MAY 28, 2014 | ISSUE 118
Southeast Real Estate Business
Tenants at Morrison in Charlotte's SouthPark area include Earth Fare, Barnes & Noble, TrySports and Firebirds.
Charlotte, N.C. - Ferncroft Capital has purchased the 131,000-square-foot Morrison retail property in Charlotte's SouthPark area for $44.9 million. The Class A property is 100 percent occupied and also includes 314 apartments and 119 condominiums on-site. Tenants include Earth Fare, Barnes & Noble, TrySports and Firebirds. Berkeley Capital represented the seller in the transaction, while Bryan Brooks at Medalist Capital arranged the debt for the acquisition. Madison Marquette will continue handling the management and leasing at the property.
The 12th & Olive mixed-use development breaks ground this month and will be completed mid-2016.


Los Angeles - Bernards will serve as general contractor for 12th & Olive, a mixed-use project in downtown Los Angeles's South Park district. The development breaks ground this month and will be complete mid-2016. The Wolff Company is developing 12th & Olive, which will include approximately 17,300 square feet of ground floor retail. The project was designed by TCA Architects and will be a 7-story podium building. It is estimated to cost $54 million.

Columbia, S.C. - Selwyn Property Group has brokered the sale of the 200,000-square-foot Target Center in Columbia for $11.3 million. The seller was an investor group that included Return Holdings, Gateway Holdings and Richardson Properties. The buyer was an unnamed institutional investor. At the time of sale, the property was 100 percent leased by tenants that include Dick's Sporting Goods, Target, Michaels and Kirkland's.

Howell, N.J. - Sitar Realty Company-TCN Worldwide has leased a BJ's Wholesale on a 52-acre parcel in Howell. The BJ's Wholesale location will be part of a new power center under construction, known as The Grove at Howell, which will have approximately 350,000 square feet of retail, including a movie theater, gas station, fitness club, and national apparel and dining chains. The 87,500-square-foot BJ's Wholesale will open in November. According to the Sitar Realty Company-TCN Worldwide, The Grove at Howell will be fully completed by June 2015. New York-based Sun Equity Partners purchased the site out of foreclosure in 2013.

Ben Wineman of Mid-America Real Estate Corporation brokered the sale of The Glen Town Center on behalf of the seller, Houston-based Situs Holdings LLC.

Glenview, Ill. - 
Mid-America Real Estate Corporation has brokered the sale of the 267,732-square-foot Glen Town Center in Chicago's Glenview suburb to Dallas-based Tabani Group. Ben Wineman of Mid-America brokered the transaction on behalf of the seller, Houston-based Situs Holdings LLC. The sale price of The Glen Town Center was undisclosed. The center is anchored by Dick's Sporting Goods and Von Maur, and is also tenanted by Yard House, Jos A. Bank and more. 
Ted Frumkin
Las Vegas - Sprouts Farmers Market Inc., the publicly traded Phoenix-based specialty grocer with an ambitious growth plan, is coming to the Peach State. The first of four Sprouts stores in metro Atlanta will open June 18 in Snellville, followed by more openings later this summer in Dunwoody, Norcross and John's Creek. 
"We're a chain of 172 units. We'll be at 191 at the end of this year, but our long-term [goal] is 1,200 units," said Ted Frumkin, the company's senior vice president of business development. "We have our work cut out for us." 
Frumkin's comment came May 19 during "Retail Trends 2014," a panel discussion moderated by Bill Rose, vice president and national director of the retail group at Marcus & Millichap. Hessam Nadji, senior vice president and chief strategy officer for Marcus & Millichap, provided a largely upbeat outlook for the U.S. economy and retail real estate. 
The panel discussion took place at the Renaissance Hotel during RECon 2014, the International Council of Shopping Centers' annual global trade show that attracts more than 33,000 industry professionals.
Click here to read more about Sprouts' expansion into Georgia and the other topics discussed during "Retail Trends 2014."
NorthMarq Capital secured a $17 million loan for refinancing of the Chelmsford Mall.
Chelmsford, Mass. - NorthMarq Capital has secured a $17 million loan for refinancing of the 223,977-square-foot Chelmsford Mall, located 30 miles northwest of Boston. John Sullivan, senior vice president of NorthMarq's Boston office, secured the loan, The transaction was structured with a 10-year term and a 25-year amortization schedule. Major tenants of the center include Kohl's, Gym World, PetSmart and Staples. The refinancing will also provide additional capital for future improvements to the center.
Aston, Pa. - Chattanooga, Tenn.-based Chestnut Development Partners and White Plains, N.Y.-based Benbrooke Realty Investment Company have invested in Dutton Mill Shopping Center in Aston. Located approximately 20 minutes from downtown Philadelphia, the 76,000-square-foot property was once anchored by a Shop-N-Bag, a regional grocery store. Chestnut and Benbrooke plan to use the vacant retail space as an opportunity to redevelop and market the shopping center to national and regional retailers. This transaction is Chestnut's ninth investment since November 2012.
Regency Centers Corporation invested $6 million into revitalizing Greenway Town Center.
Tigard, Ore. - Regency Centers Corporation has completed renovations of the 93,101-square-foot Greenway Town Center, as well as the opening of the center's new anchor, Whole Foods Market. The center is located 12 miles southwest of Portland. Regency invested $6 million into revitalizing Greenway. Improvements included modernizing the exterior façade, upgrading the parking lot, adding new outdoor plazas and creating more walkable pedestrian areas. Other anchors of the center include Rite Aid and Dollar Tree. Regency and GFI purchased Greenway Town Center in 2005.
Atlanta - Cousins Properties and Gables Residential have signed Earth Fare, an organic and natural foods grocer, to a 24,782-square-foot lease in Druid Hills, a suburb of Atlanta. The grocer will be part of the tenant mix of Phase II of Emory Point, a luxury mixed-use development near The Centers for Disease Control and Prevention, Emory University and Emory Healthcare. Phase I of Emory Point opened in 2012 and includes 80,000 square feet of retail space and 443 apartment units. Earth Fare's lease will bring Phase II's retail portion to 64.6 percent pre-leased. Phase II, which is slated to open in early 2015, features 43,000 square feet of retail space and 307 apartments.

Malvern, Pa. - 
Worthington Associates Holding L.P. has signed a lease for a two-story, 85,000-square-foot movie theater, which will include a Cobb VIP theater on the first floor and a Cinébistro on the second floor. According to Uptown Worthington, it will be the largest luxury theater built in the United States in the past three decades. Both theaters will have a fully stocked bar and wine cellar, as well as fully reclining leather seats. The ground floor of the theater will feature a 60-foot-tall grand lobby with formal stairs and an elevator to the second floor, which will have a balcony overlooking the lobby and an outdoor dining balcony overlooking the Piazza at Worthington. The second floor will include a Cinébistro, the country's only four-star in-theater dining experience. Guests will be able to enjoy cocktails and dinner on the outdoor balcony or dine inside the theater.

Cairo, Ga. - 
Franklin Street has sold Cairo Corners shopping center, anchored by Harveys Supermarket, for $2.8 million. The price represents $59 per square foot and includes a triple-net lease guarantee. The property had a remaining triple-net lease term of more than 13 years with Delhaize America, now owned by BI-LO, one of the nation's largest grocery retailing companies. Cairo Corners was built in 2008 on U.S. Highway 84, 15 miles west of Thomasville. Rafeal Wright and Jonathan Graber represented the seller, Cairo Sun Properties LTD LLLP, a limited liability company based in Boca Raton, Fla. The buyer was a Delaware company.
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