Retail

RJ Thieneman, Seay Properties Acquire 140,000 SF Shopping Center in Lexington

by Camren Skelton August 8, 2018

LEXINGTON, KY. — RJ Thieneman, in partnership with Seay Properties and a group of private investors, has acquired Regency Centre, a 140,000-square-foot shopping center located at 2325 Nicholasville Road in Lexington. The sales price and name of the seller were not disclosed. Regency Centre is home to tenants such as Kroger, T.J. Maxx, Five Below, Pet Supermarket, Title Boxing Club, IHOP and BB&T. The acquisition marks the third purchase in Central Kentucky for RJ Thieneman, which also owns and manages Franklin Square in Frankfort and Kroger Plaza in Winchester.

August 8, 2018

Development Florida Retail Southeast

Topgolf to Open Second Miami-Area Location on Friday

by Camren Skelton August 8, 2018

DORAL, FLA. — Golf entertainment concept Topgolf will open its second Miami-area location on Friday, Aug. 10. The three-level, 65,000-square-foot venue is located at 11850 N.W. 22nd St. in Doral, roughly 15 miles northwest of Miami. Topgolf features food and beverage options, big screen TVs, private event spaces and music in climate-controlled hitting bays. The entertainment concept has four existing locations in Florida in Jacksonville, Miami Gardens, Orlando and Tampa. The Doral location marks the brand’s 45th venue worldwide.

August 8, 2018

Acquisitions Retail Texas

SHOP Cos. Arranges Sale of 22,327 SF Retail Center in Metro Dallas

by Taylor Williams August 7, 2018

CARROLLTON, TEXAS — SHOP Cos. has arranged the sale of Hebron Crossing, a 22,327-square-foot retail center located in the northern Dallas metro of Carrollton. Shadow-anchored by Kroger, the property was 100 percent leased at the time of sale to tenants such as Chipotle Mexican Grill, Verizon Wireless and Sylvan Learning. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Cos. represented the Los Angeles-based seller in the transaction. The buyer was a private partnership also based in California.

August 7, 2018

Acquisitions Florida Retail Southeast

HFF Brokers Sale of 178,557 SF Retail Center in Florida Panhandle

by Camren Skelton August 7, 2018

PENSACOLA, FLA. — HFF has brokered the sale of Tradewinds Shopping Center, a 178,557-square-foot retail center in Pensacola. Brad Peterson and Whitaker Leonhardt of HFF arranged the transaction on behalf of the undisclosed seller. Hackney Real Estate Partners acquired the asset. Tradewinds Shopping Center was 91.8 percent leased at the time of sale to a T.J. Maxx/HomeGoods combination store, Jo-Ann Fabric & Crafts, Shoe Station, Tuesday Morning, Dollar General, Sprint, Massage Envy, GNC and Advanced Dental Care.

August 7, 2018

Company News New Hampshire Northeast Retail

Brookstone Files for Chapter 11 Bankruptcy, Will Close All Remaining U.S. Mall Stores

by David Cohen August 7, 2018

MERRIMACK, N.H. — Brookstone Co. Inc. has filed for bankruptcy and will close its remaining 101 mall locations. The Merrimack-based retailer filed for Chapter 11 protection on Thursday, Aug 2., the second time it has done so in the last five years. The company first filed for bankruptcy in 2014 and was sold to a Chinese investment group for more than $173 million. The retailer cited the “extremely challenging” retail environment at malls as a factor in its struggles. Brookstone’s 35 airport stores, along with its e-commerce and wholesale divisions, will continue to operate as the company attempts to find a buyer. Brookstone has secured a $30 million loan to finance operations during the sale. According to a bankruptcy filing, Brookstone had liabilities totaling up to $500 million and assets between $50 million and $100 million.

August 7, 2018

Loans New York Northeast Retail

Madison Capital Arranges $85M Refinancing for Retail Property in Times Square

by David Cohen August 7, 2018

NEW YORK CITY — Madison Capital has arranged $85 million in refinancing for a 7,547-square-foot retail property in Manhattan’s Times Square District. Located at 1657 Broadway, the property is currently leased to McDonald’s Corp. and Starbucks. Madison Capital represented the undisclosed landlord in arranging a 10-year, interest-only loan with Aareal Capital Corp. The Starbucks lease covers approximately 2,830 square feet while the McDonald’s lease covers about 4,717 square feet. Both tenants recently signed 10-year, corporate leases.

August 7, 2018

Loans Midwest Minnesota Retail

HFF Arranges $25.4M Acquisition Financing for Retail Portfolio in Suburban Minneapolis

by Kristin Harlow August 7, 2018

COON RAPIDS AND ARDEN HILLS, MINN. — HFF has arranged $25.4 million in acquisition financing for a two-property retail portfolio in suburban Minneapolis. The properties include Village Ten Shopping Center in Coon Rapids and Shannon Square Shoppes in Arden Hills. Cub Foods and Life Time Fitness anchor the 208,127-square-foot Village Ten Shopping Center. Cub Foods also anchors the 97,638-square-foot Shannon Square Shoppes. Chris Drew, Nat Scarmazzi, Jules Sherwood, Tim Joyce and Matthew McCormack of HFF arranged two separate loans for the acquisition. Morgan Stanley Bank NA provided the 10-year, fixed-rate loans. The portfolio was 99 percent occupied at the time of purchase.

August 7, 2018

Loans Midwest Missouri Retail

NorthMarq Arranges $3M Refinancing for Retail Building in Missouri

by Kristin Harlow August 7, 2018

HOLLAND, MO. — NorthMarq Capital has arranged a $3 million loan for the refinancing of a retail building occupied by D&W Fresh Market in Holland in southeastern Missouri. The 62,139-square-foot retail property is located at 50 Douglas Ave. Susan Branscome of NorthMarq arranged the 20-year loan, which is fully amortized. A life insurance company provided the loan.

August 7, 2018

Acquisitions Midwest Net Lease Ohio Retail

EXP Realty Advisors Brokers $1.4M Sale of Property Net Leased to Dollar General in Amherst, Ohio

by Kristin Harlow August 7, 2018

AMHERST, OHIO — EXP Realty Advisors has brokered the $1.3 million sale of a single-tenant property net leased to Dollar General in Amherst, about 30 miles west of Cleveland. The 9,100-square-foot building is located on a 1.4-acre lot at 1651 Cooper Foster Park Road. Andrew Greenberg of EXP Realty Advisors brokered the transaction. A southern California-based real estate investor completing a 1031 tax-deferred exchange purchased the asset at a cap rate of 6.3 percent. Dollar General has 11 years remaining on its lease.

August 7, 2018

Colorado Market Reports Retail Western Western Market Reports

Investors Continue to Pay a Premium for STNL Retail Properties in Colorado

by Taylor Williams August 7, 2018

Single-tenant, net leased (STNL) retail properties continue to be among the most highly sought-after real estate investments. This is particularly true in Colorado and California where supply and demand constraints have created sales with significant premiums. Investors are accustomed to paying low cap rates for single-tenant assets within California as these properties have historically traded for a significant premium in comparison to the rest of the nation. However, the premium associated with Colorado STNL retail properties is a fairly new phenomenon. This Colorado premium can be attributed to a considerable supply and demand imbalance. There are very few available STNL properties within Colorado, and substantial capital actively chases this product type. California-based 1031 exchange investors seeking higher yields and Colorado-based 1031 exchange investors selling multifamily properties at historic pricing (due to significant appreciation in rents and historically low cap rates) are spurring the increased demand. Colorado’s strong economy and recent population growth has also led to a lot of new development. This has impacted the quality of available properties, many of which are new construction with long-term leases. The median sold cap rate for a STNL retail property in Colorado was 6.02 percent in 2017. This represented a 38 basis …

August 7, 2018

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