Retail

Eight New Retailers to Open at Perris Marketplace

by Nellie Day May 11, 2016

PERRIS, CALIF. — Eight new retailers are set to open at Perris Marketplace, a Super Walmart-anchored shopping center located in the Los Angeles suburb of Perris. New openings will include a 2,000-square-foot Chipotle Mexican Grill; a 3,000-square-foot Pacific Dental; a 2,300-square-foot Pieology; a 2,500-square-foot freestanding Popeye’s with a drive-thru; a 1,600-square-foot T-Mobile; a 1,600-square-foot Verizon; a 1,500-square-foot Waba Grill; and a 1,135-square-foot Yogurtland. Paul Galmarini of Progressive Real Estate Partners represented the developers and owners of the center, Evergreen and Trachman Indevco, in the transactions. The freestanding drive-thru pad and the two buildings that will be home to the new stores are scheduled for groundbreaking in early summer 2016, with all eight retailers projected to open in late 2016 and early 2017.

May 11, 2016

California Restaurant Retail Western

MoMo’s American Bar & Grill to Open Second Location in Metro San Francisco

by Nellie Day May 11, 2016

WALNUT CREEK, CALIF. — MoMo’s American Bar & Grill, an AT&T Park-adjacent restaurant, is opening a second location in Walnut Creek, roughly 25 miles outside of San Francisco. The bar and eatery will occupy a 6,528-square-foot retail space at 1444 N. California Blvd. Jeffrey Hook of Savills Studley represented MoMo’s, and John Sechser of Transwestern represented the landlord, Nearon Enterprises, in the transaction. The restaurant signed a 15-year lease with two extension options, and plans to open in the fourth quarter of this year. This will be the fifth restaurant owned by The Golden Bear Restaurant Group, founded in 1991 by Peter Osborne and his wife, Janet. The original MoMo’s opened in 1998 and was named in memory of Osborne’s grandmother and mentor, whom he affectionately called MoMo.

May 11, 2016

Loans New York Northeast Office Retail

Madison Realty Capital Debt Fund III Closes with $695M Committed

by Amy Works May 11, 2016

NEW YORK CITY — Madison Realty Capital has closed Madison Realty Capital Debt Fund III, the firm’s third institutional real estate debt investment vehicle. The discretionary private equity fund raised a total of $695 million in capital commitments, exceeding its original goal of $600 million. Capital was sourced from a diverse group of investors, including public pension funds, corporate pension funds, foundations and endowments, family offices and wealth managers. The fund originates commercial mortgage loans, mezzanine loans and preferred equity interests and acquires non-performing mortgages.

May 11, 2016

Northeast Pennsylvania Retail

Macy’s Opens Backstage Concept within 25,000 SF at Harrisburg Mall

by Amy Works May 11, 2016

HARRISBURG, PA. — Macy’s has opened its new Backstage concept within 25,000 square feet of space on the first level of Harrisburg Mall, located on Paxton St. in Harrisburg. The new off-price brand is designed to elevate the neighborhood off-price experience. Featuring a dedicated entrance from the outside, Macy’s Backstage will feature an array of men’s, women’s and children’s apparel, shoes, accessories, housewares and home textiles. Additionally, each Backstage store will feature a Sunglass Hut section and a branded eatery. Macy’s intends to outfit 10 stores with the Backstage configuration and construct an additional 50 stand-alone configurations of the concept for a total of 60 locations.

May 11, 2016

Retail Texas

CBL & Associates, Horizon Group to Develop The Outlet Shoppes at Laredo

by Haisten Willis May 11, 2016

LAREDO, TEXAS — CBL & Associates Properties has formed a 65/35 joint venture with Horizon Group Properties to develop The Outlet Shoppes at Laredo. Once complete, the 358,000-square-foot project will be the only outlet center within a 180-mile radius and the closest outlet center to the 4.5 million neighboring populace in Monterrey, Mexico. The project is under construction with a grand opening slated for spring 2017. CBL and Horizon are co-developing the project with Horizon responsible for leasing and management. The Outlet Shoppes at Laredo is nearly 80 percent preleased to tenants including Michael Kors, Brooks Brothers, Banana Republic, Abercrombie & Fitch, Tommy Hilfiger, Puma and Fossil. The project is located off I-35 adjacent to a new customs bridge that provides direct access to the property.

May 11, 2016

Illinois Midwest Retail

Adelphia Properties Brokers Sale of 24,050 SF Retail Property Near Chicago

by Christina Cannon May 11, 2016

NILES, ILL. — Adelphia Properties has brokered the sale of Niles Shopping Center, a 24,050-square-foot retail property in Niles, approximately 15 miles northwest of Chicago, for $1.9 million. The two-building center, located at 7519 and 7457 N. Milwaukee Ave., is anchored by AutoZone. The majority of the remaining tenants are healthcare service providers. Simeon Spirrison of Adelphia Properties represented the buyer in the transaction. Both parties in the deal were private investors.

May 11, 2016

Indiana Loans Midwest Retail

Envoy Provides Construction Financing for American Mattress Store in Indiana

by Christina Cannon May 11, 2016

GREENWOOD, IND. — Envoy Net Lease Partners LLC has provided a construction loan for the development of a single-tenant retail building net leased to American Mattress in Greenwood. The deal marks Envoy’s fifth construction loan with developer Thomas English Retail Real Estate, a real estate investment and development firm based in Indianapolis. The retail development will be located at the southeast corner of West Main Street and State Route 135 near Meijer Supercenter.

May 11, 2016

Michigan Midwest Retail

Friedman Brokers Sale of 4,320 SF Retail Property in Detroit Suburb

by Christina Cannon May 11, 2016

MOUNT CLEMENS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 4,320-square-foot retail building in Mount Clemens, approximately 30 miles northeast of Detroit. Johnny G’s Bar & Grill occupies the building located at 27 N. Walnut St. Macomb Development Group LLC sold the building to JWH Capital IX LLC, a Royal Oak-based affiliate of Hanna Development & Management Co., for an undisclosed price. The purchaser bought the Macomb Music Theatre, which is next door and shares an interior door with Johnny G’s Bar & Grill, in February. Josh Miller of Friedman represented the seller in the transaction.

May 11, 2016

Florida Loans Retail Southeast

Grandbridge Arranges $13M Refinancing of Retail Center in South Florida

by John Nelson May 11, 2016

HOLLYWOOD, FLA. — Grandbridge Real Estate Capital has arranged the $13 million refinancing of Stirling Square, a 95,000-square-foot retail center located in Hollywood. The property features 54,773 square feet of ground-level retail space, as well as office space. Stirling Square’s tenants include Walgreens and Bank of America. Philip Carroll of Grandbridge’s Miami office arranged the 10-year loan through an undisclosed bank. The loan features a 25-year amortization schedule and a fixed interest rate in the mid-3 percent range.

May 11, 2016

Retail Southeast Tennessee

The Boulder Group Brokers $6.9M Sale of Walgreens in Nashville

by John Nelson May 11, 2016

NASHVILLE, TENN. — The Boulder Group has brokered the $6.9 million sale of a single-tenant store triple net leased to Walgreens at 5555 Edmondson Pike in Nashville. The 15,680-square-foot store is located at the intersection of Old Hickory Boulevard and Edmondson Pike. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net worth individual based in Chicago, in the transaction. The buyer was a Midwest-based family office. There are 13 years remaining on the recently extended Walgreens lease, which expires in April 2029.

May 11, 2016

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