Retail

Foremost Companies Acquires Two Retail Centers for $23M

by Nellie Day July 1, 2015

DIAMOND BAR, CALIF. — Foremost Companies has acquired two adjacent shopping centers in Diamond Bar totaling more than 120,000 square feet of leasable commercial space for $23 million. The Ranch Center and Oak Tree Plaza cover 10.4 acres of property with a tenant roster including restaurants, medical offices, a bowling alley and retail. Foremost acquired The Ranch Center in an off-market acquisition from Preferred Bank, which foreclosed on the center in October 2014. Foremost acquired and consolidated the interest of a long-term ground-lease tenant at Oak Tree Plaza while restructuring a new lease with the anchor tenant. Preferred Bank provided acquisition financing, and Stonewood Properties will act as property manager for both centers.

July 1, 2015

California Retail Western

Buchanan Street Buys Rowland Plaza in San Francisco Bay Area for $25M

by Nellie Day July 1, 2015

NOVATO, CALIF. — Buchanan Street Partners has acquired Rowland Plaza, a 143,444-square-foot office project in Novato for $24.9 million. The two-building development is located at 75 and 88 Rowland Way. The plaza is 73 percent occupied. The tenant mix includes public accounting, technology, healthcare, professional services, and governmental and social services firms. Buchanan plans to make improvements to the plaza’s common areas and landscaping. This will include a complete lobby renovation, with redesigned landscaping to increase the curb appeal of the project. Renovations are scheduled to be complete by mid-2016. This is Buchanan Street’s second acquisition in the San Francisco Bay area this quarter. Buchanan Street represented itself in this transaction, while Grant Lammersen and George Eckard from Cushman & Wakefield represented the seller, a joint venture between Barker Pacific Group and Rockwood Capital.

July 1, 2015

California Retail Western

The Village at Westfield Topanga to Open in Los Angeles

by Nellie Day July 1, 2015

LOS ANGELES — The Village at Westfield Topanga, an over 1 million-square-foot addition to the power shopping center Westfield Topanga, is set to open mid-September in the Los Angeles neighborhood of Woodland Hills. The center will include retailers new to the Los Angeles area including Fabletics, an athletic apparel brand co-founded by actress Kate Hudson, DAVIDsTEA, Rain and ConfeXion, a champion bakery on Food Network’s television show “Cupcake Wars.” The Crate & Barrel store at The Village is already open, and will remain so throughout construction.

July 1, 2015

California Retail Western

Sears to Open Flagship Connected Solutions Location in San Bruno

by Nellie Day July 1, 2015

SAN BRUNO, CALIF. — Sears has announced the opening of a 4,000-square-foot flagship Connected Solutions location at The Shops at Tanforan in San Bruno. Designed as rooms of a home, the store will feature a living room, kitchen, nursery, workout room, garage and outdoor area where customers can experience Sears smart technology offerings first hand. Sears Connected Solutions currently has three 2,000-square-foot locations in the Chicago area, and is looking to expand to hundreds of locations nationwide.

July 1, 2015

Florida Retail Southeast

Calkain Cos. Brokers $1.9M Sale of Verizon Wireless Store in Florida

by John Nelson June 30, 2015

PALM BAY, FLA. — Calkain Cos. has brokered the sale of a freestanding Verizon Wireless store located at 1109 Malabar Road N.E. in Palm Bay. Verizon Wireless has seven years remaining on its initial lease, which is guaranteed by Cellular Sales of Knoxville. Coast Realty represented the unnamed buyer that purchased the asset in cash at a 6.67 percent cap rate.

June 30, 2015

California Retail Western

Three Restaurants to Open at Ocean Avenue South

by Nellie Day June 30, 2015

SANTA MONICA, CALIF. — Three new restaurants are scheduled to open this summer at Ocean Avenue South, a $350-million, mixed-use residential development located on Ocean Avenue in Santa Monica. Joan’s on Third will open this month; Herringbone, featuring celebrity chef Brian Malarkey, will open in July; and eLOVate, featuring celebrity chef Roberto Martin, will open in August. Zachary Card and Casey Jahn of CBRE leased the space for the owner, Related California.

June 30, 2015

New York Northeast Retail

Marcus & Millichap Brokers $15.6M Sale of Retail Property in Queens

by Amy Works June 29, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a freestanding retail property located on Guy R. Brewer Boulevard in Queens. The 10,500-square-foot asset sold for $15.6 million, or $1,494 per square foot. Built in 2010, the property is occupied by Walgreens. Steven Siegel and Michael Kook of Marcus & Millichap’s Manhattan office represented the seller and buyer in the transaction. The names of the buyer and seller were not disclosed.

June 29, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Arranges $6.6M Sale of Mixed-Use Building in Manhattan

by Amy Works June 29, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 309 Amsterdam Ave. in Manhattan’s Upper West Side. The four-story property sold for $6.6 million, or $1,630 per square foot. The 4,800-square-foot property features a 1,200-square-foot retail space and three one-bedroom apartments. The property was delivered vacant. The undisclosed buyer plans to reposition the property for rental. Paul Smadbeck and Robert Stufano of Cushman & Wakefield represented the undisclosed seller in the transaction.

June 29, 2015

Midwest Ohio Retail

Marcus & Millichap Arranges Sale of 9,014 SF Retail Property in Ohio

by Amy Works June 29, 2015

WELLINGTON, OHIO — Marcus & Millichap has brokered the sale of a retail property located ta 642 S. Main St. in Wellington. The 9,014-square-foot asset sold for $770,000. Dollar General currently occupies the property. Dan Yozwiak and John Reehil of Marcus & Millichap’s Columbus office represented the seller, a limited liability company, while Justin Fenn, also of Marcus & Millichap Columbus, represented the buyer, a limited liability company, in the transaction.

June 29, 2015

Florida Retail Southeast

Skanska to Renovate, Expand Tampa Airport for $60M

by John Nelson June 29, 2015

TAMPA, FLA. — Skanska has signed a $60 million contract to renovate and expand the Tampa International Airport (TPA) Main Terminal building in Tampa. When completed, the project will add 53,819 square feet to the terminal’s third-floor transfer level, with nearly 15,069 square feet of indoor public seating and large outdoor terraces. Skanska began construction of the expansion in December 2014. The renovation will begin in July 2015, and the total project is slated for completion in November 2017.

June 29, 2015

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