Retail

Franklin Street Secures $1.5M Refinance Loan for Cushing Plaza in Oklahoma

by Haisten Willis June 8, 2016

CUSHING, OKLA. — Franklin Street Capital Advisors (FSCA) has closed a $1.5 million refinance loan for Cushing Plaza, a 66,454-square-foot shopping center located in Cushing. Ben Miller and Casey Siggins of FSCA secured the loan on behalf of the owner, Lone Star Equities Inc. The 10-year loan includes a 4.5 percent fixed interest rate and a 20-year amortization schedule. Anchored by Cost Cutter, the 7.6-acre property is located at 2220 E. Main St. and is fully leased to tenants including Hibbett Sporting Goods, Stage Stores, Stanley’s Rent to Own and Compliance Advantage.

June 8, 2016

Retail Texas

Coldwell Banker Commercial Negotiates Pair of Retail Sales

by Haisten Willis June 8, 2016

SAN ANTONIO and MIDLAND, TEXAS — The Net Leased Investment Group for Coldwell Banker Commercial has negotiated retail sales in San Antonio and Midland. In the first transaction, the group arranged the sale of a Red Lobster in San Antonio. Parker Carroll of Coldwell Banker Commercial represented the buyer in the acquisition of the property, which was under a 25-year net lease. In the second transaction, Coldwell Banker Commercial negotiated the sale of Scotsdale Square in Midland. The three-tenant strip center is 100 percent leased. Carroll represented the seller in the transaction.

June 8, 2016

Maryland Retail Southeast

Black Oak Associates Completes $60M Redevelopment of Eldersburg Commons in Maryland

by John Nelson June 8, 2016

ELDERSBURG, MD. — Black Oak Associates has completed the $60 million redevelopment of Eldersburg Commons, a 300,000-square-foot shopping center formerly known as Carrolltown Mall. The retail development is located at 6400 Ridge Road in Eldersburg in Carrolltown County. The official grand opening and ribbon cutting ceremony is set for June 16. The project is anchored by a 190,000-square-foot Walmart Supercenter, which opened last fall. The redevelopment has attracted 17 new retailers, including AT&T, Chipotle Mexican Grill, Dental Care at Eldersburg Commons, Jimmy John’s, MOD Pizza, Noodles & Co., Olympia Sports, Petco, Sleepy’s, T.J. Maxx, Ulta Beauty and The Vitamin Shoppe. Other tenants opening later this year include Hair Cuttery, Luxury Nails & Spa, Menchie’s Frozen Yogurt and Sunny’s Fine Wines & Liquors. Eagle Realty served as Black Oak’s lending partner for the redevelopment. The project team includes leasing broker KLNB Retail, civil engineer Development Design Consultants, general contractor Glen Arm Building Co., traffic engineer The Traffic Group, traffic consultant Lenhart Traffic Consulting, architect Banta Campbell Architects and civil engineer Kimley-Horn.

June 8, 2016

Retail Southeast Virginia

Simon Breaks Ground on Norfolk Premium Outlets

by John Nelson June 8, 2016

NORFOLK, VA. — Simon Property Group has begun construction on Norfolk Premium Outlets, a 332,000-square-foot outlet mall located at I-64 and Northampton Boulevard in Norfolk. Set to open in summer 2017, the property will feature 85 designer and name-brand retailers, as well as a Market Hall with multiple dining options. Simon expects the new outlet mall to create 500 full-time construction jobs and 800 full- and part-time jobs upon completion. Norfolk Premium Outlets will serve the Norfolk, Virginia Beach, Chesapeake and Hampton Roads markets in Virginia.

June 8, 2016

Connecticut Massachusetts Northeast Retail

Phillips Edison Grocery Center REIT II Acquires Retail Properties in Massachusetts, Connecticut

by Amy Works June 8, 2016

RAYNHAM, MASS., AND MONTVILLE, CONN. — Phillips Edison Grocery Center REIT II has acquired two grocery-anchored shopping centers in Massachusetts and Connecticut. The REIT purchased Shaw’s Plaza, a 175,842-square-foot retail center in Raynham, a suburb 30 miles south of Boston. The property is occupied by national and regional tenants, including Jo-Ann Fabrics, Marshalls, CVS/pharmacy, Sovereign Bank, Dress Barn, Gamestop, Panera Bread, Bank of America, PetSmart, SuperCuts, GNC, Spring and Cardi’s Furniture. The acquisition adds the first Shaw’s grocery-anchored shopping center to the company’s portfolio. Additionally, the REIT acquired Montville Commons, a 117,916-square-foot shopping center in Montville. The property is occupied by Stop & Shop, Anytime Fitness, Subway, Sweet Frog, Sleep’s, Hair Cuttery, Gamestop, GNC, Chili’s Bar & Grill and AT&T. Terms of the sales, including the sellers’ names and acquisition prices, were not released.

June 8, 2016

Northeast Pennsylvania Retail

PH Retail Acquires Controlling Interest in Two Properties in Center City Philadelphia

by Amy Works June 8, 2016

PHILADELPHIA — PH Retail, an affiliate of Post Brothers, has acquired a controlling interest of two properties located at 1501-1505 Walnut St. and 1520-1522 Chestnut St. in Philadelphia’s Center City. The total project is valued at more than $50 million and adds 70,000 square feet of prime commercial space to PH Retail’s portfolio. Totaling 30,000 square feet of retail/restaurant space, 1501-1505 Walnut St. is occupied by AT&T Mobility’s flagship location and Club Monaco and has one 2,848-square-foot unit of space available. 1520-1522 Chestnut features 27,000 square feet of above-grade space and 13,000 square feet of below grade space. James Galbally of JLL represented the seller, PREIT, in the transaction.

June 8, 2016

Midwest Minnesota Retail

Marcus & Millichap Arranges $11.5M Sale of Walgreens in Sauk Rapids, Minnesota

by Christina Cannon June 8, 2016

SAUK RAPIDS, MINN. — Marcus & Millichap has arranged the $11.5 million sale of a 14,490-square-foot store net leased to Walgreens. The sales price equates to $795 per square foot. A private 1031 exchange investor purchased the building in Sauk Rapids, located approximately 68 miles northwest of Minneapolis, from an undisclosed seller. Brian Parmacek and Joshua Hergott of Marcus & Millichap represented the buyer in the transaction. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $5.3 million in acquisition financing.

June 8, 2016

Illinois Midwest Retail

Cooper Commercial Brokers $4.3M Sale of Retail Property in Huntley, Illinois

by Christina Cannon June 8, 2016

HUNTLEY, ILL. — The Cooper Commercial Investment Group has brokered the sale of a 14,366-square-foot retail property in Huntley, approximately 50 miles northwest of Chicago, for $4.3 million. Huntley Grove, built in 2008, is 93 percent occupied by tenants such as AT&T, The UPS Store, Sprint, Tropical Smoothie, Great Clips and ATI Physical Therapy. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investment group, in the transaction. Cooper Commercial also secured the Pennsylvania-based buyer.

June 8, 2016

Illinois Midwest Restaurant Retail

Novak Construction Completes Renovation for Panera Bread in Downers Grove, Illinois

by Christina Cannon June 8, 2016

DOWNERS GROVE, ILL. — Novak Construction has finished remodeling a 5,000-square-foot Panera Bread restaurant in Downers Grove, approximately 25 miles west of Chicago. Interior renovations included demolition, new millwork, fabric panels and wall coverings, new ceilings, light fixtures, specialty artwork installations, flooring, bathrooms and kitchen line equipment. Exterior renovations included new signage, metal canopies, ornamental and decorative façade elements and outdoor seating with an overhead trellis.

June 8, 2016

California Retail Western

CBRE Arranges $15.3M Sale of the Terrace Shopping Center in Newbury Park

by Nellie Day June 7, 2016

NEWBURY PARK, CALIF. — CBRE has arranged the $15.3 million sale of the Terrace, a two-level, 39,634-square-foot shopping center located in Newbury Park. Tenants at the fully occupied property include Orangetheory Fitness, Hot Yoga 1000, Road Runner Sports and Bottle and Pint. Philip Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, Todd Goodman, John Read and Preston Fetrow of CBRE represented the seller, a Los Angeles-based private investor, in the transaction. A Los Angeles-based private investor partnership acquired The Terrace with funds from the refinancing on a long-held multifamily property in the nearby San Fernando Valley.

June 7, 2016

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