Retail

FC Cincinnati Opens 26,000-Seat TQL Stadium in Downtown Cincinnati

by Kristin Harlow May 5, 2021

CINCINNATI — Cincinnati’s Major League Soccer team, FC Cincinnati, has opened Total Quality Logistics (TQL) Stadium in downtown Cincinnati. Designed by global design firm Populous, the 26,000-seat venue sits on 12.4 acres at 1501 Central Parkway between the Over-the-Rhine and West End neighborhoods. The stadium features a LED video display system on its exterior. The $250 million stadium was privately funded, according to The Cincinnati Enquirer. Turner Construction served as the general contractor. The first home game is scheduled to take place Sunday, May 16. FC Cincinnati played in the second-division United Soccer League from 2016 to 2018 before joining Major League Soccer in 2019.

May 5, 2021

Acquisitions Michigan Midwest Retail

Bradley Co. Brokers Sale of 37,375 SF Retail Center Near Grand Rapids

by Kristin Harlow May 5, 2021

KENTWOOD, MICH. — Bradley Co. has brokered the sale of Ridgemoor Center in Kentwood, just south of Grand Rapids. The sales price was undisclosed. The 37,375-square-foot retail center is located at 2889 28th St. Jeff Tucker and Drew Nelson of Bradley represented the seller, GLC/Grand River Retail. The buyer, L. Walt & Associates LLC, plans to make property improvements.

May 5, 2021

Leasing Activity Michigan Midwest Retail

D’Portier Beauty Leases 1,500 SF at Shopping Center in West Bloomfield, Michigan

by Kristin Harlow May 5, 2021

WEST BLOOMFIELD, MICH. — D’Portier Beauty has leased 1,500 square feet at The Boardwalk, a shopping center located near the intersection of Orchard Lake and Maple roads in West Bloomfield, about 27 miles northwest of Detroit. The beauty retailer is taking space formerly occupied by Frenchie’s Modern Nail Care. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Beztak Properties. Garnett Davis of Re/max represented the tenant.

May 5, 2021

Acquisitions Georgia Mixed-Use Retail Southeast

Madison Capital Group Acquires Two Vacant Sears Boxes in Savannah and Boise, Plans Mixed-Use Developments

by Julia Sanders May 5, 2021

BOISE, IDAHO AND SAVANNAH, GA. — Madison Capital Group LLC has acquired two vacant Sears boxes located adjacent to active shopping malls, the Boise Town Square in Boise and the Oglethorpe Mall in Savannah. The seller and sales price were not disclosed. Madison Capital Group plans to redevelop each box into a mixed-use development that could include residential housing and retail. Madison Capital Group is based in Charlotte and focuses on investing in multifamily and self-storage properties.

May 5, 2021

Towne-Square-Retail-Center-Port-Orchard-WA

Acquisitions Retail Washington Western

Marcus & Millichap Brokers $9.4M Sale of Towne Square Retail Center in Port Orchard, Washington

by Amy Works May 5, 2021

PORT ORCHARD, WASH. — Marcus & Millichap has arranged the sale Towne Square Retail Center, a retail property located at 1700 S.E. Mile Hill Drive in Port Orchard, approximately 24 miles west of Seattle. A private investor sold the asset to an undisclosed buyer for $9.4 million. Grocery Outlet, Goodwill and Ace Hardware are anchor tenants at the 154,604-square-foot retail property, which also includes a two-story interior mall space with more than 100 tenants. The buyer plans to renovate the asset, increase occupancy levels and improve management systems. Clayton Brown and Ruthanne Romero of Marcus & Millichap represented the seller in the deal.

May 5, 2021

Acquisitions New Mexico Retail Western

Quantum Real Estate Negotiates $6.6M Sale of Multi-Tenant Shopping Center in Albuquerque

by Amy Works May 5, 2021

ALBUQUERQUE, N.M. — Quantum Real Estate Advisors has arranged the sale of The Shoppes at Alameda, a retail property located at 3410 Highway 528 in Albuquerque. A Florida-based private real estate investor acquired the asset from a California-based private real estate investment firm for $6.6 million. At the time of sale, the property was 100 percent occupied. Current tenants include Jason’s Deli, Starbucks Coffee, The Joint, Baskin Robbins, uBreakiFix, Minerva Canna and other local retailers. Chad Firsel and Jason Lenhoff of Quantum represented the seller in the transaction.

May 5, 2021

California Development Restaurant Retail Western

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

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