Retail

Franklin Street Brokers $7.5M Sale of Shopping Center in Metro Tampa

by John Nelson February 16, 2017

BRANDON, FLA. — Franklin Street has arranged the $7.5 million sale of Brandon Crossroads, a 30,182-square-foot shopping center located at 2050 Badlands Drive in Brandon, a suburb of Tampa. The center’s tenant roster includes Orangetheory Fitness, Amazing Lash, My Gym, Pinot’s Palette and Massage Envy. Joe Morrow of Franklin Street represented the seller, Kennedy Investments Inc., in the transaction. The buyer was Sauteur LLC, a private investor based in Gulfport, Fla. Ryan Derriman of Franklin Street led the leasing assignment for Brandon Crossroads on behalf of Kennedy Investments and elevated the property from 63 percent occupied to fully leased within three years.

February 16, 2017

Michigan Midwest Retail

PREIT to Replace Sears With Von Maur at Woodland Mall in Grand Rapids, Michigan

by Kristin Harlow February 16, 2017

GRAND RAPIDS, MICH. — PREIT has unveiled plans to replace the Sears set to close in Woodland Mall with a 90,000-square-foot Von Maur store. This will be the first location for Von Maur in the Grand Rapids area. The portion of the mall to be redeveloped, consisting of Von Maur and additional retail and restaurant space, will open in 2019. Sears currently occupies 313,000 square feet and will close in March. Other tenants at the mall include Apple, Lush, North Face and Pottery Barn. Woodland Mall’s proximity to the high-income communities of Ada, Cascade and East Grand Rapids drives strong retailer and shopper demand.

February 16, 2017

Midwest Minnesota Retail

KW Commercial Arranges Sale of Former K-Mart Property in Dundas, Minnesota

by Kristin Harlow February 16, 2017

DUNDAS, MINN. — KW Commercial Midwest has arranged the sale of a former Kmart property located at 404 and 420 Schilling Drive North in Dundas, about 40 miles south of Minneapolis. The sales price was not disclosed. The one-story, 94,479-square-foot retail center was constructed in 1990 and sits on approximately 12 acres with high visibility to State Highway 3. The property consists of two adjoining buildings: the former Kmart store, vacated in April 2016, and the currently leased Sears HomeStore. The buyer, CJB II Real Estate LLC, is redeveloping the property for multiple tenants. Tom Baker and William Gorton of KW Commercial Midwest brokered the sale.

February 16, 2017

Conference Coverage Features Retail Top Stories

Building Emotional Connection to Visitors Paramount to Retail Success, Say EEE Panelists

by Katie Sloan February 16, 2017

SANTA MONICA, CALIF. — The retail landscape is changing, and the tried and true formulas for retail centers and malls are no longer cutting it. The convenience of e-commerce is cutting into purchases once almost exclusively entrusted to the local mall, and consumer tastes are evolving to demand better experiences from the centers they choose to shop at with their discretionary dollars. Those were the conclusions suggested by panelists at the third annual Entertainment Experience Evolution (EEE) conference, where over 550 retail experts and top industry players joined Shopping Center Business at the Fairmont Miramar Hotel & Bungalows in Santa Monica Feb. 7-8. Panelists and attendees were there to discuss the future of retail and the brightest and best upcoming trends for success in today’s changing landscape. Overwhelmingly, the conversation focused on creating an emotional connection with visitors. When it comes to discretionary purchases, shoppers seek a space where they can create memories, not just pick up merchandise and leave. This connection is attained through thoughtful placemaking, a carefully chosen mix of unique shopping and dining, the hosting of community events and the creation of an environment through lighting, music and landscaping. Creating Memory-Making Destinations After opening remarks by Jerry …

February 16, 2017

Retail Southeast Virginia

Norfolk City Council Approves New 331,000 SF IKEA Store

by John Nelson February 15, 2017

NORFOLK, VA. — The City Council of Norfolk has unanimously approved IKEA’s plans for a new store, the Swedish retailer’s second location in Virginia. Plans call for a 331,000-square-foot store featuring 10,000 items, 50 room settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant, as well as 1,200 parking spaces. The new store will be situated on 19 acres at the northwest corner of Interstate 64 and Northampton Boulevard, about eight miles east of downtown Norfolk. Pending remaining approvals and permits, construction on the new store is slated to begin this summer with an opening set for summer 2018. The project is expected to create 500 construction jobs and 250 permanent jobs upon opening.

February 15, 2017

New York Northeast Retail

JV Acquires 117,944 SF Shopping Center in Monticello, New York, for $19.1M

by Amy Works February 15, 2017

MONTICELLO, N.Y. — A joint venture between Heidenberg Properties Group, Strategic Real Estate Partners and Norse Realty Group has acquired Thompson Square Shopping Center in Monticello. An undisclosed seller sold the 117,944-square-foot property for $19.1 million. A 54,300-square-foot ShopRite anchors the property, which was 90 percent leased at the time of sale. Tenants include Staples, AutoZone, Monticello Cinemas, Catskills Hudson Bank, Brother Bruno’s, Subway and GameStop. This is the second joint venture acquisition between the three companies.

February 15, 2017

Loans Midwest Minnesota Retail

NorthMarq Arranges $7.2M Acquisition Loan for Building Leased to Walgreens in Wayzata, Minnesota

by Kristin Harlow February 15, 2017

WAYZATA, MINN. — NorthMarq Capital has arranged a $7.2 million loan for the acquisition of a building leased to Walgreens in Wayzata, 13 miles west of Minneapolis. The 15,149-square-foot building is located at 1055 Wayzata Blvd. East. The eight-year loan includes a 25-year amortization schedule. A life insurance company provided the loan. Joe Giordani of NorthMarq arranged the loan for the undisclosed borrower.

February 15, 2017

Illinois Midwest Retail

NelsonHill Negotiates $5.8M Sale of Historic Auto Showroom in Chicago

by Kristin Harlow February 15, 2017

CHICAGO — NelsonHill has negotiated the sale of The Hudson Building, a historic auto showroom in Chicago, for $5.8 million. The three-story building, constructed in 1922 as part of Chicago’s Motor Row District, is located at 2222 S. Michigan Ave. The Hudson consists of 115,000 square feet, with the first floor serving as the original auto showroom with 19-foot clear heights. Echelon Capital purchased the building. Michael Nelson and Stevan Arandjelovic of NelsonHill represented ownership in the sale. Motor Row is listed on the National Registry of Historic Places.

February 15, 2017

Illinois Midwest Retail

Quantum Brokers $3M Sale of Shopping Center in Warrenville, Illinois

by Kristin Harlow February 15, 2017

WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of Cantera Commons in Warrenville, north of Naperville, for $3 million. The retail property is comprised of two multi-tenant buildings located at 28341-28361 Diehl Road. Potbelly Sandwich Shop occupies a 10,431-square-foot building, while Starbucks and Café Zupos occupy a 7,423-square-foot building. The building was approximately 25 percent occupied at the time of sale. The buyer was a private real estate investor based in Chicago. The seller was a special servicer on behalf of a CMBS trust. Chad Firsel of Quantum represented both the seller and purchaser in the transaction.

February 15, 2017

Mixed-Use Multifamily Retail Student Housing Texas

Balfour Beatty, Wynne/Jackson to Develop $67M Second Phase of Student Housing Property at UT Dallas

by Amy Works February 15, 2017

RICHARDSON, TEXAS — Balfour Beatty Campus Solutions, along with Dallas-based Wynne/Jackson and lead equity partner Star Alliance, has closed on the financing for the second phase of a mixed-use project for the University of Texas at Dallas in Richardson. The development team will expand on the Northside Phase 1 development by delivering 275 housing units and more than 6,600 square feet of retail space valued at $67 million as part of a public-private partnership. Situated on 12 acres, the second phase will include mid-rise apartments and townhomes totaling 900 beds, as well as shops, restaurants and entertainment venues to serve the 27,000 students, faculty, staff and young professionals of the university and greater Richardson area. Additionally, the new development will have a fitness facility, a resort-style pool, patio areas and spaces for small gatherings. Andres Construction will lead the overall design/build team, with Architecture Demarest as the lead design firm. Construction is underway, with completion slated for August 2018.

February 15, 2017

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