Retail

Shingobee Builders Inc. Begins Construction of Paradise Car Wash in Maple Grove, Minn.

by Danielle Everson October 6, 2014

MAPLE GROVE, MINN. — Shingobee Builders Inc. has begun construction of a Paradise Car Wash and Detail Center in Maple Grove. The facility will be located at the former Champp’s restaurant site on Elm Creek Boulevard. The 15,600-square-foot building will provide a tunnel wash, three detail bays, customer lounge and support areas. Construction started in mid-August and is scheduled for completion early in 2015. The site is visible from I-94 and is located near the Maple Grove shopping area. Loretto, Minn.-based Shingobee Builders is a national commercial construction and development company that provides general contracting, project management and real estate services.

October 6, 2014

Connecticut Northeast Retail

The Boulder Group Arranges $1.6M Sale of Net-Leased Property

by Amy Works October 6, 2014

VERNON, CONN. — The Boulder Group has brokered the sale of a newly constructed single-tenant retail property located at 426 Talcottville Road in Vernon. The property, which is net-leased to Dollar General, sold for $1.6 million. Situated on 1.11 acres, the 9,262-square-foot property is leased to Dollar General for at least a 15-year term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based investment firm, in the transaction. The seller was a Northeast-based developer.

October 6, 2014

Georgia Retail Southeast

Sterling Acquires Roswell Village Shopping Center for $10.6M

by John Nelson October 6, 2014

ROSWELL, GA. — Sterling Organization has purchased Roswell Village Shopping Center, a 145,082-square-foot shopping center located at the southwest corner of Highway 9 and Holcomb Bridge Road in Roswell, roughly 20 miles north of downtown Atlanta. Sterling purchased the asset for approximately $10.6 million in an off-market transaction via its institutional fund Sterling Value Add Partners II LP. The property is currently 31 percent leased to tenants such as Goodyear, Pizza Hut, Jersey Mike’s and Curves.

October 6, 2014

Florida Retail Southeast

Investment Properties Corp. Brokers $13.3M Sale of Naples Retail Center

by John Nelson October 6, 2014

NAPLES, FLA. — Investment Properties Corp. has brokered the sale of Goodlette Corners, a 46,000-square-foot retail center located at the intersection of Goodlette-Frank and Pine Ridge roads in Naples. OREXCO purchased the asset from Goodlette Corners LLC for $13.3 million. David Stevens of Investment Properties Corp. represented the buyer in the transaction. Steve Hovland of Hovland Real Estate represented the seller.

October 6, 2014

Features Restaurant Retail

Net-Leased Properties Expected to Remain Attractive to Investors

by Haisten Willis October 3, 2014

According to new reports published by The Boulder Group and Marcus & Millichap, net-leased properties remain attractive to investors, keeping cap rate at very low levels. Cap rates in the third quarter of 2014 for the single tenant net-leased retail sector remained at their historic low rate of 6.5 percent from the second quarter. Cap rates for the office sector compressed by 37 basis points to 7.4 percent, while cap rates in the industrial sector rose by three basis points to 8 percent. There were no major factors contributing to the leveling of retail cap rates as supply and demand remained near levels from the previous quarter. During the third quarter, the Ten-Year Treasury Yield fell to its lowest point of the year (2.55) in late August. But by the end of the quarter, treasury rates rose and ended at levels similar to the end of the second quarter. With little movement in the capital markets, retail cap rates have flattened as buyers cannot meet acceptable return thresholds at lower cap rates because of the low interest rate environment. During the third quarter, the supply of office and industrial properties increased significantly by 30 percent and 21 percent, respectively. According …

October 3, 2014

Restaurant Retail Texas

Venture Arranges Sale of Land in Trio of North Texas Cities

by Haisten Willis October 3, 2014

ROANOKE, LITTLE ELM AND ROCKWALL, TEXAS — Venture Commercial has arranged land transactions in the north Texas cities of Roanoke, Little Elm and Rockwall. Venture’s land division represented developer MQ Development Partners in the sale of a 2.2-acre pad site at the Roanoke Gateway development, located on the northwest corner of State Highways 170 and 114 in Roanoke. Ken Reimer, Edward Bogel and David Davidson of Venture Commercial represented MQ Development in the transaction. Kyle Anz of HGA Holdings represented the buyer, which will develop the site for an On the Border Mexican Grill & Cantina. Venture also arranged the sale of two pad sites in Little Elm. Clay Mote and Davidson, of Venture, represented the seller, Providence/380 Partners Ltd. in both transactions. The sites will be developed into an automotive business and an emergency care clinic. In the third transaction, Venture arranged the sale of a three-acre tract of land in Rockwall. Mote represented the seller in the transaction. Gary Halbrooks of Venue Properties Inc. represented the buyer, Fenton Motors, which will develop the property into an automotive dealership.

October 3, 2014

Retail Texas

CBRE Capital Markets Arranges Sale of Urgent Care Building in Austin

by Haisten Willis October 3, 2014

AUSTIN — CBRE Capital Markets’ investment properties team has arranged the sale of a 5,162-square-foot retail building in a long-term, triple net lease to MedSpring Urgent Care. An unnamed Austin-based private investor purchased the asset for an unnamed price from The DuPont Group, an Austin-based real estate group. The property is 100 percent occupied by MedSpring Urgent Care, with 11 years remaining on a triple net lease. The property, located at 208 W. Ben White Blvd., was built in 2012 and is near St. David’s South Austin Medical Center and a P. Terry’s Burger Stand. Walter Saad, Cathy Nabours and Logan Reichle with CBRE represented the seller.

October 3, 2014

California Retail Western

Inglewood Plaza Shopping Center Sells for a Total of $27.4M

by Jaime Lackey October 2, 2014

INGLEWOOD, CALIF. — Inglewood Plaza, a 101,329-square-foot community shopping center in the Los Angeles submarket of Inglewood, has sold to two buyers for a total of $27.4 million. The four-building center is located at 3100 – 3180 W. Imperial Highway. Three of the plaza’s four buildings sold to CCPT IV for $25.1 million. These buildings contain a total of 96,874 square feet. The remaining 4,455-square-foot building sold to G3H Investments LLC for $2.3 million. The seller, Howard Building LLC, was represented by Darrell Levonian, Justin D. Mendelson and Fred A. Sheriff of Charles Dunn Company. The team also worked directly with the two buyers. The center was built in 2008. It is situated near the Hollywood Park redevelopment project. That site will eventually include a hotel, renovated casino, offices, residences and two lakes.

October 2, 2014

Arizona Restaurant Retail Western

Popeyes Louisiana Kitchen to Open New Tempe Location

by Jaime Lackey October 2, 2014

TEMPE, ARIZ. — Popeyes Louisiana Kitchen will open a new 23,000-square-foot location at Elliot Plaza in Tempe. The new space will be located at the southwest corner of Elliot Road and Priest Drive. Popeyes’ second Tempe location is scheduled to open by the end of this year. The chain was represented by Velocity Retail Group. The landlord, TPP JV Maricopa LLC, was represented by Cliff Johnston, John Appelbe, Brad Douglass and Chris Hollenbeck of Cassidy Turley. Popeyes was founded in New Orleans in 1972. It is the world’s second largest quick-service chicken concept.

October 2, 2014

California Retail Western

New Retail Team Joins CBRE Ontario

by Jaime Lackey October 2, 2014

ONTARIO, CALIF. — A new retail duo has joined CBRE’s Ontario office. Ryan Gast and Dan Samulski will focus on projects of more than 100,000 square feet throughout the Inland Empire. The team has represented a variety of landlords in shopping centers throughout Southern California.

October 2, 2014

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