Retail

NorthMarq Capital Secures $24M Refinancing for Connecticut Shopping Center

by Amy Works October 13, 2014

NEWINGTON, CONN. — NorthMarq Capital has secured $24 million to refinance Newington Commons Shopping Center located at 196 Kitts Lane in Newington. The 189,864-square-foot shopping center is tenanted by Stop & Shop, Bob’s Stores, Party City, Petco, Planet Fitness and Michaels. The 10-year loan features two years of interest-only payment and a 30-year amortization schedule. Keith Braddish of NorthMarq Capital’s New York office arranged the financing for the borrower through NorthMarq’s relationship with a CMBS lender.

October 13, 2014

New York Northeast Retail

Urstadt Biddle Properties Acquires Majority Equity Interest in McLean Shopping Center

by Amy Works October 13, 2014

YONKERS, N.Y. — A wholly owned subsidiary of Urstadt Biddle Properties Inc. has acquired a 51 percent equity interest in a joint venture that owns McLean Plaza Shopping Center in Yonkers for $7.8 million. Built in 1982, the 57,000-square-foot center is occupied by a 35,000-square-foot A&P Supermarket, other tenants includes Duane Reade pharmacy, an E-Z Pass Service Center, Dunkin’ Donuts and Ridgewood Savings Bank. The purchase price is subject to the company assuming its share of a $2.78 million first mortgage payable that encumbers the shopping center. The company purchased its interest from an affiliate of The Great Atlantic & Pacific Tea Company (A&P), which is a tenant at the shopping center. In conjunction with the purchase, A&P modified its lease and extended the initial term until 2034. The remaining 49 percent of the joint venture is owned by entities owned by the two real estate families that originally developed the shopping center with A&P.

October 13, 2014

Alabama Retail Southeast

Merchant Retail Partners Breaks Ground on Expansion of Alabama Shopping Center

by John Nelson October 13, 2014

CULLMAN, ALA. — Birmingham, Ala.-based Merchants Retail Partners has broken ground on the expansion of Cullman Shopping Center, bringing the retail asset to more than 325,000 square feet. New tenants coming to the center include Publix, PetSmart and a custom-designed Dick’s Sporting Goods. All three tenants are new entrants to the city of Cullman. Existing tenants at the shopping center include Belk, Books-A-Million and Shoe Dept.

October 13, 2014

Retail Southeast Tennessee

Four Springs Capital Buys Industrial, Retail Properties for $34M

by John Nelson October 13, 2014

LAKE COMO, N.J. — Four Springs Capital Trust, a privately traded REIT, has purchased five properties in the Southeast and Midwest for a combined $34 million. The assets include a 71,917-square-foot Academy Sports + Outdoors in Mt. Juliet, Tenn.; a 71,514-square-foot Academy Sports + Outdoors in Jonesboro, Ark.; two 9,026-square-foot Dollar Generals located in Yulee and Middleburg, Fla.; and a 226,756-square-foot industrial asset leased to Gander Mountain Co. Inc. in Lebanon, Ind. The properties are all subject to long-term triple net leases.

October 13, 2014

Retail Texas

America’s Best Contacts & Eyeglasses Leases Retail Space in Metro Dallas

by Haisten Willis October 10, 2014

GRAPEVINE, TEXAS — America’s Best Contacts & Eyeglasses has leased a 4,610-square-foot space at Grapevine Towne Center, located at 1217 W. Highway 114 in Grapevine, a suburb of Dallas. Other tenants at the location include Target, Ross Dress for Less, Bealls, Office Depot and Cost Plus World Market. America’s Best Contacts & Eyeglasses is headquartered in metro Atlanta and has more than 350 locations across the United States. Dawn Greiner and Ryan Johnson of SRS Real Estate Partners, along with Kathryn Bieber Knoll of Cassidy Turley, represented the tenant in the transaction. Matt Luedtke of The Weitzman Group represented the landlord, Grapevine/Tate Joint Venture.

October 10, 2014

Illinois Midwest Retail

Inland Acquires Shopping Center in Chicago Metro Area for $24.7M

by Danielle Everson October 10, 2014

FRANKFORT, ILL. — Inland Real Estate Corp. has acquired Prairie Crossings in Frankfort, an affluent southwest suburb of Chicago, for $24.7 million. Inland purchased the property in cash, excluding closing costs and adjustments from the seller, Beachwood, Ohio-based Chase Properties. The Prairie Crossings acquisition consists of approximately 109,000 square feet of gross leasable area, including more than 83,000 square feet of inline retail space, plus two multi-tenant outlot buildings. The power center is currently 99 percent leased. Bed Bath & Beyond, Sports Authority and Office Depot anchor the shopping center, which is shadow-anchored by Kohl’s. Other tenants include Famous Footwear, Panera Bread, Chipotle, Red Mango, Game Stop, Sleepy’s, Massage Envy and Spa and Hair Cuttery, among others.

October 10, 2014

Illinois Midwest Retail

Mid-America Brokers Sale of The Fresh Market Center in Glen Ellyn, Ill.

by Danielle Everson October 10, 2014

GLEN ELLYN, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Fresh Market Center in Glen Ellyn, a suburb in metro Chicago. New York-based American Realty Capital Properties Inc. purchased the 30,877-square-foot center for an undisclosed sales price. The Fresh Market Center is located at the southwest quadrant of Roosevelt and Lambert roads. The Fresh Market anchors the shopping center. Tenants include Firehouse Subs, Great Clips, Tide Dry Cleaners and European Wax Center. Joe Girardi and Rick Drogosz of Mid-America represented the seller, Minnetonka, Minn.-based Opus Development Company LLC.

October 10, 2014

Florida Retail Southeast

Marcus & Millichap Brokers $32.3M Sale of Two Port Orange Retail Centers

by John Nelson October 10, 2014

PORT ORANGE, FLA. — Marcus & Millichap has brokered the sale of two retail centers in Port Orange totaling $32.3 million. The properties include an 86,464-square-foot BJ’s Wholesale Club and fuel center and the 63,257-square-foot Altamira Village shopping center. Altamira Village’s tenant roster includes LA Fitness, CVS/pharmacy and Golden Corral. John Nuzman of Marcus & Millichap’s Detroit office represented the seller, Collett, a developer based in North Carolina, in both transactions. Robert Horvath and Todd Tremblay of Marcus & Millichap represented the buyer. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s broker of record in Florida. The BJ’s is under a 20-year lease that began in September 2013, and LA Fitness has a 15-year lease that started this year.

October 10, 2014

Florida Retail Southeast

The Goodman Co. Acquires 165,000 SF Bass Pro Shops in Dania Beach

by John Nelson October 10, 2014

DANIA BEACH, FLA. — The Goodman Co. has acquired the 165,000-square-foot Bass Pro Shops Outdoor World in Dania Beach. The property is located near the Fort Lauderdale International Airport and adjacent to the IGFA Fishing Hall of Fame & Museum.

October 10, 2014

New York Northeast Retail

JV Purchases 522 Fifth Avenue for $170M from Morgan Stanley

by Amy Works October 10, 2014

NEW YORK CITY — Deka Immobilien GmbH, in a joint venture with New York-based Ashkenazy Acquisition Corp., has acquired 522 Fifth Avenue in New York. Morgan Stanley sold the property for $170 million. The two-level asset offers 8,411 square feet of corner retail space with approximately 25 feet of frontage along Fifth Avenue. There is an opportunity to reposition and enhance the property, potentially adding approximately 16,000 square feet of retail space and expanding the property’s storefront by 44 feet. Robert Stamm of Savills Studley’s U.S. cross-border group represented Germany-based Deka in the acquisition. Deka has real estate assets under management globally on behalf of private and institutional clients. The total value of those assets is €25 billion (US$31.7 billion). This transaction is the firm’s first joint venture acquisition in the United States.

October 10, 2014

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