Retail

CBRE Arranges $60.5M in Financing for Class A Shopping Center

by Haisten Willis October 20, 2014

SAN ANTONIO — CBRE has arranged $60.5 million in financing for Alamo Ranch, a 465,000-square-foot, Class A shopping center in San Antonio. CBRE worked on behalf of RioCan REIT to secure the non-recourse loan. The loan is for five years and is LIBOR based. It was secured through Capital One Bank and is fixed through a hedge at 3.45 percent. Scott Lewis, Greg Greene and Matt Ballard with CBRE’s Dallas office originated and secured financing on behalf of the borrower. Alamo Ranch is shadow-anchored by Target, Lowe’s Home Improvement and JC Penney. The property is 93 percent occupied and includes an assortment of national, regional and local tenants. The property is located 14 miles west of downtown San Antonio at the intersection of Loop 1604, State Highway 151 and Culebra Road.

October 20, 2014

Tierra Del Sol in Phoenix Sells for $4.2M

by Nellie Day October 20, 2014

PHOENIX – Tierra Del Sol, a 42,994-square foot retail property in Phoenix, has sold to Pacific Property Group for $4.2 million. The center is located at 1606 East Bell Road. It is currently 75 percent leased. Ben Tashakorian and Stuart Fagan of Marcus & Millichap’s San Diego office represented both the buyer and seller, 5121 Glendale Associates, in this transaction.

October 20, 2014

California Retail Western

Diamond Indoor Swapmeet in Los Angeles Sells for $3.6M

by Nellie Day October 20, 2014

LOS ANGELES – The 22,416-square-foot Diamond Indoor Swapmeet in Los Angeles has sold to an undisclosed non-profit organization for $3.6 million. It is located in an infill area of South Gate along Firestone Boulevard. The property contains a large building that serves as the Diamond Indoor Swapmeet, general store and banquet hall. The second building had been used for a small taco stand. The seller, Diamond 888 LLC, was represented by Steve Liu and Roger Niez of NAI Capital’s Orange County office.

October 20, 2014

Illinois Loans Midwest Retail

Envoy Provides Financing for Walgreens Store in Chicago

by Danielle Everson October 20, 2014

CHICAGO — Envoy Net Lease Partners LLC has provided a first mortgage bridge loan for a single-tenant, net-leased Walgreens drug store property in Chicago. Envoy worked with its senior bank partner to provide the subordinated “B-Piece” financing, which gave the borrower the necessary loan proceeds to close on time to qualify for the tax-free exchange treatment. The bridge loan also allows the borrower to negotiate the lease extension after closing. The transaction was the first to be completed under Envoy’s new bridge loan program. The program allows investors to secure 85 percent loan-to-purchase price financing.

October 20, 2014

Michigan Midwest Retail

Friedman Arranges Sale of 4,450 SF Retail Building in Southgate, Mich.

by Danielle Everson October 20, 2014

SOUTHGAE, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 4,450-square-foot retail building in Southgate. Girrbach-Krasun Funeral Home is located at 15748 Fort St. Fort Street Associates LLC purchased the property for an undisclosed sales price. Paul Feldman of Friedman represented the seller, Land Holding LLC, and the buyer in the transaction.

October 20, 2014

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated, Cresa New York Arrange $52.9M Sale of Mixed-Use Property

by Amy Works October 20, 2014

NEW YORK CITY — Eastern Consolidated and Cresa New York have arranged the $52.9 million sale of a residential and retail property located at 110-112 Greenwich St. in Lower Manhattan. Built in 1929 and last altered in 1998, the 66,530-square-foot property features 60 free-market apartments, corner retail space and 30,000 square feet of additional development rights. Peter Hauspurg, David Schechtman, Lipa Lieberman, Abie Kassin of Eastern Consolidated, along with Mark Jaccom and Elyse Schindler-Candella of Cresa New York, represented the buyer, Hersel Torkian of the BHT Corp., and the seller, 110 Greenwich Street Associates, in the transaction.

October 20, 2014

New Jersey Northeast Retail

Marcus & Millichap Arranges $3.7M Sale of Net-Leased Property

by Amy Works October 20, 2014

HACKENSACK, N.J. — Marcus & Millichap has arranged the sale of a net-leased retail property located on Polifly Road in Hackensack. The 10,000-square-foot asset, which is net-leased by CVS, sold for $3.7 million. Michael Lombardi and Greg Babaian of Marcus & Millichap’s New Jersey office listed the property on behalf of the seller, a private investor. Giovanni LaGalia and Scott Plasky of Marcus & Millichap’s Manhattan office secured and represented the buyer in the transaction.

October 20, 2014

New York Northeast Retail

Winick Realty Group Brokers Two Retail Leases at 22 Spring Street in Nolita

by Amy Works October 20, 2014

NEW YORK CITY — Winick Realty Group has brokered the leases of two retail storefronts at 22 Spring St., which is located between Mott and Elizabeth streets in the Nolita neighborhood of New York City. The two 700-square-foot spaces were previously ground-floor apartments and recently underwent renovations to become retail space. Paint Box, an art gallery and custom framing store, and The Clay Pot, a boutique jewelry store, have leased the storefronts. Matthew Ball of Winick Realty Group represented Paint Box, which is opening in October. Andrew Mendel and Lindsay Charles of Ripco represented The Clay Pot, which plans to open in time for the holiday season. Darrell Rubens, Lee Block and Matthew Ball of Winick Realty Group represented the landlord, Samy Manhar, in the transactions.

October 20, 2014

Market Reports Retail Southeast Market Reports

New Developments Put New Orleans Among Hottest Retail Markets in the Country

by John Nelson October 20, 2014

As New Orleans-area residents and businesses can attest, The Big Easy is currently experiencing a dynamic period of growth and development. With projects coming out of the ground, fierce competition for limited commercial space downtown and a number of new retailers entering the market, there is more reason for optimism than at any time in recent history. New Orleans is a hot market right now — hotter than at any time in the past 25 years, which is a remarkable feat given the significant momentum shifts over the years. Retail activity is especially significant, with brokers observing that the last 24 months constitute an unprecedented level of activity. What is particularly noteworthy about the strength of the market is that the growth appears to be spread across all categories — from urban core development to suburban and peripheral activity, and from ground-up projects to redevelopments. Newcomers and Returnees The list of major national retailers that have either recently opened their first store in the market, or that have just now re-established a presence in New Orleans almost 10 years after Hurricane Katrina, is eye-catching and speaks to the market momentum that has been building over the last two years. Big …

October 20, 2014

North Carolina Retail Southeast

Lincoln Property, Lincoln Harris Broker $35.3M Sale of Shopping Center in North Carolina

by John Nelson October 20, 2014

PINEVILLE, N.C. — Lincoln Property Co. and its affiliate Lincoln Harris have arranged the $35.3 million sale of The Centrum Shopping Center, a 270,747-square-foot retail center located at 10500 Centrum Parkway in Pineville. The asset is 99 percent leased to 17 tenants, including Kmart, Stein Mart and T.J. Maxx. Chris Cotten of Lincoln Property Co., along with Chris Vasbinder and Johno Harris of Lincoln Harris, represented the buyer, American Realty Capital-Retail Centers of America, in the transaction. Rob Carter of Berkeley Capital Advisors LLC represented the seller, Pineville Centrum LP, an entity comprised of DRA Advisors LLC and Kimco Realty Corp.

October 20, 2014

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