HANOVER, PA. — Colliers International has arranged the sale of a retail property located at 61 Wilson Ave. in Hanover. The asset sold for $2.5 million, with a cap rate of 4.95 percent. Situated on 1.1 acres, the 3,950-square-foot freestanding property is absolute NNN fully-leased to Fulton Bank. Larry Kostelac, William Aiello, George Lulos of Colliers’ Harrisburg, Pa., office were the sole brokers in the transaction. The names of the buyer and seller were not released.
LOS GATOS, CALIF. — Donahue Schriber has acquired Los Gatos Village Square, a 46,235-square-foot grocery-anchored shopping center located in the San Francisco Bay area community of Los Gatos. Trader Joe’s anchors the fully occupied center. Nicholas Bicardo, Danny Reddin and Brandon Rogoff of HFF represented the undisclosed institutional seller in the transaction.
GRANITE BAY, CALIF. — Vestar has acquired Sierra Oaks Plaza, a neighborhood shopping center located in Granite Bay in the Sacramento metropolitan area. The asset, which is situated at the intersection of Douglas and Sierra College boulevards, sold for $28.1 million. Walmart Neighborhood Market, Chick-Fil-A, Crunch Fitness, Tri Counties Bank and Habit Burger occupy the 105,555-square-foot property. Over the past 12 months, Vestar has acquired six retail centers valued at $700 million throughout the Western states.
CENTENNIAL, COLO. — Pinnacle Real Estate Advisors LLC has arranged the sale of Centennial Corners, an 18,719-square-foot shopping center located in the Denver suburb of Centennial. Kevin Calame and Matt Lewallen of Pinnacle represented the buyer, Centennial Corners LLC, and Tom Ethington and Robert Edwards of Pinnacle represented the seller, Woodbury Corp., in the transaction. Walmart shadow-anchors the center, which is home to tenants including Anytime Fitness, Bawarchi Biryani Point, Domino’s, Anytime Lab, Game Stop and Qdoba.
ATLANTA — AloStar has provided two loans for an office building and shopping center in metro Atlanta totaling $23.6 million. The bank funded both loans through its commercial real estate platform, AloStar Real Estate Finance. The financing included a $19 million loan for 1100 Circle 75, a 16-story office building in Atlanta’s Cumberland/Galleria submarket, and a $4.6 million loan for Shoppes at Trickum, a 49,900-square-foot, Walmart-anchored shopping center in Woodstock that is also leased to Dollar Tree and rue21. AloStar provided the acquisition financing for Shoppes at Trickum to Shoppes at Trickum LLC, an affiliate of SunCap Real Estate Investments.
The dissolution of The Great Atlantic & Pacific Tea Company, better known as A&P, after 156 years in business was not a complete shock — they had, after all, applied for bankruptcy protection once before already this decade. However, the company and its many legacy brands occupied 296 stores in the United States and Canada at the time of liquidation, which meant a seismic shift was bound to occur in those real estate markets. In Northern and Central New Jersey, the resulting repositioning of A&P’s highly-coveted retail properties is proving to be an unexpected positive for a variety of reasons. For one, A&P occupied space in many of their shopping centers for decades, meaning they were paying less than market rent. Landlords are now able to negotiate new deals at higher rents, resulting in an important market correction. This is also an opportunity to reassess the makeup of centers and figure out not only what categories are missing but also what use groups will best drive traffic and stabilize the centers. Owners are able to repurpose the anchor spaces to accommodate smaller users. For example, on Route 35 in Middletown, the former Pathmark has been subdivided into a TJ Maxx …
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.
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.
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.
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.