Shopping Center Business

AUG 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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10 • SHOPPING CENTER BUSINESS • August 2018 NEWSLINE SHOPONE BUYS THE TRAILS SHOPPING CENTER IN FLORIDA FOR $21.9 MILLION ShopOne Centers REIT Inc. has ac- quired The Trails Shopping Center, a 135,286-square-foot shopping center in Ormond Beach, a city on Florida's east coast. Sabal Financial Group LP - Slate Trails Holdings LLC sold the asset for $21.9 million. Richard Chichester, Don- ald MacLellan and Shaun Riley of Faris Lee Investments arranged the transaction on behalf of ShopOne. A 36,866-square- foot Publix anchors the center, which was 77 percent leased at the time of sale. Ad- ditional tenants at the center include Chi- co's, LOFT, Anytime Fitness, BurgerIM and Supercuts. NKF CAPITAL MARKETS ARRANGES $18.3 MILLION SALE OF SHOPPING CENTER, LAND OUTPARCEL IN NORTH FLORIDA NKF Capital Markets has arranged the $18.3 million sale of Gleason Place, a 129,000-square-foot shopping center in Lake City, a city in North Florida. The sale included the shopping center and a 1.3-acre land outparcel. Drew Fleming and Mark Joines of NKF Capital Markets represented the seller, Hutton, in the transaction. North Lauderdale Associates acquired the property. Constructed in 2017, Gleason Place was fully leased at the time of sale to tenants including Hobby Lobby, Ross Dress for Less and Dick's Sporting Goods. The center is located adjacent to a Publix-anchored center and the recently renovated Lake City Mall. BACELINE ACQUIRES FOUR RETAIL CENTERS LOCATED ACROSS U.S. FOR $18 MILLION Baceline Investments Inc. has ac- quired four shopping centers located across the U.S. for $18.1 million. The Denver-based real estate firm acquired Capital Drive in Brookfield, Wiscon- sin, for $4.3 million; North Town Centers in Fort Worth, Texas, for $5.8 million; Edge O Lakes Shoppes in Nashville, Tennessee, for $6.6 mil- lion; and Antelope Plaza in Clearfield, Utah, for $1.4 million. The centers to- tal 131,000 square feet and increase Baceline's portfolio to 54 properties across the country. The names of the sellers were not disclosed. HFF ARRANGES $16 MILLION SALE OF RETAIL PORTION OF HISTORIC CHICAGO BUILDING HFF has arranged the $16 million sale of a 13,062-square-foot retail space in Chicago's financial district. The space is part of the Roanoke Build- ing, a historic office tower. Originally constructed in 1915 and renovated in 2015, the tower is 91 percent occu- pied. Tenants of the retail portion in- clude Citibank, Roanoke Restaurant, 7-Eleven and T-Mobile. Amy Sands and Clinton Mitchell of HFF repre- sented the seller, an affiliate of The Prime Group Inc. The buyer was not disclosed. CBRE ARRANGES SALE OF PUBLIX- ANCHORED BRAWLEY COMMONS IN METRO CHARLOTTE CBRE has arranged the sale of Brawley Commons, a 122,054-square-foot retail center in Mooresville, North Carolina, 30 miles north of Charlotte. Mike Burk- ard and Steve Shields of CBRE arranged the transaction on behalf of the seller, a joint venture between Glenwood Devel- opment Co. and Magnolia Development Co. Atlanta-based New Market Proper- M O N E Y M AT T E R S KEYBANK PROVIDES $26.8 MILLION IN CMBS FINANCING FOR ENOS RANCH IN CALIFORNIA KeyBank Real Estate Capital has provided a $26.8 million CMBS loan for Enos Ranch, a shopping center in Santa Maria, California. Built in 2017, the 119,760-square-foot property is home to 10 tenants. Dick's Sporting Goods anchors the center. John Loshbaugh of KeyBank's Commercial Mortgage Group arranged the 10-year, fixed-rate loan with a 30-year amortization schedule. The undisclosed borrower used the loan to refinance existing debt. HOULIHAN-PARNES ARRANGES $17 MILLION REFINANCING FOR INDEPENDENCE PLAZA IN CENTRAL NEW JERSEY Houlihan Parnes Realtors has arranged a $17 million refinancing for Independence Plaza, a shopping center in Hamilton, New Jersey. The center is currently 75 percent occupied with a tenant roster that includes Regal Cinemas, Crunch Fitness, Save-a-lot and Dollar Tree. The property is owned by Samuel Jemal of JJ Operating Inc., which acquired the asset in 2014 for $7 million. Houlihan Parnes secured a fixed-rate loan for the borrower for a term of five years with the option for ownership to extend for an additional five years. The lender was not disclosed. Publix anchors The Trails shopping center, which was recently acquired by ShopOne Centers REIT for $21.9 million. The sale of Gleason Place in Lake City, Florida, was recently arranged by NKF Capital Markets.

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