MAY 14, 2014 | ISSUE 116
Southeast Real Estate Business
OLIVERMCMILLAN CONFIRMS 28 RETAILERS, RESTAURANTS FOR BUCKHEAD ATLANTA  
The 1.5 million-square-foot mixed-use development Buckhead Atlanta is now under construction.
Atlanta - 
OliverMcMillan has confirmed the names of 28 tenants that will join Buckhead Atlanta, the new 1.5 million-square-foot mixed-use development under construction in Atlanta's Buckhead district. The first retailers and restaurants will open their doors in September, and the remaining tenants will open through the holiday season and early 2015. 
 
Click here to read the 28 retailers and restaurants that will join Buckhead Atlanta.
Westminster, Colo. - The City of Westminster, the Westminster Economic Development Authority (WEDA) and San Diego-based OliverMcMillan have entered into an exclusive agreement to redevelop the 105-acre site of the former Westminster Mall. The property was acquired by WEDA over the past five years. WEDA has established the framework for the site's master plan, which features multiple phases of development. The plan calls for a high-density, urban development with residential, commercial, retail and other uses. The project will also have a public realm that includes parks, a landscaped boulevard traversing the property from north to south and a walkable/bikeable design that is pedestrian-friendly. City Council votes on the official development plan will occur this fall.
The complete redevelopment of Rainier Square will cost more than $500 million.

Seattle - Wright Runstad & Co. will redevelop Rainier Square, a 140,000-square-foot retail property that is part of the University of Washington's Metropolitan Tract in downtown Seattle. The project entails a 1.2 million-square-foot, mixed-use development located at 1333 5th Ave., just off Interstate 5 and a few blocks from the waterfront. Construction is scheduled to commence in the second half of next year

 

Once completed in late 2017, Rainier Square will contain a 50-plus-story tower with 750,000 square feet of office space and approximately  240 apartment units. It will also feature a 15-story, four-star hotel, as well as 30,000 square feet of ground-floor restaurants and retail shops. The total project is estimated to cost more than $500 million, according to reports. The University of Washington managed the developer selection process and chose locally Wright Runstad & Co. with approval from the university's Board of Regents. Architecture and design firm NBBJ will design the new Rainier Square.

- Nellie Day

 
Coral Springs and Palm Bay, Fla. - Thomas D. Wood and Company has secured $12.5 million in financing for University Centre West III in Coral Springs and Shoppes of Palm Bay in Palm Bay. Vice President Patrick Harrington secured $10.75 million to refinance the 83,936-square-foot mixed-use development University Centre West III. The permanent fixed-rate loan was secured through CMBS lender LoanCore Capital, featuring a 10/25 structure at 5.4 percent interest and representing a 70 percent loan-to-value ratio. President Thomas Wood, Jr., secured $3.5 million to refinance Shoppes of Palm Bay. The 76,886-square-foot shopping contains major tenants Publix and Tire Kingdom. The lender was able to provide a permanent fixed-rate loan with a 10-year term, based on a 25-year amortization and an interest rate of 4.45 percent.

Philadelphia - Pic Entertainment has begun construction and is on schedule for the eight-screen, 744-seat luxury movie theater iPic Theaters at The Boyd downtown, located one block from Rittenhouse Square. The theater will open in 2015. iPic Theaters at The Boyd will feature eight auditoriums with seating between 60 and 120 in an intimate setting. All auditoriums will be equipped with 4K digital cinema technology. All seats may be reserved ahead of time on iPic's proprietary reservation system online, or moviegoers can download the iPic app to their smartphone. The new theater will also feature Tanzy, a dine-in restaurant serving Italian cuisine. Premium seat ticketholders will watch movies in large, plush leather seats and may purchase their food and beverage direct from Tanzy Express and carry it into the theater to enjoy at their seats.
JBGR RETAIL SIGNS NEW RESTAURANTS TO DOWNTOWN CROWN
Restaurants at Downtown Crown will open beginning July and continue throughout the fall.

Gaithersburg, Md. -
JBGR Retail has signed two new-to-market restaurants to Downtown Crown, the 26-acre master-planned community in Gaithersburg with a 260,000-square-foot retail space anchored by Harris Teeter and LA Fitness. Matchbox Food Group will open a Ted's Bulletin location and Bottleneck Management will open an Old Town Pour House location in Gaithersburg.
 
Ted's Bulletin originated in Washington, D.C., and now includes two locations in Washington and one in Reston, Va. Old Town Pour House is a tavern concept from Chicago that features beer, wine and American cuisine. The Downtown Crown location will be the company's first restaurant outside the Chicago market.
 
Restaurants at Downtown Crown will begin opening in July, with more openings in August through October. Ted's Bulletin and Old Town Pour House will open in late fall.
MID-AMERICA REAL ESTATE BROKERS $15.6 MILLION SALE 
OF MULBERRY SQUARE
 
Milford, Ohio - Mid-America Real Estate Corporation's Investment Sales has brokered the sale of Mulberry Square in Milford, located 15 miles northwest of Cincinnati. Toronto-based Slate Properties purchased the 146,730-square-foot community center for $15.6 million. The center is anchored by Kroger, Petco and Planet Fitness, and includes feature tenants such as Steak and Shake, Sibcy Cline Realtors, Hallmark, H&R Block, GNC, State Farm Insurance, The UPS Store and SportClips. Joe Girardi of Mid-America, in cooperation with Laurence Bergman of NAI Bergman, were the exclusive brokers in the transaction on behalf of the seller, a private real estate investment firm. 

Virginia Beach and Newport News, Va. - Divaris Real Estate has signed four leases for 15,605 square feet of retail space in the Hampton Roads region of southeast Virginia. Dollar Tree signed a lease for 9,989 square feet in Landstown Commons in Virginia Beach. The lease was handled on behalf of the landlord, Inland Diversified Real Estate Services LLC, by Levi Thomson and Melinda Pezzella of the Virginia Beach office of Divaris. Other tenants in the power center include Kohl's, Bed Bath & Beyond, Ross Dress for Less, Best Buy, Office Max, PetSmart, AC Moore, Books-A-Million, Buffalo Wild Wings and Rack Room Shoes. Fox Music has leased 2,200 square feet of retail space in Independent Plaza in Virginia Beach. Pezzella, Krista Costa and Joseph Lowery represented the landlord, Andrianos LLC, in the negotiations.

 

Read more about the tenants Divaris signed in Virginia.

MARCUS & MILLICHAP BROKERS SALE OF HOUSTON CENTER
 
Greenbriar North Center houses tenants that include Family Dollar, Cricket, Citi Trends, Cash America and Food World.

Houston - 
Marcus & Millichap has brokered the sale of Greenbriar North Center, an 84,465-square-foot shopping center in Houston. Constructed in 1981, the property houses tenants including Family Dollar, Citi Trends, Cricket, Cash America and Food World. Derek Hargrove and Justin Miller of Marcus & Millichap marketed the asset on behalf of the seller, Marcel Group, a developer based in The Woodlands, Texas. Hargrove and Miller also secured the buyer, a San Antonio-based private partnership completing a 1031 tax-deferred exchange. The property was listed with a price of $7.5 million.
 
Lynnfield, Mass. - MarketStreet Lynnfield and WS Development will add seven  tenants this summer to the 300,000-square-foot open-air MarketStreet Lynnfield shopping center in the North Shore. New tenants will include Victoria's Secret, Temazcal Tequila Cantina, Pink, FuGaKyu, Solstice Power Yoga, Lively Kids and Charles Schwab. The expansion will also see 35 new stores and restaurants join the center in 2015, including Banana Republic, Gap, Nike and Pottery Barn Kids. The development is anchored by Whole Foods Market and Kings. MarketStreet Lynnfield was developed and leased in a partnership between commercial developers National Development and WS Development.
GROW MARKET TO ANCHOR 
THE YARDS AT ONE SANTA FE

Los Angeles - According to developer McGregor Brown, Manhattan Beach, Calif.-based GROW Market will anchor The Yards at One Santa Fe, the shopping and dining community at the anticipated mixed-use project One Santa Fe in downtown Los Angeles. The 5,300-square-foot space will offer locally sourced produce, meats, prepared foods and groceries when it opens this fall. Family-owned and operated since 2006, GROW began as a fruit shop in Manhattan Beach before it began offering a wider selection.
 
Read more about The Yards at One Santa Fe. 
DISNEY INVESTMENT ARRANGES SALE OF DFW SHOPPING CENTERS FOR $35 MILLION
Connected Development Services developed Mansfield Pointe in the Dallas-Fort Worth Metroplex in 2008.

Flower Mound and Mansfield, Texas - 
Disney Investment Group has arranged the sale of two shopping centers in the Dallas-Fort Worth area for approximately $35 million. An undisclosed private buyer acquired the 19,333-square-foot Cross Timbers Village shopping center in Flower Mound, located 30 miles north of the Dallas-Fort Worth Metroplex. Cross Timbers Plaza is shadow-anchored by a Tom Thumb location. David Disney and Adam Crockett represented the seller, an entity controlled by Dallas-based Direct Development and Thackeray Partners.
 
Read more about the sale of two DFW Metroplex shopping centers.
CUHACI & PETERSON REDESIGNS PUBLIX IN WINTER PARK VILLAGE

Winter Park, Fla. - 
Orlando-based Cuhaci & Peterson | Architects, Engineers, Planners has completed the redesign of the Publix supermarket in Winter Park Village, a shopping center in Winter Park, located eight miles northwest of Orlando. The redesigned Publix will offer 55,000 square feet of retail space. Construction on the project is currently underway.
 
Whole Foods will occupy 36,200 square feet of the 108,000-square-foot Ambassador Crossing.

Lafayette, La. - 
The Ainbinder Co. has inked new lease agreements with several tenants for its Ambassador Crossing Shopping Center in Lafayette. New tenants joining the Whole Foods-anchored center include J. Crew, Carter's Babies & Kids, Osh Kosh B'Gosh, Lee Michaels Jewelers, Chipotle Mexican Grill, Sleep Number, Massage Envy, Which Wich and Superior Nails. Whole Foods will occupy 36,200 square feet of the 108,000-square-foot shopping center.
- John Nelson
CALKAIN OPENS OFFICE 
IN ATLANTA

Atlanta - Calkain Companies has opened an office in the Atlanta market and hired its first employees. The net lease brokerage firm added Stephen Counts and Hunter Roquemore to its team. Counts is a former member of Calkain's office in Tampa and relocated to Atlanta to originate Calkain's performance in the new market. He will focus on single and multi-tenant net-leased investment sales, sale-leaseback transactions and portfolio dispositions.
 
Roquemore is formerly a vice president with Raving Brands, parent company of Moe's Southwest Grill, Doc Green's, Boneheads, Shane's Rib Shack and more. He has provided retail commercial real estate developers with consulting services, as well as managed assets totaling approximately $175 million.
STREET CORNER OPENS IN GREAT MALL OF THE BAY IN MILIPITAS, CALIFORNIA
 
Milipitas, Calif. - Convenience chain Street Corner has opened a location at the Great Mall of the Bay in Milipitas, located eight miles north of San Jose. Street Corner sells items not usually found in the mall, including cough drops, aspirin and bags of chips. In addition to chips, candy and bottled drinks, the Great Mall store sells sundry items and will soon offer lottery tickets.

 

The 624-square-foot Milipitas store is the 46th for the Topeka, Kan.-based Street Corner chain. The company has franchisee-owned stores or kiosks in 19 states. Street Corner's other California stores are in Palm Desert, Santa Ana and Glendale.

TRADEMARK PROPERTY CO.
TO DEVELOP CAROLINA ROW AT CRABTREE VALLEY

Carolina Row at Crabtree Valley will feature 125,000-150,000 square feet of retail and restaurant space, a hotel and 700 residential units.
Raleigh, N.C. - 
Trademark Property Co. plans to develop Carolina Row at Crabtree Valley, a mixed-use development on Glenwood Avenue in Raleigh. The property will feature 125,000-150,000 square feet of retail and restaurant space, a hotel and 700 residential units. There will also be a pedestrian/bicycle bridge connecting Carolina Row to the nearby Crabtree Valley Mall. Construction is set to begin in spring 2015, and the property is expected to open in late 2016.
- John Nelson
LEE & ASSOCIATES NAMES JEFFREY RINKOV CEO AND CHAIRMAN

Jeffrey Rinkov 

Los Angeles - 
Lee & Associates has named Jeffrey Rinkov CEO and chairman of the board. He was officially named to the positions following a vote by the board of directors and the firm's 41 presidents. This vote follows a six-month tenure as interim president. Rinkov has been with Lee since 1997 and has served in leadership positions there for nine years.
COFFEE BEAN & TEA LEAF NAMES NEW CFO AND VP, OPERATIONS

Los Angeles - The Coffee Bean & Tea Leaf has made two new appointments to its executive team, Karen Cate as chief financial officer and Jeff Schroeder as vice president of operations.

Prior to joining The Coffee Bean & Tea Leaf, Cate was the vice president, controller of Trader Joe's Company, where she was responsible for the integrity of financial processes and reporting for the retail grocery store, warehouses and distribution operations. As vice president of operations, Schroeder is responsible for the company's domestic store operations; customer relations; operations services and training. Schroeder brings more than 30 years of experience with large multi-unit operations in the restaurant industry. 
 
Read more about the additions at The Coffee Bean & Tea Leaf.
O'REILLY AUTO PARTS BUILDING SELLS FOR $1.7 MILLION
 

Cortez, Colo. - A 6,850-square-foot building in Cortez that is occupied by O'Reilly Auto Parts has sold to a 1031 exchange buyer for $1.7 million. The building is located in southwestern Colorado near the Colorado-Utah-New Mexico-Arizona border. The buyer was represented by Matt Ritter, Cody Stambaugh and Peter Sengelmann of the Johnson Ritter Team at Pinnacle Real Estate Advisors. The unnamed seller was represented by Justin Brockman and JB Hochman of the Hochman Brockman Team from the same firm.

- Nellie Day

Inland
VP Buildings
Retail Properties of America
A10
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