Retail

HFF Arranges $33.8M Refinancing of Virginia Shopping Center

by John Nelson July 2, 2015

MANASSAS, VA. — HFF has secured $33.8 million in refinancing for Davis Ford Crossing, a 152,391-square-foot neighborhood shopping center in Manassas. The center was 97.5 percent leased at the time of sale to tenants such as LA Fitness, Staples, Petco, CVS, Sleepy’s and GNC. Outparcel tenants include McDonald’s, United Bank, Arby’s and Exxon. Mark Remington and Robert Carey of HFF arranged the 10-year loan through Principal Real Estate Investors on behalf of the borrower, Rappaport. The loan features a fixed interest rate of 4.34 percent.

July 2, 2015

Indiana Midwest Retail

DTZ Brokers $6.5M Sale of Retail Land Lease in Indiana

by Amy Works July 1, 2015

CLARKSVILLE, IND. — DTZ has brokered the sale of a retail land lease in Clarksville, approximately five miles north of Louisville, Ky. Columbus Pacific Properties sold the property, which is located at the intersection of Green Tree Boulevard and State Road 131, for $6.5 million. The property is occupied by a 12-screen, 38,000-square-foot Great Escape Movie Theater, which was recently acquired by Regal Cinemas. Rob Taylor of DTZ represented the seller in the transaction. The name of the buyer was not disclosed.

July 1, 2015

Illinois Midwest Mixed-Use Multifamily Retail

Marcus & Millichap Arranges Sale of 9,050 SF Mixed-Use Property in Chicago

by Amy Works July 1, 2015

CHICAGO — Marcus & Millichap has arranged the sale of a mixed-use property located at 1606 N. Harding Ave. in Chicago. The 9,050-square-foot property sold for $830,000. The property consists of six two-bedroom and three one-bedroom apartment units, and two commercial spaces. Joseph Bergman and Kyle Stengle of Marcus & Millichap’s Chicago represented the seller, a private investor, in the transaction.

July 1, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Secures $65M for Planned Mixed-Use Rental Project in Brooklyn

by Amy Works July 1, 2015

NEW YORK CITY — Eastern Consolidated has secured $65 million in debt and equity for a planned mixed-use rental project at 1 Flatbush Ave. in downtown Brooklyn. Developed by Slate Property Group, the 19-story, 172,000-square-foot property will feature 156 one- and two-bedroom rental units, of which 124 will be free market and the remainder will be affordable, and 30,000 square feet of basement, ground- and second-level retail space, as well as a fitness center for residents. Adam Hakim and Sam Zabala of Eastern Consolidated’s Capital Advisory Division arranged the financing for the acquisition and pre-development phases of the project.

July 1, 2015

New Jersey Northeast Retail

35,000 SF Harbor Freight Center Sells for $5.8M in New Jersey

by Amy Works July 1, 2015

CLIFTON, N.J. — A private investor has acquired Harbor Freight Center, a retail property located in Clifton, for $5.8 million. The 35,000-square-foot property is located at 1016 Main Ave. Kevin Taub and Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, while Lombardi also represented the buyer in the transaction.

July 1, 2015

Retail Texas

M&M Arranges Sale of 13,925 SF Retail Property in Metro Houston

by Haisten Willis July 1, 2015

SUGAR LAND, TEXAS — Marcus & Millichap has arranged the sale of Creekside at Town Center, a 13,925-square-foot retail property located at the southeast corner of Highway 6 and Southwest Freeway in Sugar Land. Tenants in the property include TDECU, Verizon Wireless, Mattress Firm and an orthodontist office. The immediate area is the focal point for Fort Bend County’s retail and office developments. The asset had a list price of $7.4 million. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Goldstein also secured and represented the buyer, a partnership. Creekside at Town Center is located at 2109 Highway 6 S.

July 1, 2015

Restaurant Retail Texas

Johnny Rockets Signs Deal to Bring Restaurants to El Paso

by Haisten Willis July 1, 2015

EL PASO, TEXAS — Johnny Rockets has arranged a development agreement with Cruzar Group LLC to open Johnny Rockets restaurants in El Paso, including the brand’s new Route 66 expression. Johnny Rockets’ Route 66 drive-thru prototype will offer its all-American menu to travelers and consumers. In addition to the upcoming El Paso location, current Johnny Rockets franchise partners are under construction to open additional restaurants in San Antonio and Laredo. Franchisees are seeking new real estate to meet consumer demand, especially within the Hispanic market.

July 1, 2015

Retail Texas

Metropolitan Capital Arranges $3.8M Construction Loan for Teel Crossing in Metro Dallas

by Haisten Willis July 1, 2015

FRISCO, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the representation of investors, developers and property owners, has secured a $3.8 million construction loan for Teel Crossing, a planned retail shopping center situated on 5.8 acres on the northeast quadrant of Teel Parkway and Main Street in Frisco. Teel Crossing will consist of 20,020 square feet of in-line retail and a one-acre pad site fronting Main Street. Scott Lynn and Brandon Wilhite of MCA placed the loan with the Dallas office of BB&T.

July 1, 2015

Restaurant Retail Texas

Baker Katz Acquires 2.1-Acre Property with 13,000 SF Office Building in Houston

by Haisten Willis July 1, 2015

HOUSTON — Houston-based Baker Katz has acquired a 2.1-acre property with an existing 13,000-square-foot office building located near the cross streets of U.S. Highway 59 North and West Little York Road in Houston. Located at 10810 Eastex Freeway, the initial plans for the property include the addition of a 7,000-square-foot retail space and pad site for a restaurant. Construction on the new building is slated to begin in 2016.

July 1, 2015

Market Reports New York Northeast Northeast Market Reports Retail

New Construction and Compressed Cap Rates Demonstrate Demand for NYC Retail

by Jaime Lackey July 1, 2015

Job growth in New York City is expected to reach a new high in 2015 with the addition of 92,500 jobs. This spike in employment will bode well for retail owners. Drawn by the strong economy, several retailers are expanding in the city, including Lowe’s, which already has two locations in Brooklyn and one in Queens. In the second half of 2015, Lowe’s will open its first two stores in Manhattan. Apple plans to open shop in Brooklyn; they’ve signed a long-term lease for a 20,000-square-foot store at 247 Bedford Avenue at the corner of North Third Street in Williamsburg. As retailers ramp up their presence in the five boroughs, the vacancy rate is going to reach a new multi-year low. Vacancy for retail properties in 2015 will fall to 3.9 percent on net absorption in excess of 2.8 million square feet. Tightening vacancy will allow for operators to increase asking rents for the fourth consecutive year and will encourage builders to start new projects. Currently, builders are on track to deliver 2.5 million square feet of retail space in 2015, increasing stock by 1.2 percent. The most notable project scheduled for delivery is the Westfield World Trade Center, a …

July 1, 2015

Newer Posts

Older Posts