REBusinessOnline

Retail

New Grocers, Redevelopments Invigorate Richmond’s Retail Market

The Richmond retail market continues to be strong. Overall vacancy rates are slightly higher than usual, hovering around 7 percent with negative absorption, due to all types of new products coming online in the first half of 2017. The market is adding millennials at double the pace of any other generation and has been recently named in multiple media outlets as one of the top living destinations for millennials nationwide. With this influx, multifamily development in Richmond is robust,..

October 23, 2017

Weitzman Negotiates 46,155 SF Retail Anchor Lease in College Station

COLLEGE STATION, TEXAS — Weitzman has negotiated a 46,155-square-foot tenant lease with Tru Fit Athletic Clubs for the anchor space at Parkway Square, a 156,520-square-foot retail center in College Station. Tru Fit Athletic Clubs will join other tenants at the center such as Stein Mart, Harbor Freight Tools, Firestone and McDonald’s. The Parkway Square gym will be the Colorado-based fitness chain’s 18th location in Texas. James Namken and Kyle Knight of Weitzman represented the landlord..

October 20, 2017

Columbia Development to Deliver 326,850 SF Grocery-Anchored Center in North Carolina

NEW BERN, N.C. — Columbia Development has unveiled plans to develop New Bern Marketplace, a 326,850-square-foot grocery-anchored shopping center located on Highway 17 and Glenburnie Road in New Bern near North Carolina’s Crystal Coast. A 100,000-square-foot Harris Teeter, which will include a fuel station and drive-thru pharmacy, will anchor the property. The center will also be home to Academy Sports + Outdoors, Hobby Lobby, West Marine, Ross Dress for Less, Ulta Beauty, Pet Supermarket,..

October 20, 2017

Warner Pacific Properties Repositions Shopping Center in Monrovia

MONROVIA, CALIF. — Warner Pacific Properties is repositioning Monrovia Landing, a retail center within Shamrock Center located at 729 E. Huntington Drive in Monrovia. After acquiring the 100,000-square-foot property in 2016, the company began a re-tenanting and repositioning program for the center. At the time of acquisition, the center consisted of a vacant Albertsons grocery store and a 6,700-square-foot O’Reilly Auto Parts. Originally built in 1973 as a Super K-Mart, Lucky Grocery..

October 20, 2017

Location Matters Negotiates $1.3M Sale of CrossFit Building in Downtown Escondido

ESCONDIDO, CALIF. — Location Matters has brokered the sale of a retail property located at 237 and 243 E. Valley Parkway in downtown Escondido. David Baker of H Street Plaza LLC sold the property to Evan Weinberg of Steven Beverages Inc. for $1.3 million. The 9,300-square-foot property features two retail units: a 7,000-square-foot CrossFit Iconic and a 2,300-square-foot vacant space. The buyer plans to repurpose the vacant space into a brewery and coffee concept by Cismontane Brewing,..

October 20, 2017

Pacific Coast Commercial Brokers $1.2M Sale of The Ink Spot Location in San Diego

SAN DIEGO — Pacific Coast Commercial has arranged the sale of a retail building located at 1040 Garnet Ave. in San Diego. John & Mahin Family Trust acquired the property from John Watts for $1.2 million. The 2,600-square-foot retail property was occupied by The Ink Spot for more than 20 years. Martin Alfaro and Vince Provenzano of Pacific Coast Commercial represented the seller, while John Noble of JN Financial represented the buyer. The buyer plans to lease the property to a new..

October 20, 2017

Marcus & Millichap Arranges $1M Sale of 3,160 SF Retail Property in Los Angeles

LOS ANGELES — Marcus & Millichap has brokered the sale of a retail property located at 4745 W. Washington Blvd. in Los Angeles. A private investor sold the property for $1 million. Floyd Shaheen of Marcus & Millichap represented the seller in the deal. The name of the buyer was not released.

October 20, 2017

CBRE Negotiates Sale, Arranges Acquisition Financing for 100,250 SF Retail Center in Easton, Pennsylvania

EASTON, PENN. — CBRE has arranged the sale of Fork Town Center, a shopping center located at 301 Town Center Blvd. in Easton. Retail Properties of Americas sold the 100,250-square-foot property to a joint venture between Triple Crown Corp. and J.C. BAR Properties. Thomas Gorman of CBRE’s Debt & Structured Finance procured $18 million in acquisition financing for the buyer. Brad Nathanson and John Colussi of CBRE represented the seller and identified the buyer in the deal. Built in 2002,..

October 19, 2017

Local Brewery to Open at Planned Mixed-Use Development in Metro Atlanta

FORSYTH COUNTY, GA. — RocaPoint Partners and The Georgetown Co. have unveiled plans to open Cherry Street Brewing at Halcyon, a 150-acre mixed-use project under development in south Forsyth County. The Cumming, Ga.-based brewery will open an 8,000-square-foot brewpub and beer garden in the center of Halcyon’s restaurant village. The brewpub will have a seasonal food menu and 16 Cherry Street beers on tap, as well as a new Halcyon-specific brew. The beer garden will feature communal tables,..

October 19, 2017

JLL Secures $21.3M Refinancing for 94,841 SF Retail Asset in Lubbock

LUBBOCK, TEXAS — JLL has secured $21.3 million for the refinancing of Phase II of West End, a 94,841-square-foot retail and restaurant development in Lubbock. West End features a mix of big box retailers, flagship hotels and office space. Retail tenants include Cabela’s Outpost, Nike Factory and Marshalls. Dining options include P.F. Chang’s, Chipotle, Chick-fil-A and Panera Bread. Tom Fish and Jimmy Board of JLL secured the loan through New York-based Silverpeak Argentic on behalf of..

October 19, 2017