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Grand-Forks-ND-OfficeMax
Investment salesNewsNorth Dakota

SRS Brokers $2.3 Million Sale of OfficeMax-Occupied Property in North Dakota

by Katie Sloan

Grand Forks, N.D. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.3 million sale of a single-tenant retail property occupied by OfficeMax in Grand Forks. The 23,500-square-foot building is located at 3225 30th Ave. Built in 1998, the property sits on 2.5 acres near the University of North Dakota and Columbia Mall. Joseph Simon of SRS represented the seller, a Madison, Wis.-based private investor. Simon also represented the buyer, an Oregon-based private investor completing a 1031 exchange.

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The-Grove-at-Shoal-Creek-Austin
DevelopmentNewsTexas

ARG Bull Creek Underway on 76-Acre Grove at Shoal Creek Mixed-Use Project in Austin

by Katie Sloan

Austin, Texas — Developer ARG Bull Creek Ltd. is underway on construction of The Grove at Shoal Creek, a 76-acre mixed-use project located at the intersection of 45th Street and Bull Creek Road in Austin. Master plans for the development call for 1,150 residential units in single-family and multifamily formats, 185,000 square feet of office space and 140,000 square feet of retail space. The developer is a joint venture between MileStone Community Builders, which is handling the residential portion of the project, and Castletop Capital, which is handling the mixed-use portion. …

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CaliforniaInvestment salesNews

Hanley Investment Arranges $2.6 Million Sale of Starbucks Location in Metro Sacramento

by Katie Sloan

Rancho Cordova, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $2.6 million sale of a newly built single-tenant retail property occupied by Starbucks Coffee in the Sacramento suburb of Rancho Cordova. The 2,200-square-foot building is located within the Zinfandel Village shopping center, which is home to tenants including Grocery Outlet, Pizza Hut, Burger King, Popeyes, Lumber Liquidators, Little Caesars, Skechers and Sourdough & Co. Bill Asher and Kevin Fryman of Hanley Investment represented the seller, Pacific Castle Management, in the transaction. Eric Reuveni of Los Angeles Commercial …

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Apple-Experience-at-Target_rendering
Company newsMinnesotaNews

Target to Open Mini Apple Stores in 17 Locations, Expand Online Offerings

by Katie Sloan

Minneapolis — Target (NYSE: TGT) has announced plans to open small-scale Apple (NASDAQ: AAPL) shops inside 17 of its stores this month, with additional locations scheduled to open this fall. The company will also expand its online Apple product offerings over the coming weeks.  The new Apple in-store experience will offer a mix of products and accessories in a dedicated space designed for guests to see new products and view demonstrations by Target Tech Consultants, who will receive specialized training from Apple. Each shop will feature new lighting fixtures and displays for …

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Grove-Central
DevelopmentFloridaNews

Terra, Grass River Property Break Ground on Mixed-Use Development in Miami’s Coconut Grove

by Katie Sloan

Miami — A joint venture between Terra and Grass River Property has broken ground on Grove Central in Miami’s Coconut Grove neighborhood. Located at the intersection of US-1 and SW 27th Ave., the mixed-use development will include a 23-story residential tower, 1,250-space public parking garage and approximately 170,000 square feet of retail anchored by Target. The development will connect to and facilitate privately-funded improvements to the Coconut Grove Metrorail station and integrate directly with The Underline park, Miami-Dade’s bus system and the City of Miami’s trolley network. The project is …

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Raleigh-Iron-Works_Raleigh
DevelopmentNewsNorth Carolina

Jamestown, Grubb Ventures Break Ground on $150 Million Raleigh Iron Works Mixed-Use Project in Raleigh

by Katie Sloan

Raleigh, N.C. — Jamestown and Grubb Ventures have started construction on the first phase of Raleigh Iron Works, a new mixed-use development with nearly 500,000 square feet of creative office space, 90,000-plus square feet of retail and 220 new residential units. The property will be located in Raleigh’s Five Points, Person Street and Mordecai neighborhoods. Brasfield & Gorrie is part of the construction team. Located at 2200 Atlantic Ave., Raleigh Iron Works was designed with a mix of shopping, dining, wellness, event and outdoor spaces. The first phase of the project includes the …

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FinanceIdahoNewsUtahWashington

JLL Capital Markets Arranges $274.4 Million Refinancing for Six-Property West Coast Retail Portfolio

by Katie Sloan

Seattle; Boise, Idaho; and Salt Lake City — JLL Capital Markets has secured $274.4 million in financing for a six-property portfolio of core-quality retail centers totaling 2.7 million square feet across Seattle, Boise and Salt Lake City. The borrower is a joint venture between CenterCal Properties, a large pension fund and its advisors Principal and PCCP. The financing includes five separate 10-year, fixed-rate, non-recourse CMBS loans provided by JP Morgan Chase. Loan proceeds were used to retire existing debt and rebalance leverage across the portfolio. The portfolio consists of four grocery-anchored shopping centers, one power …

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Moon-Valley-Towne-Centre-Phoenix
ArizonaInvestment salesNews

Starwood Property Trust Divests of 106,571-Square-Foot Moon Valley Towne Center in Phoenix

by Katie Sloan

Phoenix — Miami-based Starwood Property Trust has completed the sale of Moon Valley Towne Center in Phoenix. An entity formed by Moore, Oklahoma-based BP National City LLC acquired the neighborhood shopping center for an undisclosed price. Situated on 11.4 acres at the southeast corner of 7th Street and Bell Road, Moon Valley Towne Center features 106,571 square feet of retail space. Hobby Lobby is an anchor tenant at the center, which is home to more than 92 percent national tenants. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in …

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Oracle-Wetmore-BJs-AZ
ArizonaInvestment salesNews

Black Lion Investment Group Buys Oracle Wetmore Shopping Center in Tucson for $38 Million

by Katie Sloan

Tucson, Ariz. — An affiliate of Black Lion Investment Group, which is led by its President Robert Rivani, has acquired Oracle Wetmore, a shopping center in Tucson, from Texas-based Weingarten Realty for $38 million. Located at the corner of Oracle and Wetmore roads, Oracle Wetmore features 150,170 square feet of retail space. Retailers at the center include PetSmart, Ulta Beauty, Walgreens, Cost Plus World Market, Jared Jewelry, JoAnn Fabrics & Crafts, BJ’s Restaurant & Brewhouse, Bassett Home Furnishings and Chipotle. (Adjacent retailer The Home Depot was not part of the …

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DevelopmentFloridaNews

Target Signs 77,000-Square-Foot Lease with Terra for CentroCity Mixed-Use Development in Miami

by Katie Sloan

Miami — Target has signed a 77,000-square-foot lease as part of Terra’s CentroCity mixed-use redevelopment located at 3825 NW 7th St. in Miami. Construction is expected to start this summer. Arquitectonica and RSP Architects are designing CentroCity. As part of the CentroCity project, Terra is redeveloping what was previously known as Central Shopping Plaza into a 38-acre mixed-use project. Plans for CentroCity include up to 1,200 residential apartments, green space for residents, an office building and a shopping center with 300,000 square feet of retail and restaurant space. CentroCity will be located …

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