Retail

The Boulder Group Arranges $4.2M Sale of Net Leased CVS Pharmacy Property in Peoria, Illinois

by Kristin Harlow November 4, 2016

PEORIA, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to CVS Pharmacy in Peoria for $4.2 million. Located at 6820 N. Pear Tree Lane, the 10,125-square-foot property is just off the intersection of West War Memorial Drive and North Big Hollow Road. CVS has operated at this location since 1998, and has 20 years remaining on its recently extended lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction, a private investor in a 1031 exchange. The seller was a Midwest-based partnership.

November 4, 2016

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

The Case for West Houston — A Long-Term View

by Haisten Willis November 4, 2016

In spite of the “noise” created by headlines about low oil prices and energy industry layoffs, west Houston, home to several of the world’s largest energy companies, continues to have strong fundamentals based on decades of phenomenal growth and high-quality development. At Wolff Companies, we have been investing in West Houston for over 45 years. From this long-term perspective, we remain bullish on Houston and, in particular, West Houston, where continuing favorable demographic and economic trends tell a different story than the current headlines. West Houston is a city unto itself. With a population of 1.7 million, it would rank as the fifth largest city in the United States — ahead of Philadelphia, Phoenix or Dallas. It has its own downtown, or central business district (CBD), comprised of four major activity centers: CityCentre/Memorial City, Westchase, The Energy Corridor and Westway Park. All of these are within a few minutes of the intersection of Interstate 10 and the Sam Houston Tollway/Beltway 8. This intersection is also the current statistical center of Houston’s population distribution, a focal point which is expected to continue to move westward to the intersection of I-10 and Barker Cypress Road by 2025. High-Quality Growth Despite the cyclical …

November 4, 2016

California Retail Western

Red Mountain Group Sells The Knolls Shopping Center in Long Beach for $29.1M

by Nellie Day November 4, 2016

LONG BEACH, CALIF. — Red Mountain Group Inc. has completed the disposition of The Knolls Shopping Center, a retail center located at 4250 Long Beach Blvd. in Long Beach. An undisclosed buyer acquired the property for $29.1 million in an all-cash transaction. After acquiring the asset in 2015, Red Mountain Group redeveloped and re-tenanted the property with Trader Joe’s, Pet Food Express, Chipotle, Jersey Mike’s Subs, Verizon Wireless, Mob Pizza and Crunch Fitness. Bill Bauman of Savills Studley brokered the deal.

November 4, 2016

California Retail Western

Reliable Properties Acquires 124,000 SF Retail Center in Pomona

by Nellie Day November 4, 2016

POMONA, CALIF. — Reliable Properties has acquired Foothill & Garey Center, a retail property located at the southeast corner of Foothill Boulevard and Garey Avenue in Pomona, for an undisclosed price. Situated on 10.7 acres, the 124,000-square-foot property is occupied by Superior Grocers, O’Reilly Auto Parts, Chase Bank, Carl’s Jr., Sally Beauty Supply, Fred Loya Insurance and Boost Mobile, among others. The name of the seller was not released.

November 4, 2016

California Retail Western

Marcus & Millichap Arranges $3.7M Sale of 18,041 SF Retail Property in Palm Desert

by Nellie Day November 4, 2016

PALM DESERT, CALIF. — Marcus & Millichap has brokered the sale of Las Sombras, a retail property located at 72-261 Highway 111 in Palm Desert. An undisclosed buyer acquired the property for $3.7 million. The property includes 18,041 square feet of existing buildings that are currently vacant. Pablo Rodriguez, Richard Vincent and Bruce Haulley of Marcus & Millichap represented the seller, a private investor, in the deal.

November 4, 2016

Colorado Retail Western

Quaker Steak & Lube Accelerates Expansion

by Nellie Day November 4, 2016

DENVER — Family casual-dining franchise Quaker Steak & Lube has increased its franchise development efforts and is seeking entrepreneurs interested in opening multiple restaurants in Colorado. The chain also plans to expand within Florida, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, South Carolina, Tennessee and Wisconsin. Earlier this year the TA Restaurant Group acquired Quaker Steak & Lube. The TA Restaurant Group is a division of TravelCenters of America, a Fortune 500 company. The more than 750 locations in the TA Restaurant Group’s operation include 10 proprietary and nearly 30 franchised restaurant brands nationwide. Quaker Steak & Lube, founded over 40 years ago in Pennsylvania in a renovated filling station, now includes over 50 locations in 14 states across the U.S. Since opening its first restaurant in 1967, the TA Restaurant Group includes more than 750 quick-service restaurants, full-service restaurants and other food outlets. The TA Restaurant Group is a division of TravelCenters of America LLC, which offers diesel and gasoline fueling, restaurants, truck repair facilities, convenience stores and other services in 43 states and in Canada.

November 4, 2016

New Jersey Northeast Retail

PCCP Acquires 218,000 SF Shopping Center in Plainsboro, New Jersey

by Amy Works November 4, 2016

PLAINSBORO, N.J. — PCCP LLC has purchased Plainsboro Plaza, a shopping center located at 10 Schalks Crossing Road in Plainsboro, for an undisclosed price. Situated on 27 acres and built in 1987, the 218,000-square-foot property is occupied by CVS/pharmacy, Planet Fitness, UPS and Dunkin’ Donuts. At the time of acquisition, the property was 42 percent occupied, however a lease has been executed with Key Food that will bring the center’s occupancy to 62 percent in early 2017.

November 4, 2016

Industrial Loans Mixed-Use Multifamily Northeast Office Pennsylvania Retail

Power of 32 Site Development Fund Provides $9.5M Loan for 178-Acre Waterfront Development in Pittsburgh

by Amy Works November 4, 2016

PITTSBURGH — Power of 32 Development Fund LP has provided a $9.5 million loan to help fund site preparation, including construction, for Almono, a 178-acre waterfront mixed-use project at a brownfield site in Pittsburgh. The fund contributed to the nearly $49 million private-public loan fund to close infrastructure financing gaps and increase the inventory of pad-ready sites in the 32-county greater Pittsburgh region. Located in Pittsburgh’s Hazelwood neighborhood, the Almono was formerly part of the J&L/LTV Steel Hazelwood Works. The project will feature a mix of office, industrial, residential and retail space. Its first official tenant, Uber, has committed to utilize 42 acres on the site for a test track for its self-driving cars and to renovate the historic train roundhouse building for an Advanced Technologies Center.

November 4, 2016

Florida Mixed-Use Retail Southeast Top Stories

CNL Lifestyle Properties Sells Resort Retail Portfolio in U.S., Canada for $103M

by John Nelson November 4, 2016

ORLANDO, FLA. — In a move to further liquidate the company, CNL Lifestyle Properties Inc., a REIT specializing in the acquisition of resort properties, has sold a seven-property portfolio of international trophy retail assets located within luxury resorts for $103 million. A private real estate consortium between The Imperium Cos., MMG Equity Partners and Blue River Family Office Partners was the buyer. The portfolio consists of 423,482 square feet of ground-floor retail in the mixed-use villages of six ski resorts and one golf and beach resort in the United States and Canada. The properties include: • Whistler Creekside Village in Whistler, British Columbia • The Village at Mammoth in Mammoth Lakes, Calif. • Village at Snowshoe in Snowshoe, W.Va. • Village at Cooper in Frisco, Colo. • Stratton Mountain Village in South Londonderry, Vt. • Blue Mountain Village in Blue Mountains, Ontario and • The Village of Baytowne Wharf in Miramar Beach, Fla. Lori Schneider of Marcus & Millichap’s Institutional Property Advisors (IPA) division arranged the sale. Schneider, along with the Marcus & Millichap’s brokers of record for each state in the portfolio, exclusively represented the seller and procured the buyer. “These stabilized yet dynamic assets are unique in location, …

November 4, 2016

Florida Mixed-Use Retail Southeast

Swire Opens $1.05B Brickell City Centre’s Open-Air Shopping Center to the Public

by John Nelson November 3, 2016

MIAMI — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has opened the first group of retail stores at Brickell City Centre, a $1.05 billion mixed-use destination in downtown Miami’s Brickell district. The project’s 500,000-square-foot, open-air shopping center housing more than 100 retailers and eateries, including a flagship Saks Fifth Avenue, Victoria’s Secret, Suit Supply, lululemon athletica, Cinemex, Coach, LIVE! and Porsche Design. Opening in 2017 will be a three-story Italian food hall that will feature a market, wine shop, gelato, cheese bar and restaurant. Swire Properties is integrating the Miami Metromover transit system with Brickell City Centre with a stop that exits directly onto the shopping center’s third floor. About 20 percent of the retail center at Brickell City Centre will feature retailers exclusive to the area and/or entering the United States for the first time from Europe and Latin America. The development, which also features two condo towers, two Class A office towers and the EAST, Miami hotel, are linked together by Climate Ribbon, a $30 million elevated trellis of steel, glass and fabric that is designed to harness Miami’s bay breezes while deflecting direct sunlight. The shopping center is currently 92 …

November 3, 2016

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