Retail

Grandbridge Arranges $13M Refinancing of Retail Center in South Florida

by John Nelson May 11, 2016

HOLLYWOOD, FLA. — Grandbridge Real Estate Capital has arranged the $13 million refinancing of Stirling Square, a 95,000-square-foot retail center located in Hollywood. The property features 54,773 square feet of ground-level retail space, as well as office space. Stirling Square’s tenants include Walgreens and Bank of America. Philip Carroll of Grandbridge’s Miami office arranged the 10-year loan through an undisclosed bank. The loan features a 25-year amortization schedule and a fixed interest rate in the mid-3 percent range.

May 11, 2016

Retail Southeast Tennessee

The Boulder Group Brokers $6.9M Sale of Walgreens in Nashville

by John Nelson May 11, 2016

NASHVILLE, TENN. — The Boulder Group has brokered the $6.9 million sale of a single-tenant store triple net leased to Walgreens at 5555 Edmondson Pike in Nashville. The 15,680-square-foot store is located at the intersection of Old Hickory Boulevard and Edmondson Pike. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net worth individual based in Chicago, in the transaction. The buyer was a Midwest-based family office. There are 13 years remaining on the recently extended Walgreens lease, which expires in April 2029.

May 11, 2016

Retail South Carolina Southeast

Ziff Properties Sells Retail Center in South Carolina for $4.3M

by John Nelson May 11, 2016

LEXINGTON, S.C. — Ziff Properties Inc. has sold Colonnade at White Knoll, a 22,466-square-foot retail center located in Lexington. A North Carolina-based buyer purchased the property from Ziff Properties in a 1031 exchange for $4.3 million. Berkeley Capital represented Ziff Properties in the transaction.

May 11, 2016

Northeast Pennsylvania Retail

CBRE Brokers $26.5M Sale of Two-Property Shopping Center Portfolio in Pennsylvania

by Amy Works May 10, 2016

POTTSTOWN AND READING, PA. — CBRE Group Inc. has arranged the sale of North End Shopping Center in Pottstown and Madeira Plaza in Reading. Medipower Overseas Co. acquired the two-property shopping center portfolio from SIN Ventures for $26.5 million. At the time of closing, the 103,905-square-foot North End Shopping Center was 94 percent occupied by Redner’s Warehouse Market, CVS/pharmacy, Dollar General and PA Wine & Spirits. The 164,917-square-foot Madeira Plaza was fully occupied at the time of sale by Redner’s Warehouse Market, Big Lots, OfficeMax, Rite Aid and Dollar General. Brad Nathanson of CBRE represented the seller and identified the buyer in the transaction.

May 10, 2016

New Jersey Northeast Retail

Margules Properties Acquires 9,500 SF Retail Building in Jersey City for $1.5M

by Amy Works May 10, 2016

JERSEY CITY, N.J. — Margules Properties has acquired a retail building located at 2800 John F. Kennedy Blvd. in Jersey City. The 9,500-square-foot asset sold for $1.5 million. Situated in the Journal Square neighborhood, the two-story building was owned by The Empire Education Group and operated as a cosmetology school. Gardner Rivera, an independent real estate broker in New Jersey, represented the buyer and seller in the deal.

May 10, 2016

Retail Texas

Daiso Inks Inaugural Lease for 12-Store Rollout in Greater Houston

by Haisten Willis May 10, 2016

HOUSTON — Daiso California LLC has signed its first lease for retail space in the Houston area, where the company plans to open 12 stores in the next two years. Japan-based Daiso Industries Inc. designs and manufactures private-label products, offering more than 90,000 items ranging from $1.50 to $10 in its stores. Daiso has jump-started its push into Houston with a 10,998-square-foot lease in Mason Park Shopping Center at 501 S. Mason Road in Katy. Currently, five other leases are at various stages of negotiation. Heather Nguyen and John Nguyen of Houston-based NewQuest Properties are Daiso’s tenant representatives in Texas.

May 10, 2016

Restaurant Retail Texas

Malawi’s Pizza to Open First Location in Metro Houston

by Haisten Willis May 10, 2016

MISSOURI CITY, TEXAS — Malawi’s Pizza has leased 5,000 square feet of retail space at 8731 Highway 6 Center in Missouri City for its first Houston-area location. The center is located at Highway 6 and Sienna Parkway in Sienna Plantation, a master-planned development. Malawi’s Pizza plans to eventually open 22 restaurants in the greater Houston market. Doug Hermann, Edward Heap and Randy Hopper with The Weitzman Group handled negotiations as tenant representatives for the restaurant. The newly constructed center is shadow-anchored by H-E-B and serves the growing Sienna Plantation market. For each meal purchased at Malawi’s Pizza, the restaurant donates a meal to a child in Malawi, Africa.

May 10, 2016

North Carolina Restaurant Retail Southeast

JAB Beech to Buy Krispy Kreme Doughnuts for $1.35B

by John Nelson May 10, 2016

WINSTON-SALEM, N.C. — Jab Beech Inc. and Krispy Kreme Doughnuts Inc. have entered into a definitive merger agreement under which JAB Beech will acquire Krispy Kreme for $21 per share in cash, or a total equity value of approximately $1.35 billion. The agreement, which has been unanimously approved by Krispy Kreme’s board of directors, represents a premium of approximately 25 percent over the company’s closing stock price on May 6, 2016. Wells Fargo Securities LLC is serving as financial advisor to Krispy Kreme in connection with this transaction, and Simpson Thacher & Bartlett LLP and Womble Carlyle Sandridge & Rice LLP are providing legal support and advice. Barclays and BDT & Co. LLC are serving as financial advisors to JAB Beech in connection with this transaction, and Skadden, Arps, Slate, Meagher & Flom LLP is providing legal advice. At the close of the transaction, Krispy Kreme will be privately owned and will continue to be independently operated from its current headquarters in Winston-Salem. As of this writing there are over 1,100 Krispy Kreme shops in more than 26 countries around the world. Jab Beech Inc. is a subsidiary of JAB Holdings Co., which has controlling stakes in Keurig Green Mountain, …

May 10, 2016

Florida Retail Southeast

Weingarten Realty Acquires Deerfield Mall in South Florida for $92.8M

by John Nelson May 10, 2016

DEERFIELD BEACH, FLA. — Weingarten Realty Investors has acquired Deerfield Mall, a 394,248-square-foot, Publix-anchored shopping center located in the South Florida community of Deerfield Beach, for $92.8 million. Daniel Finkle, Luis Castillo, Nat Scarmazzi and Scott Wadler of HFF represented the sellers, CP Deerfield LLC and Land Trust Agreement 1001-SOD, in the transaction. Completed in 1988 and renovated in 2001, Deerfield Mall comprises one main building totaling 366,301 square feet in an “L” configuration, two multi-tenant outparcel buildings totaling 25,427 square feet and two single-tenant outparcels occupied by Citibank and Chick-fil-A. The 84 percent occupied center is home to tenants including Sports Authority, T.J. Maxx, Marshalls, Youfit Health Club, Cinépolis, Dollar Tree, Five Below, Ulta Beauty, The Avenue, Panera Bread, First Watch and Taco Bell.

May 10, 2016

Retail Southeast Tennessee

Dick’s, Ulta Beauty to Join College Square Mall in Tennessee as Part of Anchor Redevelopment

by John Nelson May 10, 2016

MORRISTOWN, TENN. — CBL & Associates Properties Inc. has announced that Dick’s Sporting Goods and Ulta Beauty will be joining College Square Mall in Morristown. The two new stores will be situated in the former J.C. Penney location. Construction on both stores is set to begin in early May with anticipated openings prior to the 2016 holiday season. Other tenants at College Square Mall include Belk, Kohl’s, American Girl, Carmike Cinemas, Longhorn Steakhouse and T.J. Maxx.

May 10, 2016

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