diego this fall. West Elm, a member of Williams–Sonoma portfolio of brands, will be the anchor retailer located at 212 S. Cedros Ave., a soon-to-be-renovated street-front retail project. West Elm will occupy nearly 11,000 square feet, with additional available retail spaces totaling 5,575 square feet. This will be West Elm’s second store in San Diego. West Elm’s first San Diego location is located in Westfield’s Mission Valley Center East. CBRE’s Dave Hagglund and Robert Gunness represented the owner of the property, Brixton Capital, and CBRE’s Carrie Bobb and Scott Muller represented the tenant.

April 7, 2017

Loans New York Northeast Retail

KeyBank Secures $19.5M CMBS Financing for Retail Portfolio in New York

by Haisten Willis April 6, 2017

ALDEN, MEDINA & NIAGARA FALLS, N.Y. — KeyBank Real Estate Capital has secured $19.5 million in CMBS financing for a retail portfolio consisting of three Tops grocery-anchored shopping centers. The properties are located in Alden, Medina and Niagara Falls, and total 250,174 square feet. William Cassidy of Key’s commercial mortgage group arranged the financing with a 10-year term and 30-year amortization schedule. The non-recourse first mortgage loan was used to refinance existing debt.

April 6, 2017

Illinois Midwest Retail

Federal Realty Acquires 211,000 SF Shopping Center in Chicago for $107M

by Kristin Harlow April 6, 2017

CHICAGO — Federal Realty Investment Trust has acquired Riverpoint Center in Chicago’s Lincoln Park for $107 million. The 211,000-square-foot grocery anchored shopping center sits on 17 acres at the corner of West Fullerton and North Clybourn avenues. Riverpoint Center is currently 97 percent occupied and is anchored by Jewel-Osco, Marshalls and Old Navy. Federal Realty anticipates increasing the value of the property over time through the re-leasing of space currently leased at below market rents and the potential to increase density at the infill site, according to a news release.

April 6, 2017

Florida Retail Southeast

ESJ Capital Partners Purchases Jungle Island Park in Miami for $60M

by John Nelson April 6, 2017

MIAMI — ESJ Capital Partners has purchased Jungle Island, an 18-acre zoological park located on Watson Island along the MacArthur Causeway in Miami. The $60 million transaction includes transfer of the existing lease on the City of Miami-owned Watson Island to ESJ Capital, along with assuming existing park debt to the City of Miami, Miami-Dade County and the U.S. Department of Housing and Urban Development (HUD). ESJ Capital will renovate and expand the park in three phases and add a private beach club. The initial phase of the two-year, multimillion-dollar renovation will debut this summer and feature zip lines, children adventure areas, water slides and a crystal lagoon. Enhancements will also be made to the park’s banquet facilities. Jungle Island will continue to be managed by John Dunlap of Iconic Attractions Group, the San Diego-based company currently responsible for the park’s operations and day-to-day administrations.

April 6, 2017

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