NEW YORK CITY — Ready Capital has closed a $9.5 million loan for the refinancing of a four-property, 20,000-square-foot multifamily and retail portfolio in the Central Queens submarket of New York City. Proceeds will also be used to renovate and stabilize the portfolio. The borrower and specific loan terms were not disclosed.
SOUTH MIAMI, FLA. — Midtown Opportunities, a real estate investment fund based in Miami, has purchased The Shops at Sunset Place in South Miami for $65.5 million. The open-air lifestyle property features nearly 515,000 square feet of retail and office space leased to tenants such as AMC Theatres and LA Fitness. A partnership between Federal Realty Investment Trust (NYSE: FRT), Grass River Property Co. and Comras Co. sold the mixed-used development after more than five years of ownership. Midtown Opportunities has retained Grass River to manage the asset. Federal Realty, Grass River and Comras sold Sunset Place at a significant loss, according to the Miami Herald. The newspaper reported in 2015 that the buyers purchased a majority interest of the once-popular mall from Simon Property Group for $110 million. The Shops at Sunset Place is located on nearly 10 acres at 5701 Sunset Drive. The development is situated near the South Miami Metrorail Station, South Miami Hospital and the University of Miami. No details were disclosed about Midtown Opportunities’ plans related to Sunset Place. The property was 78 percent leased at the time of sale. Other tenants include Barnes & Noble, Gametime and Splitsville, as well as the Yumbrella Food …
WASHINGTON, D.C. — Retail sales during the 2020 holiday season — the period from Nov. 1 to Dec. 31 — grew 8.3 percent year-over-year and beat expectations, according to the National Retail Federation (NRF). The association had predicted holiday shopping sales to grow between 3.6 and 5.2 percent year-over-year. “Despite unprecedented challenges, consumers and retailers demonstrated incredible resilience this holiday season,” says NRF president and CEO Matthew Shay. “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year.” In a separate report released Friday, the U.S. Commerce Department reported that retail sales in December totaled $540.9 billion, a 0.7 percent decrease from November 2020’s revised level of $544.6 billion.
TAMPA AND BRANDENTON, FLA. — Conn’s HomePlus, a furniture, mattress and home appliances retailer, will open a store in Tampa’s Horizon Park shopping center and Bradenton’s Cortez Plaza on Feb. 5. The stores will combine to span more than 87,000 square feet. Horizon Park is located at 3908 W. Hillsborough Ave., six miles northeast of downtown Tampa. Cortez Plaza is situated at 4495 14th St. W., 43 miles south of downtown Tampa. Conn’s plans to host grand opening events at each store this spring. The Woodlands, Texas-based retailer operates 149 locations in 15 states.
CHICAGO — Aries Capital has arranged a $3.4 million loan for the acquisition of an 8,700-square-foot restaurant building located at 164 E. Grand Ave. in Chicago’s Streeterville neighborhood. The Hampton Social fully occupies the property. Neil Freeman and Brandon Perdeck of Aries arranged the five-year, fixed-rate loan on behalf of the borrower, Rüger Holding, which is a Germany-based real estate owner and developer. A local bank provided the loan, which features an interest rate under 4 percent, a 60 percent loan-to-value ratio and a 25-year amortization schedule. Chicago-based Parker Restaurant Group owns and operates The Hampton Social, which will continue its 10-year lease that will end in 2027. Scott Maesel and Drew Dillon of SVN | Chicago Commercial represented the seller, R2, in the transaction. The property sold for $6.3 million.
SAN DIEGO — Petco ended its first day of trading on Nasdaq on Thursday at $29.40 per share, 63 percent higher than its initial public offering (IPO). The San Diego-based pet care retailer is trading under the stock symbol WOOF. Petco priced its IPO at $18 per share, and the stock price opened at $26 per share Thursday. Petco operates more than 1,500 stores in the United States, Puerto Rico and Mexico and sells food, toys and healthcare needs for a variety of pets. Additionally, more than 100 Petco locations offer in-store veterinary services.
VINELAND, N.J. — Marcus & Millichap has arranged the sale of Maintree Shopping Center, a 138,445-square-foot retail property located in the Southern New Jersey city of Vineland. The asset sold for $13.1 million. A 60,000-square-foot Acme grocery store anchors the property along with a Dollar Tree store. Kodi Traver, Joseph French Jr., Thomas Dalzell and Mark Taylor of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.
HAWTHORNE, N.J. — R.J. Brunelli & Co. has negotiated an 11,878-square-foot retail lease at Hawthorne Center, a 107,700-square-foot shopping center located about 25 miles northwest of New York City in Northern New Jersey. The discount retailer will occupy an endcap space now home to by sister chain Dollar Tree, which will relocate to a 12,394-square-foot endcap space on the opposite end of the center. That space previously housed Flaming Grill Buffet. The Family Dollar store is expected to open in the third quarter, and the relocated Dollar Tree store is scheduled to open in the second quarter. R.J. Brunelli also recently negotiated leases for European Wax Center and Liberty Discount Furniture & Mattress at other centers in Northern New Jersey. Danielle Brunelli represented the tenants on the Family Dollar and European Wax Center leases, while Peter Miller of R.J. Brunelli represented both the landlord and tenant on the Liberty transaction.
LANSING, MICH. — The State of Michigan has continued its ban on indoor dining, but is expected to lift the restriction beginning Feb. 1. Indoor dining will resume with “mitigation measures, capacity limits and a curfew,” according to the Michigan Department of Health and Human Services. For now, a new epidemic order issued by the department that is valid from Jan. 16-31 enables Michigan residents to participate in indoor group exercise and non-contact sports, as long as masks and social distancing guidelines are in place. College and university students may return to campus for the winter semester and restart in-person courses beginning Jan. 18. Indoor residential gatherings remain limited to 10 people and two households. As of Jan. 13, there were 525,612 confirmed cases of COVID-19 in Michigan and 13,501 deaths.
LIBERTY, MO. — Block & Co. Inc. Realtors has acquired a 2,685-square-foot property occupied by Dickey’s Barbecue Pit in Liberty within metro Kansas City. The purchase price was undisclosed. The net-leased building is located at 600 S. 291 Highway. Block & Co. will serve as property manager. David Block of Block & Co. represented the company in its purchase.