Retail

Midwood Investment & Development to Open The Shops at Sportsmen’s Lodge in Studio City this Summer

by Amy Works April 30, 2021

STUDIO CITY, CALIF. — Midwood Investment & Development will open The Shops at Sportsmen’s Lodge, a 95,000-square-foot retail center in Studio City, this summer. The rolling opening will begin on June 10 with the debut of anchor tenant Erewhon, the Los Angeles-based market and café. The location will be Erewhon’s seventh store and its first in the San Fernando Valley. Other tenants slated to open this summer include Civil Coffee, Free People Movement, Madison Reed, Myodetox, Roberta’s Pizza, SALT Optics, Tocaya, Tuesday’s Sweet Shoppe, Ushi Ushi, Van Leeuwen and Vuori. More than a dozen additional tenants will be announced at a later date. Gensler and OLIN provided design and architectural services for the redevelopment the property, which replaces the former meeting and convention space. The development team worked closely with the city’s Cultural Heritage Commission to maintain the rustic spirit of the Lodge, the existing natural foliage and tree canopy.

April 30, 2021

Acquisitions California Restaurant Retail Western

Faris Lee Arranges $28.3M Break-Up Strategy of Signal Hill Gateway Retail Center Near Long Beach

by Amy Works April 30, 2021

SIGNAL HILL, CALIF. — Faris Lee Investments has completed the break-up strategy of Signal Hill Gateway, a retail property in Long Beach, to four different buyers for a total of $28.3 million. Prior to listing, the urban infill property was divided into four product categories, including big box parcels, quick-service restaurant and daily needs strip, a sit-down restaurant and a drive-thru fast-food restaurant. Scott DeYoung and Jeff Conover of Faris Lee Investments represented the seller in the deal, Signal Hill Petroleum. The company will retain ownership of a one-acre parcel within the shopping center that contains active oil wells and drill sites. An undisclosed buyer in a 1031 exchange acquired the three-tenant big box parcel, which includes Ross Dress for Less, Petco and Dollar Tree, at 99.2 percent of the listing price. Another undisclosed buyer in a 1031 exchange purchased the quick-service restaurant and daily needs parcel, which includes Starbucks Coffee, Chipotle, T-Mobile and Bank of America ATM, for 99.5 percent of the list price. The sit-down restaurant parcel features an Applebee’s Grill + Bar parcel, which is under an absolute triple-net ground lease and operated by an entity of Flynn Restaurant Group. The parcel sold for a 5.1 percent …

April 30, 2021

Indiana Loans Midwest Retail

Mag Mile Capital Arranges $5.7M Acquisition Loan for Indiana Retail Center

by Kristin Harlow April 30, 2021

MUNSTER, IND. — Mag Mile Capital has arranged a $5.7 million loan for the acquisition of an 18,440-square-foot retail center in Munster, about 30 miles southeast of Chicago. Situated at 8201-8231 Calumet Ave., the property is leased to a mix of national and local retailers, including Target, Starbucks and Panera Bread. Prabhat Jayara of Mag Mile arranged the five-year, fixed-rate loan on behalf of Translucence Management. A local bank provided the loan, which features a 75 percent loan-to-value ratio, an interest rate of 4.25 percent and a 25-year amortization schedule.

April 30, 2021

Loans Multifamily New Jersey Northeast Retail

NorthMarq Arranges $16.2M Loan for Refinancing of Two Multifamily, Retail Buildings in Princeton

by Taylor Williams April 30, 2021

PRINCETON, N.J. — NorthMarq has arranged a $16.2 million loan for the refinancing of two five-story multifamily and retail buildings in Princeton. The first property is located at 25 Spring St. and consists of 52 apartments and three retail spaces. The second property is located at 55 Witherspoon St. and comprises 24 units and two retail spaces. Principal Financial provided the funds. The borrower was a public-private partnership between Nassau HKT Associates and the Borough of Princeton.

April 30, 2021

Development Georgia Mixed-Use Retail Southeast

Topgolf to Open Fourth Georgia Venue at Fuqua Development’s Exchange at Gwinnett in Buford

by Julia Sanders April 29, 2021

BUFORD, GA. — Topgolf Entertainment Group plans to open its fourth Georgia venue in Buford tomorrow. The property will anchor Exchange at Gwinnett, a mixed-use development by locally based Fuqua Development near Mall of Georgia. The Exchange at Gwinnett has more than 465,000 square feet of retail and restaurants, office space, hotel space and residential units. Other than Topgolf, The Exchange will include retailers such as Five Guys, Starbucks Coffee, Four Fat Cows, Chipotle and Sprouts Farmers Market. Topgolf Buford will be a two-floor venue with 72 climate-controlled hitting bays. Other amenities include a chef-driven food and beverage menu that guests can order from during their stay. Topgolf offers reservations online or walk-ins. Topgolf says safety protocols have also been put in place in the new Buford location. The venue will be equipped with social distancing markers, as well as bay dividers to establish barriers between groups. Bays, golf clubs and game screens will be disinfected after each group, and common areas will be disinfected every hour by roving cleaning teams. Additionally, all workers will be required to undergo wellness screenings prior to each shift.

April 29, 2021

Development Mixed-Use Multifamily Office Retail Washington Western

PMF Investments Sells BelleVista Place Mixed-Use Development Site in Bellevue for $152.2M

by Amy Works April 29, 2021

BELLEVUE, WASH. — PMF Investments has completed the disposition of BelleVista Place, a mixed-use, master-planned development site located at 100 112th Ave. NE in Bellevue. An undisclosed buyer acquired the 4.9-acre site for $152.2 million. Designed by CollinsWoerman, the project will feature residential, office and retail space, as well as subterranean parking. According to the City of Bellevue’s first-quarter 2020 Downtown Bellevue Major Projects List, the development team is seeking approval for a two-phase project with a 17-story office tower and five-story residential building in the initial phase and a 17-story office tower and 15-story office building in the second phase. In total, the proposed project would bring approximately 138 residential units, 987,140 square feet of office space and 1,051 parking spaces. With substantial work already completed on the design and city entitlements, the Class A project is slated to begin delivery in 2024. Kevin Shannon, Ken White, Tim O’Keefe, Nick Kucha and Rob Hannan of Newmark represented the seller in the transaction.

April 29, 2021

Acquisitions California Net Lease Retail Western

Marcus & Millichap Brokers $8.9M Sale of Walgreens-Occupied Property in Reseda, California

by Amy Works April 29, 2021

RESEDA, CALIF. — Marcus & Millichap has arranged the sale of a retail building located at 18430 Sherman Way in Los Angeles. A limited liability company sold the asset for $8.9 million. The buyer was an undisclosed limited liability company. Walgreens occupies the 14,900-square-foot property under a lease agreement until 2023. The buyer plans to redevelop the property – most likely to multifamily – upon lease expiration. The property allows for the development of up to 223 residential units. Brandon Michaels of Marcus & Millichap represented the seller and buyer in the deal.

April 29, 2021

Acquisitions Iowa Midwest Retail

Marcus & Millichap Brokers $13.9M Sale of North Ridge Center in Davenport, Iowa

by Kristin Harlow April 29, 2021

DAVENPORT, IOWA — Marcus & Millichap has brokered the sale of North Ridge Center in Davenport for $13.9 million. The 119,381-square-foot shopping center is located at 4016 E. 53rd St. Tenants include Michael’s, Old Navy, Bed Bath & Beyond, Ulta, Five Below and TJ Maxx. Jeff Rowlett of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Rowlett also secured and represented the buyer, a limited liability company.

April 29, 2021

Kansas Leasing Activity Midwest Retail

Made in KC Leases 8,166 SF at Lenexa City Center in Kansas

by Kristin Harlow April 29, 2021

LENEXA, KAN. — Made in KC has leased 8,166 square feet at The District at Lenexa City Center in Kansas. Launched in 2015, Made in KC provides local Kansas City artists a platform to reach customers across the metro area. The store features work from more than 300 local artists, designers and makers, including apparel, artwork, home and goods, accessories and culinary products. The new store, located on the first floor of Penn I, will be similar to the retailer’s Kansas City location. Erin Johnston of Copaken Brooks represented the landlord on an internal basis. Chris McIntyre of Merrill Cos. represented Made in KC.

April 29, 2021

Acquisitions District of Columbia Florida Loans Retail Southeast

JLL Arranges $197M Refinancing for 10-Property Portfolio of Shopping Centers

by Julia Sanders April 28, 2021

JACKSONVILLE, FLA. — JLL Capital Markets has arranged $197 million in senior debt for the refinancing of a 10-property retail portfolio totaling over 1 million square feet located in the Washington, D.C., Baltimore, Chicago, San Diego, Los Angeles, San Francisco and Seattle metros. Tarik Bateh, Greg Brown, Bruce Ganong, Keith Largay, Chris Hew and Drew Heitstuman of JLL arranged the financing on behalf of the borrower, a co-investment partnership managed by Jacksonville-based Regency Centers Corp. Hartford Investment Management Co. (HIMCO) provided the 10 interest-only loans, all of which featured 10-year terms and fixed interest rates. The portfolio is approximately 97 percent leased overall and includes grocery and pharmacy neighborhood centers anchored by Trader Joe’s, Giant, Safeway, Ralph’s, Albertson’s, Mariano’s, Walgreens, CVS and Rite Aid.

April 28, 2021

Newer Posts

Older Posts