Retail

Retail REIT Acquisition: EDENS to Buy AmREIT in $763M Deal

by John Nelson November 3, 2014

COLUMBIA, S.C. AND HOUSTON — AmREIT Inc. (NYSE: AMRE), a retail and mixed-use REIT based in Houston, has entered into a definitive agreement with Edens Investment Trust (EDENS) under which EDENS will acquire all outstanding shares of common stock of AmREIT for $26.55 per share in an all-cash transaction valued at approximately $763 million. AmREIT’s board of directors has unanimously approved the transaction. EDENS is a national retail real estate owner and developer with a 48-year track record. The Columbia-based company owns a $4.2 billion portfolio of urban retail centers. “This opportunity is an important step in our strategic plan to complement, enhance and expand our platform and existing portfolio of leading urban retail centers,” says Terry Brown, chairman and CEO of EDENS. Completion of the transaction, which is currently expected to occur in the first quarter of 2015, is contingent upon the approval of AmREIT’s stockholders, who will vote on the transaction at a special meeting on a date to be announced. “This is an outstanding outcome for our stockholders, who will receive in cash a premium value for their shares reflecting the irreplaceable characteristics of our portfolio of properties,” says Kerr Taylor, chairman and CEO of AmREIT. Jefferies …

November 3, 2014

CBRE Arranges Sale of Retail Center in Metro Dallas

by Haisten Willis November 3, 2014

PLANO, TEXAS — CBRE Capital Markets’ has arranged the sale of Towne Square Shopping Center in Plano. Dallas-based Norman J. Hoppenstein purchased the retail center from an undisclosed seller. Towne Square is a 151,982-square-foot center that is 53 percent occupied. Tenants include Dollar General, Rent-A-Center, Inwood National Bank and Shipley Do-Nuts. The four-building asset sits at the corner of Parker Road and Alma Drive. Jennifer Pierson, Beth Pierson and Cameron Deptula of CBRE’s Dallas office represented the seller.

November 3, 2014

Retail Texas

M&M Arranges Sale of Net Leased Property in Metro Houston

by Haisten Willis November 3, 2014

CYPRESS, TEXAS — Marcus & Millichap has arranged the sale of Northlake Forest Shopping Center, a 20,340-square-foot retail property in Cypress. Watt Harrison and James H. Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Bell and Harrison also secured the buyer, a private investor. Northlake Forest Shopping Center is located at 15210 Spring Cypress Road.

November 3, 2014

Michigan Midwest Retail

Devonshire REIT Acquires Three Shopping Centers for $69.7M

by Danielle Everson November 3, 2014

KALAMAZOO AND GRAND RAPIDS, MICH. — Devonshire REIT Inc. has acquired three shopping centers at a total cost of $69.7M. The properties include Maple Hill Mall in Kalamazoo and Alpine Summit Shopping Center in Grand Rapids; and Northwest Crossings Shopping Center in Knoxville, Tenn. Maple Hill Mall is a 283,551-square-foot, open air power center. Target shadow anchors the shopping center. The property is fully occupied by several national tenants. Marshalls, HomeGoods and ABC Warehouse anchor the 136,942-square-foot Alpine Summit Shopping Center in Grand Rapids, which is 95 percent occupied. A separately owned Wal-Mart Supercenter anchors the 124,453-square-foot Northwest Crossings Shopping Center in Knoxville, which is fully occupied. The acquisition pushes Devonshire’s total assets under management to more than $370 million.

November 3, 2014

California Loans Retail Western

Pasadena Retail Property Receives $7.8M Loan

by Nellie Day November 3, 2014

PASADENA, CALIF. – A 59,268-square-foot retail property in Pasadena has received a $7.8-million loan. The center is located at 855–875 S. Arroyo Parkway. Notable tenants include Petco, BevMo and Staples. The owner is a large, nationally known owner and developer of commercial and multifamily real estate. Financing was arranged by Amos Smith and Sean Skelton of Johnson Capital’s Irvine office. The permanent, fixed-rate, non-recourse loan was provided by a national life insurance company. It features a 10-year term.

November 3, 2014

California Restaurant Retail Western

Black Angus Property in Northridge Sells for $3.9M

by Nellie Day November 3, 2014

NORTHRIDGE, CALIF. – An 8,660-square-foot restaurant in Northridge that is triple-net leased to Black Angus Steakhouse has sold to Jonker 2012 Trust for $3.9 million. The restaurant is located at 9145 Corbin Ave. Black Angus has been the building’s sole tenant since it was built in 1981. The restaurant is situated near Lowe’s, the Northridge Fashion center and the Walnut Grove Shopping Center. The seller, Lot Associates 30 LTD, was represented by Bob Safai and Matt Case of Madison Partners.

November 3, 2014

Restaurant Retail Texas

M&M Arranges Sale of Net Leased McDonald’s in Metro Dallas

by Haisten Willis October 31, 2014

ROWLETT, TEXAS — Marcus & Millichap has arranged the sale of a 4,965-square-foot McDonald’s in Rowlett. Blake Burnett of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Jason Vitorino and Jared Aubrey of the firm’s Dallas office procured the buyer, also a limited liability company. The McDonald’s is located at 8503 Lakeview Pkwy. near the Lakeview Square shopping center. Nearby tenants include Albertsons, Tom Thumb, Starbucks and Chase Bank.

October 31, 2014

Retail Texas

UCR Brokers Sale of Arlington Park Square in Metro Dallas

by Haisten Willis October 31, 2014

ARLINGTON, TEXAS — UCR Investment Sales has arranged the sale of Arlington Park Square, a 94,125-square-foot retail center located in Arlington. The property is located at the northeast corner of South Cooper Street and West Arbrook Boulevard. The Parks at Arlington Mall anchors the property. Fitness Connection is the shadow anchor. The property was 47 percent occupied at the time. Five retail pad sites, including ground leases for Jack in the Box, Rockfish Seafood Grill and Raising Cane’s, were also part of the transaction. Adam Howells, Jace Hinderland and Jessica Donnelli of UCR marketed the property on behalf of the Dallas-based seller. Bo Avery, president of TriMarsh Properties, purchased the center for an undisclosed sales price.

October 31, 2014

Loans New York Northeast Retail

NorthMarq Capital Secures $21.5M in Refinancing for Southgate Shopping Center

by Amy Works October 31, 2014

MASSAPEQUA, N.Y. — NorthMarq Capital has arranged $21.5 million in refinancing for Southgate Shopping Center in Massapequa. Located at 4900-4914 Merrick Road, the 117,960-square-foot center is occupied by King Kullen Supermarket and U.S. Post Office, among others. Charles Cotsalas and Ernest DesRochers of NorthMarq secured the loan, which features a 15-year term with 10 years interest-only payments and a 30-year amortization schedule. NorthMarq arranged the financing through its correspondent relationship with a life insurance company.

October 31, 2014

New York Northeast Retail

Sovereign Realty Group Arranges Sale of Staten Island Retail Building

by Amy Works October 31, 2014

STATEN ISLAND, N.Y. — Sovereign Realty Group has completed the sale of a freestanding bank building on Staten Island. Train City Ltd. sold the asset sold for $3.5 million or $1,105 per square foot to a private investor from New York City. Located at 386 Forest Ave., the 3,165-square-foot building is occupied by Capital One. Frank Caporrino and Clem Cote of Sovereign Realty Group brokered the transaction.

October 31, 2014

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