Retail

Mid-America Arranges Sale of 99,564 SF Grocery-Anchored Center in West Michigan

by Jeff Shaw August 11, 2015

WAYLAND, MICH. — Mid-America Real Estate Corp. has brokered the sale of Chambers Corners, a 99,564-square-foot, grocery-anchored retail center in Wayland, about 21 miles south of Grand Rapids, Mich. The sales price was undisclosed. A private investment group led by Joel Kiss of Ramapo, N.Y.-based Northeast Capital Group and Jacob Berger of Montreal, Quebec-based Hampton Properties purchased the retail center. The seller was an undisclosed public real estate investment trust. Chambers Corners is located at the southeast corner of U.S. 131 and Superior Street in Wayland, an established bedroom community. The retail center is anchored by Harding’s Friendly Market and Family Farm & Home, and is complemented by tenants including Family Dollar, Sprint and Hungry Howie’s Pizza. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp., in cooperation with Daniel Stern of Mid-America Real Estate–Michigan Inc., were the exclusive brokers in the transaction on behalf of the public REIT.

August 11, 2015

Indiana Industrial Midwest Retail

Bradley Co. Negotiates Leases Totaling More than 15,000 SF in Fort Wayne

by Jeff Shaw August 11, 2015

FORT WAYNE, IND. — Bradley Co. has arranged two leases totaling more than 15,000 square feet in Fort Wayne. In the first transaction, Mike Dahm represented the landlord, Industrial Road Enterprises, as well as the tenant, HD Supply Waterworks, in the lease renewal of 13,480 square feet of industrial space located at 5120 Industrial Road. In the second transaction, Dahm and Kelly Castle represented the tenant, RPM Pizza Midwest LLC, in the lease of 2,130 square feet of retail space located at 301 W. Jefferson Blvd. Bradley Co. has served the Northern Indiana and West Michigan commercial real estate market since 1978.

August 11, 2015

Georgia Retail Southeast

Blanchard & Calhoun Brokers $19.5M Sale of Two Publix-Anchored Centers in Metro Atlanta

by John Nelson August 11, 2015

ALPHARETTA AND LOCUST GROVE, GA. — Blanchard & Calhoun Commercial has brokered the $19.5 million sale of two Publix-anchored shopping centers in metro Atlanta. The properties include the 82,905-square-foot Birmingham Village in Alpharetta and the 89,567-square-foot Shoppes at Locust Grove in Locust Grove. Birmingham Village was 78 percent leased and Shoppes at Locust Grove was 71 percent leased at the time of sale. Blanchard & Calhoun represented the buyer, an international REIT, in the transaction. The seller was the original developer of the two shopping centers.

August 11, 2015

Florida Retail Southeast

Trinity Signs Walmart Neighborhood Market to Anchor Shopping Center in South Florida

by John Nelson August 11, 2015

PALM SPRINGS, FLA. — Trinity Place Holdings has executed a long-term lease with Wal-Mart Stores Inc. to bring a new Walmart Neighborhood Market to South Florida. The new 42,000-square-foot grocery store will anchor Trinity’s 112,000-square-foot Shoppes at Forest Hill, a shopping center located at the intersection of Forest Hill Boulevard and South Military Trail in Palm Springs. The Walmart Neighborhood Market is expected to open in the spring of 2016 and will bring approximately 95 new jobs to the area. David Lipp of Atlantic Commercial Group Inc. and David Emihovich of Katz & Associates were the broker and the agent, respectively, for the transaction.

August 11, 2015

California Retail Western

McGrath Family Sells 294,428 SF Retail Portfolio in San Diego for $107.1M

by Nellie Day August 11, 2015

SAN DIEGO — The McGrath Family has completed the disposition of a retail portfolio encompassing 294,428 square feet along Clairemont Mesa Boulevard and Shawline Drive in San Diego’s Kearny Mesa submarket. New York-based Clarion Partners and San Diego-based HP Investors acquired the portfolio on behalf of one of the partnership’s commingled funds for $107.1 million. Situated on 29 acres, the portfolio consists of six single-tenant retail properties and one retail strip center. Tenants at the fully leased portfolio include Walmart, LA Fitness, McDonald’s, Food 4 Less, Starbucks Coffee, Verizon and Chipotle, among others. Randy LaChance and Mark Caston of Voit Real Estate Services represented the seller in the transaction. The buyer was self-represented in the deal.

August 11, 2015

Arizona Retail Western

Capital Forsight Buys Walgreens Building in Tucson for $9.7M

by Nellie Day August 11, 2015

TUCSON, ARIZ. — Capital Forsight has purchased a 15,413-square-foot building in Tucson that is triple-net leased to Walgreens for $9.7 million. The building is located at 7111 East Golf Links Road. It is an outparcel to the 99 Cent Only-anchored Desert Square Shopping Center. Walgreens is corporate-guaranteed and has 23 years remaining on its 25-year initial term. CAPRE Real Estate Investments represented Capital Forsight. Nick Coo, Matt Mousavi and Patrick Luther of Faris Lee Investments represented the seller, Sierra Industrial.

August 11, 2015

California Retail Western

Lee & Associates Arranges $36.7M Sale of Puente Hills East

by Nellie Day August 11, 2015

CITY OF INDUSTRY, CALIF. — Lee & Associates has arranged the sale of Puente Hills East, a 195,063-square-foot shopping center located in City of Industry, for $36.7 million. The Target-anchored center was 100 percent occupied at the time of sale by tenants including Ross Dress for Less, PetSmart, Old Navy, Ulta Beauty, Wells Fargo and Macaroni Grill. Ryan Swanson and Kurt Bruggeman of Lee & Associates represented the buyer, a private investor, and Dixie Walker, Charley Simpson and Andrew Milne of DTZ represented the seller, The James Campbell Company, in the transaction.

August 11, 2015

California Retail Western

Marcus & Millichap Promotes Ten

by Nellie Day August 11, 2015

CALABASAS, CALIF. — Calabasas-based Marcus & Millichap has named nine senior vice presidents of investments and one executive vice president of investments. Alvin Mansour was named executive vice president. Senior vice president promotions include Eduardo Cerna, a multifamily specialist in Palo Alto, California; Jerry Goldstein, a retail specialist in Houston, Texas; Douglas Mandel, an office and industrial specialist in Fort Lauderdale, Florida; Richard Ringer, a multifamily specialist in Los Angeles; Steven Siegel, an institutional retail and net-lease specialist in New York City; Mark Taylor, an institutional retail and net-lease specialist in Philadelphia; Dean Zang, an institutional and retail net-lease specialist in Washington, D.C.; Christopher Zorbas, an institutional and multifamily specialist in San Diego; and Alex Zylberglait, an office and industrial specialist in Miami.

August 11, 2015

Industrial Multifamily Office Retail Texas

SmartAsset Ranks Fort Bend County No. 1 for Incoming Investments in Texas

by Haisten Willis August 10, 2015

SUGAR LAND, TEXAS — A report from SmartAsset, a personal finance technology company, ranks Fort Bend County, a county in the Houston metropolitan area, as No. 1 in Texas and No. 5 in the United States as the area with the most incoming investments. The data, aggregated from various sources including the U.S. Census Bureau, showed that the county ranked highly in several further categories including gross domestic product (GDP) growth, new building permits and municipal bonds. The county ranked No. 10 in Texas with a GDP growth of over $3.5 million from 2013 to 2014. Fort Bend also ranked No. 1 in Texas and No. 2 in the United States for the highest number of new building permits granted per 1,000 homes. From 2013 to 2014, the county had a municipal bonds index of 2.13, earning the No. 8 spot in Texas. These bonds have been used to enhance quality of life such as mobility, water and safety, and are responses to the high growth in employment and residential opportunities available in the county.

August 10, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers Sale of Two Mixed-Use Properties in Manhattan

by Amy Works August 10, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two contiguous mixed-use properties at 1703-1705 Second Ave. on Manhattan’s Upper East Side. The two five-story buildings sold for $22.2 million, or $1,498 per square foot, in an all-cash transaction. Previously home to Elaine’s restaurant, the properties, which total 15,350 square feet, feature one store unit and 16 market-rate residential units. The apartment units, which recently underwent renovation, feature stainless steel appliances, new hardwood floors, washers/dryers, new windows and new electric service. Thomas Gammino Jr. of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

August 10, 2015

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