Retail

Culdesac-Tempe-AZ

PHOENIX — Wespac Construction has completed work on three mixed-use buildings at Culdesac Tempe, a car-free, mixed-use development at 2025 E. Apache Blvd. in Tempe, just east of Phoenix. Situated on 17 acres, Culdesac Tempe will feature 44 apartments and 24,000 square feet of retail space. The site underwent extensive clearing, grading and utility installation. Additionally, a 2,500-square-foot restaurant shell and tenant improvement were constructed for Cocina Chiwas, a full-service restaurant. Key features include a 6,700-square-foot fitness facility and the 4,700-square-foot Market Building that spans three levels and features 16 apartments. DAVIS and Opticos designed the project, which Culdesac owns and developed.

FacebookTwitterLinkedinEmail
1000-S-Central-Ave-Glendale-CA

GLENDALE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $11.2 million in refinancing for a single-tenant retail building, located at 1000 S. Central Ave. in the Los Angeles suburb of Glendale. Joann, a fabric and crafts retail chain that recently declared bankruptcy, occupies the property. Ron Bayls of Marcus & Millichap Capital Corp. arranged the 10-year loan, which includes a 5.97 percent interest rate with a 30-year amortization and 50 percent loan-to-value ratio.

FacebookTwitterLinkedinEmail
10520-Woher-Rd-Healdsburg-CA

HEALDSBURG, CALIF. — Gantry has arranged a $7.1 million construction-to-permanent loan for the build-to-suit development of dedicated facilities for Auteur Wines, a vintner-founded winery specializing in Pinot Noir and Chardonnay. Located at 10520 Wohler Road in the Sonoma County city of Healdsburg, the project will include a production winery, tasting room and vineyard on 8.2 acres. Jeff Wilcox and Andrew Ferguson of Gantry’s San Francisco production office represented the borrower, a private real estate investor. The 20-year, construction-to-permanent, fixed-rate loan was provided through one of Gantry’s banking relationships and features an initial interest-only period transitioning to an 18-year amortization.

FacebookTwitterLinkedinEmail

ORLANDO, FLA. — Futura and Linkvest Capital have completed the construction of Nona Cove Self Storage, a 130,000-square-foot development featuring self-storage and retail space at 14800 Narcoossee Road in the Lake Nona neighborhood of Orlando. The facility — which comprises 122,000 square feet of self-storage space and 8,000 square feet of retail space — is part of the first phase of Futura at Nona Cove, a 17-acre mixed-use project anchored by a new 260-unit apartment community. Managed by Extra Space, Nona Cove Self Storage includes 1,046-square-foot bays with a gated drive-thru and is currently 57 percent leased.

FacebookTwitterLinkedinEmail

MAULDIN, S.C. — Reedy River Retail at SVN Blackstream has arranged the acquisition of a 10.9-acre development site located at 1116 Ashmore Bridge Road in Mauldin, roughly 10 miles south of Greenville, S.C. The buyer, Atlanta-based Venture South Investments, plans to develop a Publix-anchored shopping center at the site. Dustin Tenney and Daniel Holloway of Reedy River Retail represented the buyer in the $4.6 million transaction. Plans for the site include the development of a 63,000-square-foot retail center anchored by a 45,000-square-foot Publix grocery store, as well as two outparcels. A construction timeline was not disclosed.

FacebookTwitterLinkedinEmail

WHITE PLAINS, N.Y. — Apple Cinemas has signed an 80,000-square-foot retail lease in White Plains, a northern suburb of New York City. Apple Cinemas will backfill a space that formerly housed a Showcase Cinema Deluxe theater. The new theater will offer stadium recliner seats, digital projection and sound capacities and food-and-beverage options, including burger concept BurgerFi. Don Mace of metro Boston-based brokerage firm KeyPoint Partners represented Apple Cinemas in the lease negotiations.

FacebookTwitterLinkedinEmail
4000 Union Pacific Ave, Commerce, CA

COMMERCE, CALIF. — 99 Cents Only Stores LLC has announced plans to close all 371 of its stores and wind down business operations. The company has entered into an agreement with Hilco Global to liquidate all merchandise and dispose of fixtures, furnishings and equipment at the stores. Sales under this agreement are expected to begin today. 99 Cents Only was founded in 1982 as a deep-discount retailer where every item cost less than a dollar. The company is headquartered in the southeast Los Angeles suburb of Commerce, and currently operates stores in California, Texas, Arizona and Nevada. The company consulted its financial and legal advisors to find a way to continue operating, but ultimately decided the wind-down was necessary and the best way to maximize the value of its assets. Hilco Real Estate will manage the sale of the company’s owned and leased real estate assets. The company has appointed Chris Wells, managing director at Alvarez & Marsal, as chief restructuring officer. Additionally, Mike Simoncic, interim CEO of 99 Cents Only and managing director at Alvarez & Marsal, will step down. “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Simoncic. “Unfortunately, the …

FacebookTwitterLinkedinEmail

BELMONT, N.C. — Orlando-based Foundry Commercial has purchased Shopton Square, a 24,250-square-foot, unanchored retail center in Belmont, a southern suburb of Charlotte. The center was fully leased to 13 tenants at the time of sale. The seller and sales price were not disclosed. Shopton Square was originally developed and leased by the real estate arm of grocer Food Lion. The acquisition of Shopton Square marks the first for Foundry Commercial’s Retail Investment Platform, which was launched last year and prioritizes necessity-based retail properties.

FacebookTwitterLinkedinEmail

ATLANTA — Construction Resources, a distributor of home improvement products, plans to open a new design center at Westside Paper, a mixed-use development located at 950 W. Marietta St. in Atlanta’s West Midtown district. The center, which is set to open early next year, will be the first location to feature all of Construction Resources’ products in a single location. Westbridge and FCP co-developed and own Westside Paper, which is an adaptive reuse of a 70-year-old paper mill. Brad Pope of JLL represented Construction Resources in the lease transaction, and Shelbi Bodner with Bridger Properties represented the landlord. Other tenants at Westside Paper include El Santo Gallo, Pancake Social, Elsewhere Greenhouse, Bar Driver, Northern China Eatery, Ancestral Bottle Shop & Market and King of Pops.

FacebookTwitterLinkedinEmail