Retail

Uber Capital Group Secures $24M Refinancing for Logan Valley Mall in Pennsylvania

by David Cohen July 13, 2018

ALTOONA, PA. — Uber Capital Group has secured a $24 million refinancing for Logan Valley Mall in Altoona. Joel J. Gorjian of Uber Capital represented the borrower, a private national commercial real estate investment group, in securing financing from a regional bank based in Pennsylvania. Terms of the loan included a 4.75 percent fixed rate and a 25-year amortization. The two-story, 785,000-square-foot mall is located at 5580 Goods Lane and currently has a roster of more than 80 tenants. JCPenney, Macy’s, Sears, and AMC Theatres anchor the mall.

July 13, 2018

Acquisitions Northeast Pennsylvania Retail

Colliers Negotiates $2.5M Sale of Retail Condominium in Philadelphia

by David Cohen July 13, 2018

PHILADELPHIA — Colliers International has negotiated the $2.5 million sale of a 5,170-square-foot retail condominium in Philadelphia’s central business district. Located on the first floor of 1228-1232 Arch St., the condominium was formerly occupied by CitiBank and will be converted into restaurant and other retail space. Todd Sussman, Josh Goldfine and Anna MacDonald of Colliers represented the seller, Independence Realty Arch Street, in the transaction. The property was purchased by Maitay LLC.

July 13, 2018

Acquisitions New Jersey Northeast Retail

NAI Hanson Brokers Sale of 48-Acre Land Parcel for Zip Line Adventure Park in New Jersey

by David Cohen July 13, 2018

ROXBURY, N.J. — NAI James E. Hanson has brokered the sale of a two land parcels totaling 48 acres that have been approved for a zip line adventure park in Roxbury. NAI James E. Hanson represented the seller, Darl Enterprises LLC. Flagstaff Extreme LLC purchased the two parcels for an undisclosed price. Arizona-based Flagstaff Extreme operates a number of extreme adventure courses in Arizona the Midwest. This will be its first location in the Northeast. The two vacant parcels, which are located at 1233 Route 46, were listed separately with the option to purchase together. The smaller parcel is .17 acres and the larger parcel is 48 acres.

July 13, 2018

Acquisitions California Retail Western

HFF Brokers Sale of 281,240 SF Shopping Center in Southern California for $51.1M

by Amy Works July 13, 2018

SIMI VALLEY, CALIF. — HFF has arranged the sale of Mountaingate Plaza, a value-add shopping center located in Simi Valley. A joint venture between Investcorp International Realty and ScanlanKemperBard sold the property to Merlone Geier Partners for $51.1 million. Situated on 24.8 acres at 1197-1301 E. Los Angeles Ave. and 2022-2090 First St., the property comprises eight buildings and outparcel pads. Tenants at the center include Valley Marketplace, Rite Aid, 99 Cents Only, dd’s Discounts, Black Bear Diner, Smash Burger, El Pollo Loco, Jersey Mike’s Subs, Starbucks Coffee, U.S. Armed Forces and Ventura County Health Care Agency. Gleb Lvovich, Bryan Ley and Daniel Tyner of HFF represented the seller in the transaction.

July 13, 2018

Acquisitions Florida Retail Southeast

HFF Brokers $29M Sale of Grocery-Anchored Center in Tampa Bay Area

by Camren Skelton July 13, 2018

PLANT CITY, FLA. — HFF has brokered the $29 million sale of Lake Walden Square, a 244,529-square-foot shopping center in the Tampa Bay community of Plant City. Eric Williams, Daniel Finkle and Luis Castillo of HFF arranged the transaction on behalf of the seller, Retail Value Inc. JBL Asset Management acquired the property. Winn-Dixie anchors Lake Walden Square, which was 93.3 percent leased at the time of sale. Additional tenants include Ross Dress for Less, Marshalls, Michaels, PetSmart, Ulta Beauty, Five Below, Famous Footwear, Continuecare Medical, Amscot Financial, Cricket Wireless, Queen Nails and Firehouse Subs.

July 13, 2018

Acquisitions Kentucky Retail Southeast

SRS Arranges $8.9M Sale of Shopping Center Near Lexington

by Camren Skelton July 13, 2018

NICHOLASVILLE, KY. — SRS’ Investment Properties Group has arranged the $8.9 million sale of Brannon Crossing Centre, a 63,707-square-foot retail center located at 230 E. Brannon Road in Nicholasville, roughly 12 miles south of Lexington. Kyle Stonis and Pierce Mayson of SRS arranged the transaction on behalf of the seller, Viking Partners. Jason Taylor of Equity Management Group Inc. represented the buyer, Brannon 230 LLC. Brannon Crossing Centre was 97 percent leased at the time of sale to tenants such as Marshalls, HomeGoods, Subway, Great Clips, Sally Beauty Supply and Sun Tan City.

July 13, 2018

Loans Retail Utah Western

Bellwether Enterprise Secures $10.5M Refinancing for Retail Center in Orem, Utah

by Amy Works July 13, 2018

OREM, UTAH — Bellwether Enterprise has arranged a $10.5 million first mortgage loan to refinance a shopping center in Orem. Shelley Magoffin and Max Sauerman of Bellwether secured the financing for a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The non-recourse loan features a 10-year term, 25-year amortization schedule and flexible prepayment penalty for the latter half of the loan term. Constructed in phases between the 1950s and 1980s, the property features more than 100,000 square feet of retail space. At the time of financing, the asset was 95 percent leased to 11 tenants ranging in size from 1,400 square feet to 40,000 square feet. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

July 13, 2018

Acquisitions Massachusetts Northeast Retail

NKF Capital Markets Brokers Sale of 21,754 SF Retail Center Near Boston

by David Cohen July 12, 2018

MARLBOROUGH, MASS. — NKF Capital Markets has brokered the sale of a 21,754-square-foot retail center in Marlborough. Located at 32-44 Boston Post Road West,The property is approximately 31 miles west of Boston. NKF Capital Markets represented the seller, The Gutierrez Company, in the transaction. A private equity fund managed by Crow Holdings Capital Partners purchased the asset for an undisclosed price. The shopping center is currently fully leased and features a tenant roster that includes 99 Restaurant & Pub, Jersey Mike’s Subs, Marlboro Wine & Spirit Co., Orangetheory Fitness and AFC Urgent Care.

July 12, 2018

Acquisitions California Retail Western

Fairbourne Properties Acquires Shopping Center in California for $85.7M

by Amy Works July 12, 2018

BRENTWOOD, CALIF. — Chicago-based Fairbourne Properties has purchased The Streets of Brentwood, a grocery- and theatre-anchored lifestyle center located at 2455 Sand Creek Road in Brentwood. A fund managed by DRA Advisors sold the asset for $85.7 million, according to property records obtained by the San Francisco Business Times. The 358,615-square-foot center includes a 14-screen AMC Theatre, DSW, Ulta Beauty and Sprouts Farmers Market. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markers represented the seller in the transaction.

July 12, 2018

Company News North Carolina Retail Southeast

The Fresh Market to Close 15 Stores Nationwide, Including Seven in Southeast

by Camren Skelton July 12, 2018

GREENSBORO, N.C. — The Fresh Market Inc. announced this week that it will close 15 stores nationwide, including seven in the Southeast. The impacted stores were selected after an analysis of overall growth and long-term financial performance, according to the Greensboro-based grocer. “Over the last eight months, our company has been executing a turnaround plan and we’ve seen great progress,” said Larry Appel, CEO of The Fresh Market, in a statement. “However, for a variety of reasons unique to each retail location, that progress is not evenly distributed and, as a result, we have decided to close these long-term, underperforming stores.” In the Southeast, The Fresh Market will close locations in Atlanta and Snellville, Ga.; Louisville, Ky.; Charlotte, N.C.; Hendersonville, Tenn.; and Winchester and Charlottesville, Va. Other affected locations are located throughout Illinois, Indiana, New Hampshire and Wisconsin. The stores will close over the next two to four weeks.

July 12, 2018

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