MELROSE PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $11 million sale of a 138,203-square-foot shopping center in Melrose Park, a western suburb of Chicago. The multi-tenant property is located at 1901-2029 N. Mannheim Road. Anchor tenants include dd’s Discounts and Planet Fitness. Chad Firsel and Jason Lenhoff of Quantum represented the seller, a local property owner from Chicago. A New York-based private real estate investor purchased the asset.
MILWAUKEE — Lou Malnati’s Pizzeria has leased 2,074 square feet at Riverpoint Village in Milwaukee. The Chicago-style pizza restaurant chain will occupy space at 8629 N. Port Washington Road. Fred Stallé of Mid-America Real Estate-Wisconsin represented the undisclosed landlord in the lease transaction.
PACIFICA, CALIF. — GRI Fairmont LLC, an affiliate of First Washington Realty Inc., has received $19.6 million in financing for the acquisition of Fairmont Shopping Center, a retail asset located in Pacifica. The property is situated on 7.5 acres at 705-799 Hickey Blvd. Greg Brown, John Marshall and Bercut Smith of JLL Capital Markets secured the 10-year, fixed-rate loan with PGIM Real Estate Finance for the borrower. Anchored by Safeway, the 102,982-square-foot property was 96 percent leased at the time of sale. Current tenants include Rite Aid, Dollar Tree, Supercuts, Banfield Pet Hospital, American Sushi House, Starbucks, Southland Nails, Ernie’s Wine & Liquor and Rockway Beach Optometry. Completed in 1966, Fairmont Shopping Center was remodeled in 2015 and 2018.
Like so many markets nationally, the Hawaii retail real estate market was firmly in a state of flux in 2019. Despite more new vacancies than new openings — and limited new development — the Hawaii market held its own amidst challenging times. Investment sales demand and fundamentals remained strong, new and prominent retailers entered the market, and existing operators continued to expand and innovate. Last year brought both closings and openings to the Hawaii retail sector. Bucking historic trends, store closures outpaced new store openings. The closings that did occur were all related to corporate downsizing decisions, versus poor store performance by the Hawaii locations. Hawaii stores consistently post strong sales performances when compared to same-store national averages. In most instances, the Hawaii locations were the last to fold, given their consistently strong sales. Sears closed its 128,000-square-foot Windward Mall in Kaneohe, Oahu, in May. Kmart closed its last Hawaii location, a 119,000-square-foot store in Lihue, Kauai, in September. There are currently five vacant Kmart buildings and one vacant Sears location throughout the state. Early 2020 will follow suit, with the anticipated February closure of all seven Pier 1 stores on the islands. Brighter news included the return of Marshalls, …
STAMFORD, CONN. — Stone Harbour Capital will redevelop One Atlantic, a 94,000-square-foot office and retail building, into a 77-unit multifamily property in Stamford, located approximately 45 miles northeast of New York City. The community will comprise 19 studios, 40 one-bedroom apartments, 18 two-bedroom apartments and ground-floor retail space. Construction is slated for completion in 2022. Marty Reasoner of ACRES Capital Corp. provided a $33 million construction loan,which carries a term of three years, for the project.
FRISCO, TEXAS — Marcus & Millichap has arranged the sale of Witt Crossing, a 6,907-square-foot retail strip center located in the northern Dallas suburb of Frisco. The asset was fully occupied at the time of sale. Bill Jordan of Marcus & Millichap represented the seller/developer in the transaction. Additional terms of sale were not disclosed.
WASHINGTON, N.J. — Italian restaurant Jenaro’s and Bison Coffee Co. have signed two retail leases totaling 6,400 square feet at Washington Square Town Center, a mixed-use development in Washington, located approximately 65 miles west of New York City. Jenaro’s will occupy 4,600 square feet and Bison Coffee Co. will occupy 1,800 square feet. Both restaurants plan to open in spring 2020. Rothman Medical Building occupies 40,000 square feet of the development, which also comprises 330 apartments, 100 townhomes, 30,000 square feet of retail space and a seniors housing community. The developer is a joint venture between Atkins Co. and Woodmont Properties.
JACKSONVILLE, FLA. — Franklin Street has brokered the $8.3 million sale of Regency Point, a 51,381-square-foot retail center located at 9430 Arlington Expressway on the east side of Jacksonville. Franklin Street’s Bryan Belk and John Tennant represented the seller, Phoenix-based Sand Capital, in the transaction. The buyer, which plans to hold the property long-term, is a Jacksonville-based private investor. Built in 1981, the Regency Point shopping center includes tenants such as Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile. Recent capital improvements to the shopping center include the façade, parking lot and property lighting. Regency Point is situated across the street from Regency Square Mall.
STERLING HEIGHTS, MICH. — Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, has acquired Lakeside Mall in Sterling Heights. The purchase price was $26.5 million, according to Crain’s Detroit Business. Out of the Box Ventures plans to incorporate new uses to the property other than retail but has not disclosed specific plans. The buyer acquired the mall after General Growth Properties Inc. defaulted on its $144 million mortgage loan. Lakeside Mall is the largest mall in the state of Michigan with more than 1.5 million square feet. It first opened in 1976. The Lord + Taylor and Sears stores have closed, but the JC Penney and Macy’s stores remain open.
HILLIARD, OHIO — Broder & Sachse Real Estate has acquired The Shoppes at Haydens Crossing in Hilliard, a suburb of Columbus. The purchase price was undisclosed. Located at 6700 Hayden Run Blvd., the 70,366-square-foot shopping center is anchored by Giant Eagle. Other tenants include Get Go Café + Market, Marco’s Pizza, Great Clips, Hayden Run Dentistry and Free to Be Me Salon. There is one retail space currently available for lease. Ben Wineman and Amy Holter of Mid-America Real Estate Corp. represented the seller, Echo Realty.
