Retail

Mid-America Brokers $1.7M Sale of Underwood Crossings in Milwaukee MSA

by Danielle Everson January 7, 2015

BROOKFIELD, WIS. — Mid-America Real Estate Corp.’s Investment Sales team has brokered the $1.7 million sale of a 4,991-square-foot, multitenant retail building in Brookfield. A private investor purchased the property located within Underwood Crossings, a 175,000-square-foot retail center. The development is located at the southeast corner of Bluemound Road and Columbia Drive approximately 12 miles west of downtown Milwaukee. The subject building features a Starbucks, Great Clips and T-Mobile. Target, Trader Joe’s and PNC Bank shadow anchor the property. Carly Gallagher of Mid-America and Dan Cohen of Mid-America Real Estate – Wisconsin LLC brokered the transaction on behalf of Minneapolis-based Ryan Cos. US Inc.

January 7, 2015

New York Northeast Office Retail

Savanna, Hornig Capital Partners Acquire Former Schlitz Brewery in Bushwick

by Amy Works January 7, 2015

NEW YORK CITY — New York City-based Savanna has partnered with Hornig Capital Partners and Chelsea Village Associates to acquire 95 Evergreen Ave. in the Bushwick neighborhood of Brooklyn for an undisclosed price. The five-story, 165,000-square-foot industrial building is located on the southeastern corner of Evergreen Avenue and George Street. Originally built as the Schlitz Brewery, the property features 15,500- to 36,600-square-foot floor plates, 15- to 30-foot ceiling heights and large windows with direct views of Manhattan and the surrounding boroughs. The joint venture plans to launch a $20 million building-wide capital improvement program in the first quarter of 2015 to convert the property into an office and retail location. Renovations include upgrading the property’s façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers and HVAC systems. The new space will cater to creative, media and technology tenants. Joe Berko and Lee Slipe of Berko & Associates represented the undisclosed seller in the transaction.

January 7, 2015

California Retail Western

Hollywood Park Land Co. to Build Sports, Entertainment Complex in LA

by Nellie Day January 7, 2015

LOS ANGELES — Hollywood Park Land Company has announced plans to develop a new sports and entertainment district in the Los Angeles submarket of Inglewood. The development is named the “City of Champions Revitalization Project.” The new development “builds on the momentum of the original 238-acre, mixed-use project currently under construction at Hollywood Park after years of community engagement and the approval of entitlements by the Inglewood City Council in 2009,” according to a statement from the land company. Hollywood Park Land Co. is a joint venture between Stockbridge Capital Group and the Kroenke Group (TKG). Stockbridge purchased the original 238-acre Hollywood Park site in 2005. The Kroenke Group purchased an adjacent 60-acre parcel in 2013. The two then joined forces through the Hollywood Park Land Co. venture in 2014 to develop the project. The 298-acre project will include a stadium of up to 80,000 seats and a performance venue of up to 6,000 seats. It will also reconfigure the previously approved Hollywood Park plan that called for up to 890,000 square feet of retail, 780,000 square feet of office space, 2,500 new residential units, a 300-room hotel, and 25 acres of public parks, playgrounds, open space, and pedestrian and …

January 7, 2015

Michigan Midwest Restaurant Retail

Plum Market to Open Second Location in Ann Arbor, Mich.

by Danielle Everson January 6, 2015

ANN ARBOR, MICH. — Colliers International Ann Arbor has arranged the sale of a 19,020-square-foot retail building located at 3601 Plymouth Road in Ann Arbor. Green Road Retail LLC purchased the property for an undisclosed sales price. The building will be redeveloped and house Plum Market’s second Ann Arbor location. Plans include the addition of an outdoor café and a Zingerman’s coffee bar. The proposed 25,484-square-foot store is expected to bring 125 jobs to the Ann Arbor market. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented the seller, Cleary College, in the transaction.

January 6, 2015

Indiana Midwest Retail

Quantum Brokers Sale of 15,930 SF Shopping Center in Portage, Ind.

by Danielle Everson January 6, 2015

PORTAGE, IND. — Quantum Real Estate Advisors Inc. has brokered the $3.2 million sale of a 15,930-square-foot shopping center in Portage. Grand Pointe Plaza is located at 6532-6546 U.S. Highway 6. Some tenants at the property include Dunkin’ Donuts, Firehouse Subs and Boost Mobile. The shopping center was fully occupied at the time of sale. A Chicago-based private real estate investor purchased the property from a local development group. Chad Firsel and Conor Bossy of Quantum Real Estate Advisors Inc. represented the seller in this transaction.

January 6, 2015

Louisiana Retail Southeast

CBL & Associates, Stirling Properties to Break Ground on Louisiana Shopping Center

by John Nelson January 6, 2015

LAFAYETTE, LA. — CBL & Associates Properties Inc. and Stirling Properties have formed a joint venture to develop Ambassador Town Center in Lafayette. The 58-acre site at Caffery Parkway and Kaliste Saloom Road will house the 425,000-square-foot shopping center. The property’s tenant roster will include Costco, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes, Chuy’s, Panera Bread and Freddy’s Frozen Custard & Steakburgers. Construction is set to begin this month and the property is slated to open in March 2016. Ambassador Town Center is expected to create 2,200 construction jobs and 1,000 permanent jobs.

January 6, 2015

Arizona Retail Western

Sahuarita Plaza Shopping Center Near Tucson Sells for $12.2M

by Nellie Day January 6, 2015

TUCSON, ARIZ. – Sahuarita Plaza Shopping Center, a 160,000-square-foot retail power center near Tucson, has sold to Colt Valley Development Company for $12.2 million. The center is located at the interchange of I-19 and Duval Mine Road in Sahuarita. It’s anchored by Ross, Big Lots, PETCO, Jo-Ann Fabric and Crafts and Ace Hardware. The seller was Canada Life Real Estate LLC. The transaction was executed by Greg Furrier of Cushman & Wakefield | PICOR and Greg Valladao of Cushman & Wakefield.

January 6, 2015

Colorado Retail Western

MonkeySports Opens First Superstore in Colorado

by Nellie Day January 6, 2015

DENVER – MonkeySports has opened its first superstore in Colorado. The 15,125-square-foot outpost is located at 6578 S. Yosemite Circle in Greenwood Village, just east of Littleton. MonkeySports is the nation’s largest retailer of hockey and lacrosse equipment. It also operates locations in California, Massachusetts, New Hampshire, New Jersey and Sweden. MonkeySports was represented by Frank Griffin of Newmark Grubb Knight Frank. The landlord was not named.

January 6, 2015

Colorado Retail Western

Aurora Strip Center Sells for $1.8M

by Nellie Day January 6, 2015

AURORA, COLO. – A 34,589-square-foot retail strip center in Aurora has sold to M&M Corporation LLC for $1.8 million. The five-building center is located at 3113-3191 Peoria Street. The property was leased to 16 retailers, many of which were long-term tenants, at the time of sale. M&M was represented by Lan Than of Landmark Real Estate Services. The seller, THS Properties LLC, was represented by Marc Lippitt, Scott Shwayder and Justin Herman of Unique Properties Inc. – TCN Worldwide.

January 6, 2015

Midwest Ohio Retail

Dunham’s Sports Signs 50,500 SF Lease at Massillon Commons in Ohio

by Danielle Everson January 5, 2015

MASSILLON, OHIO — Retail Properties of America Inc. has arranged a 50,500-square-foot retail lease in Massillon, approximately eight miles west of Canton. Dunham’s Sports will occupy the space within Massillon Commons located at SR 172. RPAI and Dunham’s Sports will renovate the space, which previously served as a grocery store. The store is expected to open this fall. The sporting goods store operates more than 200 stores in 19 states.

January 5, 2015

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