Retailers

JLL Arranges $14.6 Million Refinancing Loan for Retail Property in Dothan, Alabama

by Alex Tostado February 18, 2020

Dothan, Ala. — JLL has arranged a $14.6 million refinancing loan for Shops on the Circle, a 182,547-square-foot retail property in Dothan. The property was 96 percent leased to tenants including T.J. Maxx, PetSmart, Big Lots, Old Navy, OfficeMax, Five Below and Shoe Carnival. Shops on the Circle is situated on 17 acres at 3500 Ross Clark Circle, about 20 miles from both the Georgia and Florida borders. Synovus Bank provided the non-recourse loan, which features a 35-month term, floating interest rate and two one-year extension options. The borrowers, RCG …

February 18, 2020

Investment sales Maryland News Retailers

IPA Arranges Sale of 234,036-Square-Foot Shopping Center in Baltimore

by Alex Tostado February 13, 2020

Baltimore — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mount Clare Junction, a 234,036-square-foot retail property in Baltimore’s Mount Clare neighborhood. The property was 82 percent leased at the time of sale to tenants including Price Rite, Family Dollar and Capital One Bank. The shopping center is situated on 16 acres at 1223 W. Pratt St., two miles west of downtown Baltimore. Christopher Burnham, Dean Zang and David Crotts of IPA represented the undisclosed seller, a New York City-based investment management firm, …

February 13, 2020

Investment sales News Retailers Texas

JLL Negotiates Sale of 219,379-Square-Foot Shops at Vineyard Village Near Dallas-Forth Worth Airport

by Alex Tostado February 13, 2020

Euless, Texas — JLL has negotiated the sale of the Shops at Vineyard Village, a 219,379-square-foot retail power center in Euless, located just south of Dallas-Fort Worth International Airport. The property was 98.2 percent leased at the time of sale to tenants such as Ross Dress for Less, Bed Bath & Beyond, Marshalls, Staples, PetSmart, Party City, Dollar Tree and Rally House. Chris Gerard, Barry Brown, Ryan Shore, Aaron Johnson, Austin Ross and Ben Siegel of JLL represented the seller, BIG Shopping Centers USA Inc. in the transaction. The buyer was …

February 13, 2020

Illinois Investment sales News Retailers

Marcus & Millichap Brokers $5 Million Sale of Retail Building in Wheaton, Illinois

by Alex Tostado February 13, 2020

Wheaton, Ill. — Marcus & Millichap has brokered the sale of an 8,808-square-foot retail building in Wheaton for $5 million. Located at 2040 S. Naperville Road, the newly constructed property is fully leased to four tenants. Dunkin’ anchors the building and maintains a 15-year lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a developer. The team also procured the buyer, a limited liability company.

February 13, 2020

Grocery-anchored Investment sales News North Carolina Retailers

Branch Properties Sells Sprouts-Anchored Shopping Center in Greensboro, North Carolina for $38.4 Million

by Alex Tostado February 11, 2020

Greensboro, N.C. — Branch Properties LLC has sold Westridge Square, a 182,000-square-foot, Sprouts Farmers Market-anchored retail center in Greensboro, for $38.4 million. Branch Properties has been renovating the property for four years. The renovation included moving Sprouts into a 30,524-square-foot space that Harris Teeter formerly occupied. The seller also reconfigured Kohl’s to a smaller footprint to make room for Planet Fitness. Westridge Square is situated at the intersection of Battleground Avenue and Westridge Road, five miles northwest of downtown Greensboro. Berkley Capital Advisors represented the seller in the transaction. Select-Westridge …

February 11, 2020

Development Idaho News Retailers

ShowBiz Cinemas to Develop Entertainment Center in Idaho Falls, Idaho

by Alex Tostado February 11, 2020

Idaho Falls, Idaho — ShowBiz Cinemas plans to develop one of its Bowling, Movies and More! entertainment centers at Jackson Hole Junction in Idaho Falls. This location will be ShowBiz Cinemas’ first complex in Idaho; the company currently operates locations in Texas, Oklahoma and Florida. Slated to open in December, the entertainment center will be located at Sunnyside Road #116 Exit off Interstate 15. Construction is currently underway, with the official groundbreaking ceremony scheduled for Feb. 27. Bowling, Movies and More! entertainment center at Jackson Hole Junction will feature 14 …

February 11, 2020

California Finance News Retailers

Ready Capital Closes $20.2 Million Refinancing for Retail Center in Santa Ana, California

by Alex Tostado February 11, 2020

Santa Ana, Calif. — Ready Capital has closed a $20.2 million for a 60,000-square-foot Class B retail neighborhood center in Santa Ana. The non-recourse, floating-rate loan features a 24-month term, one extension option and flexible prepayment. Additionally, the loan includes a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed sponsor will use loan proceeds to pay off existing debt while continuing to make cosmetic upgrades and leasing tenants at market rents.

February 11, 2020

Indiana Investment sales News Retailers

JLL Brokers $1.7 Million Sale of Property Net Leased to Starbucks in Hammond, Indiana

by Alex Tostado February 11, 2020

Hammond, Ind. — JLL Capital Markets has brokered the $1.7 million sale of a 2,100-square-foot property net leased to Starbucks in Hammond near Chicago. Constructed in 2019, the single-tenant building features a drive-thru. It is located at 906 Indianapolis Blvd. Alex Sharrin and Nicholas Kanich of JLL represented the seller, Luke Land LLC. A Maryland-based private buyer purchased the asset in a 1031 exchange.

February 11, 2020

Company news Indiana News Retailers

Simon Property Group to Acquire Majority Interest in Taubman Centers for $3.6 Billion

by Alex Tostado February 10, 2020

Indianapolis — Simon Property Group (NYSE: SPG) has agreed to acquire an 80 percent interest in Taubman Centers Inc. (NYSE: TCO), a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. The purchase price represents a 51 percent premium over Taubman’s closing price of $34.67 per share Friday, Feb. 7. Taubman’s existing debt, which Simon will assume, was factored …

February 10, 2020

California Investment sales News Retailers

Poincare Group Acquires Bel Villaggio Retail Centers in Temecula for $26.1 Million

by Alex Tostado February 10, 2020

Temecula, Calif. — Poincare Group has purchased Bel Villaggio I-II and Bel Villaggio III, two adjacent retail assets in Temecula. San Diego-based Pathfinder Partners sold the properties $26.1 million. Situated on more than 16.3 acres, the properties are located at 41501 and 41221-41493 Margarita Road, adjacent to Costco and Promenade Temecula. Kirk Brummer, Sean Heitzler and Philip D. Voorhees of CBRE’s National Retail Partners-West represented the seller in the deal.

February 10, 2020

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