Retail

Switzenbaum & Associates Funds $15.5M Loan for Mixed-Use Development in State College

by Amy Works February 12, 2016

STATE COLLEGE, PA. — RSR EB-5 Regional Centers (RSR), an affiliate of Switzenbaum & Associates, has funded a $15.5 million loan for the financing of a ground-up construction mixed-use property in State College, through the U.S. Citizenship and Immigration Services (USCIS) EB-5 immigrant investor program. The interest-only loan is in conjunction with a $26.5 million senior construction loan from Fulton Bank, which provided the remainder of the required debt for the project. Originally structured for 30 investors, the project opened an additional spot due to increased demand. While USCIS requirements for EB-5 stipulate that a minimum of 10 new jobs must be created for every investor, this project’s construction and operation will create an estimated 521 jobs. The borrower, Fraser Partners, an affiliate of Real Estate Capital Management and Brickbox Enterprises, will use the funds to construct The Fraser Centre, a 265,000-square-foot mixed-use project on the crest of Pennsylvania State University’s main campus. Slated for completion this fall, the development will feature 50,000 square feet of retail space, a 165-room Hyatt Place Hotel and 26 residential condominiums.

February 12, 2016

Georgia Retail Southeast

Marcus & Millichap Brokers $6.5M Sale of Shopping Center in Atlanta

by John Nelson February 12, 2016

ATLANTA — Marcus & Millichap has arranged the $6.5 million sale of Tilly Mill Plaza, a 113,000-square-foot shopping center located at the intersection of Peachtree Industrial Boulevard and Tilly Mill Road in Atlanta. The property is situated one mile north of I-285 and across from a Home Depot. Kaufman Realty Group purchased the asset from a Tennessee-based developer. Kaufman plans to remerchandise the center. Zach Taylor and Don McMinn of Marcus & Millichap’s Taylor McMinn Group in Atlanta represented the seller in the transaction.

February 12, 2016

Restaurant Southeast Tennessee

Moonshine Flats to Open 38,000 SF ‘Honky Tonk’ Venue in Nashville

by John Nelson February 11, 2016

NASHVILLE, TENN. — San Diego-based Moonshine Flats has entered the final stages of lease negotiations for a new 38,000-square-foot “honky tonk” music venue and bar in downtown Nashville. The venue will be a country rock-themed establishment with four levels of bars, live music and DJs, barbecue, amusement rides, an open-air rooftop and floor-to-ceiling LED screens. Owner Ty Hauter expects to open the new Moonshine Flats in 2016.

February 11, 2016

North Carolina Retail Southeast

CBL Adds West Elm, Pieology Pizzeria to Friendly Center’s Tenant Roster in Greensboro

by John Nelson February 11, 2016

GREENSBORO, N.C. — CBL & Associates Properties Inc. has added home retailer West Elm and Pieology Pizzeria to Friendly Center, an upscale shopping center in Greensboro. Existing tenants at Friendly Center include lululemon athletica, Anthropologie, Altar’d State and Whole Foods Market. West Elm and Pieology are part of the center’s new 12,709-square-foot expansion, which will be situated between Anthropologie and Whole Foods facing West Friendly Avenue. Construction on the expansion is underway, and CBL expects the two new retailers to open this fall. A third soon-to-be-named retailer will also occupy space in the center’s expansion.

February 11, 2016

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $28M Loan for 294,141 SF Shopping Center in New Jersey

by Amy Works February 11, 2016

MANVILLE, N.J. — Cronheim Mortgage has arranged $28 million in financing for Marketplace at Manville, a shopping center located in Manville. The 15-year loan has a 30-year amortization schedule and a 3.8 percent interest rate. The 294,141-square-foot retail center is occupied by Walmart Supercenter, Reading Cinemas, Dollar Zone, Retro Fitness, GNC, McDonalds, Sleepy’s and Great Clips. Constructed in 1999, the property is managed by Purchase, N.Y.-based National Realty & Development Corp. Andrew Stewart and Dev Morris of Cronheim Mortgage secured the financing, which was placed with AG Life.

February 11, 2016

Illinois Midwest Retail

MB Real Estate Negotiates $6.8M Sale of Retail Property in Suburban Chicago

by Christina Cannon February 11, 2016

ELK GROVE VILLAGE, ILL. — MB Real Estate has brokered the sale of a 24,910-square-foot retail property in Elk Grove Village, approximately 25 miles northwest of Chicago. A private family purchased Strawberry Hill Plaza for $6.8 million as part of a 1031 exchange. Located at 601-633 Meacham Road, the shopping center was built in 1986 and is situated on 3.1 acres. The building is a single-story, multi-tenant center that has parking for 172 vehicles. Tenants at Strawberry Hill Plaza include Subway, The Great American Bagel and Merlin Muffler. McDonald’s and Taco Bell are both situated on outparcels to the shopping center. David Kimball and Jay Beadle of MB Real Estate represented the buyer in the transaction. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the undisclosed seller, which had owned the property since its construction in 1986.

February 11, 2016

Nevada Retail Western

AW Family Trust Buys Silverado Auto Plaza in Las Vegas for $8.9M

by Nellie Day February 11, 2016

LAS VEGAS — AW Family Trust has purchased the 21,639-square-foot Silverado Auto Plaza building in Las Vegas for $8.9 million. The plaza is located at 1280, 1310 and 1340 E. Silverado Ranch Blvd. Virtus Commercial’s Chris Emanuel and John Blommer represented the seller.

February 11, 2016

Market Reports Midwest Midwest Market Reports Ohio Retail

Cincinnati, Dayton Retail Markets Thrive Despite Changing Consumer Preferences

by Christina Cannon February 11, 2016

When talking about the retail sector, the economy has to be part of the conversation. Trends in retail concepts follow consumer behavior. In 2010, when the recovery began, wealthy consumers were the first to return to the marketplace. Not surprisingly, luxury retail concepts followed these wealthy shoppers. To appeal to consumers who were experiencing a slower recovery and to address the concerns of consumers who were still budget-conscious coming out of the downturn, discount retailers and off-price concepts also flooded the market at the same time. These two ends of the spectrum have dominated the retail landscape, leading to challenges for the middle-priced retailers. Despite the acceleration of the economic recovery, these retailers will continue to face challenges as many consumers have maintained a fiscally conservative, or even frugal, mindset. E-Commerce Has Clout The prediction that the advent of the Internet would spell the death of the brick-and-mortar store has not come to fruition. However, e-commerce’s impact on retail is certainly undeniable. Although 75 percent of retail sales still take place in stores, consumers are becoming more educated about products and prices as a result of the Internet. Consumer surveys show that 75 percent of millennials use the Internet to …

February 11, 2016

New York Northeast Retail

Cushman & Wakefield Brokers $12.6M Sale of Retail Building in Queens

by Amy Works February 10, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale the sale of retail property located at 163-30 Cross Bay Blvd. in the Howard Bay neighborhood of Queens. The property sold for $12.6 million. Originally built in 2009, the property underwent a substantial renovation in 2014. The 9,767-square-foot property is currently triple-net leased to Duane Reade through October 2028. Duane Reade subsequently subleased the space to Key Foods. Bob Knakal, Jonathan Hageman and Brian Sarath of Cushman & Wakefield handled the transaction.

February 10, 2016

Retail Texas

SHOP Cos. Arranges Sale of 14,680 SF Retail Center in Metro Dallas

by Haisten Willis February 10, 2016

CROSS ROADS, TEXAS — SHOP Cos. Investment Sales has arranged the sale of Crossroads Crossing, a 14,680-square-foot shopping center located in Cross Roads. Crossroads Crossing is situated at the northwest quadrant of US Highway 380 and FM 720. At the time of closing the property was 100 percent leased to tenants including Domino’s, State Farm Insurance, January’s Salon, Cornerstone Dental and Villa Grande Mexican Restaurant. Tommy Tucker with SHOP Cos. represented the seller, a Carrollton-based private partnership, and procured the buyer, a Dallas-based limited liability company.

February 10, 2016

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