Retail

26,115 SF SHOPPING CENTER IN SOUTH NEW JERSEY SELLS FOR $6.2M

by admin November 13, 2013

DEPTFORD, N.J. — Marcus & Millichap has arranged the $6.2 million sale of Staples Shopping Center, a 26,115-square-foot shopping center in Deptford, a city in southwest New Jersey. The sales price equates to $235.88 per square foot. Constructed in the mid-1980s, the transaction marks the first time the shopping center has traded hands. The property is located at the corner of Deptford Center and Hurffville roads. Staples anchors the shopping center, which includes tenants such as Visionworks, Peddler’s Bike Shop, and Dunkin’ Donuts. Brad Nathanson, first vice president of investments in Marcus & Millichap’s Philadelphia office, represented the seller and the buyer in the transaction.

November 13, 2013

PEET’S COFFEE & TEA TO OPEN SEVEN STORES IN DETROIT METRO AREA

by admin November 12, 2013

DETROIT — Peet’s Coffee & Tea, a specialty coffee and tea company, has announced it will open seven store locations in the Detroit metropolitan area. The announcement comes on the heels of 17 store openings in Ohio and four store openings in Pittsburgh. Through November, stores will open in Shelby Township, Rochester Hills, Commerce, Novi, Royal Oak, Grosse Pointe and Ann Arbor. Peet’s Coffee & Tea partners with local bakeries to provide fresh pastries daily. In Michigan, the company is partnering with Michigan institution Zingerman’s Bakehouse.

November 12, 2013

Northeast Retail

HFF ARRANGES $22M LOAN FOR CHESTER SPRINGS SHOPPING CENTER

by admin November 12, 2013

CHESTER, N.J. — HFF has arranged a $22 million loan on behalf of Heitman and Ramco-Gershenson Properties Trust for a 223,068-square-foot, grocery-anchored shopping center in Chester. A national bank provided the three-year loan, which includes a floating interest rate. Situated on approximately 20.4 acres, Chester Springs Shopping Center is located at the intersection of U.S. Highway 206 and Maple Avenue. The retail property is 96.6 percent leased and is anchored by ShopRite. Other tenants includes Marshalls, Staples and CVS/pharmacy. Eric Tupler and Jon Mikula, senior managing directors, and Kristian Lichtenfels and Michael Cerulo, real estate analysts, led the HFF team representing the borrower.

November 12, 2013

Retail Western

PALOMAR COMMONS IN CARLSBAD RECEIVES $25M REFINANCE

by admin November 11, 2013

CARLSBAD, CALIF. — Palomar Commons, a 184,896-square-foot retail complex in Carlsbad, has received $25 million in refinancing. The property is located at the southwest cornerofPalomar Airport Road and El Camino Real. The center’s two major tenants include Lowe’s and California Bank & Trust. The fixed-rate loan features a 10-year term with two years interest-only and a 25-year amortization schedule. It was arranged by Mike Dobbins of NorthMarq Capital’s San Diego regional office. The loan was placed wth a major life insurance company. Palomar Commons is owned by CSDI, LLC.

November 11, 2013

Retail Southeast

JAFFEE CORP. BUYS HOLLY HILL PLAZA SHOPPING CENTER

by admin November 11, 2013

HOLLY HILL, FLA. — The Jaffe Corp., a shopping center owner and developer based in Ormond Beach, Fla., has purchased Holly Hill Plaza in Holly Hill, a suburb of Daytona Beach. Holly Hill Plaza is a 116,096-square-foot shopping center anchored by a 50,068-square-foot Winn Dixie grocery store. The asset sold for approximately $8.9 million, according to The Daytona Beach News Journal. The shopping center is located at the intersection of Nova Road and LPGA Boulevard and is 93 percent leased to tenants such as Woody’s BBQ, Family Dollar and Goodwill Industries. The Jaffe Corp. purchased the shopping center from Cincinnati-based Phillips Edison & Co. CBRE represented both parties in the transaction, and The Ackman Ziff Real Estate Group LLP arranged the acquisition financing through Bancorp Bank.

November 11, 2013

Retail Southeast

BEST BUY PROPERTY IN METRO D.C. SELLS FOR $6.3M

by admin November 11, 2013

FREDERICKSBURG, VA. — The Boulder Group, a net leased investment brokerage firm based in Northbrook, Ill., has arranged the sale of a Best Buy property located at 1541 Carl D. Silver Parkway in Fredericksburg, part of the Washington, D.C. MSA. The single-tenant, 46,457-square-foot asset sold for $6.3 million. Best Buy has 3.5 years remaining on its lease agreement, which has three five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer, an investment firm based in the Southwest, and the seller, a Chicago-based private real estate firm, in the transaction.

November 11, 2013

Northeast Retail

PARTNERSHIP ACQUIRES LEASEHOLD INTEREST IN 650 FIFTH AVENUE

by admin November 11, 2013

NEW YORK CITY — SL Green Realty Corp. and partner Jeff Sutton have formed a venture that has acquired a 49-year leasehold interest for the entire retail portion of 650 Fifth Ave. in Manhattan. The investment provides the SL Green/Sutton partnership with control of the building’s basement, grade-level, second- and third-floor retail spaces that are currently occupied by Juicy Couture, Godiva Chocolate and Devon & Blakely. Former U.S. Magistrate Judge Kathleen A. Roberts was the court-appointed federal monitor and interim trustee of the landlord, 650 Fifth Avenue Co. David Green from Cushman & Wakefield acted on behalf of the property owner.

November 11, 2013

Northeast Retail

CBRE ARRANGES $2M SALE OF RETAIL PROPERTY IN PHILADELPHIA

by admin November 11, 2013

PHILADELPHIA — CBRE Group Inc. has arranged the $2 million sale of 2120 S. 23rd St. in Philadelphia. Dollar General occupies the 11,685-square-foot building under a 10-year net lease, with two five-year option periods. The building, which was constructed in 1920 and fully renovated in 2012, includes a new roof with a 20-year warranty. Elli Klapper and Charles Berge of CBRE arranged the transaction on behalf of the seller.

November 11, 2013

Retail Texas

SHOPPES AT RENAISSANCE SQUARE, $75M RETAIL DEVELOPMENT IN FORT WORTH, OPENS

by admin November 11, 2013

FORT WORTH, TEXAS — Full-service real estate firm Lockard and partner Moriah Real Estate Co. held the grand opening for The Shoppes at Renaissance Square, a $75 million retail center in southeast Fort Worth. Located along East Berry Street between Mitchell and Vaughn boulevards, the 400,000-square-foot development is anchored by Walmart and houses other tenants such as 7-11, McDonald’s, Jack in the Box, Marshalls and Shoe Carnival. Lockard maintains leasing duties for the property.

November 11, 2013

Retail Texas

NEW 40,000 SF WHOLE FOODS COMING TO HUGHES LANDING IN THE WOODLANDS

by admin November 11, 2013

THE WOODLANDS, TEXAS — Whole Foods Market plans to break ground this month on a new 40,000-square-foot location at Hughes Landing, a development of The Howard Hughes Corporation and its subsidiary, The Woodlands Development Company. Expected to open in 2015, the store will be located off Lake Front Circle near the Lake Woodlands Drive intersection and will feature adjacent surface parking. The larger Hughes Landing development includes office, hotel and multifamily uses in addition to retail. Tim Hughes of The Falcon Companies represented Whole Foods in the deal, while Howard Hughes was internally represented by Mike Zoob and Rip Reynolds.

November 11, 2013

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