Kona, Hawaii — The Davies Group at Los Angeles-based George Smith Partners has arranged both a $51.7 million senior construction loan and $16.2 million in mezzanine debt for the ground-up development of Niumalu Marketplace, a shopping center in Kona. The borrower is Commercial Real Estate Development Enterprise (CREDE). Safeway will anchor the 204,275-square-foot retail property, which is slated for completion by fourth-quarter 2020. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis, Aiden Moran and Maxwell Shedlosky of George Smith Partners facilitated the transaction. Centennial Bank provided the construction …
Portsmouth, N.H. — Whole Foods Market will open a 42,000-square-foot grocery store in Portsmouth, located approximately 45 miles east of Concord. The store will be the Austin-based grocer’s third in the state and will anchor Durgin Square Shopping Center, a 135,000-square-foot retail property that also houses HomeGoods and T.J. Maxx. The store is slated to open this fall. Scott Black of Dartmouth Co. represented Whole Foods in the lease negotiations. Ben Starr of Atlantic Retail represented the landlord, Black Creek Group.
Brentwood, Tenn. — GBT Realty Corp. has sold a 26-property retail portfolio leased to Dollar General for $36 million. The properties are located in various suburban areas throughout Pennsylvania. Each freestanding store features approximately 9,000 square feet of retail space, and all leases have between 12 and 13 years remaining. The stores sold for approximately $1.4 million each. Andrew Fallon of SRS represented the Brentwood-based seller, which developed the properties over the past two years, in the transaction. The buyer was a Virginia-based private investment group that was completing a …
Milwaukee — Newmark Knight Frank (NKF) has negotiated the $15 million sale of a four-property retail portfolio in metro Milwaukee. The portfolio totals 97,259 square feet. The properties include Harvard Square and Northfield Shopping Center in Brookfield, Lincoln Plaza in West Allis and Mitchell Bank Plaza in New Berlin. Kevin Schnoldt and Brian Vanevenhoven of NKF represented the sellers, which comprised various entities associated with William Reilly and Leon Joseph. Baceline Investments purchased the assets.
Warren, Mich. — AVF Holdings Inc. has unveiled that it will cease operations and begin liquidation sales at all 141 of its company-owned stores in Michigan, Illinois, Indiana, Missouri and Ohio. The Warren-based company operates under the brands Art Van Furniture, Art Van PureSleep and Scott Shuptrine Interiors. Levin & Wolf Furniture in Ohio and Pennsylvania will be sold to Robert Levin, pending court approval. Eight Wolf Furniture stores in Maryland and Virginia will also be liquidated. Art Van Elslander opened his first furniture store in metro Detroit in 1959. …
French Valley, Calif. — Southlake, Texas-based United Development Co., in partnership with Pasadena, Calif.-based Halferty Development Co., has started construction of French Valley Marketplace, a shopping center in French Valley, approximately seven miles northeast of Temecula. Situated on 22 acres, French Valley Marketplace will offer 132,500 square feet of leaseable space in 16 buildings, with 44,300 square feet of retail space still available, four drive-thru pads for ground lease or build-to-suit and 5,000 square feet of grocery store and planned pharmacy space. Pre-leased tenants include Grocery Outlet, LA Fitness, McDonald’s, …
Tyngsboro, Mass. — Marcus & Millichap has brokered the $7 million sale of a 12-screen AMC Theater in Tyngsboro, located approximately 35 miles northwest of Boston. Located at 440 Middlesex Road, the 39,474-square-foot theater originally opened in 1991. The building was recently renovated to improve all 12 screening rooms, the roof and the parking lot, and now includes a full bar. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap represented the undisclosed seller in the transaction. Russell Wachtler, also with Marcus & Millichap, represented the buyer, a …
Fontana, Calif. — Faris Lee Investments has arranged the $9.1 million sale of two freestanding outparcel properties located at 17151-17171 W. Foothill Blvd. in Fontana. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the Los Angeles-based buyer. Totaling 34,377 square feet, the properties are situated within a Walmart-anchored shopping center.
Los Angeles — The retail industry is evolving, and the tried and true formulas for development are no longer enough to attract shoppers. The convenience of e-commerce is cutting into purchases once almost exclusively entrusted to local strip centers, and consumer tastes are evolving to demand better experiences from the centers they choose to shop at with their discretionary dollars. Joseph Pine, author of “The Experience Economy,” shared these thoughts during a keynote address on the importance of staging retail centers. The speech was delivered at France Media’s sixth annual …
San Antonio — EVO Entertainment, an entertainment retail concept that combines bowling, movies, games, food and beverages, will open an 80,000-square-foot venue at Escala in San Antonio. The center will feature 10 movie screens, 12 bowling lanes, a restaurant and bar, arcade and virtual reality games, a ropes course and private event space. Metro Dallas-based N3 Real Estate is the developer of Escala, a shopping center located at the intersection of State Highway 151 and Military Drive on the city’s northwest side. The venue will be the seventh for EVO, …