Retail

Mid-America Real Estate Arranges $2M Sale of Retail Property in Chicago

by Danielle Everson January 20, 2015

CHICAGO — Mid-America Real Estate Corp. has arranged the $2 million sale of The Columbian Retail Shops in Chicago. Chicago-based Newcastle Limited purchased the 6,600-square-foot, two-tenant retail property for $2 million. The Columbian Retail Shops is located at the northwest corner of S. Michigan Ave. and E. Roosevelt Road. The center features retailers Burger Bar and Elements Therapeutic Massage.Joe Girardi and Carly Gallagher of Mid-America were the exclusive brokers in the transaction on behalf of Boston-based Long Wharf Real Estate Partners LLC.

January 20, 2015

Michigan Midwest Retail

6,800 SF Vassar Theatre Sold in Vassar, Mich.

by Danielle Everson January 20, 2015

VASSAR, MICH. — Gerdom Realty & Investment has arranged the sale of 6,800-square-foot Vasssar Theatre in Vassar. The one-screen, 371-seat movie theater located on Huron Avenue was originally built in 1937 and restored in 2005. The Vasssar Theatre was fully converted to digital movie presentation in 2013. The new owner, Andreas Fuchs of Creative Cinema who is a theatrical exhibition consultant and analyst/reporter, plans to reopen the property this year. Tjader Gerdom of Gerdom Realty & Investment represented the seller’s estate and procured the buyer in the sale.

January 20, 2015

Loans Mixed-Use Multifamily New Jersey Northeast Retail

Kushner Cos., Extell Development Receive $129M in Financing for Pier Village

by Amy Works January 20, 2015

LONG BRANCH, N.J. — Kushner Cos. and Extell Development Co. have closed on two phases of financing in conjunction with their purchase of Pier Village in Long Branch. The companies acquired Pier Village for $180 million in a transaction that closed in two phases over the last quarter of 2014. Pier Village consists of 492 residences and more than 100,000 square feet of retail, including restaurants, shops and a fitness center. Capital One provided bridge financing for the first phase of the acquisition in November 2014. In mid-December, the bank also originated and closed a $97 million long-term fixed-rate financing from Fannie Mae to take out the acquisition loan that it provided a month earlier. Both Capital One financings were arranged by Meridian Capital Group. Additionally, the partnership assumed a 7-year $32 million Freddie Mac loan originated by PNC Bank, which was originated a year and half ago by the prior ownership.

January 20, 2015

Industrial New York Northeast Retail

2.3-Acre Development Site Sells for $28.3M in Brooklyn’s East Williamsburg

by Amy Works January 20, 2015

NEW YORK CITY — Massey Knakal, now Cushman & Wakefield, has arranged the sale of a development site located at 191-231 Moore St. in Brooklyn’s East Williamsburg neighborhood. The 2.3-acre site sold for $28.3 million, or $167 per buildable square foot, in an all-cash transaction. The site is located in a dual M1-1/M1-2 zone, which permits a total of approximately 169,496 buildable square feet for retail or commercial development. Additionally, the site features more than 1,100 feet of frontage on Moore, Seigel and White streets. The site current consists of five industrial buildings, totaling nearly 47,000 square feet. Brendan Maddigan and Stephen Palmese of Cushman & Wakefield handled the transaction. The buyer and seller were not disclosed.

January 20, 2015

Retail Texas

Boulder Group Arranges Sale of Retail Property in Metro Austin for $2.3 Million

by Haisten Willis January 19, 2015

PFLUGERVILLE, TEXAS — The Boulder Group has arranged the $2.3 million sale of an Advance Auto Parts property located at 1313 FM 685 in Pflugerville, a suburb of Austin. The brand-new, 6,895-square-foot building is located across the street from a Walmart Supercenter. Advance Auto Parts has 15 years remaining on their absolute net lease, which features 9 percent rental escalations in each renewal option period. The buyer and seller were unnamed.

January 19, 2015

Michigan Midwest Retail

M&M Arranges $15.2M Sale of Kroger-Anchored Shopping Center in Westland, Mich.

by Danielle Everson January 19, 2015

WESTLAND, MICH. — Marcus & Millichap has arranged the $15.2 million sale of Cherry Hill Marketplace, a 120,568-square-foot shopping center in Westland, approximately 16 miles west of Detroit. Cherry Hill Marketplace is located at 124-210 S. Merriman Road. Kroger anchors the shopping center. Other tenants include Kroger Fuel, CVS, Ace Hardware, Advance America, Great Clips and H&R Block. The property was 84 percent occupied at the time of sale. Steven Siegel of the Marcus & Millichap’s Manhattan office, and Simon Jonna and Ashish Vakhariya of the firm’s Detroit office represented the institutional seller and procured the buyer, also an institution.

January 19, 2015

Illinois Midwest Retail

STREAM Capital Partners Completes Sale of Floor & Decor Property

by Danielle Everson January 19, 2015

SKOKIE, ILL. — STREAM Capital Partners has brokered the sale of a 73,000-square-foot retail property in Skokie. The property is under a long-term lease to Floor & Decor, a national retailer of flooring and tile products. Clark Street Development, a Chicago-based real estate company, sold the property to a private REIT for an undisclosed sales price. Jonathan Wolfe and Jordan Shtulman of STREAM Capital Partners represented the seller.

January 19, 2015

California Retail Western

LA Fitness, Buffalo Wild Wings to Open at Glendale Marketplace

by Nellie Day January 19, 2015

GLENDALE, CALIF. – LA Fitness and Buffalo Wild Wings have announced plans to open at Glendale Marketplace this year. The retail center is located at 106 South Brand Blvd. in the Los Angeles Tri-City submarket of Glendale. LA Fitness and Buffalo Wild Wings are both in expansion mode. They will be joined by AT&T, which also plans to open at the 153,000-square-foot marketplace this year. The center is owned by Cypress Equities.

January 19, 2015

Georgia Loans Retail Southeast

Medalist Capital Arranges Acquisition Loan for Atlanta Shopping Center

by John Nelson January 19, 2015

ATLANTA — Medalist Capital has arranged acquisition financing for the purchase of Abernathy Square, a 128,000-square-foot, Publix-anchored shopping center in Atlanta. Bryan Brooks of Medalist Capital’s Charlotte office arranged the non-recourse, fixed-rate loan through an unnamed life company lender on behalf of the borrower, Charlotte-based Ferncroft Capital.

January 19, 2015

Georgia Market Reports Retail Southeast Southeast Market Reports

New Year Promises Expanding Retailers, Improving Fundamentals in Atlanta

by John Nelson January 19, 2015

The overall snapshot is that Atlanta’s economy is on a growth tract in terms of employment and corporate growth, and has definitely rebounded from the recession and its previous overbuilding. Economic growth and the current lack of speculative development are driving the improvement in the retail market. Rental rates, occupancy levels, absorption, leasing momentum and pricing are increasing. In addition, new retailers are entering or looking to enter the market. However, the retail market’s improvement varies across the metro region. Vacancy and Rental Rates Due to positive absorption and leasing momentum in both vacant and sublease space, the overall occupancy rate and average rental rate for Atlanta’s retail inventory have been increasing. According to CoStar’s third quarter retail market update, the overall vacancy rate is now down to 8.8 percent and the average rental rate is $12.78 per square foot. However, when you break it down by submarket and property types, rental rate and occupancy gains vary significantly. Quality shopping centers in strong submarkets and locations have experienced very strong gains, yet Class B and C centers and those located in certain submarkets are still lagging the overall market. The Buckhead, Central Atlanta, Central Perimeter and Georgia 400 submarkets are …

January 19, 2015

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