Retail

SunCoast Properties Sells Ground Lease of Chase Bank-Occupied Asset in Anaheim for $5.1M

by Amy Works April 2, 2020

ANAHEIM, CALIF. — SunCoast Properties has completed the disposition of the ground lease of a newly constructed, freestanding retail building located at 545 N. Euclid St. in Anaheim. A Los Angeles-based private investor acquired the asset for $5.1 million. Chase Bank occupies the 3,988-square-foot, single-tenant property with a corporate-guaranteed, triple-net, 20-year lease. SunCoast developed the property, which opened earlier this year. Pat Kent, Patrick Luther, Matthew Mousavi and Parker Walter of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Bill Asher and Jeff Lefko of Hanley Investment Group represented the buyer in the deal.

April 2, 2020

Content Partner Features Industrial Lee & Associates Northeast Feature Archive Retail Western Feature Archive

Free Returns: How Reverse Logistics Impacts Industrial Real Estate

by Sarah Daniels April 2, 2020

The industrial sector has been the preferred asset class of commercial real estate in recent years. “The rate of return for industrial real estate has been higher than that of any other class for nearly half a decade,” says Jeff Rinkov, CEO of Lee & Associates. These rates of return are the result of permanent changes in consumer behavior and preferences — and recent events are driving more rapid changes in consumers’ e-commerce shopping. Though it remains to be seen how the economic impact of the coronavirus will influence various sectors of real estate, the pandemic has meant a sudden uptick in reliance upon industrial real estate as consumers turn to online shopping in the face of in-store shortages and shelter-at-home orders or social distancing practices. As brick-and-mortar stores close temporarily, retail companies and logistics professionals grapple with the increased volume of both online orders and e-commerce returns. What do facilities for e-commerce look like as customer expectations for e-commerce grow? How do companies process returns in an efficient and cost-effective manner, a critical element of success for e-commerce companies? Consumers increasingly prefer to shop online instead of going to brick and mortar stores. E-commerce sales accounted for more than …

April 2, 2020

Hospitality Loans Midwest Ohio Retail

Preston Hollow Capital Completes $38M Bond Financing for Sports, Entertainment Complex in Ohio

by Kristin Harlow April 2, 2020

HAMILTON, OHIO — Preston Hollow Capital has completed a $38 million tax-exempt bond financing on behalf of the city of Hamilton, which is located 20 miles north of Cincinnati. The bonds will be used to support the redevelopment of the former Champion Paper Mill into a 20-acre sports and entertainment complex. The project will consist of a 650,000-square-foot sports complex and a 360,000-square-foot hotel, which will include convention, retail and commercial space in addition to the 235 hotel rooms. The Hamilton Community Authority issued the bonds, which were placed with Dallas-based Preston Hollow. Piper Sandler served as underwriter on the financing. Squire Patton Boggs LLP served as bond counsel and Bradley Payne Advisors LLC served as financial advisor.

April 2, 2020

Acquisitions Indiana Midwest Restaurant Retail

Avison Young Arranges $1.4M Sale of Steak ’N Shake-Occupied Property in Plainfield, Indiana

by Kristin Harlow April 2, 2020

PLAINFIELD, IND. — Avison Young has arranged the sale of a 3,414-square-foot property occupied by Steak ’N Shake in Plainfield for $1.4 million. Built in 1996, the restaurant is located at 6208 Cambridge Way. There are approximately five years left on the corporate-guaranteed lease. Matthew Spear and Hayden Eaves of Avison Young represented the California-based buyer, which completed a 1031 exchange. An Indiana-based private investor was the seller.

April 2, 2020

Acquisitions Connecticut Northeast Retail

Lyman Real Estate Negotiates $5.5M Sale of Retail Property in Greenwich, Connecticut

by Alex Patton April 2, 2020

GREENWICH, CONN. — Lyman Real Estate has negotiated the $5.5 million sale of a retail property in Greenwich, a western suburb of Stamford. Located at 100 East Putnam Ave., the 2,581-square-foot building has been leased to M&T Bank for the last 20 years. The buyer, AFT Management LLC, plans to redevelop the property to house a larger building. Exact construction plans were undisclosed, but the new building will include space for multiple retail tenants. M&T Bank will retain the same footprint in the new building through November 2028. Jean Pierre Gagne of Lyman Real Estate represented AFT Management in the transaction. Ron Lyman, also of Lyman, represented the seller, Fried & Taylor LLC.

April 2, 2020

Acquisitions Retail South Carolina Southeast

TSCG Negotiates $17.1M Sale of Retail Center in North Charleston

by Alex Tostado April 1, 2020

NORTH CHARLESTON, S.C. — TSCG has negotiated the $17.1 million sale of The Shoppes at Centre Pointe, a 139,688-square-foot retail center in North Charleston. Ashley Home Furniture, Dollar Tree and Staples anchor the center, which was 98 percent leased at the time of sale. Other tenants include Dunkin’, Sally Beauty, GameStop and Cici’s Pizza. The property is situated at 4950 Centre Pointe Drive, 11 miles north of downtown Charleston. Anthony Blanco and Jeff Yurfest of TSCG represented the seller, an undisclosed investor based in Atlanta, in the transaction. The buyer was an undisclosed, Georgia-based entity affiliated with Olympic Property Management.

April 1, 2020

Development Loans Retail Southeast Tennessee

Staghorn Capital Arranges $5.4M Construction Loan for Retail Development Near Nashville

by Alex Tostado April 1, 2020

GALLATIN, TENN. — Staghorn Capital Partners has arranged a $5.4 million construction loan for RREAF Holdings to develop Phase I of Shoppes at Hunter Pointe in Gallatin, about 30 miles northeast of Nashville. The property is expected to comprise 25,147 square feet and, with appropriate performance of Phase I, the loan will aid in developing Phase II. The loan features a floating interest rate with two years of interest-only payments followed by a 25-year amortization schedule. Tyler Rentfro of Staghorn Capital originated the loan through an undisclosed regional bank on behalf of the borrower. A timeline for construction was not disclosed.

April 1, 2020

California Development Loans Mixed-Use Multifamily Retail Western

Michaels Organization Receives Financing for Third Phase of Jordan Downs Redevelopment in Los Angeles

by Amy Works April 1, 2020

LOS ANGELES — The Michaels Organization has received financing for the third phase of new housing at Jordan Downs, a redevelopment project in Los Angeles’ Watts neighborhood. This is the latest milestone in a revitalization of the city’s largest public housing community. The Housing Authority of the City of Los Angeles and its private-sector partners, Michaels and BRIGE Housing, are leading the project. The $58 million, Phase 3 development will provide 92 new apartments, affordable to households earning between 30 percent and 80 percent of area median income. The new apartments will include a variety of floor plans in a mix of one-, two- and three-bedroom layouts with sustainable finishes and energy-efficient appliances. Additionally, 17 apartments will be fully accessible to residents with physical disabilities and hearing or visual impairments. Targeting LEED Gold certification, the apartment building will feature solar PV designed to offset all the common area and central hot water heating for the development. Financing for Phase 3 includes equity from Berkadia’s purchase of 9 percent Federal Low-Income Housing Tax Credits and permanent loans through Freddie Mac, the State of California’s Affordable Housing and Sustainable Communities program, and the Housing Authority of the City of Los Angeles. Additionally, …

April 1, 2020

Acquisitions California Industrial Retail Western

Colliers Brokers Sale of 6,200 SF Retail, Warehouse Building in National City, California

by Amy Works April 1, 2020

NATIONAL CITY, CALIF. — Colliers International San Diego Region has arranged the sale of a retail and warehouse property located in National City. WestPro Plumbing acquired the asset from Gary R Kitagawa Family Trust for $1.6 million, or $256 per square foot. Built in 1986, the 6,200-square-foot building is situated on a 13,500-square-foot parcel at 712 E. 18th St. The property features 15-foot roll-up doors, 14 parking spaces and a fenced loading and storage area. Chris Holder, Will Holder and Mark Lewkowitz of Colliers represented the seller, while Ron Bement of Newmark Knight Frank represented the buyer.

April 1, 2020

Acquisitions New York Northeast Office Retail

Kaufman Organization Acquires Office, Retail Asset in Manhattan’s Flatiron District for $48.5M

by Alex Patton April 1, 2020

NEW YORK CITY — The Kaufman Organization has acquired a 66,190-square-foot office and retail asset in Manhattan’s Flatiron District for $48.5 million. The 12-story building is located at 56 W. 22nd St. and includes 59,719 square feet of office space on the second through 12th floors, and 6,471 square feet of retail space on the ground floor. Maynicke & Franke constructed the building in 1907. Bob Knakal and Stephen Palmese led a JLL team that represented the seller, a private investor, in the transaction. The team also procured the buyer, the Kaufman Organization.

April 1, 2020

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