Retail

Berkadia Arranges $50M Loan for Mall in Fort Lauderdale

by John Nelson July 29, 2015

FORT LAUDERDALE, FLA. — Berkadia has arranged a $50 million loan for Coral Ridge Mall, a 500,000-square-foot retail center located at 3200 N. Federal Highway in Fort Lauderdale. The mall’s tenant roster includes AMC Dine-In Theatres, Target, Ross Dress for Less, Game Stop, T.J. Maxx, HomeGoods, Foot Locker, Jamba Juice, Old Navy and Publix. Joseph Schrage of Berkadia’s Miami office arranged the 10-year loan through J.P. Morgan on behalf of the borrower, property manager Gumberg Asset Management. The loan was structured with a fixed interest rate and a 30-year amortization schedule.

July 29, 2015

Georgia Retail Southeast

Franklin Street Brokers Sale of Shopping Center in Athens

by John Nelson July 29, 2015

ATHENS, GA. — Franklin Street Real Estate Services has brokered the sale of Athens Plaza, a 119,633-square-foot shopping center located at 474 North Ave. in Athens. Built in 1972, the property is anchored by a Piggly Wiggly. Mac McCall, John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, MB REO-GA RETAIL LLC, in the transaction. Cideco Development Co. Inc. purchased the property for an undisclosed price.

July 29, 2015

New Jersey Northeast Retail

Boos Development Selects Legend Properties for Family Dollar Expansion

by Amy Works July 29, 2015

TRENTON, BEVERLY, CAMDEN, BRIDGETON, PEMBERTON AND STRATFORD, N.J. — Clearwater, Fla.-based Boos Development has selected Plymouth Meeting, Pa.-based Legend Properties to develop six Family Dollar stores in the Southern New Jersey market. Totaling more than eight acres of land, the locations are in various stages of development or construction. The properties are located in Trenton, Beverly, Camden, Bridgeton, Pemberton and Stratford.

July 29, 2015

California Retail Western

Clevron Commercial Closes on Three Retail Sites in California

by Nellie Day July 28, 2015

SACRAMENTO, CALIF. — Clevron Commercial has closed escrow on three sites located in Sacramento, Fairfield and Danville. The company plans to develop new retail centers on each site, with groundbreakings set to occur in the next 30 to 40 days. The properties include 1229 Howe Ave., a former TGI Fridays, in Sacramento; a vacant lot at 2700 N. Texas Ave. in Fairfield; and a site at the intersection of Railroad Avenue and Church Street in Danville. Ariel Fox at Retail West is handling leasing for the Sacramento and Danville locations, while Adria Giacomelli of Newmark Cornish and Carey will handle leasing for the Fairfield project. Clevron Commercial is a co-venture of Urban West, Tate Diversified Development and Pegasus Development.

July 28, 2015

California Retail Western

Los Angeles Retail Space Sells for $4.1M

by Nellie Day July 28, 2015

LOS ANGELES — 11305 West Moorpark LLC has purchased a 9,689-square-foot retail center in Los Angeles for $4.1 million. The center is located at 5581 Huntington Drive North. It is situated on 25,807 square feet of land. Andrew Awaida of Re/Max Optima represented the buyer. Randy Stevenson, Stephen M. Baker and Kris Hons of Stevenson Real Estate Services represented the seller, Sandale LLC.

July 28, 2015

Retail Texas

Japan-Based Daiso to Hold Grand Opening for First Texas Location in Metro Dallas

by Haisten Willis July 28, 2015

CARROLLTON, TEXAS — Japan-based Daiso will be opening its first Texas location Carrollton Town Center, which was developed by NewQuest Properties. The 11,000-square-foot store will open to the public at noon on Friday. Daiso currently operates 3,300 stores worldwide with a total of 44 stores in the United States. The company plans to open 20 stores throughout Texas. Carrollton Town Center is located at 2540 Old Denton Road in Carrollton, a suburb of Dallas. The grand opening will be a weekend-long event. Carrollton Town Center is undergoing a $7 million facelift and will be anchored by a new 99 Ranch Market. In addition to Daiso, the development will feature other prominent Asian restaurants and retailers, such as Gen Korean, Kung Fu Tea and Dan Sung Sa.

July 28, 2015

Midwest Retail Wisconsin

Marcus & Millichap Sells Net Leased Department Store in Eau Claire, Wis. For $12.45M

by Jonathan Mehall July 28, 2015

EAU CLAIRE, WIS. — Marcus & Millichap has brokered the sale of a net leased department store at 955 W. Clairemont Ave. in Eau Claire, 93 miles east of Minneapolis. The sales price was $12.45 million, which at 94,705 square feet, equates to $131 per square foot. The Shopko building was originally built in 1978 and was renovated in 1992. The store sits on approximately 9 acres of land, with a location that benefits from a rent per square foot that is well below market. Headquartered in Green Bay, Wis., Shopko Stores Operating Co. LLC is a $3 billion retailer that operates more than 330 stores in 21 states. Listing agent Glen Kunofsky of Marcus & Millichap’s Manhattan office procured the undisclosed buyer.

July 28, 2015

Florida Retail Southeast

Colliers International Brokers $2.3M Sale of Retail Strip Center in Southwest Florida

by John Nelson July 28, 2015

CAPE CORAL, FLA. — Colliers International’s Southwest Florida office has brokered the $2.3 million sale of a 19,060-square-foot strip center located at 601 Del Prado Blvd. N. in Cape Coral, roughly nine miles outside of Fort Myers. West Virginia-based D&S Inc. purchased the asset in a 1031 tax-deferred exchange. The property’s tenant roster includes Century 21, Cabinet Depot and Petrucci Pianos. William Mankin of Colliers International Southwest Florida represented the buyer in the transaction. Phil Deems of Phil Deems Real Estate represented the seller, William J. Lader.

July 28, 2015

Loans New York Northeast Retail

HFF Arranges $44M Refinancing for Retail Condo in Manhattan

by Amy Works July 28, 2015

NEW YORK CITY — HFF has arranged a $44 million refinancing loan for a fully leased retail condominium located at 611 Avenue of the Americas in Manhattan’s Chelsea neighborhood. The company secured a 15-year, fixed-rate non-recourse loan through Allianz Real Estate of America Inc. on behalf of the US Allianz insurance companies for the borrower, The Parkland Group. Located at the base of a 10-story luxury residential property developed by The Parkland Group, the building features three retail spaces and 41 residences, which were not included in the financing. The 30,000 square feet of retail space is leased to Chase Bank, Duane Reade and Modell’s Sporting Goods. Rob Rizzi and Jennifer Keller of HFF arranged the financing for the borrower.

July 28, 2015

Connecticut Northeast Retail

Press/Cuozzo Commercial Brokers Sale of 3,830 SF Day Care Facility

by Amy Works July 28, 2015

NORTH HAVEN, CONN. — Press/Cuozzo Commercial has brokered the sale of a two-building former day care facility located at 20 Peck St. in North Haven. Situated on slightly more than one-half acre, the buildings total 3,830 square feet. The buyer, Lauren Grogan, acquired the property from K&J Holding LLC for an undisclosed sum. The buyer plans to renovate the properties. Stephen Press of Press/Cuozzo represented the seller, while Lou Proto of The Proto Group represented the buyer in the transaction.

July 28, 2015

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