Retail

Payson Village Center in Arizona Sells for $15M

by Nellie Day April 16, 2015

PAYSON, ARIZ. – Payson Village Center, a 140,500-square-foot, grocery-anchored center in Arizona, has sold to Progression Real Estate Investments for $15 million. The center is located at the intersection of Highway 87 and Highway 260 in Payson. It is anchored by Bashas’. Other notable tenants include Dollar Tree, Big 5, Native Grill, Jiffy Lube and Arby’s. A 250-acre Arizona State University satellite campus has been proposed just East of Payson Village. This project would bring 6,000 students, in addition to more employees and faculty, to the area. Both Progression and the seller, Hirani Oil Foundation, were represented by Christopher Tramontano and Donald MacLellan of Faris Lee Investments.

April 16, 2015

New Mexico Retail Western

West Central Plaza Shopping Center in Albuquerque Sells for $12M

by Nellie Day April 16, 2015

ALBUQUERQUE, N.M. – West Central Plaza Shopping Center, a 123,048-square-foot retail center in Albuquerque, has sold to Heslin Holdings for $12 million. The center is located at 4208 Central Ave. SW. The property was formerly home to Kmart, which vacated the space last year. It also includes a number of smaller retail tenants in an adjacent multi-tenant building. A restaurant occupies a third building. Heslin will re-tenant the 104,000-square-foot facility vacated by Kmart. The company will likely re-configure the space to accommodate multiple tenants. The smaller buildings will also be upgraded and expanded. The seller, West Central Plaza, was represented by CBRE’s Jeremy Nelson, Lia Armstrong and Jim Dountas. The CBRE retail team was retained by Heslin to assist in the center’s leasing and redevelopment efforts. The firm made a $12-million investment in the property, which includes the costs of acquisition, redevelopment and re-tenanting, as part of a value-add investment strategy.

April 16, 2015

Arizona Retail Western

TEMK Investments Fremont Buys Tempe Starbucks

by Nellie Day April 16, 2015

TEMPE, ARIZ. – TEMK Investments Fremont LLC has acquired a 1,850-square-foot Starbucks in Tempe for an undisclosed sum. The coffee shop is located at 1926 North Scottsdale Road. It contains a drive-thru. TEMK was represented by DTZ’s Jon Stansbury. The seller, SWC Scottsdale & McKellips LLC, was represented by Andy Kroot of Velocity Retail Group.

April 16, 2015

Retail Texas

New Retailers to Join Northwest Village Shopping Center in Longview

by Haisten Willis April 16, 2015

LONGVIEW, TEXAS — Three retailers are set to open at the Northwest Village Shopping Center, a regional power center in Longview. Located at the northeast corner of Loop 281 and Gilmer Road at 1725 W. Loop 281, the shopping center is situated on approximately 14 acres. The leases total 86,000 square feet. Big Lots will occupy 36,000 square feet. Karen Mitchell of The Woodmont Co. represented the tenant in the transaction. Big Lots is expected to open its doors in fall 2015. Burke’s Outlet will occupy 28,880 square feet. Clay Graham of Fox & Graham represented the tenant in the transaction. Burke’s is planning to open this month. ALDI Food Market will occupy 21,120 square feet. Stan Lotridge with UCR represented the tenant in the transaction. ALDI Food Market is expected to open in fall 2015. The three new leases bring Northwest Village’s occupancy from 42 percent to 95 percent.

April 16, 2015

Midwest Minnesota Ohio Retail

Phillips Edison Acquires Three Grocery-Anchored Centers in Ohio, Minnesota and Maryland for $51M

by Danielle Everson April 16, 2015

CINCINNATI — Phillips Edison Grocery REIT II has acquired three properties in Ohio, Minnesota and Maryland. Glennwood Crossing in Cincinnati was purchased from Glenwood Crossing LLC for $7.1 million and includes 101,021 rentable square feet. Currently, the center is 96 percent leased to 11 tenants, with anchor grocery Kroger occupying 62,541 rentable square feet. Rosewick Crossing in La Plata, Md., was purchased from Excel Rosewick LLC, for $25 million and includes 115,972 rentable square feet. Currently the center is 82 percent leased to 12 tenants. Anchor grocery Giant occupies 61,932 rentable square feet. Waterford Park Plaza in Plymouth, Minn., was purchased from Provident/Waterford LLC for $19.5 million and contains 127,586 rentable square feet. Currently the shopping center is 96 percent leased to 24 tenants. Anchor grocery Cub Foods occupies 64,673 rentable square feet.

April 16, 2015

District of Columbia Retail Southeast

Divaris Real Estate Brokers $5.5M Sale of Shopping Center in D.C.

by John Nelson April 16, 2015

WASHINGTON, D.C. — Divaris Real Estate Inc. has brokered the sale of Brookland Plaza, an 18,000-square-foot shopping center located at 3730 10th St. N.E. in Washington, D.C. Urban Investment Partners purchased the asset from Jan and Anna Slamen Family Trust for $5.5 million. Joseph Farina, John Camp and Amit Grover of Divaris represented the buyer and seller in the transaction.

April 16, 2015

New Jersey Northeast Retail

The Azarian Group Acquires The Shoppes at North Brunswick in New Jersey

by Amy Works April 16, 2015

NORTH BRUNSWICK, N.J. — CBRE Group has arranged the sale of The Shoppes at North Brunswick, a shopping center located along Route 1 North Brunswick. A New York-based private equity firm sold the 150,000-square-foot property to Shoppes at North Brunswick LLC, an entity controlled by The Azarian Group, for an undisclosed price. The center is 94 percent leased to a mix of tenants, including Anthropologie, Banana Republic, Five Below, Talbots, NY & Company, Ann Taylor Loft, Charming Charlie, Corner Bakery Café, SuperCuts and Wingstop. Additionally, the retail and office property has 10,000 square feet of space available. Jeffrey Dunne, Casey Rosen, David Gavin and Dennis Carson of CBRE represented both parties in the transaction.

April 16, 2015

Loans New York Northeast Retail

NorthMarq Capital Closes $4.2M Refinance Loan for Retail Property in White Plains

by Amy Works April 16, 2015

WHITE PLAINS, N.Y. — NorthMarq Capital’s Greater Westchester New York/Connecticut office has arranged $4.2 million in refinancing for a retail property located at 350-360 Tarrytown Road in White Plains. The 10-year loan, provided by a local bank, features a 30-year amortization schedule. The 18,056-square-foot retail center is anchored by a Men’s Wearhouse. Robert Ranieri of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower.

April 16, 2015

Massachusetts Northeast Retail

CBRE/NE Arranges $97M Sale of White City Shopping Center

by Amy Works April 15, 2015

SHREWSBURY, MASS. — CBRE/New England has arranged the sale of White City Shopping Center located in Shrewsbury. A joint venture between Charter Realty & Development and Acadia Realty Trust sold the property for $97 million. The 260,000-square-foot retail center is fully occupied by a variety of tenants, including Shaw’s Supermarket, Petco, Dress Barn, The Paper Store, Planet Fitness and Austin Liquors. Chris Angelone, Bill Moylan and Nat Heald of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.

April 15, 2015

Loans New York Northeast Retail

Thorofare Funds $4.2M Adaptive Reuse Financing for Brooklyn Mixed-Use Property

by Amy Works April 15, 2015

NEW YORK CITY — Los Angeles-based Thorofare Capital has funded a $4.2 million adaptive reuse loan for a mixed-use property located in Brooklyn’s Bushwick neighborhood. The undisclosed borrower plans to implement a capital improvement program at the property, located at 599 Johnson Ave., to convert the asset into entertainment, food and beverage and retail use.

April 15, 2015

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