Retail

GBT Realty Acquires 243,000 SF Shopping Center in Tallahassee for $25.5M

by Camren Skelton March 30, 2018

TALLAHASSEE, FLA. — GBT Realty Corp. has acquired Governor’s Marketplace, a 243,000-square-foot shopping center located on Governor’s Square Boulevard in Tallahassee, for $25.5 million. Bill Fishel and Matthew Stewart of HFF arranged acquisition financing through MidCap Financial on behalf of GBT Realty, which acquired the property from Retail Properties of America Inc. (RPAI). Governor’s Marketplace was 97 percent leased at the time of sale to tenants such as Carter’s, Five Below, Marshall’s, Michaels, Bed Bath & Beyond, Old Navy, Ulta Beauty, Petco and David’s Bridal. The center’s newest tenant is Urban Air, a family entertainment center with an indoor trampoline park that backfilled a former Sports Authority.

March 30, 2018

Acquisitions California Retail Top Stories Western

Rodeo Drive Retail Property Sells for $110M, Double the Purchase Price from 24 Hours Earlier

by Kristin Harlow March 30, 2018

BEVERLY HILLS, CALIF. — A subsidiary of Paris-based LVMH has purchased a 6,200-square-foot retail building at 456 N. Rodeo Drive in Beverly Hills for $110 million. Just one day earlier, Palm Beach, Fla.-based Sterling Organization purchased the same asset for $55 million from The Karl B. Schurz Trust. According to a news release, an intermediary had approached LVMH, parent company of Louis Vuitton, to lease space at the property, but the luxury goods conglomerate expressed interest in acquiring the space instead. The sale equates to roughly $17,750 per square foot and a net gain of approximately $55 million for Sterling and its institutional investor partners in its Sterling Value Add Partners II fund. The property is located in the Golden Triangle, between Santa Monica Boulevard and Brighton Way. Rodeo Drive is home to luxury retailers such as Louis Vuitton, Chanel, Celine, Hermes, Ralph Lauren, Hugo Boss, Vera Wang, Salvatore Ferragamo, Versace, Tiffany & Co., Gucci, Cartier, Fendi, Givenchy, Loro Piana, Rimowa, Prada and Burberry. “On the West Coast, it’s all about those three, high-value blocks of Rodeo Drive where the world’s premier luxury brands must have a presence by planting their flag,” says Brian Kosoy, president and CEO of Sterling. In contrast, he says luxury …

March 30, 2018

Acquisitions Connecticut Northeast Retail

HFF Brokers Sale of 382,864 SF Shopping Center in Connecticut

by David Cohen March 29, 2018

WATERBURY, CONN. — HFF has brokered the sale of Naugatuck Valley Shopping Center, a 382,864-square-foot, grocery-anchored shopping center in Waterbury. HFF represented the undisclosed seller and procured the buyers, Premium Property and BH Premium Quality Waterbury. The 50.5-acre shopping center at 950 Wolcott St. offers 2,155 parking spaces and is anchored by the region’s highest grossing Walmart. Other tenants include Panera Bread, Bob’s Stores and Wendy’s. The sale price was not disclosed.

March 29, 2018

Acquisitions Illinois Midwest Retail

Baum Brokers $4.1M Sale of Retail Property Leased by Family Dollar in Chicago

by Kristin Harlow March 29, 2018

CHICAGO — Baum Realty Group LLC has brokered the $4.1 million sale of a retail property leased by Family Dollar in Chicago’s Logan Square. The 9,801-square-foot building is located at 2274-2282 N. Milwaukee Ave. Greg Dietz, Danny Spitz and Patrick Forkin represented the undisclosed seller in the transaction. A family office buyer purchased the asset. The 4.8 percent cap rate is the lowest single-tenant Family Dollar on record nationwide, according to Baum and CoStar Group.

March 29, 2018

Development Midwest Missouri Restaurant Retail

Venture Construction Breaks Ground on 10,000 SF Restaurant to Be Occupied by Cracker Barrel in Belton, Missouri

by Kristin Harlow March 29, 2018

BELTON, MO. — Venture Construction has broken ground on a 10,000-square-foot restaurant for Cracker Barrel in Belton, about 20 miles south of Kansas City. The property will be located on the southeast corner of 163rd Street and I-49. Cracker Barrel plans to hire more than 175 employees at the location. The opening is slated for this fall. This will be the 18th Cracker Barrel location in the state of Missouri.

March 29, 2018

Acquisitions California Retail Western

Hanley Investment Negotiates Sales of Six Retail Pads in California for $29.5M

by Amy Works March 29, 2018

PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of six retail pads at Perris Marketplace, located at 1820-2000 N. Perris Blvd., in separate transactions. The combined sales price for the six pads was approximately $29.5 million. The plaza is located in the Los Angeles suburb of Perris. The 100-percent occupied properties, which total 39,000 square feet, consist of three multi-tenant pad buildings and three single-tenant fast-food pad restaurants. Walmart Supercenter anchors the 225,000-square-foot shopping center. Additional tenants include America’s Best Contacts and Eyeglasses, Chipotle, Dickey’s BBQ, Great Clips, Jamba Juice, Jimmy John’s Gourmet Sandwiches, Pacific Dental, Panda Express, Pieology, Popeye’s, Sally Beauty, Starbucks Coffee, T-Mobile, Verizon Wireless, Waba Grill, Wendy’s and Yogurtland. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, Evergreen and Trachman Indevco, in the deal. The names of the buyers were not disclosed.

March 29, 2018

California Loans Retail Western

MidCap Financial Provides $17.9M Refinancing for Shopping Center in Sacramento

by Amy Works March 29, 2018

SACRAMENTO — MidCap Financial has provided $17.9 million in refinancing for the repositioning and lease-up of Stockton Plaza, a grocery-anchored community shopping center in Sacramento. The borrower is Santa Monica, Calif.-based DPI Retail. The borrower plans to renovate and repurpose the property, which Kmart formerly anchored. A regional grocery chain and national discount department store will be the new anchors at the renovated center. The first mortgage features a floating rate with a term of up to three years. Loan proceeds were used to refinance the existing debt and fund renovation, lease-up and carry costs. The Mozer team at George Smith Partners arranged the financing.

March 29, 2018

Loans Northeast Retail Rhode Island

EagleBridge Capital Provides $6.4M in Financing for CVS-Anchored Shopping Center in Rhode Island

by David Cohen March 28, 2018

TIVERTON, R.I. — EagleBridge Capital has provided $6.4 million in financing for CVS Plaza in Tiverton, a shopping center anchored by a freestanding 13,500-square-foot CVS Pharmacy. Other tenants in the shopping center located at 500 Main Road include The Saconnet River Grille and an Allstate insurance agency. The term of the loan is 10 years with a 30 year amortization. Ted M. Sidel and Brian D. Sheehan of EagleBridge Capital arranged the financing provided by a CMBS lender. The law firm of DarrowEverett represented the undisclosed borrower in closing the loan.

March 28, 2018

Acquisitions Midwest Retail Wisconsin

Newport Acquires Retail Center in Brookfield, Wisconsin for $17.9M

by Kristin Harlow March 28, 2018

BROOKFIELD, WIS. — Newport Capital Partners has acquired The Plaza in Brookfield, a suburb of Milwaukee, for $17.9 million. The 108,000-square-foot retail center is situated on 11 acres. The property is 99 percent leased by 22 tenants, including CVS Pharmacy, Guitar Center, Stan’s Fit for Your Feet and Hooters. Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers, in the transaction.

March 28, 2018

Florida Loans Property Type Retail Southeast

Aztec Arranges $80.5M Construction Loan for Walmart, Home Depot-Anchored Project in Northeast Florida

by Camren Skelton March 28, 2018

ST. JOHNS, FLA. — Aztec Group Inc. has arranged an $80.5 million construction loan for The Pavilion at Durbin Park, an 80-acre retail project in St. Johns, roughly 25 miles south of Jacksonville. Jason Shapiro and Sean Harrington of Aztec Group arranged the three-year, floating-rate loan through City National Bank of Florida on behalf of the project developer, Gatlin Development Co. The Pavilion is the first phase of Durbin Park, a 1,700-acre mixed-use development that will eventually include more than 2 million square feet of retail, 2 million square feet of office space, multifamily units and a hotel. Walmart and The Home Depot will anchor the 600,000-square-foot first phase of the project. In addition, The Pavilion will include 200,000 square feet of space for junior anchors, as well as approximately 90,000 square feet for local retail and restaurant concepts. Walmart is scheduled to open in November, and Home Depot is scheduled to open in spring 2019. The remaining portion of The Pavilion is slated for completion in summer 2019.

March 28, 2018

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