Retail

Sterling Organization Sells Shopping Center in Tampa Bay MSA for $18.9M

by John Nelson August 17, 2015

LARGO, FLA. — Sterling Organization has sold Barclay Square, a 99,054-square-foot grocery-anchored shopping center in Largo, a city in the Tampa Bay MSA. Northbrook, Ill.-based Pine Tree Commercial Realty purchased the shopping center from Sterling Organization for $18.9 million. Originally developed in 1988 and renovated in 2008, the shopping center is located on the northeast corner of Walsingham and Indian Rocks roads one mile east of the Gulf of Mexico. A 42,018-square-foot Walmart Neighborhood Market anchors the shopping center. Adam Feinstein of Cushman & Wakefield brokered the transaction. Sterling Organization purchased Barclay Square via its Sterling Value Add Partners LP institutional fund for $10.8 million in 2012.

August 17, 2015

Illinois Midwest Retail

The Boulder Group Arranges Sale of Net-Leased OfficeMax in East Peoria, Ill. for $2.8M

by Jeff Shaw August 14, 2015

EAST PEORIA, ILL. — The Boulder Group has arranged the sale of a net-leased OfficeMax for $2.8 million located at 200 Riverside Drive in East Peoria. The 1.86-acre OfficeMax store is centrally located within Peoria’s primary retail area that is anchored by Bass Pro Shops, Walmart Supercenter, Lowe’s, Costco, Target, Kohl’s and Gordmans. There are over eight years remaining on the recently extended OfficeMax lease, which expires in October 2023. The lease features two five-year renewal option periods with rental escalations in each. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based family partnership. The buyer was a high-net-worth individual based in the Northeast.

August 14, 2015

Industrial Retail Texas

First American Freight Furniture and Mattress to Open in San Antonio

by Haisten Willis August 14, 2015

SAN ANTONIO — American Freight Furniture and Mattress has opened its first location in Texas. The 45,000-square-foot store is located at 639 Lanark Drive in San Antonio, an industrial area commonly known as the Alamo Industrial Center. American Freight Furniture and Mattress is a discount furniture warehouse open to the public. Home furnishings and furniture are received from manufacturers due to factory closeouts, liquidations, dealer cancellations and retail chain buyouts. American Freight orders directly from the product manufacturer and utilizes warehouses rather than showrooms. Furniture brands sold at American Freight include Simmons, Serta and NordicRest.

August 14, 2015

Industrial Loans Multifamily Northeast Office Retail Rhode Island

Colliers International Arranges $6.3M Refinance Loan for Pearl Street Lofts, Pearl Street Commons

by Amy Works August 14, 2015

PROVIDENCE, R.I. — Colliers International has arranged $6.3 million in refinancing for Pearl Street Lofts and Pearl Street Commons, a mixed-use complex located within Westminster Crossing in Providence. Colliers secured the five-year, fixed-rate loan through Boston Private for the borrower, Providence-based The Armory Revival Company. Loan proceeds will be used to refinance the existing debt on the properties, allowing once separate assets to be merged into a single economic unit. Pearl Street Lofts consists of 38 loft-style apartments totaling 44,241 square feet of residential space and 43,179 square feet of commercial/warehouse space. The 8,663-square-foot Pearl Street Commons consists of four commercial condominiums configured into five office suites. Jeffrey Black of Colliers represented the borrower in the financing.

August 14, 2015

New Jersey Northeast Retail

Jeffrey Realty Completes Multiple Deals Across New Jersey

by Amy Works August 14, 2015

TOTOWA, LINDEN AND HILLSBOROUGH, N.J. — North Plainfield, N.J.-based Jeffery Realty Retail Specialist has completed multiple retail leases across New Jersey. In Totowa, Bill Farkas of Jeffery Realty negotiated the relocation of Scrubs & Beyond to 3,035 square feet at Albill Plaza from Willowbrook Mall. In Linden, Shane Wierks and Augie Caruso of Jeffrey Realty arranged an 1,800-square-foot lease for Menchie’s at a 700,000-square-foot power center at 601-901 W. Edgar Road. In Hillsborough, Wierks and Joe Hydro of Jeffrey Realty completed three leases at New Center Village on Triangle Road. Honor Yoga rented 1,500 square feet, Max Fitness signed for 1,500 square feet and DaVita inked a deal for 7,500 square feet.

August 14, 2015

North Carolina Retail Southeast

Velocis, Lincoln Property Co. Purchase Data Center Facility in Charlotte

by John Nelson August 14, 2015

CHARLOTTE, N.C. — Dallas-based Velocis, in a partnership with Lincoln Property Co., has purchased a telecom carrier hotel and data center located at 701 Trade St. in downtown Charlotte. Built in 1968, the two-story building is more than 80 percent leased to telecommunications and colocation data center users. Lincoln Harris will lease and manage the property.

August 14, 2015

California Loans Retail Western

Venture West Funding Arranges $10.2M Refinance for Pride Center

by Nellie Day August 14, 2015

WOODLAND HILLS, CALIF. — Venture West Funding Inc. has arranged a $10.2 million loan for the refinance of Pride Center, a 185,265-square-foot shopping center located in Woodland Hills. Albertsons anchors the center, with tenants including Bank of America, CVS/pharmacy, Pep Boys, Tuesday Morning, HomeGoods, Harbor Freight Tools and Jo-Ann Stores. Jean-Marc Herrouin of Venture West Funding arranged the financing through Farmers & Merchants Bank.

August 14, 2015

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Arranges $8.1M Sale of Mixed-Use Property in Manhattan

by Amy Works August 13, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 664 Avenue of the Americas in Manhattan’s Chelsea neighborhood. The 4,300-square-foot asset sold for $8.1 million. The property features apartment units and one retail space. Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and Logan Markley of Marcus & Millichap represented the seller and the buyer, both private investors, in the transaction.

August 13, 2015

Maine Northeast Retail

Fantini & Gorga Secures $7.5M Acquisition Loan for Retail Property in Maine

by Amy Works August 13, 2015

WATERVILLE, MAINE — Fantini & Gorga has secured $7.5 million in acquisition financing for a freestanding Rite Aid Pharmacy in Waterville. Constructed in 2009, the 14,673-square-foot property features a drive-thru canopy and a high-volume pharmacy layout. Chris Miller and Casimir Groblewski of Fantini & Gorga arranged the financing for Wells Realty LP through a leading regional financial institution.

August 13, 2015

Retail Texas

Trader Joe’s to Open New Location in North Dallas

by Haisten Willis August 13, 2015

DALLAS — Trader Joe’s has leased 12,500 square feet in the Preston Alexis addition to Pepper Square Shopping Center at Preston Road and Alexis Drive in north Dallas. Trader Joe’s is a privately held chain that entered the Dallas/Fort Worth market in 2013 and has six stores in the region. Vaughn Miller of VCM Development Group secured the lease and worked in cooperation with Henry Miller IV and Daniel Harris of HSM Brokerage on behalf of the landlord. Kevin Deighan of Timberline Real Estate represented the tenant. The store is slated to open later this year. Vaughn Miller and his father, Vance C. Miller, developed the Preston Alexis addition in 2001 after redeveloping the nearby Pepper Square Shopping Center at Preston Road and Beltline Road.

August 13, 2015

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