Retail

AloStar Provides Two Loans for Office, Retail Properties in Metro Atlanta Totaling $23.6M

by John Nelson May 12, 2016

ATLANTA — AloStar has provided two loans for an office building and shopping center in metro Atlanta totaling $23.6 million. The bank funded both loans through its commercial real estate platform, AloStar Real Estate Finance. The financing included a $19 million loan for 1100 Circle 75, a 16-story office building in Atlanta’s Cumberland/Galleria submarket, and a $4.6 million loan for Shoppes at Trickum, a 49,900-square-foot, Walmart-anchored shopping center in Woodstock that is also leased to Dollar Tree and rue21. AloStar provided the acquisition financing for Shoppes at Trickum to Shoppes at Trickum LLC, an affiliate of SunCap Real Estate Investments.

May 12, 2016

Market Reports New Jersey Northeast Northeast Market Reports Retail

How New Jersey Retail Gains After Losing A&P

by Jaime Lackey May 12, 2016

The dissolution of The Great Atlantic & Pacific Tea Company, better known as A&P, after 156 years in business was not a complete shock — they had, after all, applied for bankruptcy protection once before already this decade. However, the company and its many legacy brands occupied 296 stores in the United States and Canada at the time of liquidation, which meant a seismic shift was bound to occur in those real estate markets. In Northern and Central New Jersey, the resulting repositioning of A&P’s highly-coveted retail properties is proving to be an unexpected positive for a variety of reasons. For one, A&P occupied space in many of their shopping centers for decades, meaning they were paying less than market rent. Landlords are now able to negotiate new deals at higher rents, resulting in an important market correction. This is also an opportunity to reassess the makeup of centers and figure out not only what categories are missing but also what use groups will best drive traffic and stabilize the centers. Owners are able to repurpose the anchor spaces to accommodate smaller users. For example, on Route 35 in Middletown, the former Pathmark has been subdivided into a TJ Maxx …

May 12, 2016

California Retail Western

Eight New Retailers to Open at Perris Marketplace

by Nellie Day May 11, 2016

PERRIS, CALIF. — Eight new retailers are set to open at Perris Marketplace, a Super Walmart-anchored shopping center located in the Los Angeles suburb of Perris. New openings will include a 2,000-square-foot Chipotle Mexican Grill; a 3,000-square-foot Pacific Dental; a 2,300-square-foot Pieology; a 2,500-square-foot freestanding Popeye’s with a drive-thru; a 1,600-square-foot T-Mobile; a 1,600-square-foot Verizon; a 1,500-square-foot Waba Grill; and a 1,135-square-foot Yogurtland. Paul Galmarini of Progressive Real Estate Partners represented the developers and owners of the center, Evergreen and Trachman Indevco, in the transactions. The freestanding drive-thru pad and the two buildings that will be home to the new stores are scheduled for groundbreaking in early summer 2016, with all eight retailers projected to open in late 2016 and early 2017.

May 11, 2016

California Restaurant Retail Western

MoMo’s American Bar & Grill to Open Second Location in Metro San Francisco

by Nellie Day May 11, 2016

WALNUT CREEK, CALIF. — MoMo’s American Bar & Grill, an AT&T Park-adjacent restaurant, is opening a second location in Walnut Creek, roughly 25 miles outside of San Francisco. The bar and eatery will occupy a 6,528-square-foot retail space at 1444 N. California Blvd. Jeffrey Hook of Savills Studley represented MoMo’s, and John Sechser of Transwestern represented the landlord, Nearon Enterprises, in the transaction. The restaurant signed a 15-year lease with two extension options, and plans to open in the fourth quarter of this year. This will be the fifth restaurant owned by The Golden Bear Restaurant Group, founded in 1991 by Peter Osborne and his wife, Janet. The original MoMo’s opened in 1998 and was named in memory of Osborne’s grandmother and mentor, whom he affectionately called MoMo.

May 11, 2016

Loans New York Northeast Office Retail

Madison Realty Capital Debt Fund III Closes with $695M Committed

by Amy Works May 11, 2016

NEW YORK CITY — Madison Realty Capital has closed Madison Realty Capital Debt Fund III, the firm’s third institutional real estate debt investment vehicle. The discretionary private equity fund raised a total of $695 million in capital commitments, exceeding its original goal of $600 million. Capital was sourced from a diverse group of investors, including public pension funds, corporate pension funds, foundations and endowments, family offices and wealth managers. The fund originates commercial mortgage loans, mezzanine loans and preferred equity interests and acquires non-performing mortgages.

May 11, 2016

Northeast Pennsylvania Retail

Macy’s Opens Backstage Concept within 25,000 SF at Harrisburg Mall

by Amy Works May 11, 2016

HARRISBURG, PA. — Macy’s has opened its new Backstage concept within 25,000 square feet of space on the first level of Harrisburg Mall, located on Paxton St. in Harrisburg. The new off-price brand is designed to elevate the neighborhood off-price experience. Featuring a dedicated entrance from the outside, Macy’s Backstage will feature an array of men’s, women’s and children’s apparel, shoes, accessories, housewares and home textiles. Additionally, each Backstage store will feature a Sunglass Hut section and a branded eatery. Macy’s intends to outfit 10 stores with the Backstage configuration and construct an additional 50 stand-alone configurations of the concept for a total of 60 locations.

May 11, 2016

Retail Texas

CBL & Associates, Horizon Group to Develop The Outlet Shoppes at Laredo

by Haisten Willis May 11, 2016

LAREDO, TEXAS — CBL & Associates Properties has formed a 65/35 joint venture with Horizon Group Properties to develop The Outlet Shoppes at Laredo. Once complete, the 358,000-square-foot project will be the only outlet center within a 180-mile radius and the closest outlet center to the 4.5 million neighboring populace in Monterrey, Mexico. The project is under construction with a grand opening slated for spring 2017. CBL and Horizon are co-developing the project with Horizon responsible for leasing and management. The Outlet Shoppes at Laredo is nearly 80 percent preleased to tenants including Michael Kors, Brooks Brothers, Banana Republic, Abercrombie & Fitch, Tommy Hilfiger, Puma and Fossil. The project is located off I-35 adjacent to a new customs bridge that provides direct access to the property.

May 11, 2016

Illinois Midwest Retail

Adelphia Properties Brokers Sale of 24,050 SF Retail Property Near Chicago

by Christina Cannon May 11, 2016

NILES, ILL. — Adelphia Properties has brokered the sale of Niles Shopping Center, a 24,050-square-foot retail property in Niles, approximately 15 miles northwest of Chicago, for $1.9 million. The two-building center, located at 7519 and 7457 N. Milwaukee Ave., is anchored by AutoZone. The majority of the remaining tenants are healthcare service providers. Simeon Spirrison of Adelphia Properties represented the buyer in the transaction. Both parties in the deal were private investors.

May 11, 2016

Indiana Loans Midwest Retail

Envoy Provides Construction Financing for American Mattress Store in Indiana

by Christina Cannon May 11, 2016

GREENWOOD, IND. — Envoy Net Lease Partners LLC has provided a construction loan for the development of a single-tenant retail building net leased to American Mattress in Greenwood. The deal marks Envoy’s fifth construction loan with developer Thomas English Retail Real Estate, a real estate investment and development firm based in Indianapolis. The retail development will be located at the southeast corner of West Main Street and State Route 135 near Meijer Supercenter.

May 11, 2016

Michigan Midwest Retail

Friedman Brokers Sale of 4,320 SF Retail Property in Detroit Suburb

by Christina Cannon May 11, 2016

MOUNT CLEMENS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 4,320-square-foot retail building in Mount Clemens, approximately 30 miles northeast of Detroit. Johnny G’s Bar & Grill occupies the building located at 27 N. Walnut St. Macomb Development Group LLC sold the building to JWH Capital IX LLC, a Royal Oak-based affiliate of Hanna Development & Management Co., for an undisclosed price. The purchaser bought the Macomb Music Theatre, which is next door and shares an interior door with Johnny G’s Bar & Grill, in February. Josh Miller of Friedman represented the seller in the transaction.

May 11, 2016

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