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Hayden Spiess

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CaliforniaFinanceNews

Marcus & Millichap Secures $96 Million Refinancing for Three Shopping Centers in Southern California

by Hayden Spiess

Bakersfield, North Hollywood and Ventura, Calif. — Marcus & Millichap Capital Corp. (MMCC) has secured a $96 million loan for the refinancing of three shopping centers located in Southern California. Tenants at the properties — which are located in Bakersfield, North Hollywood and Ventura — include 24 Hour Fitness, Dollar Tree, Starbucks Coffee, Wells Fargo and Tractor Supply. Zack Metzner, Daizy Gomez and Linsey Farrahi of MMCC secured the five-year financing on behalf of the borrower, a private investor. The interest-only loan carries a fixed interest rate of 5.8 percent. 

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DevelopmentFinanceNewsNorth Carolina

BWE Arranges $24.3 Million Construction Loan for Retail Development in Southern Pines, North Carolina

by Hayden Spiess

Southern Pines, N.C. — BWE has arranged a $24.3 million loan for the construction of Phase II of Morganton Park South, a retail development underway in Southern Pines. Situated near the Pinehurst Golf Resort, Phase II is fully preleased and will house the region’s first BJ’s Wholesale Club. Phase I of Morganton Park South is occupied by tenants including Target, Dick’s Sporting Goods/Golf Galaxy and HomeGoods. Daniel Rosenberg and Logan Petersmeyer of BWE originated the interest-only loan on behalf of the borrower, Midland Atlantic Properties. The loan was underwritten with a …

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Investment salesNewsVirginia

Northpond Acquires 52,948-Square-Foot Retail Center in Richmond, Virginia

by Hayden Spiess

Richmond, Va. — Northpond Partners has acquired Parkside Marketplace, a 52,948-square-foot retail center in Richmond. The $17.4 million purchase marks the first acquisition for Northpond’s new $200 million investment vehicle, which is focused on retail centers in the Southeast and select Sunbelt markets. Tenants at the center, which was 98 percent leased at the time of sale, include West Marine, Five Guys, AT&T and M&T Bank. Catherine Spangler and Richard Thalhimer of Cushman & Wakefield | Thalhimer represented the seller, Stavins & Axelrod, in the transaction. 

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High-Street_Atlanta
DevelopmentGeorgiaLeasingMixed-useNews

Five Tenants Sign Leases at $2 Billion High Street Mixed-Use District in Atlanta

by Hayden Spiess

Atlanta — Five new tenants have signed leases at High Street, a $2 billion mixed-use district currently underway in Atlanta. The retailers will open within the first phase of the development, which will comprise 150,000 square feet of retail space. Eatertainment concept Jaguar Bolera will occupy 21,500 square feet, and restaurants Nando’s PERi-PERi and Velvet Taco will occupy 3,300 and 2,300 square feet, respectively. Allen Edmonds will also open at the property, with a 1,800-square-foot store, and Skin Spirit will open a 2,300-square-foot medical spa. GID Development Group is the developer …

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Starbucks_Visalia-Calif
CaliforniaInvestment salesNews

Hanley Brokers $3.4 Million Sale of Starbucks-Occupied Property in Visalia, California

by Hayden Spiess

Visalia, Calif. — Hanley Investment Group Real Estate Advisors has brokered the $3.4 million sale of a 2,000-square-foot single-tenant property located in Visalia. Starbucks Coffee occupies the building, which was constructed on 0.6 acres in 2023 and features a double drive-thru. Sean Cox, Alexander Moore, Bill Asher and Kevin Fryman of Hanley represented the developer and seller, Stock Five Development, in the transaction. David Mouallem of D.M. Realty Inc. represented the buyer, a Los Angeles-based private investor. 

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CaliforniaCompany newsNews

SRS Real Estate Partners Adds Retail Brokerage Team, Launches Inland Empire Office

by Hayden Spiess

Riverside, Calif. — SRS Real Estate Partners has expanded its Southern California presence with the addition of Nick Wirick as senior vice president and managing principal; Chris Beauchamp as vice president; Miranda Montgomery as senior associate; and Jessica Henderson as marketing and transaction coordinator. Based in Riverside, the team is part of SRS’ first Inland Empire office. The Wirick team has completed more than $900 million in deal volume in recent years. The team focuses on tenant and owner services primarily in the Inland Empire. The team will work alongside …

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Macys
Company newsNew YorkNews

Macy’s to Close 150 Namesake Stores, Open More Bluemercury and Bloomingdale’s Stores

by Hayden Spiess

New York City — Macy’s Inc. (NYSE: M) has announced plans to close 150 of its namesake department stores over the next three years. According to the retail giant, these stores represent 25 percent of the company’s gross square footage as of fiscal year-end 2023 but only account for 10 percent of sales. (Macy’s fiscal 2023 ended Feb. 3, 2024.) Macy’s anticipates closing approximately 50 stores by the end of fiscal year 2024, the locations of which have not been disclosed, though CNBC reports some are located in California, Florida, Hawaii and Virginia. …

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ConnecticutDevelopmentGrocery-anchoredNews

Regency to Develop 152,000-Square-Foot Retail Center in Cheshire, Connecticut 

by Hayden Spiess

Cheshire, Conn. — Regency Centers has acquired land in Cheshire, with plans to develop a 152,000-square-foot retail center at the site. Dubbed Cheshire Crossing, the property will comprise the retail component of the master-planned Stone Bridge Crossing community. Whole Foods Market will anchor the center, which will also feature a 23,000-square-foot T.J. Maxx, 18,000 square feet of junior anchor space, five outparcels and 38,000 square feet of inline shop space. 

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Smalls-Sliders
Company newsDevelopmentGeorgiaNewsRestaurants

Smalls Sliders Expands to 200 Restaurants

by Hayden Spiess

Atlanta — Atlanta-based cheeseburger concept Smalls Sliders has expanded, with 200 total restaurants now open or under development. The brand currently has stores, referred to as “Cans,” operating across Louisiana and Mississippi, with openings scheduled in 13 states throughout the Southeast and Midwest. “We look forward to continuing this path of growth, and hopefully announcing our next milestone of 300 Cans under development very soon,” says Maria Rivera, CEO of Smalls Sliders. 

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Grocery-anchoredInvestment salesNewsNorth Carolina

Legacy Brokers $3.5 Million Sale of Heritage Crossing Shopping Center in Kinston, North Carolina

by Hayden Spiess

Kinston, N.C. — Legacy Realty Group Advisors has brokered the $3.5 million sale of Heritage Crossing, a 50,467-square-foot shopping center located in Kinston. Food Lion, Rainbow and Hibbett Sports anchor the property. Jacob Baruch and Jonah Warshaw of Legacy represented both the buyer and seller in the transaction. 

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