Retail

Thor Equities Secures Construction Financing for Kirby Collection in Houston

by Haisten Willis September 30, 2015

HOUSTON — Thor Equities has secured construction financing for Kirby Collection, a new mixed-use development at 3200 Kirby Drive in Houston. The 1 million-square-foot residential, office, retail and entertainment development is located in the River Oaks neighborhood of Houston, bounded by Kirby Drive and West Main, Colquitt and Lake streets. The project features a 25-story, 385,000-square-foot residential tower with 199 apartments comprising seven two-story townhomes and seven two-story loft spaces with private yards. The residences will overlook a deck with more than an acre of landscaped amenities, including a pool with cabanas, fire pits and a bar area. Kirby Collection’s 13-story, 210,000-square-foot, Class A office building is located near downtown Houston, the Galleria/Uptown District, Greenway Plaza and the Texas Medical Center. The development is scheduled to break ground in October and open in the fourth quarter of 2017. Richard Keating is the design architect for Kirby Collection, and Dianna Wong Architecture + Design is the interior designer. Houston-based Kirksey is the architect of record.

September 30, 2015

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Brokers $2.3M Sale of Mixed-Use Property in Brooklyn

by Amy Works September 30, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 741 Fulton St. in Brooklyn. BBD Enterprises sold the 2,600-square-foot property, which features multifamily and retail space, for $2.3 million. Dwane Omar Jones represented the seller and the buyer, a local private investment partnership, in the transaction.

September 30, 2015

New Jersey Northeast Retail

T.J. Maxx Opens New Location at St. Georges Crossing in New Jersey

by Amy Works September 30, 2015

WOODBRIDGE, N.J. — T.J. Maxx has opened a new location at St. Georges Crossing in Woodbridge. Levin Management constructed the freestanding 23,000-square-foot store on an underutilized parcel of land adjacent to the original St. Georges Crossing site. Levin spearheaded the off-market land purchase, secured the T.J. Maxx lease and obtained site plan approval for the new building, which enabled the firm to bring the nationally recognized tenant to the 340,000-square-foot shopping center. Current tenants include ShopRite, P.C. Richard & Son, PetSmart, Pier 1 Imports, Golf Galaxy, Shannon Rose, AutoZone, Bertucci’s, Wine Country, Verizon Wireless, European Wax Center, Visionworks and Taco Bell, among others.

September 30, 2015

Illinois Midwest Retail

Quantum Real Estate Brokers $2.7M Sale of Retail Property in Rockford, Ill.

by Christina Cannon September 30, 2015

ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 9,000-square-foot retail building located at 7310 Walton St. in Rockford, approximately 90 miles west of Chicago. The property was sold for $2.7 million and was 78 percent leased at the time of sale. The tenants at the time of sale were Aspen Dental and Sleep Number. Chad Firsel and Daniel Waszak of Quantum were the sole brokers in the transaction. The seller was an undisclosed real estate investor based in Illinois, and the buyer was an undisclosed Texas-based fund. Quantum Real Estate Advisors Inc. specializes in investment sales brokerage and assisting clients in the acquisition and disposition of commercial real estate.

September 30, 2015

Retail South Carolina Southeast

Avison Young Brokers $5.8M Sale of Shopping Center in Upstate South Carolina

by John Nelson September 30, 2015

GREER, S.C. — Avison Young has brokered the $5.8 million sale of Pelham Place, a 57,158-square-foot shopping center located at 3093 S. Highway 14 in Greer. Built in 2007, the shopping center was 94 percent leased at the time of sale, but the 38,003-square-foot anchor space is currently vacant. Realop Investments LLC purchased the grocery-anchored asset from Torchlight Investors. Michael Fay led Avison Young’s team in representing the seller in the transaction. David Duckworth, AJ Belt III and John Odom of Avison Young assisted in the transaction.

September 30, 2015

The Shoppes at Webb Gin Snellville Georgia

Georgia Retail Southeast

Orangetheory, Fuzzy’s Taco Lease Space at Shoppes at Webb Gin in Metro Atlanta

by John Nelson September 30, 2015

SNELLVILLE, GA. — Olshan Properties has inked leases with two national retailers at The Shoppes at Webb Gin, an open-air power retail center in Snellville, a northeast suburb of Atlanta. Located at the intersection of Scenic Highway 124 and Webb Gin House Road, The Shoppes at Webb Gin consists of 333,795 square feet of retail space with 17,212 square feet of office space and features additional development opportunities. Sprouts Farmers Market, Barnes & Noble and DSW anchor the retail center, which was formerly known as The Avenue Webb Gin. The two new tenants joining the shopping center are Orangetheory Fitness, a fitness studio, and Fuzzy’s Taco Shop, a taco eatery that will be located next to Pure Barre on the south side of the property.

September 30, 2015

New York Northeast Office Retail

Shorenstein Properties Begins $30M Renovation Program at 1407 Broadway in NYC

by Amy Works September 29, 2015

NEW YORK CITY — Shorenstein Properties has undertaken a $30 million renovation and enhancement program at 1407 Broadway, a 1.1 million-square-foot office/retail building in New York. Designed by Fogarty Finger, the capital improvement program will include a new lobby and building entrance, façade improvements, elevator cab upgrades and updated retail storefronts. Shorenstein acquired the property’s ground lease from Abraham Kamber Associates and the sublease from Lighthouse in April 2015 for $330 million. Shorenstein has retained CBRE as the exclusive office space leasing agent. SRS Real Estate Partners will lead all retail brokerage activity.

September 29, 2015

New Jersey Northeast Retail

Marcus & Millichap Brokers $9.1M Sale of Walgreens Property in New Jersey

by Amy Works September 29, 2015

FRANKLIN, N.J. — Marcus & Millichap has brokered the sale of a recently constructed Walgreens property in Franklin. Located at 245 State Route 23, the 14,820-square-foot property sold for $9.1 million, or $617 per square foot. Dean Zang and Mark Taylor represented the seller, a limited liability company, while Karly Iacono, also of Marcus & Millichap, represented the buyer, a Brooklyn-based private investor, who acquired the property in a 1031 exchange. J.D. Parker of Marcus & Millichap’s Manhattan office served as the broker of record for the transaction.

September 29, 2015

Colorado Loans Retail Western

Greystone Provides $36M CMBS Loan for Mixed-Use Property in Colorado

by Nellie Day September 29, 2015

AVON, COLO. — Greystone has provided a $36 million CMBS loan for Chapel Square and Benchmark Shopping Center, two adjoining mixed-use properties comprising 200,000-square feet of retail and office space in the resort community of Avon. The property, located at the base of Beaver Creek ski resort, is currently 99.7 percent leased to 44 tenants. Ted Nasca of Greystone originated the 10-year loan with interest-only payments for the first three years and a 30-year amortization schedule.

September 29, 2015

California Retail Western

Dollar Tree Leases Space at Vineyards Marketplace in Rancho Cucamonga

by Nellie Day September 29, 2015

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has inked a new Dollar Tree lease in Rancho Cucamonga. The discount store has leased 8,700 square feet at 11398 Kenyon Way. The store will join Alberstons and CVS in early 2016 at the freeway-adjacent Vineyards Marketplace. Janine Peltier of Progressive Real Estate Partners represented the lessor in this transaction.

September 29, 2015

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