Retail

Madison Realty Capital Provides $66M in Financing for Three Flushing Properties

by Amy Works November 5, 2014

NEW YORK CITY — Madison Realty Capital (MRC) has provided $66 million in financing for a 100,500-square-foot retail and office property, a 24,000-square-foot retail condominium and an 88-car parking garage in Flushing, Queens. The properties are located adjacent to one another at the corner of Main Street and Sanford Avenue, including the three-story office/retail building at 41-60 Main Street and commercial/parking property at 133-38 Sanford Avenue. The borrower plans to use the loan to recapitalize the properties from the special servicer who was managing the assets.

November 5, 2014

Massachusetts Northeast Retail

Calkain Companies Brokers $13M Sale of Three-Tenant Retail Property

by Amy Works November 5, 2014

NEWTON, MASS. — Calkain Companies has arranged the sale of a three-tenant retail building located at 215-217 Needham St. in Newton. Northland 215 Needham LLC purchased the property for $13 million, or $533 per square foot, from JPMCC 2007-CIBC19 Needham Retail LLC. The 24,930-square-foot property is occupied by Five Guys Burgers & Fries, Men’s Wearhouse and PetSmart. Patrick Nutt and Michael O’Mara represented the seller in the transaction.

November 5, 2014

Loans New Jersey Northeast Retail

HFF Arranges $10.4M Loan for New Jersey Retail Property

by Amy Works November 5, 2014

TINTON FALLS, N.J. — HFF has arranged a $10.4 million loan for a freestanding A&P supermarket and Sonic Drive-In ground lease in Tinton Falls. HFF worked on behalf of The Hampshire Companies to secure the 10-year, fixed-rate loan through Spencer Savings Bank. Loan proceeds were used to acquire the fee interest and refinance existing debt on the leasehold interest. The 56,304-square-foot grocery store and fast-food restaurant are located at 994 Shrewsbury Ave. Jon Mikula, Michael Klein and Michael Cerulo of HFF represented the borrower in the deal.

November 5, 2014

Retail Utah Western

South Towne Center Mall, Marketplace in Sandy Sell for $205M

by Nellie Day November 5, 2014

SANDY, UTAH – A partnership between Pacific Retail Capital Partners, Silverpeak Real Estate Partners and the Merchant Banking Division of Goldman Sachs has acquired the 1.3 million-square-foot South Towne Center Mall and adjacent Marketplace in Sandy for $205 million. The 966,000-square-foot South Towne Center Mall is a two-level, enclosed regional mall that contains about 150 shops and restaurants. The mall’s anchors include Macy’s, Dillards, JCPenney and Utah’s largest Forever 21. The 312,000-square-foot Marketplace is anchored by Super Target. The properties are situated about 16 miles south of Salt Lake City. The partnership plans to execute a large-scale mall renovation. Gensler Associates will create the new design. Current plans feature upgrades to the mall’s infrastructure, including lighting, flooring, restrooms, a new children’s play area and a revamped food court with expanded food offerings. Pacific Retail will oversee all operations at South Town Center, including its renovation. The seller was Macerich. The sale is consistent with the company’s strategy of selling non-core assets and redeploying the proceeds into its development pipeline.

November 5, 2014

Connecticut Northeast Retail

Marcus & Millichap Arranges Sale of Net-Leased Retail Property in Connecticut

by Amy Works November 4, 2014

EAST HARTFORD, CONN. — Marcus & Millichap has brokered the sale of a net-leased retail property located at 18 Main St. in East Hartford. Built in 2008, the property, which is occupied by a Wells Fargo bank branch, sold for $4.63 million at a 4.75 percent cap rate. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a Connecticut-based developer. Steven Siegel of Marcus & Millichap represented the buyer, a New York City private investor in a 1031 exchange, in the transaction.

November 4, 2014

California Retail Western

Kelly-Moore Paints Property in Hayward Sells for $2.2M

by Nellie Day November 4, 2014

HAYWARD, CALIF. – A 10,000-square-foot retail property in Hayward that is net leased to Kelly-Moore Paints has sold to a private investor for $2.2 million. The property is located at 28722-28724 Mission Blvd. The paint retailer subleases a small portion of the building to a local flooring retailer. The building was constructed in 1970. Kelly-Moore has occupied this space for about 44 years. In 2006, it signed a new lease for an additional 15-year term. The seller, a private investor, was represented by Bryan Webb and Bill Allen of Marcus & Millichap.

November 4, 2014

Midwest Mixed-Use Ohio Retail

Edge Real Estate Group Arranges Two Retail Leases at Oakley Station in Cincinnati

by Danielle Everson November 4, 2014

CINCINNATI — Edge Real Estate Group has arranged two retail leases at Oakley Station in Cincinnati. Bar Louie has signed a lease for 6,300 square feet of space and Pet Supplies Plus has signed a lease for 9,750 square feet of space. Bar Louie will be located on Vandercar Way at Factory Colony Way, and Pet Supplies Plus will be located adjacent to Kroger Marketplace. Michael Halonen and Melissa Ruther of Edge represented the landlord, USS Realty, in both lease transactions. Oakley Station is a 74-acre, mixed-use development. Cincinnati Milacron, a manufacturing complex, formerly occupied the center.

November 4, 2014

North Carolina Retail Southeast

Ziff Properties Sells North Carolina Shopping Center for $14.5M

by John Nelson November 4, 2014

SOUTHERN SHORES, N.C. — Ziff Properties Inc. has sold The Marketplace at Southern Shores, a 128,376-square-foot, Food Lion-anchored shopping center in Southern Shores. Aston Properties purchased the asset from Ziff Properties for $14.5 million. Berkeley Capital Advisors represented Ziff Properties in the transaction.

November 4, 2014

Mississippi Retail Southeast

UCR Investments Buys Shopping Center in Mississippi

by John Nelson November 4, 2014

VICKSBURG, MISS. — UCR Investments has purchased Pemberton Plaza, a 27,000-square-foot shopping center in Vicksburg, roughly 45 miles west of Jackson. Pemberton Plaza’s tenant roster includes T.J. Maxx, Newks Eatery, Bestway Rent to Own and Anytime Fitness. The shopping center was 94 percent leased at the time of sale. UCR Investments purchased the asset from CBL & Associates Properties Inc. for an undisclosed amount. Micah McCullough and Brett Bailey of Jackson-based UCR Properties, an affiliate of UCR Investments, represented the buyer in the transaction. Jim Morris of CBRE’s Nashville office represented the seller.

November 4, 2014

California Retail Western Western Market Reports

OC Digging Out Of Doldrums With Major New Retail, Mixed-Use Developments

by Nellie Day November 4, 2014

With the scarcity of vacant land in Orange County and the need for antiquated properties to be updated, the trend seems to be redevelopment with an eye on mixed-use retail, including a multi-story residential component. There are currently several new development projects either in the planning or construction phase. Los Olivos Marketplace – Irvine The Irvine Company plans to build Los Olivos Marketplace, a new 120,000-square-foot retail center across from its Los Olivos Apartment Community on Irvine Center Drive near the 405 Freeway in Irvine. This development would be situated adjacent to its existing 62,000-square-foot retail center, and just minutes from the firm’s Irvine Spectrum Cente. Whole Foods Market has already signed a lease for 40,000 square feet at the center. It plans to open in spring 2016. The Source – Buena Park On a more international scale, M+D Properties is building a 400,000-square-foot, mixed-use center known as The Source in Buena Park. It would include world-class, high-end retailers and restaurants, a 150-room Hyatt Place, a seven-story office building, a 1,200-seat movie theater, and a 54,000-square-foot performing arts center called YG Land, from South Korea-based entertainment company YG Entertainment. The project is expected to be complete early next year. Pacific …

November 4, 2014

Newer Posts

Older Posts