JUNE 11, 2014 | ISSUE 120
Southeast Real Estate Business
Plaza Del Rey is anchored by a 14,000-square-foot Navarro Discount Pharmacy. Other tenants include Rent-A-Center, T-Mobile and Vicky Bakery.


Miami - Marcus & Millichap has sold Plaza Del Rey, a 50,186-square-foot shopping center in Miami, for $11.6 million, or $231 per square foot. Drew Kristol and Kirk Olson, vice presidents investments in Marcus & Millichap's Miami office, represented the seller, a Miami-based LLC. Kristol and Olson also represented the buyer, another locally based LLC. Plaza Del Rey is located on 4.5 acres, one mile from Florida International University. At the time of the sale, Plaza Del Rey was 95 percent occupied. A 14,000-square-foot Navarro Discount Pharmacy anchors the center. Other tenants include Rent-A-Center, T-Mobile and Vicky Bakery.

Walgreens has 25 years remaining on its triple-net-leased property in Lakemoor, Ill.
Lakemoor, Ill. - The Boulder Group has brokered the $6.7 million sale of a 14,820-square-foot Walgreens property in Lakemoor, a Chicago suburb approximately 25 miles north of Schaumburg. Walgreens is the sole occupant of the single-tenant, triple-net-leased property. Walgreens has 25 years remaining on the lease that began in November 2013. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, as well as the buyer, a private investor who purchased the property in a 1031 tax-deferred exchange.
San Diego - A 3,900-square-foot property in San Diego that is occupied by Coco's Bakery restaurant was sold to Fairbanks Trail LLC for $2.7 million, or $700 per square foot. Coco's renewed its lease in 2013 for 15 years. Justin Earley of Capital Real Estate Ventures Inc. represented both parties, including the seller, USA Properties Inc., in the transaction.
Stockbridge, Ga. - Wheeler Real Estate Investment Trust Inc. has assumed the contract to acquire Freeway Junction, a 156,834-square-foot shopping center in the Atlanta suburb of Stockbridge, for $10.5 million. Wheeler REIT is assuming the contract from Wheeler Interests LLC, an affiliated company. The shopping center is 95.5 percent leased to tenants such as Northern Tool + Equipment, Goodwill, Ollie's, Farmer's Furniture, Cato Fashion, Citi Trends and Jackson-Hewitt.
The Hodgdon Group's HMC Construction Inc. handled all entitlements and served as the design-build contractor for the renovation of the Ashley Furniture HomeStore near Grand Station.
Los Angeles - The Hodgdon Group has completed construction of the conversion of a former FAMSA building into an Ashley Furniture HomeStore in Los Angeles. The Hodgdon Group's HMC Construction Inc. handled all entitlements and served as the design-build contractor for the renovation of the 49,374-square-foot two-story freestanding building near Grand Station. The Los Angeles location is the 19th Ashley Furniture HomeStore to be completed by the Hodgdon Group. Hodgdon Realty Group represented Ashley Furniture in the lease negotiation. Bryan Norcott and Bill Bauman of Studley represented the landlord. Hodgdon Group's Senior Project Manager Dan Wallner and Superintendent Thom Duncan managed the project. KTGY Group, Inc., Architecture + Planning of Irvine was the project architect. Pacific Crest Consultants, Inc. served as a permitting consultant.

Germantown, Tenn. - Trademark Property Co. plans to redevelop and expand the Saddle Creek lifestyle center in the Memphis suburb of Germantown. Trademark has begun demolition on 20,000 square feet of existing space on the southwest side of Poplar Avenue and West Street, with work scheduled to begin soon on 40,000 square feet of new retail space in that area. The net gain of 20,000 square feet will bring the property total to 168,000 square feet. The expansion will be completed in spring 2015. J. Jill and Talbots opened in late May, with a new tenant, Marmi Shoes, opening this fall. Trademark is also planning upgrades to amenities such as plazas, lighting, signage and wayfinding, as well as landscaping.

Joe Tichar
The second half of May was an especially busy time for DDR Corp., the Beachwood, Ohio-based REIT that owns and manages a portfolio of primarily large-format power centers in 39 states and Puerto Rico.

DDR hosted more than 1,000 meetings with retail real estate executives and assorted shopping center industry professionals at the Bellagio Hotel in Las Vegas during RECon 2014. The three-day convention, which took place May 19-21 at the Las Vegas Convention Center, attracted more than 33,000 attendees from across the globe.


REBusinessonline.com sat down with Joe Tichar, DDR's senior vice president of corporate operations, early on the opening day of RECon 2014 to discuss the company's dominance in the power center category, its near-term strategy and the health of the American consumer. 


REBO: Joe, you believe DDR has a unique story to tell in the shopping center industry. Please explain why you feel that way. 


Tichar: We are a pure-play power center REIT. We have simplified our story and focused our portfolio during the past few years. There aren't a lot of other retail REITs that can say they are pure-play power center REITs. That makes us unique. There are a lot of other retail REITs out there that are focused on aggregating assets. They own some unanchored strip centers, power centers and grocery-anchored centers. Our portfolio strategy is focused exclusively on power centers.


The full conversation is available by clicking here.

Phase II of Edgewater Harbor is now underway and includes up to 7,500 square feet of restaurant space, two pad sites and a hotel.
Edgewater, N.J. - Levin Management has leased in its entirety the 100,000-square-foot retail component of the Edgewater Harbor mixed-use redevelopment. Levin is the retail marketing and leasing agent for the property. Levin's leasing transactions at Edgewater Harbor include a 24,000-square-foot HomeGoods; CVS/pharmacy; Haven Riverfront Restaurant & Bar; Moe's Southwest Grill; Beach Bum Tanning; Great Clips; Floris Nails & Spa; European Wax Center; Sotheby's Real Estate; Five Guys Burgers and Fries; Pampered Pregnancy Boutique; Edgewater Eyecare; Dunkin Donuts and Touch of Elegance. Phase II of the project is now underway and includes up to 7,500 square feet of restaurant space, two pad sites and a hotel. The property's location, equidistant from the George Washington Bridge and Lincoln Tunnel, makes it accessible to consumers from both New Jersey and Manhattan.
Frisco, Texas - Disney Investment Group (DIG) has brokered the sale of Westside Market, a 93,562-square-foot grocery-anchored shopping center in Frisco, a suburb of Dallas. Tom Thumb grocery occupies 70,000 square feet within the property, which also features a Tom Thumb fuel center. The center was 98 percent leased at the time of the sale. David Disney of DIG represented the unnamed seller in the acquisition and also procured the buyer, Inland Real Estate Acquisitions Inc. Matthew Tice of Inland facilitated the purchase on behalf of the buyer.
New York City - Houlihan Parnes Realtors has placed $2.9 million in first mortgage debt for three retail properties in Bronx. The one-story buildings total 14,000 square feet. The three separate loans have 5-year, 3.75-percent fixed rates with 30-year amortization schedules. Additionally, the loans feature flexible terms and extension options. Jerry Houlihan arranged the financing, while Elizabeth Smith of Goldberg Weprin Finkel Goldstein represented the borrowers.
San Diego - MetroGroup has secured a $10 million loan to refinancing of the 4S Ranch Village Center, a 30,606-square-foot neighborhood center located 25 miles north of San Diego. The property is owned by Bule Stoddard Group. The loan replaced the existing maturing loan provided by MetroGroup in 2004 for a 10-year, fixed-rate term at a 63 percent loan-to-value ratio. Tenants of 4S Ranch Village Center include Flippin' Pizza, Postal Annex, Sport Clips, Starbucks and more.
J-9 Land Partners LLP, a private investment firm based in Ormond Beach, Fla., bought Parkway Plaza for $8.5 million.


Orlando, Fla.Continental Real Estate Cos. (CREC) has arranged the $8.5 million sale of Parkway Plaza, a 65,000-square-foot shopping center located one-half mile from The Mall at Millennia in Orlando. The Publix-anchored property is located at the crossroads of American Boulevard and John Young Parkway. Warren Weiser and Harry Blyden of CREC represented the seller, a tenant-in-common (TIC) ownership group managed by Los Angeles-based National Asset Services. The buyer was J-9 Land Partners LLP, a private investment firm based in Ormond Beach, Fla. Parkway Plaza is 95 percent leased to Publix, Chase Bank, Radio Shack, Subway and Little Caesar's Pizza.


St. Petersburg, Fla. - HC Real Estate Capital has arranged $4.7 million in acquisition financing for Central Plaza in St. Petersburg. The 74,600-square-foot center is 92 percent leased and anchored by Goodwill, Citi Trends, Payless Shoe Source and Family Dollar. Central Plaza is located adjacent to a Walmart Supercenter. Delray Beach, Fla.-based HC Real Estate Capital worked with the borrower to secure the 10-year loan with a local lender. Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital arranged the loan.

Romulus, Mich. - New England Development will build a 325,000-square-foot outlet center opposite Detroit Metro Airport called Outlets of Michigan. The outlets will feature approximately 75 retailers. The Detroit-Windsor Crossing, an entryway to Canada, is located 19 miles from the site, and 32 million passengers travel annually through Detroit Metro Airport. More than 3.5 million people live within 30 miles of the site and over 1.7 million people live within a 30-minute drive. Outlets of Michigan will be an open-air center with shaded pedestrian concourses. The center will open in 2016.
Short Hills, N.J. - The Mall at Short Hills has added four boutiques to its tenant mix: The Art of Shaving, Calypso St. Barth, Geox and Maje. This is the Calypso St. Barth's first location in New Jersey. The Art of Shaving offers men's luxury grooming products. The store in the Mall at Short Hills features wood floors, wood paneling and tufted leather furniture. Calypso at St. Barth offers women's apparel, accessories and home décor. Geox, an Italian footwear brand with locations in more then 100 countries, will soon debut on the lower level of the center near Macy's. Apparel collections at Maje offer women's apparel, shoes, handbags, jewelry and accessories.
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