Retail

Sansone Group Reacquires Retail Property for $22M in St. Louis Suburb

by Christina Cannon October 27, 2015

DES PERES, MO. — Sansone Group has reacquired Olympic Oaks Village in Des Peres, a western suburb of St. Louis, for $22 million. Olympic Oaks Village was originally a 7.7-acre, $5.5 million retail development completed by Sansone Group in 1988. The 91,000-square-foot retail center, located a half-mile east of I-270 on Manchester Road, originally included Walgreens, T.J. Maxx, Michaels and the Sansone Group headquarters. In 1998, Sansone sold the building to DDR Corp. for $11.1 million but continued to lease and manage the property before reacquiring it from DDR. The shopping center has gone through several renovations and expansions and now spans 92,372 square feet. Current tenants include European Wax Center, Jersey Mike’s, Rally House, Sally Beauty Supply, Great Clips, Massage Envy, Salon Genesis, Lane Bryant, Edible Arrangements, Nail Pro and Thompson Price Kitchen & Bath.

October 27, 2015

Retail Southeast Virginia

Lidl Purchases Site in Virginia for $3.1M for New Grocery Store

by John Nelson October 27, 2015

FREDERICKSBURG, VA. — Lidl, a grocery retailer based in Germany, has purchased a four-acre land parcel in Spotsylvania County for $3.1 million. Lidl plans to build a 36,000-square-foot grocery store on the site, which is located at the intersection of Gordon Road and Route 3 in Fredericksburg. J.R. Burdette and Jonathan Gardner of Coldwell Banker Commercial Elite represented the seller, Henderson Properties, in the land transaction. This is the second store site purchased by Lidl in Spotsylvania County. In August, Lidl closed on a two-acre parcel in Southpoint II across Southpoint Parkway from Lowe’s Home Improvement and adjacent to 7–Eleven. The company is looking to enter into the U.S market with its first stores planned in Virginia and expected to open no later than 2018. In June, Lidl also purchased an 82-acre parcel to build a major distribution warehouse in Spotsylvania County. The distribution warehouse in Spotsylvania County is planned to be approximately 1 million square feet and cost around $125 million. The facility is also projected to provide 200 local jobs.

October 27, 2015

Loans Nevada Retail Western

Vestar Acquires The District at Green Valley Ranch in Henderson Using $72M Acquisition Loan

by Nellie Day October 27, 2015

HENDERSON, NEV. — HFF has secured $72 million in acquisition financing for The District at Green Valley Ranch, a 384,724-square-foot mixed-use retail and office center in the Las Vegas suburb of Henderson. Aldon Cole and Todd Sugimoto of HFF worked on behalf of the borrower, Vestar, to secure the 10-year, fixed-rate loan with AIG Investments. Loan proceeds were used to purchase the 91 percent occupied property. A 51,300-square-foot Whole Foods Market anchors the center, which is also home to tenants including REI, Pottery Barn, Williams-Sonoma, West Elm, Anthropologie, The Cheesecake Factory and P.F. Chang’s China Bistro.

October 27, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

HFF Arranges $200M for Acquisition and Pre-Development for 151 East 60th Street in Manhattan

by Jaime Lackey October 27, 2015

NEW YORK CITY — Holliday Fenoglio Fowler LP (HFF) has secured $200 million in financing for the acquisition and pre-development of a 19,684-square-foot development site at 151 East 60th St., which is located at Lexington Avenue across from Bloomingdale’s in Manhattan. The undeveloped parcel has zoning square footage that will accommodate up to 350,000 square feet; development is slated to begin in March 2017. Working on behalf of Kuafu Properties, HFF placed the floating-rate loan with Mack Real Estate Credit Strategies. Loan proceeds will facilitate the purchase of the fee simple interest in the property and fund pre-development costs towards construction of a luxury residential tower with approximately 40,000 square feet of retail space. Christopher Peck and Jay Marshall led HFF’s debt placement team.

October 27, 2015

Massachusetts Northeast Retail

Linear Buys 35,800 SF Westborough, Mass., Retail Property

by Jaime Lackey October 27, 2015

WESTBOROUGH, MASS. — Linear Retail Properties has acquired 9 West Plaza, located at 1 Oak St. in Westborough. Located at the intersection of Route 9 and Lyman Street, the 35,800-square-foot building located on 5.8 acres features Sleepy’s, Chipotle, FedEx, Hair Cuttery and Gold’s Gym.

October 27, 2015

California Colorado Retail Western

Vitality Bowls to Open Three New Locations

by Nellie Day October 26, 2015

SAN RAMON, CALIF. — San Ramon-based Vitality Bowls, a superfood café, is set to open three new locations in Colorado and California. New restaurants include a 1,400-square-foot location at Cherry Creek Shopping Center in Denver, Colo.; a 1,100-square-foot location at 19700 Vallco Parkway in Cupertino, Calif.; and a 796-square-foot location at 20668 Rustic Dr. in Castro Valley, Calif. These openings come as part of a plan to open 100 locations by the end of 2016.

October 26, 2015

Massachusetts Mixed-Use Multifamily Northeast Retail

WS Development Acquires 12.5 Acres in Boston’s Seaport District

by Jaime Lackey October 26, 2015

BOSTON — WS Development has acquired a 12.5-acre parcel that spans 10 city blocks and is slated to include 2.8 million square feet of residences, offices, hotels, retail, parks, and community space in Boston. Morgan Stanley and Boston Global Investors (BGI) — long-time development partners of WS Development — sold the parcel for $359 million. The land is located along Seaport Boulevard, Congress Street, and Summer Street. WS Development owns 500,000 square feet of retail on seven adjacent blocks. WS will work with the City of Boston and BGI, which will continue to provide urban planning services, to develop the space.

October 26, 2015

Loans New York Northeast Retail

Procida Provides $14.5M Construction Loan for Hotel in Nyack, N.Y.

by Jaime Lackey October 26, 2015

NYACK, N.Y. — Procida Funding’s 100 Mile Fund has provided a $14.5 million construction loan for a newly constructed 133-key Time Hotel in Nyack. The sponsor needed immediate financing to complete construction of the hotel, which is expected to open this fall. The hotel is built in an industrial-style former factory with views of the Hudson River and Tappan Zee Bridge. The property features 3,500 square feet of meeting space, a pool, a fitness center, a bike program, local shuttle services, as well as a Tesla charging station. Début Hotel Group and Hampshire Hotels Management partnered with developer WY Group to deliver the property.

October 26, 2015

Northeast Pennsylvania Retail

Bloomingdale’s Outlet to Open in Philadelphia

by Jaime Lackey October 26, 2015

PHILADELPHIA — Bloomingdale’s The Outlet Store, a brand of Macy’s Inc. will open at the Shops at Liberty Place at 1625 Chestnut Street in Philadelphia. The 20,000-square-foot location is scheduled to open in December. Michael Salove and Brittany Goldberg of MSC Retail exclusively represent Macy’s Inc. in the Greater Philadelphia region.

October 26, 2015

Florida Retail Southeast

Franklin Street, Neal Realty Broker $9.1M Purchase of Two Shopping Centers in Palm Beach County

by Haisten Willis October 26, 2015

DELRAY BEACH AND BOYNTON BEACH, FLA. — Franklin Street and Neal Realty & Investments Inc. have brokered the purchase of two shopping centers in Palm Beach County totaling $9.1 million. Greg Matus and Peter Crane of Franklin Street and Tim Neal of Neal Realty represented the buyer, Perkins Realty Management LLC, in both transactions. The acquisitions include the $5.1 million purchase of the 23,094-square-foot Shoppes of Delray in Delray Beach and the $4 million acquisition of the 18,311-square-foot Gables End Plaza in Boynton Beach. Shoppes of Delray was nearly 90 percent leased at the time of sale to tenants such as Radio Shack, Cucina Fra Divolo Restaurant, China Garden Restaurant and Atlantic Insurance. David Donnellan of CBRE represented the seller in the transaction. Built in 2000 and renovated in 2014, Gables End Plaza was 100 percent leased at the time of sale. As part of the two deals, the buyer has obtained a new CMBS loan for both assets.

October 26, 2015

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