Retail

Colliers Negotiates Sale of 41,179 SF Retail Property in Montgomeryville, Pennsylvania

by Alex Patton May 12, 2020

MONTGOMERYVILLE, PA. — Colliers International has negotiated the $4 million sale of a 41,179-square-foot retail property in Montgomeryville, a northern suburb of Philadelphia. Located at 980 Bethlehem Pike, the building was previously occupied by craft supplies retailer A.C. Moore but was vacant at the time of sale. The property is located near the Route 202 shopping center, which includes a Target, Giant supermarket and Bed Bath & Beyond. Carl Neilson, Todd Sussman and Jon Kieserman represented the seller, a local limited liability company, in the transaction. The buyer was 978 Bethlehem Pike LLC.

May 12, 2020

Indiana Midwest Retail

Simon Releases First-Quarter Results, Reports 20.2 Percent Decrease in Net Income

by Kristin Harlow May 12, 2020

INDIANAPOLIS — In its first-quarter results, Simon Property Group (NYSE: SPG) has reported a net income of $437.6 million — compared with $548.5 million the same time period last year — resulting in a 20.2 percent decrease. As part of the Indianapolis-based mall owner’s response to COVID-19, Simon says it suspended or eliminated more than $1 billion of redevelopment and new development projects. It also significantly reduced non-essential corporate spending and property operating expenses and implemented a temporary furlough of certain employees. As of May 11, Simon has reopened 77 of its U.S. retail properties and 12 of its premium outlets in markets where local and state orders have been lifted. Roughly 50 percent of Simon’s malls and outlet centers will reopen within the next week, according to CNBC.

May 12, 2020

Acquisitions Michigan Midwest Retail

SRS Brokers $4.6M Sale of Aldi-Occupied Property in Suburban Detroit

by Kristin Harlow May 12, 2020

CLAWSON, MICH. — SRS Real Estate Partners has brokered the $4.6 million sale of an 18,549-square-foot property occupied by Aldi in Clawson, a northern suburb of Detroit. The building serves as an anchor to the larger Clawson Shopping Center, which is home to Staples, Rite Aid and Dollar Tree. Patrick Luther and Matt Mousavi of SRS represented the seller, a Texas-based real estate holding company. Frank Rogers and Michael Carter of SRS represented the buyer, a Midwest-based private investor completing a 1031 tax-deferred exchange. The sales price represents a cap rate of 5 percent.

May 12, 2020

Acquisitions Midwest Minnesota Office Retail

KW Commercial Arranges Sale of 21,178 SF Office, Retail Building in Minnesota

by Kristin Harlow May 12, 2020

ST. CLOUD, MINN. — KW Commercial has arranged the sale of Northway Court Center in St. Cloud, about 65 miles northwest of Minneapolis. Located at 1501 Northway Drive, the 21,178-square-foot building is home to a variety of retail, office and restaurant tenants. Matthew Klein and Anthony Passanante of KW represented the buyer, Northway Retail Partners LLC. The seller and sales price were not disclosed.

May 12, 2020

Alcove at Arapahoe Shopping Center Boulder Colorado

Colorado Loans Retail Western

JLL Arranges $26.7M Refinancing for Alcove on Arapahoe Shopping Center in Boulder, Colorado

by Amy Works May 12, 2020

BOULDER, COLO. — JLL Capital Markets has secured $26.7 million in refinancing for Alcove on Arapahoe, a community shopping center in Boulder. The firm placed the 10-year, fixed-rate loan with Nationwide for the borrower, an existing co-investment partnership that Regency Centers manages. Built in 1957 and renovated in 2019, Alcove on Arapahoe offers 159,050 square feet of retail space. Tenants include Safeway, HomeGoods, Verizon Wireless and Flower Child. Tarik Bateh, Kristian Lichtenfels and Jennifer Swanson of JLL Capital Markets arranged the financing for the borrower.

May 12, 2020

Acquisitions California Retail Western

SBH Real Estate Acquires Former Wells Fargo Branch Near Los Angeles for $4M

by Amy Works May 12, 2020

ALHAMBRA, CALIF. — SBH Real Estate Group has purchased a retail property located at 1300 E. Valley Blvd. in Alhambra. Wells Fargo sold the former bank branch for $4 million. Situated on a 58,000-square-foot land parcel, the 3,800-square-foot building was vacant at the time of sale. Geoff Martin of CBRE represented the buyer and seller in the deal.

May 12, 2020

Restaurant building at 1020 Garnet Ave San Diego California

Acquisitions California Restaurant Retail Western

Retail Insite Brokers $2M Sale of Five Guys-Occupied Restaurant in San Diego’s Pacific Beach

by Amy Works May 12, 2020

SAN DIEGO — Retail Insite has directed the sale of a freestanding building located at 1020 Garnet Ave. in San Diego’s Pacific Beach neighborhood. Tanye Blane sold the asset to an undisclosed buyer for $2 million. The buyer plans to reposition the 4,500-square-foot property, which Five Guys Burgers and Fries currently occupies. Brian Pyke and Allison Campbell of Retail Insite represented the seller and buyer in the transaction.

May 12, 2020

Acquisitions New Jersey Northeast Retail

LNR Partners Sells 50,000 SF Retail Center in Woodland Park, New Jersey

by Alex Patton May 11, 2020

WOODLAND PARK, N.J. — Florida-based developer LNR Partners LLC has sold Lenox Plaza, a 50,000-square-foot retail center in Woodland Park, a northwestern suburb of New York City, to an undisclosed buyer. At the time of sale, the property was 96 percent leased to tenants including Pizza Hut, Party City and Blimpie. The four-building complex was originally built in 1986, and the parking lot was recently renovated in 2018. LNR acquired the property from Azarian Group in 2007 for $20 million. Jacklene Chesler of Colliers International represented LNR Partners in the transaction. The sales price was undisclosed.

May 11, 2020

Acquisitions New Jersey Northeast Office Retail

Kislak Co. Arranges $11.6M Sale of Office, Retail Property in South Orange, New Jersey

by Alex Patton May 11, 2020

SOUTH ORARGE, N.J. — Kislak Co. Inc. has arranged the $11.6 million sale of South Orange Square, a 31,000-square-foot office and retail property located on the western outskirts of New York City. Located at 67-81 S. Orange Ave. and 3-11 Scotland Road, the property includes 21,000 square feet of ground-floor retail space, 9,000 square feet of second-story office space and 1,000 square feet of storage rooms. At the time of sale, the property was 98 percent leased to tenants including Verizon, Investors Bank and the South Orange Pharmacy. Meridian Capital Group arranged acquisition financing through Spencer Savings Bank on behalf of the undisclosed buyer. Joni Sweetwood of Kislak represented the seller, which was also undisclosed.

May 11, 2020

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $5.8M Sale of Retail Building in Madison, New Jersey

by Alex Patton May 11, 2020

MADISON, N.J. — Marcus & Millichap has brokered the $5.8 million sale of a retail building in Madison, a western suburb of New York City. Located at 307 Main St., the 10,011-square-foot building was leased to Starbucks and a dry cleaner at the time of sale. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which were undisclosed limited liability companies.

May 11, 2020

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