Retail

The Woodmont Co. Arranges Ground Lease in Metro Dallas

by Haisten Willis March 30, 2015

MANSFIELD, TEXAS — The Woodmont Co. has arranged a ground lease with Raising Cane’s Chicken Fingers at Mansfield Town Center. Raising Cane’s is a restaurant chain offering chicken fingers as its only main course. Raising Cane’s expects to open their 2,650-square-foot restaurant this summer. Bryan Dyer of The Woodmont Co. represented the owner of Mansfield Town Center, Kossman Development Co, in the transaction. Kevie Beard of Venture Commercial represented the unnamed tenant. Mansfield Town Center is located at the intersection of U.S. Highway 287 and Cooper Street in Tarrant County. The center is 96 percent leased and boasts more than 40 retailers.

March 30, 2015

Washington Square Piggly Wiggly North Carolina

North Carolina Retail Southeast

Wheeler REIT to Acquire North Carolina Shopping Center for $20M

by John Nelson March 30, 2015

WASHINGTON, N.C. — Wheeler Real Estate Investment Trust Inc. has entered into a contract to acquire Washington Square, a 261,566-square-foot shopping center located in Washington. The Virginia Beach, Va.-based REIT will acquire the property from a private seller in an off-market transaction for $20 million using a combination of cash and debt. Built in 1971, the shopping center is fully leased to tenants such as Piggly Wiggly, Rite Aid, Hallmark, Shoe Show and Cato Fashions. Piggly Wiggly’s lease expires in 2017 and Food Lion has executed a lease to replace the grocer.

March 30, 2015

Retail Southeast Tennessee

SRS Real Estate Brokers $14.4M Sale of Shopping Center in Germantown

by John Nelson March 30, 2015

GERMANTOWN, TENN. — SRS Real Estate Partners has brokered the $14.4 million sale of a 137,181-square-foot shopping center located at 2015 Exeter Road in Germantown, roughly 21 miles east of Memphis. Finard Germantown LLC sold the property to Farmex Rail LLC, an affiliate of DNA Partners LLC. Hobby Lobby and Bed Bath & Beyond anchor the shopping center. Kyle Stonis and Pierce Mayson of SRS Real Estate’s Atlanta office represented the seller in the transaction. The buyer didn’t have representation in the transaction.

March 30, 2015

Florida Retail Southeast

Phillips Edison’s Investment Fund Buys Shopping Center in Tampa Bay Area for $6.3M

by John Nelson March 30, 2015

SEMINOLE, FLA. — Phillips Edison Grocery Center REIT II Inc. has purchased Oakhurst Plaza, a 51,740-square-foot shopping center located at 9201-9394 Oakhurst Road in Seminole, for $6.3 million. Seminole is a town located in the Tampa Bay metro area. Mike Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller, One Bayshore LLC, in the transaction. Ben McLeish of Colliers’ Tampa Bay office recently arranged two retail leases at the Publix-anchored shopping center on behalf of the seller — Hope N Love Animal Hospital and Westshore Pizza. Through its sponsored funds, Phillips Edison & Co. owns and operates 36 shopping centers in Florida, most of which are anchored by Publix.

March 30, 2015

New York Northeast Retail

Ariel Property Advisors Arranges $5.1M Sale of Retail Property in the Bronx

by Amy Works March 30, 2015

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a retail property located at 3860 East Tremont Ave. in the Throgs Neck section of the Bronx. Ashkenazy Acquisition Corp. acquired the 15,000-square-foot property for $5.1 million. The vacant property features 23,618 square feet of air rights, 38,618 buildable square feet, 40 on-site parking spaces and an advertising tower. Jason Gold, Victor Sozio and Scot Hirschfield of Ariel Properties represented the seller, a private investor, and procured the buyer in the deal.

March 30, 2015

Market Reports Retail Texas Texas Market Reports

Medical Sector, Eduation Push Economic Development in Tyler

by Haisten Willis March 30, 2015

The commercial real estate market in the Tyler metropolitan area experienced one of its best years in 2014. Led by the retail sector, a number of new leases and sales brought a bevy of businesses to the market. The city of Tyler has a population of around 100,000, while the metro area contains 222,000. Tyler is the retail and medical center of northeast Texas, with a trade area population of 415,000. The city experienced strong population growth of 15.8 percent from 2000 to 2010. The Tyler economy is fueled by the medical sector, which accounts for 20 percent of all employment. Trinity Mother Frances hospital employs 4,000; East Texas Medical Center accounts for over 3,200 jobs; and the University of Texas Health Center at Tyler has total employment of 865. Because of the outstanding medical facilities in the city, patients from a 14-county area come to Tyler for medical care. Another strong driver for the local economy is the existence of higher education opportunities. The University of Texas at Tyler continues its strong growth, boasting a total enrollment of more than 6,400, while Tyler Junior College serves 35,000 students. Both of these schools are expanding. UT Tyler’s engineering school has …

March 30, 2015

Illinois Midwest Retail

Baum Realty Group Arranges $6.8M Sale of Walgreens in Chicago MSA

by Danielle Everson March 27, 2015

CHICAGO — Baum Realty Group LLC has arranged the $6.8 million sale of a single-tenant, net-leased Walgreens property in Chicago. The asset is located at 8700 S. Kedzie Ave. in the Evergreen Park neighborhood. The Walgreens property has 15 years remaining on its original 25-year lease. The property is located approximately 10 miles southwest of downtown Chicago and less than 5 miles from Midway International Airport. The 14,820-square-foot building is situated on 1.75 acres at corner of the intersection of W. 87th Street and S. Kedzie Boulevard. Patrick Forkin and Brad Teitelbaum of Baum Realty Group represented the undisclosed seller in the transaction. The buyer was a New York-based private investor that purchased the property as part of a 1031 exchange.

March 27, 2015

Midwest Ohio Retail

America’s Realty, ARCJ Capital Buy 335,000 SF Shopping Center in Columbus

by Danielle Everson March 27, 2015

COLUMBUS — America’s Realty and ARCJ Capital LLC have purchased Great Western Shopping Center in Columbus from 410 Investments LTD. The property was purchased for an undisclosed amount. The 335,000-square-foot shopping center is located at the intersection of W. Broad St. and N. Wilson Road. The property is 72 percent leased and has access to I-70 and I-270. America’s Realty and ARCJ Capital LLC plan to renovate the property.

March 27, 2015

Retail Texas

C1S Group Completes Renovation of Historic Industrial Building in Dallas

by Haisten Willis March 27, 2015

DALLAS — C1S Group, a Dallas-based engineering and construction firm, has restored a historic commercial building in Dallas’ Deep Ellum neighborhood. The property has been renovated to become the Bomb Factory, a new music venue. Clint and Whitney Barlow own the property. Westdale Real Estate Investment and Management is the developer. The venue is designed for live concert audiences from an early 20th century building. Originally an automotive plant and then a munitions factory during World War II, the Bomb Factory can now accommodate as many as 4,300 concert attendees. C1S Group transformed the 50,000-square-foot facility, located on Canton Street near downtown Dallas, by removing and replacing the existing roof structure in order to increase the overall facility height to 38 feet. This provides unobstructed views throughout and also allows for the addition of a mezzanine level for added capacity and to create a VIP area. The building contains a new stage, several bar areas, and artist amenities including including four dressing rooms, on-site laundry and workout facilities. The renovation also includes a new HVAC system as well as a new electrical system. The opening night performance on March 26 featured Dallas native and two-time Grammy winning performer Erykah Badu. …

March 27, 2015

Retail Texas

Syndicate Fund Purchases Burleson Retail Center in Metro Dallas

by Haisten Willis March 27, 2015

BURLESON, TEXAS — Bloomfield Frontline Burleson Retail LLC has purchased a 17,860-square-foot shopping center located at 1055 SW. Wilshire Blvd. in Burleson. The company is a syndication partnership set up by managing partners Steve Fithian and Thomas Wilson. Clint Montgomery of Sperry Van Ness/Visions Commercial represented the seller, SPCP Group VI LLC. Built in 2008 on 2.3 acres, the retail center is located in the main Burleson retail corridor, adjacent to a Walmart. Tenants include CATO Fashions, Shoe Show, Fred Loya & Rodney D. Young Insurance, World Finance Corp. of Burleson and Perla Dental. The property was purchased through a real estate syndication set up by Fithian and Wilson.

March 27, 2015

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