Retail

HFF Arranges $165M Loan for Palm Beach Outlets

by John Nelson June 22, 2015

WEST PALM BEACH, FLA. — HFF has arranged $165 million in financing for Palm Beach Outlets, a 459,633-square-foot, open-air outlet center located at 1751 Palm Beach Lakes Blvd. in West Palm Beach. The loan proceeds were used to acquire the property. Opened in February 2014, the outlet mall is 95.8 percent leased to 121 tenants, including Saks Off 5th Avenue, Gap, Nike Factory Store, J. Crew, Ann Taylor Factory Store and Under Armour. The mall share access with the 300,000-square-foot, Whole Foods-anchored Marketplace at the Outlets, which wasn’t included in the loan. Palm Beach Outlets is the first and only retail outlet center in Palm Beach County, with no other outlet centers within a 55-mile radius. Riaz Cassum, Chris Drew and Robyn King of HFF arranged the long-term, fixed-rate loan through Cornerstone Real Estate Advisers, which was acting on behalf of an institutional client. HFF arranged the loan on behalf of the borrowers, New England Development and a commingled fund managed by Clarion Partners. The loan collateral also includes land for the future development of 105,000 additional square feet of retail space.

June 22, 2015

Georgia Retail Southeast

IPA Brokers $24.3M Sale of Shopping Center in Metro Atlanta

by John Nelson June 22, 2015

ALPHARETTA, GA. — Institutional Property Advisors, a division of Marcus & Millichap representing institutional and major private real estate investors, has brokered the $24.3 million sale of Old Alabama Square, a 103,268-square-foot shopping center located at 3005 Old Alabama Road in Alpharetta, a northern suburb of Atlanta. Fresh Market and Walgreens have anchored the shopping center since it opened in 2000. Lori Schneider of IPA represented the seller, a private investor, in the transaction. The buyer was Philips Edison Grocery Center REIT II Inc. Michael Fasano of Marcus & Millichap’s Atlanta office assisted in the transaction.

June 22, 2015

Retail Texas

MYCON Completes $2.3M Renovation of Cinemark in Metro Dallas

by Haisten Willis June 19, 2015

GRAND PRAIRIE, TEXAS — MYCON General Contractors has completed a $2.3 million renovation of the Cinemark movie theater located at 220 E. Westchester Parkway in Grand Prairie. The 43,059-square-foot renovation included installing electric recliners, renovating the corridors, restrooms, lobby, game room and back-of-house operations, creating an interior ticket office and concession area with new casework, high-end finishes and food service equipment, updating the façade and installing a 60-foot electric signage tower. In addition to MYCON General Contractors, the project team included TK Architects for design, structural and mechanical engineering.

June 19, 2015

California Retail Western

CBRE Arranges Sale of Midway Village Shopping Center for $6.2M

by Nellie Day June 19, 2015

SAN DIEGO — CBRE has arranged the sale of Midway Village Shopping Center, a 29,718-square-foot retail center located at 3146 to 3194 Midway Drive in San Diego. Taco Bell and Wings N Things anchor the complex, with additional tenants including CharkBait Sportfishing, Fairouz Café & Gallery, Fast Signs and Kyoto Sushi. Reg Kobzi and Joel Wilson of CBRE represented the seller, Pacifica Woodside LP, and Kyle Clark of The Heritage Group represented the buyer, Sunset Waste Holdings LLC, in the transaction.

June 19, 2015

California Retail Western

CDC Commercial Arranges Sale of Retail Building in Escondido for $3.9M

by Nellie Day June 19, 2015

ESCONDIDO, CALIF. — CDC Commercial Inc. has arranged the sale of a 15,600-square-foot, single-story retail space located at 840 W. Mission Ave. in Escondido for $3.9 million. Tenant O’Reilly Auto Parts recently extended their lease for 12 years. The buyer, 6021 Business Center Court LLC, and the seller, LTB Properties LLC, were both represented by Don Zech, Matt Orth and Nick Zeck of CDC Commercial.

June 19, 2015

Indiana Midwest Retail

Quantum Real Estate Advisors Arranges $3M Sale of Dual-Tenant Building

by Katie Sloan June 19, 2015

PORTAGE, IND. — Quantum Real Estate Advisors Inc. has arranged the sale of a dual-tenant retail building located at US Highway 6 and Willowcreek Road in Portage for $3 million. The property is shadow anchored by Meijer and is leased to Chipotle and Sleepy’s. The property was sold by a real estate developer based in Lake Forest, Illinois to a private real estate office based in Wisconsin. Chad Firsel, president of Quantum, was a broker in the transaction.

June 19, 2015

Illinois Midwest Retail

Marcus & Millichap Arranges $2.6M Sale of Retail Property in Antioch

by Katie Sloan June 19, 2015

ANTIOCH, ILL. — Marcus & Millichap has arranged the sale of a 7,000-square-foot retail property located in Antioch for $2.6 million. The property, located at 515 East II Route 173, is occupied by Sherwin Williams and Sleepy’s, and is situated as an outlot to a Walmart Supercenter. Sean Sharko and Austin Weisenstock of Marcus & Millichap worked on behalf of the seller, a limited liability company. The buyer of the property was undisclosed.

June 19, 2015

North Carolina Retail Southeast

Carolina Holdings Breaks Ground on Strip Retail Center in North Carolina

by John Nelson June 19, 2015

SMITHFIELD, N.C. — Carolinas Holdings Inc. has begun developing Smithfield Landing, a two-building, 9,048-square-foot strip retail center. The fully leased center is located at 110 S. Equity Drive in Smithfield, adjacent to Simon Property Group’s Carolina Premium Outlets. The property’s tenant roster includes Starbucks Coffee, Chipotle Mexican Grill and Buffalo Wild Wings. The development team comprises architect McMillan Pazdan Smith, civil engineer McKim & Creed and general contractor Spell Construction. Palmetto Bank provided construction financing for Smithfield Landing, which will open in late 2015.

June 19, 2015

Loans Retail Texas

Metropolitan Capital Advisors Arranges $6.25M Credit Facility for Fitness Chain

by Haisten Willis June 18, 2015

DALLAS — Metropolitan Capital Advisors (MCA) has arranged a senior secured credit facility for Austin-based Bandon Holdings LLC, the largest Anytime Fitness franchisee in Texas and the third largest in the United States. Bandon owns and operates 17 Anytime Fitness health and fitness clubs across Central and North Texas. The credit facility was made up of a term loan and development/acquisition line of credit secured by leasehold and business assets. The loan was used to retire existing debt. The line of credit will fund the development and acquisition of additional Anytime Fitness locations as well as planned renovations and equipment purchases/upgrades over the next three years. MCA secured the credit facility with BBVA Compass. Sunny Sajnani of MCA arranged the financing.

June 18, 2015

Retail Texas

M&M Arranges Sale of 28,662 SF Retail Property in San Antonio

by Haisten Willis June 18, 2015

SAN ANTONIO — Marcus & Millichap has arranged the sale of Fairview Shopping Center, a 28,662-square-foot retail property located in San Antonio. Chad Knibbe of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a limited liability company. Fairview Shopping Center is located at 24200 Interstate 10 W. near the Dominion, The RIM Shopping Center and La Cantera Mall on North Interstate 10.

June 18, 2015

Newer Posts

Older Posts