Retail

Decron Properties Sells El Monte Shopping and Automotive Center for $84.5M

by Nellie Day February 3, 2016

LOS ANGELES — Merlone Geier Partners has purchased El Monte Shopping and Automotive Center, a 473,347-square-foot automotive and retail center located in El Monte, from Decron Properties for $84.5 million. The property is comprised of a traditional shopping center and Longo Lexus dealership. Savills-Studley Retail Investment Group represented Decron Properties, while Melone Geier Partners was self-represented in the transaction. Tenants at the center include Sears, Staples, Deardens, Big 5 Sporting Goods, RadioShack and Jamba Juice.

February 3, 2016

Retail Utah Western

Vestar, Oaktree Acquire Retail Center at The Gateway in Salt Lake City

by Nellie Day February 3, 2016

SALT LAKE CITY — Vestar, in a joint venture with funds managed by Oaktree Capital Management L.P., has acquired a 623,205-square-foot open-air retail and entertainment center within The Gateway, a retail, residential and office complex located in downtown Salt Lake City. The purchase price was not disclosed. The center is leased to over 100 tenants including Barnes & Noble Bookstore, California Pizza Kitchen, The Depot, Dick’s Sporting Goods, Megaplex 12 at The Gateway, Metro Fitness, Starbucks Coffee and Victoria’s Secret. Vestar plans to invest $30 million in revitalizing and rebranding the center.

February 3, 2016

New York Northeast Retail

Forest City Realty Trust Closes Sale of Barclays Center Arena, Brooklyn Nets to Onexim

by Amy Works February 2, 2016

NEW YORK CITY — Nets Sports and Entertainment, a subsidiary of Forest City Realty Trust, has completed the previously announced sale of its equity interests in Barclays Center arena and the Brooklyn Nets basketball team to Onexim Sports and Entertainment Holding USA. The purchase price for the non-controlling 20 percent equity interest in the team was $125.1 million, and the purchase price for the 55 percent equity interest in the arena was $162.6 million. The transaction values the team at approximately $875 million and the arena at $825 million, inclusive of debt for each asset. Evercore ISI advised Net Sports and Entertainment in the transaction.

February 2, 2016

New York Northeast Retail

New York Life Real Estate Investors Acquires Majority Interest in Retail Center in New York

by Amy Works February 2, 2016

MOHEGAN LAKE, N.Y. — New York Life Real Estate Investors, on behalf of institutional investors, has acquired a majority interest in Cortlandt Town Center in Mohegan Lake from an entity controlled by Acadia Realty Trust. Located on Route 6, the 641,000-square-foot power center is 97 percent leased to a variety of national tenants, including Walmart, Acme, Bed Bath & Beyond, Marshalls, Michaels, DSW, PetSmart, Barnes & Noble, United Artists Theatre and Best Buy. The acquisition price was not released.

February 2, 2016

New Jersey Northeast Retail

Taconic, Cogswell-Lee Acquire Ground Lease of Manhattan Retail Property

by Amy Works February 2, 2016

NEW YORK CITY — Taconic Investment Partners and Cogswell-Lee Development Group have acquired the ground lease on an 80,000-square-foot site at 410 W. 207th St. in Manhattan’s Inwood section. The site features an existing 34,000-square-foot building, which was a former Pathmark store, and nearly 200 parking spaces. The existing building is suitable for a big-box user or subdivision into smaller units for multiple tenants. The buyer plans to develop a 14,000-square-foot outparcel on the eastern portion of the site. The name of the seller and the acquisition price were not released.

February 2, 2016

West-Woods-shopping-center-west-lake-hills-texas

Retail Texas

Velocis Sells West Woods Shopping Center in Metro Austin

by Haisten Willis February 2, 2016

WEST LAKE HILLS, TEXAS — Velocis, a private equity real estate manager, has sold West Woods Shopping Center in West Lake Hills, an Austin suburb. The 189,340-square-foot center was sold to Global Retail Investors, an affiliate of First Washington Realty, for an undisclosed price. Velocis purchased the retail asset in 2012 and invested in signage upgrades, landscaping and parking lot improvements. The property is located at the intersection of Bee Caves Road and Walsh Tarlton Lane and is anchored by Stein Mart, Michaels, Petco and CVS/pharmacy. The property was 98 percent leased at the time of sale. HFF’s Jim Batjer and Barry Brown brokered the sale on behalf of Velocis. Lincoln Property Co. provided property management services, and Bryan Dabbs of BKD Realty handled leasing for West Woods.

February 2, 2016

Midwest Missouri Retail

The Boulder Group Arranges $6M Sale of Net-Leased Walgreens in Missouri

by Christina Cannon February 2, 2016

RAYTOWN, MO. — The Boulder Group has arranged the $6 million sale of a single-tenant, net-leased Walgreens property located at 9300 E. Gregory Blvd. in Raytown. The 13,905-square-foot Walgreens is located within the Kansas City MSA. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high-net-worth individual based in the Midwest, in the sale of the property to a Northeast-based real estate investor. There are 14 years remaining on the Walgreens lease, which expires in January 2030.

February 2, 2016

Loans New Mexico Retail Western

Houlihan-Parnes Arranges $9.1M Refinancing for Ladera Shopping Center in Albuquerque

by Nellie Day February 2, 2016

ALBUQUERQUE, N.M. — Houlihan-Parnes has arranged a $9.1 million refinancing for Ladera Shopping Center, a 128,712-square-foot shopping center located in Albuquerque. Ed Graf of Houlihan-Parnes secured the five-year loan. The center is currently 95 percent occupied by 23 tenants including John Brooks Supermarket, Dollar Tree, Taco Cabana, Bank of Albuquerque, Planet Fitness, the UPS Store, Supercuts, H&R Block and T-Mobile. Burger King occupies a pad site.

February 2, 2016

Colorado Loans Retail Western

NorthMarq Arranges $3.7M Refinancing for Retail Buildings in Fort Collins

by Nellie Day February 2, 2016

FORT COLLINS, COLO. — NorthMarq has arranged a $3.7 million refinancing for 3636 and 3700 S. College Ave. in Fort Collins. The collateral consists of two freestanding retail buildings totaling 35,211 square feet. The center is home to a mix of local and regional tenants including Men’s Wearhouse. Mark Jeffries and Conor McCahill of NorthMarq arranged the financing for the borrower.

February 2, 2016

Midwest Minnesota Retail

Marcus & Millichap Brokers $4.2M Sale of Net-Leased Retail Property South of Minneapolis

by Christina Cannon February 1, 2016

APPLE VALLEY, MINN. — Marcus & Millichap has brokered the $4.2 million sale of a 10,850-square-foot net-leased property in Apple Valley, approximately 20 miles south of Minneapolis. Prestige Preschool Academy occupies the building located at 15848 Emperor Ave. Sean Doyle, Adam Prins, Matthew Hazelton and Cory Villaume of Marcus & Millichap listed the property on behalf of the seller, a developer. The team, along with Josh Talberg, also procured the buyer, a personal trust.

February 1, 2016

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