Friday, June 13, 2025
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H-Mart
AcquisitionsGeorgiaRetailSoutheast

IPA Arranges $18.9M Sale of Abbotts Bridge Station Shopping Center in Johns Creek, Georgia

by Julia Sanders

JOHNS CREEK, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Abbotts Bridge Station, an 83,391-square-foot, H-Mart-anchored shopping center in the Atlanta suburb of Johns Creek. Zach Taylor and Andrew Margulies of IPA brokered the sale. Westwood Financial sold the property for $18.9 million. The buyer was not disclosed. Located at 10820 Abbotts Bridge Road, Abbotts Bridge Station is 30.3 miles from downtown Atlanta and about 40.8 miles from Hartsfield-Jackson Atlanta International Airport. The shopping center’s tenant roster includes Snow Mountain, Hong Kong Café, AT&T, Joy Pizza N Joy Chicken and White Windmill Bakery. “This transaction illustrates the high demand for Grocery Anchored Centers. We fielded 15 offers from both private and institutional investors and sold it above list price with non-refundable earnest money upon contract execution,” says Taylor.

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Summer Breeze
AcquisitionsGeorgiaMultifamilySeniors HousingSoutheast

JLL Brokers $18M Sale of Summer Breeze Seniors Housing Community in Savannah

by Julia Sanders

SAVANNAH, GA. — JLL has brokered the $18 million sale of Summer Breeze, a 79-unit independent living, assisted living and memory care seniors housing community on Savannah’s Wilmington Island. Mike Garbers, Cody Tremper and Michael Sivewright of JLL represented the seller, Salt Lake City, Utah-based Bridge Investment Group. An unnamed investor acquired the property in a 1031 exchange. Summer Breeze offers 28 independent living units, 39 assisted living units and 12 memory care units. Community amenities include a full-service salon, community library, occupational and speech therapies, an activity program, scheduled transportation, restaurant-style dining and weekly housekeeping services. The community was 95 percent occupied at the time of sale. Located at 351 Wilmington Island Road, approximately 10 miles southeast of downtown Savannah, Summer Breeze is adjacent to the Wilmington Island Club and the Sail Harbor Marina and Boatyard.

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District of ColumbiaRetailSoutheast

NRF: Retail Sales Slowed in July Amid Rising Cases of Delta Variant

by Julia Sanders

WASHINGTON, D.C. — The National Retail Federation (NRF) reports retail sales have decreased 1.1 percent in July over the prior month on a seasonally adjusted basis — not including automobile dealers, gas stations and restaurants — and up 9.5 percent unadjusted year-over-year. Retail sales in July were worse than the Dow Jones’ prediction of a 0.3 percent decrease, according to CNBC. The Centers for Disease Control and Prevention reports the delta variant is more than 98.8 percent of all COVID-19 cases currently in the United States. In June, the NRF reported a month-over-month increase of 1.1 percent and a year-over-year growth of 12.8 percent. For the first seven months of 2021, the NRF reports that retail sales increased 15.5 percent from the same time period last year. This data matches the organization’s revised forecast for 2021 retail sales to increase between 10.5 and 13.5 percent over last year to between $4.44 trillion and $4.56 trillion. According to U.S. Census Bureau data, retail sales have grown year-over-year every month since June 2020, despite some month-over-month declines. The NRF reports that July sales were down in all categories but two on a monthly basis but up across the board year-over-year. Health and …

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ArkansasRetailSoutheast

Walmart Sees Increases in Second-Quarter Revenue Due to E-Commerce, Grocery Shopping

by Julia Sanders

BENTONVILLE, ARK. — Bentonville, Ark.-based Walmart Inc. (NYSE: WMT) has seen an increase in revenue during its fiscal second quarter of 2021, which ended on July 31. Walmart’s total revenue was $141 billion, an increase of 2.4 percent year-over-year. According to Refinitiv, the discount retailer’s earnings per share was $1.78 adjusted, while it was expected to be $1.57, and the company’s revenue was $141.05 billion, higher than the $137.17 billion expected. The retailer revised its 2021 forecast and is now predicting its earnings per share to range from $6.20 to $6.35. Walmart’s net income declined to $4.28 billion from what it was a year prior at $6.48 billion. Walmart reported an increase in its grocery sales with 6.1 percent of revenue from groceries. The company’s food sales grew $2.4 billion more than a year ago, which CNBC attributes to customers being attracted to the cheaper food prices at Walmart. Additionally, the retailer’s e-commerce sales grew by 6 percent. Walmart predicts its global e-commerce sales will go up to $75 billion this year. CNBC also reports that grocery sales and e-commerce has slowed compared to when the pandemic first started and everyone was rushing to buy enough food, toilet paper and …

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DevelopmentMidwestMinnesotaRestaurantRetail

Taco Bell to Reinvent Drive-Thru Concept With Futuristic Restaurant in Brooklyn Park, Minnesota

by Kristin Harlow

BROOKLYN PARK, MINN. — Taco Bell is building a restaurant with a new drive-thru concept in Brooklyn Park, a suburb of Minneapolis. Construction is underway on the 3,000-square-foot, two-story restaurant. Completion is scheduled for summer 2022. Known as Defy, the new restaurant concept was developed in partnership with Minneapolis-based Vertical Works Inc., a design company that works with quick-serve restaurants, retailers and healthcare tenants. In 2020, Border Foods, one of the largest privately held Taco Bell franchisees in America, enlisted Vertical Works to create a new restaurant design. With Defy, Taco Bell and Border Foods will partner on their 230th restaurant and 82nd new restaurant build. The concept reimagines the traditional drive-thru experience with four lanes, three of which are dedicated to mobile or delivery order pickups. This way, customers who order via the Taco Bell app or third-party delivery services can skip the line. The drive-thru lanes are situated below the restaurant kitchen. Additionally, digital check-in screens enable mobile order customers to scan in their order via a unique QR code. Food is delivered in a contactless manner via a proprietary lift system. The Defy footprint is smaller or equal to existing Taco Bell store footprints. There will be …

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DevelopmentMidwestMultifamilyWisconsin

Greenfire to Construct 178-Unit Luxury Apartment Community in Oconomowoc, Wisconsin

by Kristin Harlow

OCONOMOWOC, WIS. — Wangard Partners has selected Greenfire to build its new Olympia Fields Apartments in Oconomowoc, about 34 miles west of Milwaukee. The development will include 178 luxury apartment units along with a pool and clubhouse. Seven buildings will house a variety of unit sizes, including studios, one-, two- and three-bedroom floor plans. The project will be built on the site of the former Olympia Resort, which is currently being demolished. Construction is expected to begin in October with completion slated for fall 2022. Kahler Slater will serve as architect and R.A. Smith as civil engineer.

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DevelopmentIndustrialMidwestOhio

Pizzuti Underway on 324,000 SF Spec Industrial Building in Central Ohio

by Kristin Harlow

GROVEPORT, OHIO — The Pizzuti Cos. and development partner Olympus Ventures LLC are underway on the construction of Hamilton Road One Distribution Center, a 324,000-square-foot industrial building in central Ohio’s Groveport. The development team is undertaking the project on a speculative basis. Located on Hamilton Road, the site provides convenient access to I-270 and I-70. The building will feature a clear height of 32 feet, 57 dock doors, four grade doors, 212 auto parking spaces and 64 trailer parking spaces. Completion is slated for December. Jeff Lyons of CBRE is marketing the project for lease.

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AcquisitionsMidwestMultifamilyOhio

Vision & Beyond Acquires 297-Unit Multifamily Property in Cincinnati

by Kristin Harlow

CINCINNATI — Vision & Beyond Capital Investments has acquired Clifton Colony, a 297-unit multifamily property in Cincinnati’s Clifton neighborhood. The purchase price was undisclosed. The buyer plans to invest $5 million to install new HFAC, windows and landscaping. The development will continue to serve the workforce housing population. No tenants will be displaced while renovations are underway. Monthly rents start at $610. Vision & Beyond says it plans to implement nominal rent increases for units as they are renovated.

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AcquisitionsHealthcareMidwestWisconsin

IRA Capital Buys Ambulatory Surgery Center Near Milwaukee in Sale-Leaseback

by Kristin Harlow

WAUWATOSA, WIS. — IRA Capital has purchased an 11,200-square-foot ambulatory surgery center in Wauwatosa, about six miles west of Milwaukee. The purchase price was not disclosed. The property is fully occupied by Wauwatosa Surgery Center, a partner of Surgical Care Affiliates (SCA). The facility offers various outpatient services, including anesthesiology, general surgery and orthopedic surgery. IRA acquired the building in a sale-leaseback that was structured with SCA, which operates 230 ambulatory surgery centers across 35 states.

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AcquisitionsCaliforniaMultifamilyTop StoriesWestern

IPA Brokers $275M Sale of Two-Property Multifamily Portfolio in Hermosa Beach

by Kristin Harlow

HERMOSA BEACH, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $275 million sale of two adjacent multifamily properties in Hermosa Beach, a beachfront city in Los Angeles County. The 285-unit Playa Pacifica sold for $162.5 million, while the 169-unit The Gallery sold for $112.5 million. Built in 1972, Playa Pacifica was partially renovated in 2015 and 2016. The average unit size is 590 square feet. Amenities include two solar-heated pools, a fitness center, business center, clubhouse, spa and outdoor lounge with barbecue area. The Gallery was built in 1971 and partially renovated in 2003 and 2004. Units average 831 square feet. Amenities include a pool, fitness center, spa, sauna and covered parking. Both communities are located near Hermosa Beach Pier. Neighborhood attractions include The Strand and Greenbelt Park, along with beachfront nightlife and restaurants. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller, an institutional investor, and procured the buyer, Prime Residential. Previously, the IPA team brokered the sale of the properties in 2006 for $133 million. “The sale represents the acquisition of 24 percent of the entire apartment stock in Hermosa Beach and nearly 70 percent of the like-kind …

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