Retail

Weingarten Realty Acquires Deerfield Mall in South Florida for $92.8M

by John Nelson May 10, 2016

DEERFIELD BEACH, FLA. — Weingarten Realty Investors has acquired Deerfield Mall, a 394,248-square-foot, Publix-anchored shopping center located in the South Florida community of Deerfield Beach, for $92.8 million. Daniel Finkle, Luis Castillo, Nat Scarmazzi and Scott Wadler of HFF represented the sellers, CP Deerfield LLC and Land Trust Agreement 1001-SOD, in the transaction. Completed in 1988 and renovated in 2001, Deerfield Mall comprises one main building totaling 366,301 square feet in an “L” configuration, two multi-tenant outparcel buildings totaling 25,427 square feet and two single-tenant outparcels occupied by Citibank and Chick-fil-A. The 84 percent occupied center is home to tenants including Sports Authority, T.J. Maxx, Marshalls, Youfit Health Club, Cinépolis, Dollar Tree, Five Below, Ulta Beauty, The Avenue, Panera Bread, First Watch and Taco Bell.

May 10, 2016

Retail Southeast Tennessee

Dick’s, Ulta Beauty to Join College Square Mall in Tennessee as Part of Anchor Redevelopment

by John Nelson May 10, 2016

MORRISTOWN, TENN. — CBL & Associates Properties Inc. has announced that Dick’s Sporting Goods and Ulta Beauty will be joining College Square Mall in Morristown. The two new stores will be situated in the former J.C. Penney location. Construction on both stores is set to begin in early May with anticipated openings prior to the 2016 holiday season. Other tenants at College Square Mall include Belk, Kohl’s, American Girl, Carmike Cinemas, Longhorn Steakhouse and T.J. Maxx.

May 10, 2016

Arizona Retail Western

CBRE Brokers $10M Sale of Shops at Arrowhead Gateway in Arizona

by Nellie Day May 10, 2016

GLENDALE, ARIZ. — CBRE has arranged the $10 million sale of Shops at Arrowhead Gateway, a 35,684-square-foot shopping center located on an outparcel of Arrowhead Towne Center Mall in Glendale. Steve Julius and Jesse Goldsmith of CBRE negotiated the transaction on behalf of the buyer, NLT Properties LLC. Chad Tiedeman and Steve Underwood of Phoenix Commercial Advisors represented the seller, FPWL Bell and 75th LLC, in the transaction. The 95 percent-occupied property is home to tenants including Red Mountain Weight Loss, iRepair Plus, Salon Boutique and Merle Norman. The center is also home to a medical component, with tenants including IMS Urologist, IMS Allergist, Noah’s Ark Pediatrics and Desert Valley Dental.

May 10, 2016

California Retail Western

BRC Advisors Arranges 846 SF Restaurant Lease in Pasadena

by Nellie Day May 10, 2016

PASADENA, CALIF. — BRC Advisors has brokered the lease of a retail property located at 59 Colorado in Pasadena. Situated within Indiana Colony, a new marketplace concept, the 846 square feet restaurant space is located within a 5,500-square-foot retail building. Surrounding tenants include CoolHaus, Pressed Juicery, Piehole and Intelligentsia Coffee & Tea. Lorena Tomb of BRC Advisors represented the tenant in the transaction. The names of the tenant and landlord were not released.

May 10, 2016

California Retail Western

JLL Expands Retail Leasing, Sales in Southern California

by Nellie Day May 10, 2016

LOS ANGELES — JLL has hired Scott Kaplan as executive vice president and Erik Westedt as senior vice president to expand the firm’s Southern California retail practice. The pair brings a combined 35 years of experience in the leasing, development and sale of retail properties locally, regionally and nationally. Throughout their careers, the pair has completed transactions encompassing 25 million square feet of retail space valued at more than $5 billion. Prior to joining JLL, Kaplan served as a senior vice president at a global commercial real estate firm and Westedt served as a vice president at a global commercial real estate firm.

May 10, 2016

Features Hospitality Industrial Multifamily Office Retail Top Stories

U.S. Commercial Property Values See 7 Percent Annual Growth, According to Ten-X

by Haisten Willis May 10, 2016

IRVINE, CALIF. — Commercial real estate values in the United States increased by 7 percent from April 2015 to April 2016, according to Ten-X, an online real estate marketplace. The company has released its latest Commercial Real Estate (CRE) Nowcast. The pricing index, which combines Google Trends data, Ten-X’s proprietary transaction data and investor surveys to forecast CRE pricing trends in real time, reveals that commercial valuations increased by 0.6 percent month-over-month in April and are back above their year-end 2015 level. The Ten-X CRE Nowcast (formerly the Auction.com CRE Nowcast) is a price index covering the entire U.S. commercial market, including individual price trends for the office, apartments, retail, industrial and hotel sectors. “Even though the April all-sector increase is significantly stronger than the prior month’s slight gain of 0.2 percent, this still is the slowest annual growth rate from pricing for the cycle,” says Ten-X chief economist Peter Muoio. “April’s uptick in growth was seen across all major CRE sectors except hotel, where that segment’s fundamentals, as well as its pricing, continue dwindling. Meanwhile, the multifamily sector displayed the strongest pricing trends with a 1.8 percent gain in April.” The Ten-X Hotel Nowcast dipped 1 percent from March …

May 10, 2016

New Jersey Northeast Office Retail

Stonegate Realty Acquires 27,000 SF Office, Retail Building in New Jersey

by Amy Works May 9, 2016

TEANECK, N.J. — Stonegate Realty has acquired an office and retail building located at 545 Cedar Lane in Teaneck. 545 Cedar Lane Associates LLC sold the 27,000-square-foot property for an undisclosed price. The property features dedicated loading dock and freight facilities, as well as 8,300 square feet of retail space. James Postell, Rick Rizzuto and Dan Ligoner of Transwestern Realty represented the seller in the transaction.

May 9, 2016

Retail Texas

HSM Brokers Sale of Lucky 7 Plaza in Dallas

by Haisten Willis May 9, 2016

DALLAS — Max Tsai and Peter Kosley of Henry S. Miller’s retail division have brokered the sale of Lucky 7 Plaza in Dallas. Located at 11252 Harry Hines Blvd., the 51,726-square-foot shopping center sits on 2.5 acres and is located near new DART stations along the green line. The property is part of the Asian Trade District. The buyer and seller were unnamed.

May 9, 2016

California Retail Western

Marcus & Millichap Brokers Sale of Foothill Square in Los Angeles Suburbs

by Nellie Day May 9, 2016

POMONA, CALIF. — Marcus & Millichap has arranged the sale of Foothill Square, a 123,127-square-foot shopping center located in the Los Angeles suburb of Pomona, for an undisclosed price. David Ridgway of Marcus & Millichap represented the seller, a private limited family partnership, and Ridgway and Dimitry Orlov, also of Marcus & Millichap, represented the buyer, Reliable Properties, in the transaction. Superior Grocers and O’Reilly Auto Parts anchor the center, which is also home to tenants including Chase Bank and Carl’s Jr.

May 9, 2016

Colorado Retail Western

Matthews Retail Arranges $4M Sale of Quincy Corners in Metro Denver

by Nellie Day May 9, 2016

AURORA, COLO. — Matthews Retail Advisors has arranged the $4 million sale of Quincy Corners, a 15,765-square-foot shopping center located in the Denver suburb of Aurora. Patrick Toomey of Matthews represented the seller, Spirit Realty Capital, in the sale of the property to a private local investor. The Big 5 Sporting Goods-anchored center is fully occupied.

May 9, 2016

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