Shopping Center Business

MAY 2016

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

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40 • SHOPPING CENTER BUSINESS • May 2016 NEWSLINE SHOPPING CENTER GROUP ARRANGES SAVE-A-LOT LEASE IN MEMPHIS The Shopping Center Group has ar- ranged a lease transaction that will bring a Save-A-Lot grocery store to Bing- hampton Gateway, a 48,500-square- foot neighborhood center in Mem- phis, Tennessee. Shawn Massey of The Shopping Center Group and Steve Bowie of Cor Mundi Investments represented Binghampton Develop- ment Corp., a faith-based, nonproft organization, in the lease transaction. The $6.5 million retail center will be located on a 4.5-acre site that was previously occupied by an apartment complex, which was demolished in January 2015. Binghampton Gateway will feature the 16,300-square-foot Save-A-Lot, a 10,000-square-foot ju- nior anchor tenant and 22,200 square feet of small shop space. Construction is expected to begin this summer with an anticipated completion date of spring 2017. ROSS STORES INC. OPENS 28 NEW LOCATIONS Dublin, California-based Ross Stores Inc. opened a total of 22 Ross Dress for Less stores and six dd's DIS- COUNTS stores across 15 states in February and March. These new loca- tions are part of the company's 2016 expansion plans to add approximate- ly 70 Ross Dress for Less and 20 dd's DISCOUNTS locations throughout the year. "These recent openings re- fect our ongoing plans to continue building our presence in both exist- ing and newer markets, including the Midwest for Ross, and expansion of dd's DISCOUNTS," says Jim Fassio, president and chief development of- fcer of Ross Stores Inc. "Ross Dress for Less remains the largest off-price apparel and home fashion chain in the U.S with 1,295 locations in 34 states, the District of Columbia and Guam." R E TA I L E R U P DAT E DEVELOPERS RECEIVE $225 MILLION LOAN TO FINANCE THE BLOC MIXED-USE PROJECT IN DOWNTOWN LOS ANGELES T he developers of The Bloc, a 1.1 million-square-foot offce, retail and hospi- tality redevelopment in downtown Los Angeles, have received a $225 million permanent loan to fnance the project. The Bloc is located at 700 S. Flower Street. The site was originally built in 1973 as a traditional mall. The redevelopment will transform the space into an open-air urban complex. It will be the largest mixed- use property in Los Angeles, according to developers The Ratkovich Company, National Real Estate Advisors and Blue Vista Capital. The Bloc is scheduled to open this summer. A renovated fagship Macy's will anchor the center. The Bloc will also offer a variety of artisanal retailers and restau- rants, as well as creative-leaning offce space and a newly renovated, 496-room Sheraton Los Angeles Downtown. The new loan replaces an existing CMBS loan inherited when the property was purchased in 2013, with a fnal payoff amount of about $121.6 million. It also provides additional proceeds to fnalize the redevelopment and fund leasing costs at the property. "This fnancial commitment lends further credence to the vibrant revitalization underway in downtown and lays the foundation for continued growth in the de- cades ahead," says Jeff Kanne, president of National Real Estate Advisors. "With the grand opening of the project just months away, we are thrilled that we'll soon be able to share The Bloc with the entire Los Angeles community." HFF's John Crump, Paul Brindley and Matt Stewart advised the owners on the transaction. An institutional balance sheet lender provided the capital. — Nellie Day The site was originally built in 1973 as a traditional mall. The redevelopment will transform the space into an open-air urban complex. HANLEY INVESTMENT GROUP ARRANGES $72.5 MILLION SALE OF SHOPPING CENTER IN METRO LOS ANGELES Hanley Investment Group Real Estate Advisors has arranged the sale of Stevenson Ranch Plaza, a 187,035-square- foot shopping center located in the Los Angeles suburb of Santa Clarita, for $72.5 million. Ed Hanley and Kevin Fryman of Hanley Investment Group represented the buyer, InvenTrust Properties Corp., and the seller, a Los Angeles-based private investor, in the transaction. The 97 percent occupied center is home to tenants including anchors Ralphs, LA Fitness, PetSmart and Stein Mart. Other tenants include David's Bridal, Guitar Center, Yamato Restaurant and FedEx Offce.

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