BOSTON — Apparel retailer Everlane has signed a 2,300-square-foot retail lease in Boston’s Seaport District. Originally launched in November 2011 as an exclusively online retailer, Everlane will open its sixth brick-and-mortar location at 125 Seaport Boulevard in Spring 2020. The brand markets itself as a transparent and ethically sourced apparel retailer. WS Development is the developer of 125 Seaport Boulevard
RAYTOWN, MO. — Newmark Grubb Zimmer has arranged the sale of Westlake Raytown Center, a 34,466-square-foot retail center in Raytown, a suburb of Kansas City. The sales price was not disclosed. The fully leased property, located at 10130 E. 350 Highway, is home to Westlake Ace Hardware, Napa Auto Parts and Scooter’s Coffee. John Hoefer, Michael VanBuskirk and Chris Robertson of Newmark Grubb Zimmer represented the seller, Brain Dev 1 LLC. Logan Freeman of Clemons Real Estate represented the California-based buyer.
COLUMBUS, GA. — Columbus-based Trillium Capital Resources has arranged a refinancing package for four Class B and C apartment complexes and a store leased to Walgreens in the greater Columbus area. Scott Taccati of Trillium Capital arranged the approximately $19.7 million financing through a life insurance company on behalf of the borrower, a local real estate developer. The loan package for the apartments was underwritten with a fixed 3.4 percent interest rate and a 15-year amortization schedule. Three of the apartment communities are located in Columbus and one is located in nearby Phenix City, Ala., and the average age of the four communities is 30 years. The Walgreens loan was underwritten at a fixed 3.65 percent interest rate and a 15-year amortization schedule. The Walgreens property was constructed in 2011 in Columbus. Trilium Capital also recently arranged an approximately $26.8 million refinancing for a Class A multifamily complex located in the northern section of Pensacola, Fla. Taccati arranged the loan on behalf of the borrower, an undisclosed Phenix City-based developer, through a regional bank. The 10-year loan features a 3.15 percent interest rate.
SEFFNER, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mango Plaza to Continental Realty Corp. (CRC) for $12.5 million. The 166,465-square-foot shopping center is located in Seffner, 11 miles northeast of Tampa. Kirk Olson and Drew Kristol of IPA and James Medefind of Marcus & Millichap represented the seller, a New York- and Boca Raton-based private investment group, in the transaction. Mango Plaza is anchored by a Publix supermarket and Walmart, both long-standing tenants since the center opened in 1986. The asset is located at 11724 E. Dr. Martin Luther King Jr. Blvd. near Interstates 75 and 4.
DES MOINES, IOWA — Marcus & Millichap has brokered the sale of a 2,168-square-foot property net leased to Dunkin’ Donuts in Des Moines for $1.2 million. The building is located at 3611 SE 14th St. Zach Turner, Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a limited liability company. Ray Germain of Marcus & Millichap’s Las Vegas office secured the buyer, a limited liability company. The sales price represents a cap rate of 6.59 percent.
DALLAS AND NEWTON, MASS. — Spirit Realty Capital Inc. (NYSE: SRC), a net-lease REIT based in Dallas, has purchased a national single-tenant retail portfolio for $435 million. The portfolio’s seller is Service Properties Trust (NASDAQ: SVC), a net-lease retail and lodging REIT based in the western Boston suburb of Newton. The portfolio spans 26 states and includes 123 stores leased to 54 different concepts. About a third of the portfolio is leased to restaurants, including Wendy’s, Buffalo Wild Wings, KFC, Skyline Chili, Burger King, Rally’s and Popeye’s. The portfolio’s tenant roster also includes service-oriented and furniture concepts such as LA Fitness, Ashley Home Store, O’Reilly Auto Parts, At Home, Mister Car Wash, Carmax, Crunch Fitness and Tire Warehouse. This transaction is part of SVC’s disposition strategy to sell up to $500 million of net lease assets in connection with its $2.4 billion acquisition of retail properties from Spirit MTA REIT, which Spirit Realty Capital manages. “Coupled with our other recent net lease sales and agreements to sell totaling $66 million, we have reached our target of $500 million in net lease asset sales, the proceeds of which will be used to reduce the company’s leverage,” says John Murray, president and …
WAIKIKI, HAWAII — An entity controlled by LVMH Moet Hennessey Louis Vuitton and Mockingbird Interests Waikiki LLC has purchased two commercial units located at 2181 Kalakaua Ave. in Waikiki. The Hawaii-based Moore family trust sold the retail assets for $72 million. Bryan Ley of JLL, in collaboration with Avalon Commercial, represented the sellers in the deal. Cushman & Wakefield, with Sofos Realty Corp. as a local partner, originally listed the property in July 2017 with no asking price. The two units are currently occupied by Quiksilver and First Hawaiian Bank, the latter of which plans to relocate to 1958 Kalakaua Ave. in Waikiki. The assets are located across the street from Tiffany & Co.’s three-story flagship location at Royal Hawaiian Center, while Max Mara and the flagship Louis Vuitton store are located nearby.
PORTLAND, ORE. — Vancouver, Wash.-based developer C.E. John Co. has completed the sale of The George Besaw, a multifamily and retail property located at 2323 NW Savier St. in Portland. An undisclosed buyer acquired the asset for $23.6 million. Located in Northwest Portland’s Alphabet District, The George Besaw features 51 apartment residences above three floors of retail space. Current retail tenants include Pine State Biscuits, Life of Pie, Moberi and The Barbers. The building was completed in 2018. Clay Newton, Jordan Carter and Tyler Linn of Kidder Mathews represented the seller in the transaction.
STOCKTON, CALIF. — Meridian, a full-service real estate developer and owner of medical real estate, has completed the sale of an outpatient dialysis clinic in Stockton. A Northern California-based private investor acquired the asset for $7.5 million. The 13,600-square-foot property is located at 7500 West Lane. In 2018, Meridian originally acquired a 7,500-square-foot building situated on 2.06 acres to develop the Stockton dialysis clinic. The development team included Walnut Creek, Calif.-based Harriman Kinyon Architects; Livermore, Calif.-based Kier and Wright; and Napa, Calif.-based H2 Builders. Paul Beckwith of Cushman & Wakefield’s Oakland, Calif., office represented the buyer, while Chris Sheldon of Cushman & Wakefield’s San Francisco office represented the seller in the transaction.
NEW YORK CITY — LVMH Moët Hennessy Louis Vuitton SE (LVMH), a French conglomerate and supplier of luxury goods, has agreed to acquire luxury jewelry retailer Tiffany & Co. (NYSE: TIF) for approximately $16.2 billion. The sales price equates to $135 per share, to be paid in cash. The deal is expected to close in the second or third quarter of 2020. LVMH, based in Paris, owns more than 70 luxury brands in the clothing, cosmetics, jewelry and spirits industries, including Dom Pérignon champagne, Givenchy clothing and perfume and Christian Dior fashion and perfume. New York City-based Tiffany & Co., which was founded in 1837, currently operates about 300 stores worldwide and employs some 14,000 people. LVMH executives cited the opportunity to grow its watches and jewelry division in American markets as a key driver behind the acquisition. Those items account for just 9 percent of the company’s revenue stream, according to an analysis published by Deloitte earlier this year. In addition, The Wall Street Journal reports that Tiffany has seen its sales slump over the last several years and that the 182-year-old company is focusing more on China, the leading consumer of luxury products. The acquisition by LVMH should help Tiffany …