Retail

Lionstone Investments Acquires Grocery-Anchored Retail Center in Austin

by Haisten Willis May 27, 2016

AUSTIN, TEXAS — Lionstone Investments has purchased Brodie Oaks Shopping Center, a grocery-anchored retail center located in Austin, on behalf of an institutional investor. Constructed in 1983, the property occupies 31 acres at the intersection of South Lamar Boulevard and Loop 360. In addition to the 285,044-square-foot strip center, the 91.5 percent leased development includes 37,546 square feet of office space. Retail tenants include Neiman Marcus Last Call, Hobby Lobby, Tuesday Morning and Sprouts Farmers Market, among others. HFF Brokered the sale and Barshop & Oles will continue to manage the property and handle leasing transactions.

May 27, 2016

Vestar Adds 1.1M SF to Management Portfolio in Southern California

by Nellie Day May 27, 2016

SAN DIEGO AND ANAHEIM, CALIF. — An institutional owner has retained Vestar as the property management firm for Clairemont Town Square in San Diego and Anaheim Hills Festival in Anaheim. Located at Clairemont Mesa Boulevard and Clairemont Drive, the 550,000-square-foot Clairemont Town Square is anchored by Vons, CVS/pharmacy, Ross Dress For Less, T.J. Maxx, Michaels, Petco and Ulta. Situated at Weir Canyon Road and Santa Ana Canyon Road, the the 567,000-square-foot Anaheim Hills Festival is occupied by Target, Pavilions, Edwards Theatres, T.J. Maxx, Hobby Lobby, Stein Mart and Pier 1 Imports.

May 27, 2016

California Retail Western

Turner Construction, Ware Malcomb Complete Hoehn Motors Audi Dealership

by Nellie Day May 27, 2016

CARLSBAD, CALIF. — Turner Construction and Ware Malcomb have completed the construction of Hoehn Motors Audi Dealership, located at 5425 Paseo Del Norte in Carlsbad. The 54,688-square-foot, full-service auto dealership features a showroom, sales offices, public lounge seating areas, retail boutique, interior care delivery room, public Quattro Café, mezzanine executive level with offices and a conference room. Additionally, the property features 28 vehicle service and wash bays, a 120-stall parking deck above the offices and showroom, and a completed parts department with a bin-supported mezzanine. Turner Construction served as general contractor, Ware Malcomb provided architecture and interior design services and The Horine Group served as project manager for the project.

May 27, 2016

Colorado Retail Western

Sports Authority to Close All Stores

by Nellie Day May 27, 2016

ENGLEWOOD, COLO. — Englewood-based Sports Authority Inc. has announced that it will close the doors to all 463 of its locations by the end of August. The company filed for Chapter 11 bankruptcy protection in March, with plans to close only 140 of its locations. Liquidation sales will be held in all stores, with exchanges and returns available through June 25. Bloomberg News has reported that Sports Authority is in talks with Pittsburgh-based rival chain Dick’s (NYSE: DKS), as well as other parties, regarding the sale of stores and intellectual property.

May 27, 2016

New York Northeast Office Retail

Marcus & Millichap Arranges $25M Sale of Office, Retail Building in Manhattan

by Amy Works May 27, 2016

NEW YORK CITY — Marcus & Millichap has brokered the sale of an office and retail building located at 243 Canal St. in Manhattan’s Chinatown neighborhood. The six-story building sold for $25 million, or $1,152 per square foot. The 21,700-square-foot property features two elevators, a full basement with 11-foot ceilings, a ground-floor retail unit and five floors of loft-style office space. Barbara Dansker, Steven Lusby and Zachary Ziskin of Marcus & Millichap represented the seller and procured the buyer. The names of the seller and buyer were not released.

May 27, 2016

Midwest Missouri Retail

LANE4 Property Group Remodels 150,000 SF Shopping Center in Kansas City

by Christina Cannon May 27, 2016

KANSAS CITY, MO. — LANE4 Property Group Inc. is remodeling and renovating the Red Bridge Shopping Center, a 150,000-square-foot retail property in Kansas City. The center is anchored by Lipari’s Sun Fresh Grocery Market and will see the return of tenant Euston Hardware. Since purchasing the center six months ago, LANE4 has secured leases and commitments for over one-third of the existing vacant space. Others tenants at the center include Blue Bicycle Fitness Center and Sofi Cucina Italiana Restaurant. The renovation is expected to be complete by this October and includes an extensive overhaul of the façade, new roofs and parking lots, two large tower elements that will open and bring natural light into restaurant spaces and new landscaping. Centric Projects is the general contractor. Generator Studio is the architect of record.

May 27, 2016

Midwest Ohio Retail

Marcus & Millichap Brokers $6.6M Sale of 153,976 SF Shopping Center in Southern Ohio

by Christina Cannon May 27, 2016

WILMINGTON, OHIO —Marcus & Millichap has brokered the sale of a 153,976-square-foot community shopping center in Wilmington, approximately 50 miles northwest of Cincinnati, for $6.6 million. An Ohio-based developer sold Meadow Park Plaza to a New York-based private investor. Located at 1627-1683 Rombach Ave., Meadow Park Plaza is anchored by Tractor Supply, Ollie’s Bargain Outlet, Goodwill and MC Sports, all with long-term leases in place. Other tenants include GNC, Citi Financial and LA Nails. Craig Fuller, Scott Wiles and Erin E. Patton of Marcus & Millichap listed the property on behalf of the seller and secured and represented the buyer.

May 27, 2016

Market Reports Retail Texas Texas Market Reports

Have All the Stars Aligned for Dallas Retail Success?

by Haisten Willis May 27, 2016

As market momentum from 2015 spilled over into the first quarter of 2016 for the Dallas-Fort Worth metropolitan area, commercial retail metrics are still firing on all cylinders. The three key market indicators of occupancy, absorption and development are robust and expect to remain that way for the foreseeable future. With fundamentals in check and a thriving economy led by strong employment and population growth, metro Dallas will continue to be a thriving marketplace and a safe haven for investor capital. Record High Occupancy The Dallas-Fort Worth retail market ended 2015 with an impressive 93 percent occupancy — a little over a 1 percent increase from year-end 2014 — achieving its highest occupancy rate in the last three decades. The continued occupancy increase is directly related to net absorption and largely attributable to positive population and employment growth in the Metroplex. Continued Absorption Since 2012, absorption has continuously outpaced the delivery of new construction, and nothing in the foreseeable future looks to disturb this new norm. First quarter 2016 absorption totaled over 1.6 million square feet, with half of that figure attributed to new deliveries. This is the seventh consecutive quarter where absorption eclipsed 1 million square feet. This is …

May 27, 2016

1955-2009-Black-Rock-Turnpike-Fairfield-CT

Connecticut Loans Northeast Retail

NorthMarq Capital Secures $11M Refinance for 110,000 SF Retail Property in Connecticut

by Amy Works May 26, 2016

FAIRFIELD, CONN. — NorthMarq Capital has arranged $11 million in refinancing for Turnpike Shopping Center, a retail property located at 1955-2009 Black Rock Turnpike in Fairfield. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The 110,000-square-foot retail center is occupied by ShopRite Supermarket, Eastern Mountain Sports and Party City. Ernest DesRochers of NorthMarq secured the financing for the undisclosed borrower.

May 26, 2016

Hospitality Loans Mixed-Use Northeast Office Retail Rhode Island

Rhode Island Approves $7M in State Relocation, Redevelopment Credits for Three Project

by Amy Works May 26, 2016

WESTERLY, PROVIDENCE AND WARWICK, R.I. — Rhode Island Commerce Corp. Board of Directors and Rhode Island Governor Gina Raimondo have approved more than $7 million in state relocation and redevelopment credits. Funding three projects, the economic development tools include $362,055 in tax credits under the Qualified Jobs Incentive Tax Credit Program to support company relocation and growth, $3 million for the first Tax Increment Financing agreement to support hotel development and $3.6 million Rebuild Rhode Island tax credits to fund the redevelopment of a historic property. Ivory Ella, a socially-minded online retailer, will receive the $362,055 for the relocation of 40 of its current jobs, 19 of which qualify under the Qualified Jobs Incentive Tax Credit program, from Connecticut to Westerly. Homewood Suites Hotels – Exchange Street LLC will receive $3 million for the construction of a $24.5 million 120-room hotel with ground-floor retail in downtown Providence. The board approved $3.6 million in Rebuild Rhode Island tax credits to support the adaptive reuse of a vacant historic mill complex along the Pawtuxet River in Warwick. The property will be redeveloped into a 200,000-square-foot mixed-use development, costing an estimated $34.6 million.

May 26, 2016

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