Retail

LCOR Tops Out Phase I of New Jersey Mixed-Use Project

by Amy Works October 17, 2014

MONTCLAIR, N.J. — LCOR, along with co-developer The Pinnacle Cos., has topped out Phase I of Valley & Bloom, a mixed-use project in Montclair’s central business district. Located at 638 Bloomfield Ave., Valley & Bloom will be comprised of two buildings that will include a total of 258 residential apartments, ranging from studio to two-bedroom units; 20,000 square feet of office space; 22,000 square feet of retail space; and 571 parking spaces. Phase I is on track to be completed by the end of May 2015, with the second building following shortly after. Valley & Bloom is the first phase of the Montclair Center Gateway Redevelopment Plan. The Pinnacle Cos. recently received approval for Phase II, which will include The MC Hotel, part of Marriott International’s Autograph Collection. The MC Hotel is slated to begin construction in 2015.

October 17, 2014

New Jersey Northeast Retail

The Fresh Market Opens at The Village of Livingston

by Amy Works October 17, 2014

LIVINGSTON, N.J. — The Fresh Market has opened its third location in New Jersey at The Village at Livingston in Livingston. The store has signed a long-term lease to occupy 23,000 square feet at the 93,000-square-foot shopping center, which is owned and managed by Eastman Cos. Located at 277 Eisenhower Parkway, the shopping center serves a growing residential population of more than 185,000 people within a five-mile radius. The Fresh Market was founded in 1982 and provides a product selection and expert customer service in an atmosphere that is reminiscent of European-style markets. The company currently operates 155 stores in 26 states.

October 17, 2014

Alaska Retail Western

Glenn Square in Anchorage Sells for $25.5M

by Nellie Day October 17, 2014

ANCHORAGE, AK — JL Properties has acquired Glenn Square, a 182,451-square-foot shopping center in Anchorage, for $25.5 million. The property is located at 3090 Mountain View Drive. Notable tenants at the center include Bass Pro Shops, Bed Bath & Beyond, Michael’s and PetCo. The center was built in 2006. Capital Pacific represented both the buyer and seller, Kimco, in this transaction.

October 17, 2014

Arizona Retail Western

Rosenthal & Rosenthal Acquires Whole Foods Property in Flagstaff

by Nellie Day October 17, 2014

FLAGSTAFF, ARIZ. — Rosenthal & Rosenthal has acquired a retail property in Flagstaff that is leased to Whole Foods for $11.6 million. The property is located at 320 S. Cambridge Lane within the Aspen Place at the Sawmill development. The space is situated near Northern Arizona University, at the corner of Butler Avenue and Lone Tree Road. Other notable tenants at Aspen Place at the Sawmill include REI, Chico’s, Eddie Bauer, Flagstaff Jean Company, Wildflower Bread Company and Pita Jungle. Rosenthal & Rosenthal purchased the property through its affiliate Broadway Tenth/Flagstaff LLC. The seller, Sawmill NF LLC, an affiliate of The Aspen Group, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.

October 17, 2014

California Retail Western

Sierra Commons Shopping Center in Palmdale Sells for $18.3M

by Nellie Day October 17, 2014

PALMDALE, CALIF. — An investment group led by Progression Real Estate Investments has acquired the leasehold-interest in Sierra Commons, a shopping center in Palmdale, for $18.3 million. The center is located at 39626 10th Street. The property is 90 percent occupied. Notable tenants at Sierra Commons include Ashley Furniture, Michaels, BevMo!, the Coffee Bean & Tea Leaf and Pacific Dental. The center was built in 1994 and renovated in 2005. The seller, Grae Palmdale Landlord LLC, was represented by Patrick G. Kent and William B. Asher of Hanley Investment Group.

October 17, 2014

Maryland Retail Southeast

Finmarc Management Acquires Maryland Shopping Center for $28.4M

by John Nelson October 17, 2014

CALIFORNIA, MD. — Finmarc Management has purchased Wildewood Shopping Center, a 292,000-square-foot regional shopping center located in California in St. Mary’s County, for $28.4 million. The shopping center was 95 percent leased at the time of sale to tenants such as Bed Bath & Beyond, DSW Shoe Warehouse, Outback Steakhouse, JC Penney and Belk. Sandra Hunt of Scheer Partners represented the seller, SJS Wildewood LP based in New Jersey, in the transaction.

October 17, 2014

California Loans Retail Western

Santa Rosa Plaza in Camarillo Receives $5.5M Refinance

by Nellie Day October 16, 2014

CAMARILLO, CALIF. – Santa Rosa Plaza, a 58,940-square-foot retail property in Camarillo, has received a $5.5-million refinance. The plaza is located at 5800 Santa Rosa Road. Notable tenants include CVS and Bank of America. The center was originally developed in 1980. The new permanent, non-recourse loan features a 15-year fixed-rate term with a 30-year amortization schedule. It was arranged by Ted Willis of Pacific Southwest Realty Services through a life insurance company. The funds were used to pay off a maturing CMBS loan with a higher interest rate.

October 16, 2014

Illinois Midwest Retail

Quantum Brokers $3.8M Sale of 14,806 SF Shopping Center

by Danielle Everson October 16, 2014

CHICAGO — Quantum Real Estate Advisors has brokered the $3.8 million sale of a 14,806-square-foot shopping center in Chicago. The property is located at the northeast corner of 24th and Pulaski streets. The shopping center was fully occupied at time of sale. A local development group sold the property. An individual from New York City purchased the property in a 1031-tax deferred exchange. Chad Firsel of Quantum represented the buyer and the seller.

October 16, 2014

Retail Texas

Bob Moore Construction to Build Ag-Power Retail Store in Tyler

by Haisten Willis October 16, 2014

ARLINGTON — Construction will begin in late October on a new Ag-Power retail store in Tyler. Bob Moore Construction is the general contractor and Pross Design Group is the architect. The new store will span 20,386 square feet, with eight service bays. It will be built adjacent to an old Ag-Power store. The steel building will include a brick veneer with storefront glass in the retail area. Completion is scheduled for summer 2015. Ag-Power sells agricultural and consumer equipment and has been in business since 1972.

October 16, 2014

North Carolina Retail Southeast

Lincoln Property, Lincoln Harris Arrange $31.5M Sale of Northlake Commons in Charlotte

by John Nelson October 16, 2014

CHARLOTTE, N.C. — Lincoln Property Co., along with its affiliate Lincoln Harris, has brokered the $31.5 million sale of Northlake Commons Shopping Center, a 78,839-square-foot retail property located at 9335 Center Lake Drive in Charlotte. The property was 92 percent leased at the time of sale to tenants such as Party City, Panera Bread, Chili’s, Olive Garden, On the Border, Red Robin, AT&T, Sprint, Moe’s Southwestern Grill, Shane’s Rib Shack, Men’s Wearhouse and Chick-fil-A. Chris Cotton of Lincoln Property and Chris Vasbinder and Johno Harris of Lincoln Harris represented the buyer, American Realty Capital-Retail Centers of America, in the transaction. Rob Carter of Berkeley Capital Advisors LLC represented the seller, Northlake Commons LLC, a partnership between Ferncroft Capital and Crow Holdings. Lincoln Harris will handle the leasing and management duties at Northlake Commons.

October 16, 2014

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