WOODBURY, MINN. AND JOLIET, ILL. — Cronheim Mortgage has arranged two loans totaling $16.9 million to refinance two Gander Mountain stores in the Midwest. The buildings, located in Woodbury, Minn. and Joliet, Ill., are each approximately 66,000 square feet. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the non-recourse, fixed-rate bank loans. Both the lender and borrower in the deal are undisclosed.
WAYCROSS, GA. — Avison Young’s Atlanta office has brokered the $6.8 million sale of The Mall at Waycross, a 380,982-square-foot regional mall located on Memorial Drive in Waycross. Built in 1973, The Mall at Waycross was 90.6 percent leased at the time of sale to tenants including JC Penney, Belk, T.J. Maxx, Hibbett Sports, Staples and Georgia Theatre Co. The single-story regional mall is the only anchored shopping mall within a 50-mile radius of Waycross. The shopping center is located on a 37-acre parcel situated between Brunswick and Jacksonville highways near downtown Waycross. Theresa Johnson of Avison Young represented the seller, Torchlight Investors, in the transaction. The buyer was RCG Ventures.
The Atlanta retail market continues to be robust, with vacancy tightening in key submarkets and rents trending upward. Overall vacancy fell slightly from 7.1 percent during the fourth quarter of 2015 to 7 percent in the first quarter of 2016, according to CoStar. However, the decline is greater in hot submarkets such as Buckhead and Central Perimeter that boasted vacancy rates as low as 2.8 percent and 3.2 percent, respectively, in the first quarter. Demand Up, Supply Tightens There is still a disconnect between supply and demand, especially in strong trade areas, and many retailers that wish to enter or expand in the market are finding it difficult to do so. Rents are escalating by 10 percent to 15 percent because of the increased competition for space and the high cost to build new developments is attributable to escalating land costs. During the first quarter, 21 buildings totaling 300,174 square feet were delivered, according to CoStar, and at the end of the first quarter, 1.73 million square feet of retail space was under development. As Atlanta can deliver more of the space that’s under construction and open up availability, rent is expected to continue to climb. Health and Fitness Food …
MURRIETA, CALIF. — Regency Centers and Target Corp. have completed the disposition of The Murrieta Marketplace, a 49.2-acre land parcel located at the northwest corner of Clinton Keith and Winchester roads in Murrieta. The two-parcel site includes a 38.2-acre site and a 11-acre site, owned by Regency and Target, respectively. Murrieta Marketplace Holdings acquired the parcels for an undisclosed price. The buyer plans to develop a 500,000-square-foot retail center on the site. Brian Bielatowicz of Lee & Associates represented the buyer in the deal. Regency Center and Target Corp. represented themselves in the transaction.
MURRIETA, CALIF. — Coldwell Banker Commercial Advisors has arranged the sale of a Rite Aid property located in Murietta. An undisclosed buyer acquired the 16,708-square-foot property for $4.7 million in a 1031 exchange. Daniel Tyner and Scott Hook of Coldwell Banker represented the undisclosed sellers in the transaction.
SAN DIEGO AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based Citivest Realty Services represented Beach Hut Deli in two new leases in San Diego and Oceanside. The gourmet deli sandwich restaurant has partnered with Ryan Brothers Coffee to open a 2,690-square-foot concept at Lane Field in San Diego. Beach Hut Deli signed a 10-year lease with LFN Developers for the space. Bill Shrader of Colliers International San Diego represented the landlord. Additionally, Beach Hut Deli signed a lease for 1,800 square feet at One Mission Ave. in Oceanside. Spencer Kerrigan of Voit Commercial Services represented the landlord, GFP Oceanside Block 18 LLC, in the transaction.
SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Inland Auto Service Center, a retail property located at 1680 S. Camino Road in San Bernardino. A partnership sold the 17,749-square-foot property to a personal trust for $1.2 million. The property was constructed in 1975 and renovated in 1990. Chuck Shillington of Marcus & Millichap represented the seller and buyer in the deal.
DALLAS — The Vitorino Group has brokered the sale of the Spring Valley retail strip, a retail asset located on Spring Valley Road in Dallas. The center was built in 1971 and was 100 percent occupied at the time of sale. A local investor was the buyer. The seller, a foreign investor, had a CMBS loan coming due without recapitalization options, and needed to close in a timely fashion.
NEW YORK CITY — Related Companies and Oxford Properties Group have announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million-square-foot tower on the corner of 33rd Street and 11th Avenue in New York City. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund. Set to open in 2019, 35 Hudson Yards will contain an Equinox-branded luxury hotel with 200 rooms and a 60,000-square-foot Equinox fitness club and spa, as well as office, residential and retail spaces. The property is being designed by David Childs and Skidmore Owings & Merrill.
FRISCO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged a $5.5 million acquisition loan for a 9.8-acre tract of land located in Frisco at the northeast corner of Legacy Drive and Eldorado Parkway. The property is situated adjacent to an existing Market Street-anchored shopping center and across the street from a Target-anchored power center. MCA’s Todd McNeill closed the two-year loan with interest-only payments through a regional bank.
