Retail

Artisan Realty Advisors Acquires 40,000 SF Retail Property in Hollywood for $61M

by Amy Works June 4, 2018

HOLLYWOOD, CALIF. — Santa Monica, Calif.-based Artisan Realty Advisors has purchased Space 15 Twenty, a retail property located at 1520, 1534, 1538 and 1542 N. Cahuenga Blvd. and 1535 Ivar Ave. in Hollywood. Cahuenga Lofts and Ivar Group sold the property for $61 million. Situated on a 71,000-square-foot land parcel, the property consists of two buildings with an open space area and a surface parking lot. Urban Outfitters, Umami Burgers, Free People and Pharmacy Boardshop, a skate shop, occupy the property. The asset was built in the mid-1920s and renovated in 2007. Cory Stehr of Lee & Associates-LA North/Ventura represented the sellers in the transaction.

June 4, 2018

Acquisitions California Retail Western

Merlone Geier Partners Purchases 77,276 SF Shopping Center in California for $29.7M

by Amy Works June 4, 2018

FULLERTON, CALIF. — Merlone Geier Partners has purchased College Plaza Shopping Center from a private investor for $29.7 million. Located at 2400-2520 E. Chapman Ave. in Fullerton, the 77,276-square-foot shopping center was constructed in 1962 and renovated in 1998. Goodwill and 99 Cents Only anchored the property, which was 73 percent occupied at the time of sale. However, Goodwill vacated during the sales process. Geoff Tranchina, CJ Kodani and Scott Burns of JLL represented the seller, while Merlone Geier represented itself in the deal.

June 4, 2018

California Loans Retail Western

Newmark Secures $28M Loan for NorthPointe Shopping Center in Modesto, California

by Amy Works June 4, 2018

MODESTO, CALIF. — Newmark has placed $28 million in long-term, fixed-rate non-recourse financing for NorthPointe Shopping Center located on Pelandale Avenue in Modesto. The name of the borrower was not disclosed. Save Mart Supermarket anchors the 180,300-square-foot shopping center. Additional tenants include Cost Plus World Market, Starbucks Coffee, Jamba Juice, Verizon Wireless and H&R Block. Mitchell Zeemont of Newmark arranged the 15-year, fixed-rate term loan with a 30-year amortization schedule. One of the firm’s correspondent life insurance company lenders, Genworth Life Insurance Co., provided the capital.

June 4, 2018

Acquisitions California Retail Western

Faris Lee Negotiates $10.5M Sale of Retail Property in Palmdale, California

by Amy Works June 4, 2018

PALMDALE, CALIF. — Faris Lee Investments has arranged the sale of a newly constructed, single-tenant retail building located at 40022 10th St. West in Palmdale. Southern California-based HFC/PRP Palmdale sold the property to Valuerock Investments Partners for $10.5 million. Built in 2017, the 54,942-square-foot building is located within the Destination 0-Eight Power Center. Hobby Lobby fully occupies the building. Jeff Conover and Christopher DePierro of Faris Lee Investments represented the seller and buyer in the deal.

June 4, 2018

Indiana Leasing Activity Midwest Retail

Midland Atlantic Properties Completes Lease-up of Retail Property in Mooresville, Indiana

by Kristin Harlow June 4, 2018

MOORESVILLE, IND. — Midland Atlantic Properties has completed the lease-up of a former 55,000-square-foot grocery store in Mooresville, about 20 miles southwest of Indianapolis. The property is located at 435 Town Center Drive. Tracey Holtzman of Midland Atlantic Properties represented the landlord, Grenadier Indiana LLC, in the lease transactions. Tractor Supply Co. leased 23,556 square feet while Ollie’s Bargain Outlet leased 31,444 square feet.

June 4, 2018

Acquisitions Kansas Midwest Retail

Block & Co. Brokers $1.1M Sale of Gas Station, Convenience Store in Stilwell, Kansas

by Kristin Harlow June 4, 2018

STILWELL, KAN. — Block & Co. Inc. Realtors has brokered the $1.1 million sale of a 2,887-square-foot gas station and convenience store net leased to Shell in Stilwell, about 30 miles south of Kansas City. The property is located on a 2.4-acre lot at 7770 W. 199th St. David Block and Daniel Brocato of Block & Co. represented the seller, 8386 Blackburn Partners LLC. Arshad Mahmood purchased the asset.

June 4, 2018

Florida Market Reports Property Type Retail Southeast Southeast Market Reports

Retailers Get Creative as Miami is Hot, But Available Space is Not

by John Nelson June 4, 2018

The Miami retail market is healthy, expanding and not showing signs of a slowdown. At more than 2.8 million people with an average household income of nearly $70,000, demand for more retail continues throughout Miami-Dade County. The submarkets of Aventura, North Miami, Coconut Grove, Kendall and Pinecrest, as well as the urban core submarkets of Brickell, Midtown and Wynwood, reflect this with low vacancy rates and increasing rents. Most of the new construction projects underway or recently delivered are in the form of mixed-use projects, both within Miami’s urban core and in well-established submarkets such as Coral Gables, Doral and the Design District. The bad news? Miami is landlocked between the Atlantic Ocean and the Everglades, limiting space for traditional retail development and retailer footprints. But here’s where it gets interesting, and promising — instead of abandoning the market, developers and retailers in Miami-Dade County are simply getting creative with the limited dirt available. Building Density Because of the scarcity of land and its high price per-acre, density is the top priority, resulting in a surge of vertical, mixed-use developments with structured parking. For instance, Brickell City Centre demonstrates that if developers want critical mass, sometimes the only way to …

June 4, 2018

Development Restaurant Retail Texas

Oaxaca to Open 2.8-Acre Entertainment Venue in West Dallas

by Taylor Williams June 1, 2018

DALLAS — Real estate developer and operator Oaxaca Interests will open Nowhere, TX, a 2.8-acre entertainment venue that will be located on a former industrial site in west Dallas. The concept will feature pop-up events and biergarten-style dining with rotating menus. Hocker Design Group designed the three-building venue, which is scheduled to open this summer.

June 1, 2018

Acquisitions Retail Texas

EDGE Closes Sale of Seven Shopping Centers Totaling 137,742 SF in Houston Area

by Taylor Williams June 1, 2018

HOUSTON — EDGE Capital Markets has closed the sale of seven shopping centers totaling 137,742 square feet in the Houston area. The properties are: the 19,826-square-foot Coles Crossing III in Cypress; the 16,205-square-foot River Pointe Center in Richmond; the 21,830-square-foot River Gate Center in Richmond; the 20,085-square-foot Highway 290 & Mueschke in Cypress; the 21,975-square-foot Miramesa Retail Center in Cypress; the 18,151-square-foot Canyon Lakes Shopping Center in Humble; and the 19,670-square-foot Clay Road Crossings in Houston. Josh Jacobs and Burdette Huffman of EDGE represented the undisclosed sellers in the transactions.

June 1, 2018

Acquisitions Retail South Carolina Southeast

Ziff Properties Sells Retail Center Near Columbia for $12.6M

by Camren Skelton June 1, 2018

LEXINGTON, S.C. — Ziff Properties Inc. has sold Lexington Towne Center, a 131,809-square-foot retail center in Lexington, for $12.6 million. The property is located at 934 N. Lake Drive, roughly 15 miles west of Columbia. Berkeley Capital and The Palomar Group arranged the transaction on behalf of Ziff Properties. A New York-based private buyer acquired Lexington Towne Center, which is home to tenants such as Food Lion, Stein Mart, Tuesday Morning, Urban Nirvana, Cold Stone Creamery, Moe’s Southwest Grill and Hibbett Sporting Goods.

June 1, 2018

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