Retail

Joint Venture Acquires 441,995 SF Lifestyle Center in Normal, Illinois

by Kristin Harlow January 26, 2017

NORMAL, ILL. — A joint venture between ALTO Real Estate Funds and M & J Wilkow Ltd. has acquired The Shoppes and Plaza at College Hills located in Normal, just north of Bloomington. The 441,995-square-foot, open-air shopping center was 95 percent leased at the time of sale to tenants including Gordmans, Hobby Lobby, Francesca’s, Chico’s, J.Jill and White House/Black Market. M & J Wilkow will manage the shopping center, and The Pollard Group will serve as leasing agent. HFF arranged $13.4 million in acquisition financing for The Shoppes. Benefit Street Partners LLC provided the 10-year, fixed-rate loan. HFF also marketed the property on behalf of the seller, Miller Capital.

January 26, 2017

California Retail Western

Blatteis & Schnur, Morgan Stanley Acquire Macy’s Men’s Store in San Francisco for $250M

by Nellie Day January 25, 2017

SAN FRANCISCO — A partnership between Blatteis & Schnur and Morgan Stanley Real Estate Investing has acquired the 250,000-square-foot Macy’s Men’s Store located on Union Square in San Francisco for $250 million. The joint venture will redevelop the eight-story property, located at 120 Stockton St., into a mixed-use, retail-driven center. Anticipated uses for the development include flagship retail, art galleries, artisanal food, upscale restaurants and creative office space. A rooftop amenity is also being considered for the project, scheduled to open in 2021. Macy’s Men’s Store will remain as a tenant while the design, renovation and leasing of the new development progresses. Eastdil Secured acted as advisor to Macy’s Inc. in the transaction.

January 25, 2017

Multifamily New York Northeast Retail

Cignature Realty Arranges $17.5M Sale of Mixed-Use Building in New York City

by Amy Works January 25, 2017

NEW YORK CITY — Cignature Realty has arranged the sale of a mixed-use property located at 3880 Broadway in the Washington Heights section of New York City. A South Florida investor acquired the building from Coltown Properties for $17.5 million, or $390 per square foot. The 44,868-square-foot building features 32 apartment units and three commercial spaces. Lazer Sternhell and Peter Vanderpool of Cignature represented the buyer and seller in the deal.

January 25, 2017

Retail Texas

Bright Realty Arranges the Sale of 10,377 SF Retail Property in McKinney, Texas

by Amy Works January 25, 2017

MCKINNEY, TEXAS — Bright Realty has brokered the sale of Century Square, a retail property located at 4600 Eldorado Parkway in McKinney. Anytime Fitness, DOC, Pure Plates and Choice Beverage occupy the 10,377-square-fooot property. Britton Lankford and Tim McNutt of Bright Realty represented the undisclosed seller, while Mark Graybill of Lee & Associates represented the undisclosed buyer in the sale. The acquisition price was not released.

January 25, 2017

Retail Texas

Tesla Investments Acquires 7,250 SF Retail Building in Metroplex

by Amy Works January 25, 2017

AZLE, TEXAS — Tesla Investments LLC, a holding and investment firm, has purchased a retail building located at 401 Northwest Parkway in Azle, a suburb 16 miles northwest of Fort Worth. Robert Petrie sold the 7,250-square-foot property for an undisclosed price. Sarah LanCarte of Transwestern represented the seller in the transaction.

January 25, 2017

Louisiana Retail Southeast

Venture Commercial, SRSA Arrange Northern Tool + Equipment’s Lease in Lake Charles

by John Nelson January 25, 2017

LAKE CHARLES, LA. — Venture Commercial Real Estate and SRSA Commercial Real Estate, two real estate brokerage firms and members of X Team International, have arranged a 19,019-square-foot retail lease in Lake Charles. The tenant, Northern Tool + Equipment, will be situated within Park Plaza Shopping Center at 3031 Gertsner Memorial Drive. Clay Mote of Venture Commercial worked with Kirsten Early of SRSA Commercial to negotiate the 10-year lease deal on behalf of the retailer, and Seth Citron of Stirling Properties represented the landlord.

January 25, 2017

Retail Texas

Marcus & Millichap Arranges Sale of 34,245 SF Retail Property in Cedar Park, Texas

by Amy Works January 24, 2017

CEDAR PARK, TEXAS — Marcus & Millichap has brokered the sale of Cypress Bend Shopping Center, a retail property located at 2051 Cypress Creek Road in Cedar Park. Constructed in 2002, the property features 34,245 square feet of retail space. Michael Buckner and Richard Mireles of Marcus & Millichap represented the seller, a partnership, in the deal. The name of the buyer and acquisition price were not released.

January 24, 2017

Mixed-Use Multifamily New York Northeast Retail

Houlihan-Parnes Arranges $1.1M Sale of Mixed-Use Property in Endicott, New York

by Amy Works January 24, 2017

ENDICOTT, N.Y. — Houlihan-Parnes has brokered the sale of a mixed-use property located at 10 Delaware Ave. in Endicott. An undisclosed buyer acquired the asset for $1.1 million. The property consists of 75 multifamily units, 26,406 square feet of commercial space and an additional loft building that can be converted into 10 apartments. Ed Graf of Houlihan-Parnes represented the undisclosed seller in the deal.

January 24, 2017

Illinois Midwest Retail

Mid-America Arranges $81M Sale of Mariano’s-Anchored Shopping Center in Chicago

by Kristin Harlow January 24, 2017

CHICAGO — Mid-America Real Estate Corp. has arranged the sale of 3030 North Broadway in Chicago for $81 million. The 137,618-square-foot shopping center is located between Barry and Wellington avenues. Ohio-based DDR Corp. purchased the center, which is anchored by grocer Mariano’s. Other tenants include XSport Fitness, Starbucks and PNC Bank. Ben Wineman and Joe Girardi of Mid-America represented the sellers, a joint venture between Barrett & Porto Real Estate, The Taxman Corp. and Newport Capital Partners.

January 24, 2017

Retail Southeast Virginia

Wegmans to Open 130,000 SF Store at Town Center of Virginia Beach

by John Nelson January 24, 2017

VIRGINIA BEACH, VA. — Wegmans plans to open a new 130,000-square-foot grocery store at Town Center of Virginia Beach. Situated near the intersection of Virginia Beach and Independence boulevards, the store will feature a parking deck in front and a mezzanine level for café seating. Wegmans is expected to create hundreds of jobs and invest millions of dollars in the new store. The Rochester, N.Y.-based grocer currently has 10 other stores in Virginia.

January 24, 2017

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