Retail

Round Table Pizza Building in Vancouver Sells for $2M

by Nellie Day June 2, 2015

VANCOUVER, WASH. – A 5,900-square-foot space in Vancouver that is net leased to Round Table Pizza has sold to an individual/personal trust for $2 million. The space is located at 5016 NE Thurston Way. It is situated adjacent to the Westfield Vancouver Mall. Round Table recently signed a 10-year lease extension and performed a major interior renovation at the property. The pizza chain was represented by Justin Poor of Marcus & Millichap’s Portland office. The seller, a limited liability company, was represented by Michael R. Kapnick of the same firm.

June 2, 2015

Retail Texas

Baker Katz Acquires 105,833 SF Shopping Center in Houston

by Haisten Willis June 1, 2015

HOUSTON — Houston-based Baker Katz has acquired the 105,833-square-foot Federal East Shopping Center located in Houston. The property is located off of I-10, nine miles east of the Central Business District. Baker Katz’s redevelopment plan includes renovating the façade and upgrading the tenant mix. The 33,589-square-foot Fitness Connection and 11,030-square-foot Pappas Meat Co. restaurant anchor the property, along with Avenue Stores, South Texas Dental Associates, H&R Block and other tenants. Construction for Federal East’s renovation is slated to begin later this year.

June 1, 2015

New York Northeast Retail

Centum Real Estate Group Arranges $8.3M Sale of Commercial Building in NYC

by Amy Works June 1, 2015

NEW YORK CITY — Centum Real Estate Group has arranged the sale of a retail/restaurant property located at 137 Ludlow St. in New York City. Joe Tabak/Princeton Holdings LLC acquired the three-story 9,777-square-foot property for $8.3 million. Libations, the current tenant, will stay at the property for the next two years until the new owner repositions the asset. Otis Duffy of Centum Real Estate Group represented the buyer and the undisclosed seller in the transaction.

June 1, 2015

Midwest Ohio Retail

WesBanco Joins Shoppes at Wedgewood in Ohio

by Amy Works June 1, 2015

POWELL, OHIO — Fortress Real Estate Cos. has inked a deal for WesBanco to join the retail roster at Shoppes at Wedgewood in Powell, a city in central Ohio. Construction is underway for a 5,000-square-foot building, including three drive-thru lanes with drive-up ATM and night depository service, for the new tenant. WesBanco is scheduled to take occupancy in October. Located at the corner of Sawmill Parkway and Branford Court, Shoppes at Wedgewood is anchored by a 130,000-square-foot Target. Jack Tzagournis, principal of Fortress Real Estate Cos., announced the new tenant.

June 1, 2015

Retail Southeast Tennessee

Westwood Financial Corp. Acquires Kroger-Anchored Center in Memphis

by John Nelson June 1, 2015

MEMPHIS, TENN. — Westwood Financial Corp. (WFC) has acquired The Shops at Kirby Gate, a Kroger-anchored shopping center located at 2857 Kirby Parkway in Memphis. The shopping center is the first Tennessee property for WFC, which owns and operates more than 115 shopping centers and retail properties in 27 metropolitan markets. The shopping center was 65 percent leased at the time of sale. The property’s retail tenant roster includes Kroger and a Kroger fuel station, Subway, Cricket Wireless, Pak Mail and Hollywood Feed. Shane Soefker of Commercial Advisors represented the undisclosed seller in the transaction.

June 1, 2015

California Retail Western

Westfield MainPlace Adds 24 Hour Fitness, Round 1 Entertainment as Anchors

by Nellie Day June 1, 2015

SANTA ANA, CALIF. — Westfield MainPlace has added two new retailer to the its ongoing revitalization program. Round 1 Bowling & Amusement and 24 Hour Fitness Santa Ana Super Sport are slated to join the center as anchors and open this week, May 29 and 30, respectively. The 40,000-square-foot Round 1 Bowling & Amusement facility will feature bowling, billiards, arcade games and private karaoke rooms. The 50,000-square-foot 24 Hour Fitness Super Sport Club will feature cardio, strength and functional training equipment, Cycle and Group X classes, a rooftop basketball court, an outdoor pool and balcony, an indoor whirlpool, steam room and sauna, personal and group training services, Kids’ Club and towel service. Additionally, two new restaurants are scheduled to open at the center. Lucille’s Smokehouse Bar-B-Que will open in this summer and Wokcano is slated to open this fall.

June 1, 2015

California Retail Western

Jersey Mike’s Subs Signs Three Leases in Los Angeles

by Nellie Day June 1, 2015

LOS ANGELES – Jersey Mike’s Subs has signed three leases in the Los Angeles area. The fast-casual sandwich chain will open a 1,200-square-foot location at 801 Hope Street in Downtown Los Angeles; a 1,200-square-foot space at 1603 Wilshire Blvd. in MacArthur Park; and a 1,700-square-foot restaurant at 1197 E. Los Angeles Ave. in Simi Valley. The leases were executed by Michael Pakravan of Kennedy Wilson’s Brokerage Group. The firm has been hired to represent Jersey Mike’s Subs in its expansion efforts throughout Greater Los Angeles. The chain is specifically targeting Sherman Oaks, Studio City, Granada Hills, Los Feliz – Silver Lake, Echo Park, Burbank, Toluca Lake and Glendale.

June 1, 2015

Arizona Retail Western

Val Vista Square Shopping Center in Gilbert Sells for $3.6M

by Nellie Day June 1, 2015

GILBERT, ARIZ. – Val Vista Square, an 8,400-square-foot shopping center in Gilbert, has sold to Roebbelen Investors 1 LP for $3.6 million. The center is located at SWC Pecos Road and the Loop 202 Freeway, within the San Tan Mall trade area. The fully leased property is shadow anchored by WinCo Foods. Ed Beeh, Sean Thomas and Brian Polachek of SRS represented both the buyer and seller, Kornwasser Shopping Center Properties, in this transaction.

June 1, 2015

Loans Restaurant Retail Texas

BMC Capital Provides $1.8M Loan for Olive Garden in Metro Dallas

by Haisten Willis May 29, 2015

WEATHERFORD, TEXAS — Jada Jordan of BMC Capital’s St. Louis office has arranged a $1.8 million acquisition loan for an Olive Garden location in Weatherford. The loan featured a 50 percent loan-to-value ratio, a 10-year fixed interest rate of 4.2 percent and a 25-year amortization schedule. The loan was arranged through one of BMC’s correspondent bank relationships.

May 29, 2015

Loans Multifamily Retail Western

San Francisco Condo, Retail Development Receives $48M Loan

by Nellie Day May 29, 2015

SAN FRANCISCO — A joint venture between Trumark Urban and Hillwood West has received a $48 million senior loan for a ground-up condo and retail development in San Francisco. The new project will be located at 645 Texas Street in the Dogpatch/East Potrero Hill neighborhood near the city’s downtown. The development will contain 91 condo units, 625 square feet of ground-floor retail and 67 subterranean parking stalls. The condo units will include one- and two-bedroom units, as well as three-bedroom penthouses. Construction is slated to commence this summer, with completion scheduled for late next year. The infill site currently contains two vacant warehouse buildings that will be demolished. The site will have direct access to Interstate 280, the 22nd Street Caltrain, the 3rd Street T-Line Muni, Espirit Park and the future Pier 70 waterfront development. Major employers in the area include UCSF Medical Center, Uber and Old Navy, which all maintain campuses about a mile north of the property. The senior loan was provided by PCCP LLC.

May 29, 2015

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