Retail

Cooper Commercial Brokers $3.2M Sale of Shopping Center Near Cincinnati

by Christina Cannon August 24, 2016

FINNEYTOWN, OHIO — The Cooper Commercial Investment Group has brokered the $3.2 million sale of Winton & Galbraith, a 26,488-square-foot retail center in Finneytown, approximately 15 miles north of Cincinnati. Dollar Tree anchors the center, which is 100 percent occupied by other tenants including Graeter’s Ice Cream, LaRosa’s Pizza, Subway and J. Gumbo’s. An Ohio-based private investment group sold the property to a California buyer. Dan Cooper of Cooper Commercial represented the seller in the transaction.

August 24, 2016

Loans Midwest Retail Wisconsin

BMC Capital Arranges $1.7M Loan for Retail Building in Madison

by Christina Cannon August 24, 2016

MADISON, WIS. — BMC Capital has arranged a $1.7 million acquisition loan for a building occupied by Valvoline and Enterprise Rent-a-Car in Madison. The 2,368-square-foot building was constructed in 1987. The 10-year loan features a 4.8 percent fixed rate for five years and a 25-year amortization schedule. Jada Jordan of BMC Capital arranged the loan through one of the company’s correspondent banking relationships.

August 24, 2016

New York Northeast Office Retail Top Stories

Qatar Investment Authority Buys 10% Stake in Empire State Realty Trust for $622M

by Haisten Willis August 24, 2016

NEW YORK CITY — An affiliate of Qatar Investment Authority (QIA) has acquired a 9.9 percent interest in New York-based office/retail REIT Empire State Realty Trust (NYSE: ESRT) for $622 million. QIA purchased 29.6 million newly issued Class A common shares of ESRT at $21 per share. The interest was acquired on a fully diluted basis, which is currently 19.4 percent ownership of Class A shares. Darcy Stacom of CBRE Group introduced QIA to ESRT. Goldman Sachs and Eastdil Secured acted as financial advisors. Goodwin Procter, Proskauer Rose and Clifford Chance U.S. acted as counsel. White & Case acted as QIA’s legal counsel. Empire State Realty Trust owns, manages, operates, acquires and repositions office and retail properties across New York City, including the Empire State Building. The company’s office and retail portfolio covers 10.1 million rentable square feet, consisting of 9.4 million rentable square feet in 14 office properties and 720,000 rentable square feet of retail. ESRT’s stock price closed at $20.52 per share on Tuesday, Aug. 23, up from $16.41 one year ago. The State of Qatar founded Qatar Investment Authority in 2005 to strengthen the country’s economy by diversifying into new asset classes. QIA is headquartered in Doha …

August 24, 2016

Iowa Market Reports Midwest Midwest Market Reports Mixed-Use Multifamily Office Retail

Cedar Rapids Real Estate Market Stays Hot As Flood Recovery Efforts Wind Down

by Christina Cannon August 24, 2016

The historic flood of June 2008 is becoming a distant memory as the city of Cedar Rapids prepares for the dedication of the new Northwest Recreation Center, the last public facility to be completed as part of the flood recovery project. The dedication ceremony is slated for Thursday, Aug. 25. The recovery has led to a revitalization of many flood-impacted areas in the city, ranging from residential neighborhoods to the downtown business district. Now the momentum is turning toward several new projects: • This month, tenants will begin moving into the 11-story CRST tower downtown, which features 300 feet of the new flood protection system. • A 28-story, mixed-use tower is being proposed on city-owned property downtown. The development may contain retail, office, hotel and residential space led by Allen Development, an Iowa City developer. • Over 10 downtown housing projects are under construction that will create almost 400 new condo and apartment units, which will bring our core closer to a live-work-play environment. These projects are also putting vacant retail and office buildings to new uses. • The Czech Village-New Bohemia neighborhood continues to grow with historic buildings being renovated and repurposed while augmenting exciting new construction featuring retail, …

August 24, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Equicap Secures $4.5M Loan for Mixed-Use Property in Brooklyn

by Amy Works August 23, 2016

NEW YORK CITY — Equicap has arranged a $4.5 million permanent loan for a mixed-use property located in Brooklyn’s Cobble Hill neighborhood. The newly developed building features one ground-floor retail unit and 10 apartments. Daniel Hilpert of Equicap arranged the loan, which features a five-year fixed interest rate, 30-year amortization schedule and three years of interest-only payments.

August 23, 2016

Delaware Northeast Retail

NAI Emory Hill Brokers Sale of 10,000 SF Retail Center in Delaware

by Amy Works August 23, 2016

MILLSBORO, DEL. — NAI Emory Hills has arranged the sale of Back Bay Center, a retail center located in a grocery-anchored neighborhood center along Route 24 in Millsboro. Back Bay Center LLC acquired the 10,000-square-foot property from TBB Long Neck LLC for an undisclosed sum. Situated on 2.1 acres with a pad site for future development, the property is occupied by Subway, Liberty Tax and Loan till Payday. Jim O’Hara Jr., Jim O’Hara III and Kevin O’Hara of NAI Emory Hills brokered the sale.

August 23, 2016

California Restaurant Retail Western

Lincoln Property Co., Alcion Ventures Announce Eight Tenants for Trade Food Hall in Irvine

by Nellie Day August 23, 2016

IRVINE, CALIF. — Lincoln Property Co. and Alcion Ventures have announced eight chef-driven tenants to open at Trade Food Hall in Irvine. Lincoln and Alcion purchased the 32,600-square-foot Trade Marketplace in 2014, and have since transformed the project’s food court into a 9,000-square-foot food hall. Tenants to open within the food hall include Chef Andrew Gruel’s Two Birds and Butterleaf; Chef Hop Phan’s Dos Chinos and Megadon; The Sandwich Society; Portside; Sweet Comforts; and Gyro King. Ootoro Sushi and KRISP Fresh Living will anchor the property, which is set to feature a mix of service-oriented and soft goods retailers. The project is scheduled to open this fall.

August 23, 2016

Illinois Midwest Restaurant Retail

Krispy Kreme to Open New Location in Chicago Suburb

by Christina Cannon August 23, 2016

HOMEWOOD, ILL. — Krispy Kreme will open a new store in Homewood, approximately 25 miles south of Chicago. The donut franchise will build a ground-up facility on an outparcel to a Home Depot and Jewel-Osco. This store, to be located at 17815 S. Halsted St., will be the first of eight locations opened in the Cook county area. Currently the Chicago area has only one Krispy Kreme store, which is situated in Elk Grove Village. The new Homewood location will be the franchise’s first retail location opened in the Chicago area in seven years. Lynne Brackett and Adam Foret of CBRE represented the landlord in the transaction.

August 23, 2016

California Retail Western

SBH Real Estate Group Sells 15,176 SF Retail Center in Koreatown for $6.7M

by Nellie Day August 22, 2016

LOS ANGELES — SBH Real Estate Group has completed the sale of a retail center located at 3138-3148 W. Pico Blvd. in the Koreatown neighborhood of Los Angeles. Hasty Yadegaran, a local real estate investor, acquired the property for $6.7 million, or $441 per square foot. Dollar Tree and a multi-unit coin laundry operator occupy the 15,176-square-foot property. Dan Hoogesteger and Chris Sands of Sands Investment Group represented the seller in the deal.

August 22, 2016

Midwest North Dakota Retail Western

Dollar General Enters North Dakota With Construction of Five New Stores

by Nellie Day August 22, 2016

OAKES, N.D. — Dollar General has started the construction of five new stores in southeastern North Dakota. The stores are expected to open in spring 2017 and, when completed, will expand the company’s presence to 44 states across the country. Stores are currently under construction in Oakes (Dickey County); Ellendale (Dickey County); Hankinson (Richland County); Hillsboro (Traill County); and Gwinner (Sargent County). These five stores will offer customers the traditional Dollar General store format, which is approximately 9,100 total square feet and 7,400 square feet of sales floor. Construction began on all five stores this summer. Dollar General Corporation operates 13,000 stores as of August 13.

August 22, 2016

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