Retail

Merchants Retail Partners Closes $50M Refinancing of Target-Anchored Center in Alabama

by John Nelson June 9, 2015

ALABASTER, ALA. — Birmingham-based Merchants Retail Partners has closed the $50 million refinancing of Alabaster Promenade, a Target-anchored shopping center in Alabaster. Located along I-65, the 450,000-square-foot property opened in 2007 and underwent renovations in 2014 to accommodate a new Dick’s Sporting Goods store. The other tenants that will join the shopping center this year include ULTA Beauty and Verizon Wireless. Merchants Retail Partners closed the loan on behalf of its unnamed investment partner.

June 9, 2015

Florida Retail Southeast Tennessee Virginia

Hanley Investment Group Brokers Sales of Four Shopping Centers Totaling $24M

by John Nelson June 9, 2015

IRVINE, CALIF. — Hanely Investment Group has negotiated the sales of four shopping centers in Oregon, Florida, Tennessee and Virginia totaling 372,000 square feet for a combined $24 million. Eric Wohl of Hanley Investment Group represented the seller, Cincinnati-based Phillips Edison & Co., in the four transactions. The shopping centers include the 100,762-square-foot Sandy Marketplace in Sandy, Ore.; the 115,198-square-foot Ferry Pass Plaza in Pensacola, Fla.; the 82,088-square-foot Rivergate Square in Madison, Tenn.; and the 73,788-square-foot Cross Pointe Marketplace in Chesterfield, Va. Hanley Investment Group has completed the sale of 11 Phillips Edison properties in eight months and currently has two additional Phillips Edison-owned retail properties in escrow totaling 248,767 square feet.

June 9, 2015

Loans Retail Texas

NorthMarq Arranges $6M Acquisition Financing for Shopping Center in San Antonio

by Haisten Willis June 9, 2015

SAN ANTONIO — Bryan Leonard of NorthMarq Capital’s San Antonio office has arranged a $6 million acquisition loan for Fairview Shopping Center, a 28,662-square-foot retail property located at 24200 Interstate 10 W. in San Antonio. The loan was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Nationwide. The property’s tenant roster includes Fiddlin’ Frogs, Willie’s Grill and Phyllis Browning Co.

June 9, 2015

Illinois Midwest Retail

Lormax Stern Development, DeBartolo Development Buy Evergreen Plaza Mall in Illinois

by Amy Works June 9, 2015

EVERGREEN PARK, ILL. — Detroit-based Lormax Stern Development, in partnership with Tampa, Fla.-based DeBartolo Development, has acquired Evergreen Plaza Mall (The Plaza) in Evergreen Park for an undisclosed price. Built in 1952, the mall has been largely vacant since 2013, with only four stores open at the time of sale. The buyers plan to demolish the majority of the existing 800,000-square-foot mall and replace it with a 425,000-square-foot open-air retail center on the 32-acre parcel. Construction is slated for completion in 2017.

June 9, 2015

Midwest Minnesota Retail

Marcus & Millichap Brokers $2M Sale of 240-Unit Self-Storage Facility

by Amy Works June 9, 2015

COON RAPIDS, MINN. — Marcus & Millichap has brokered the sale of Dot Mini Storage, a self-storage facility with 6.7 acres of developable land in Coon Rapids. The asset, which features 240 units, sold for $2 million. Located at 9900 Vale St., the facility, which was built in 1984, features an on-site manager’s office and apartment, coded-access gate, perimeter fencing and a heated warehouse. Adam Haydon of Marcus & Millichap represented the seller, a private investor, while Haydon and Adam Schlosser, also of Marcus & Millichap, represented the seller, a private investor, in the transaction.

June 9, 2015

Northeast Pennsylvania Retail

Cohen Real Estate Brokers Sale of Fairless Hills Shopping Center

by Amy Works June 9, 2015

FAIRLESS HILLS, PA. — Cohen Real Estate has brokered the sale of Fairless Hills Shopping Center, a grocery-anchored community shopping located in Fairless Hills. Fairless Hills Shopping LP acquired the property for $22 million from Fairless Hills S.C. Associates. Situated on 34.5 acres on S. Oxford Valley Road, the center contains 292,067 square feet, of which 145,605 square feet is currently occupied by a variety of tenants, including Giant Supermarket, Dollar Tree, Rent-A-Center, Wells Fargo and McDonald’s. Vera Thomas of Cohen Realty Estate represented both parties in the transaction.

June 9, 2015

Massachusetts Northeast Retail

CBRE/NE Brokers $21.1M Sale of Retail Center in Massachusetts

by Amy Works June 9, 2015

MARLBOROUGH, MASS. — CBRE/New England has brokered the sale of Shops at the Pond, a retail property located in Marlborough. RK Center acquired the property for $21.1 million from Kimco Realty Corp. The 104,125-square-foot center is fully occupied by a variety of tenants, including DSW, Best Buy, EMS, Olive Garden and Pure Hockey. Chris Angelone, Bill Moylan and Nat Heald of CBRE/NE represented the seller and buyer in the transaction.

June 9, 2015

New York Northeast Retail

Thor Retail Advisors Arranges 15,800 SF Lease for Blue Bottle Coffee

by Amy Works June 9, 2015

NEW YORK CITY — Thor Retail Advisors has arranged a lease for 15,800 square feet at 279 McKibbin St. in Brooklyn’s Bushwick neighborhood. California-based Blue Bottle Coffee will use the space to operate a coffee roasting warehouse and Tartine baking facility for its New York area operations, as well as a café and bakery. The facility features 20-foot ceilings and more than 150 feet of frontage. Matthew Seigel of Thor Retail Advisors brokered the transaction. Terms of the lease were not released.

June 9, 2015

Arizona Retail Western

Long Wong’s Restaurant Adding New Location in North Phoenix

by Nellie Day June 9, 2015

PHOENIX – Long Wong’s Restaurant is adding a new location in North Phoenix. The 2,200-square-foot outpost will be located at the southwest corner of Cave Creek Road and Bell Road. The landlord was represented by Stan Sanchez and Justin Rihs.

June 9, 2015

Colorado Market Reports Retail Western Western Market Reports

Investor Demand Outpaces Retail Property Listings in Booming Denver Metro

by Nellie Day June 9, 2015

A booming Denver economy has strengthened the local real estate market, creating strong demand across all property sectors, including multifamily, housing, office and retail. The wealth effect stemming from robust employment and rising home values will specifically drive retail sales in the Denver metro this year. A thriving retail market will attract new tenants to the metro, and facilitate healthy rent growth. Employers will continue to expand in the metro, pushing total employment to a new high and drawing additional residents to the metro. Hiring will expand 3.3 percent this year as employers are expected to add 45,000 total workers to payrolls. Metro Denver has also attracted high-wage earners. For instance, Lockheed unveiled plans to add 850 high-paying jobs at its Jefferson County facility over the next few years. Meanwhile, rising housing demand has lifted the median price of an existing home nearly 60 percent over the past six years. This has caused Denver to become one of the most expensive non-coastal housing markets in the nation. High home values will positively affect how homeowners feel about their ﬁnancial situation, encouraging retail spending. Retail construction will slow this year as many developers focus on redevelopment projects like the Southwest Plaza …

June 9, 2015

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