WHITE PLAINS, N.Y. — Northmarq has arranged four loans totaling $12.8 million for the refinancing of four retail properties totaling 66,691 square feet in White Plains, a northern suburb of New York City. Tenants at the properties include The Men’s Warehouse, New Balance, Sherwin-Williams, Cycle Gear, Mattress Firm, AutoZone and Gothic Cabinet Craft. Robert Ranieri of Northmarq arranged the financing through PCSB Bank on behalf of the undisclosed borrower. Each loan carried a fixed interest rate, seven-year term and a 30-year amortization schedule.
LAS VEGAS — SVN | The Equity Group has brokered the sale of Silverado Square, a retail center situated on 6.5 acres in Las Vegas. AG Property Development LLC sold the asset to an undisclosed buyer for $24.4 million. Located at 1110-1190 E. Silverado Blvd., Silverado Square features 48,492 square feet of retail space. Sprouts Farmers Market anchors the property, which was developed in 2018 and 2019. Nolan Julseth-White of SVN | The Equity Group represented the seller, while Rob Ippolito of Newmark represented the buyer in the transaction.
POOLER, GA. — Marcus & Millichap has arranged the $2.4 million sale of a Chick-fil-A ground lease located at 2100 Pooler Parkway in Pooler, about 12 miles west of Savannah’s downtown historic district. The 5,181-square-foot restaurant is currently underway on a 1.5-acre site, and Chick-fil-A has 15 years remaining on its lease. An out-of-state, privately held investor purchased the ground lease in an all-cash transaction at a 3.45 percent cap rate. The seller was not disclosed. Don McMinn and Brian Munn of Marcus & Millichap brokered the transaction. “This property was sold pre-construction eight months out from delivery,” says McMinn. “[The transaction] demonstrates the strong demand and aggressive pricing for quality net-lease assets.”
NEW YORK CITY — Los Angeles-based Thorofare Capital has provided a $16.8 million acquisition loan for a 42,500-square-foot office and retail building located at 69-30 Austin St. in Queens. Ross Cumming of Ackman-Ziff Real Estate Capital Advisors placed the financing with Thorofare Capital. The borrower, a partnership between LTNG, Crown Acquisitions and Forest Hills Real Estate Group, plans to use a portion of the proceeds to fund capital improvements.
WOODLAND HILLS, CALIF. — Keller Williams Commercial has arranged the acquisition of Mayhew Plaza Shopping Center, a grocery-anchored neighborhood shopping center located at 22631-22653 Ventura Blvd. in Woodland Hills. J Globo LLC and SHWH LLC sold the asset to GNC Properties LLC and Western Prime Holdings LLC for $24.5 million. Built in 1962 and renovated in 1999, Mayhew Plaza features 39,867 square feet of retail space. Smart & Final Extra!, a warehouse-style food and supply store, anchors the property, which was 96.2 percent occupied at the time of sale. Joe Penich of KW Commercial represented the buyer, while Thomas Kim and William Shin of GTR Consulting Group represented the seller in the deal.
NORTH LAUDERDALE, FLA. — CBRE has arranged the $31 million sale of Arena Shoppes, a 130,558-square-foot shopping center located roughly 33 miles outside Miami in North Lauderdale. Dennis Carson, Casey Rosen, David Donnellan and Patricia Friend of CBRE represented the undisclosed seller in the transaction. Paul Ahmed and Mackenzie Lampman, also with CBRE, secured $20.7 million in acquisition financing on behalf of the buyers, South Florida-based investors doing business as Arena Shoppes NL LLC and Lyons Plaza CC LLC. The 10-year, fixed-rate loan was secured through an unnamed regional bank. Located at 7296 W. McNab Road, Arena Shoppes was fully leased at the time of sale to 20 tenants, including off-price apparel, fitness, restaurant, beauty services, service and medical users.
By Nellie Day All of Los Angeles County might have been under the same restrictions throughout the pandemic, but their emergence from this period reveals a lot about the localized retail environments. “Los Angeles’ retail market has weathered COVID better than many other markets around the country,” says Matthew May, founder of May Realty Advisors in the Los Angeles submarket of Sherman Oaks, Calif. “However, the recovery has favored a diverse group of suburban markets.” Certain Suburbs Stand Out Markets like East Hollywood/Silver Lake, Inglewood/South LA and Santa Clarita boasted the highest 12-month rolling net absorptions in the county, according to CoStar — something May doesn’t believe was expected. “LA is known as a melting pot and this is reflected in the geographic and ethnic makeup of the top submarkets based on net absorption,” he says. “Vacancies in many of the suburbs were substantially less than in the Central Business Districts and tony retail areas from Beverly Hills to Abbott Kinney. These emerging markets were quite a surprise.” On the other hand, metro markets like Santa Monica, Downtown LA and Koreatown each had more than 100,000 square feet of negative absorption. Santa Monica’s Third Street Promenade has been one of …
SALEM, N.H. — Tuscan Brands has welcomed new tenants to Tuscan Village, its 170-acre flagship shopping, dining and entertainment destination located north of Boston in Salem, New Hampshire. Nike (15,000 square feet) and Chick-fil-A (5,000 square feet) both recently opened, and Mass General Brigham will open a primary and specialty care medical facility later this summer. The Container Store will launch a 15,000-square-foot store this winter. Other tenants that have committed to Tuscan Village include T-Mobile, Xfinity, Crumbl Cookies, Banfield Pet Hospital, LensCrafters and Bennett’s Sandwich Shop.
PASADENA, CALIF. — CBRE has brokered the sale of Tiffany and Shops, a 28,421-square-foot street-front retail property in Pasadena. Los Angeles-based Blatteis & Schnur and Hayward-based The Felson Cos. acquired the asset for $52.2 million, or approximately $1,838 per square foot. Jimmy Slusher, Philip Voorhees and Trent Steeves of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Los Angeles-based Rockwood Capital, in the transaction. Slusher, Voorhees and Steeves also represented the buyer. Tiffany & Co., Crate & Barrel and House of Hoops anchor the property under corporate-guaranteed leases. The asset is located at 64-68 Colorado Blvd.
TUCSON, ARIZ. — Phoenix Commercial Advisors has arranged the sale of Paloma Village Center, a retail property located within the Catalina Foothills in Tucson. The asset traded for $18.4 million, or $480 per square foot. The names of the seller and buyer were not released. Situated on the 4.5 acres on the southeast corner of Campbell Avenue and Skyline Drive, the 38,347-square-foot property was 94 percent occupied at the time of sale. Current tenants include Starbucks Coffee, CVS/pharmacy and Fleming’s Steakhouse. Chad Tiedeman and Danny Gardiner of Phoenix Commercial Advisors represented the seller in the transaction.