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AcquisitionsFloridaRetailSoutheast

Cushman & Wakefield Brokers Sale of Publix-Anchored Shopping Center in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — Cushman & Wakefield has brokered the sale of Grove Park Shopping Center, a 120,150-square-foot, Publix-anchored retail center located at 1617 U.S. Highway 98 in Lakeland. A private entity tied to Daniel Halberstein purchased the center for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield’s Retail Investment Advisors represented the seller, Longpoint Partners, in the transaction. Grove Park was originally developed in 1960 by George Jenkins, the founder of Publix Super Markets. The property, which was fully renovated in 2019, was 100 percent leased at the time of sale to tenants including CVS, Dollar Tree and Humanitary Medical Center.

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AcquisitionsIndustrialNorth CarolinaSoutheast

Realterm Acquires 70,004 SF Truck Terminal Facility in Charlotte Leased to FedEx

by John Nelson

CHARLOTTE, N.C. — Realterm has purchased a 70,004-square-foot truck terminal and maintenance facility located at 7500 Statesville Road in Charlotte. The 13.7-acre property comprises a 58,184-square-foot, 94-door truck terminal and an 11,820-square-foot, 15-door maintenance shop. FedEx currently leases the fully lit and secured facility, which is situated in close proximity to I-77 and I-85. The seller and sales price were not disclosed.

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AcquisitionsMidwestNebraskaRetailTop Stories

Federal Realty Acquires Village Pointe Shopping Center in Omaha for $153.3M

by John Nelson

OMAHA, NEB. — Federal Realty Investment Trust (NYSE: FRT) has acquired Village Pointe, a 453,000-square-foot, open-air shopping center in Omaha. The retail REIT purchased the property from the undisclosed seller for $153.3 million. “Village Pointe checks the key boxes for us: affluent demographics and growing population, clear unmet retail demand, proven retailer success in the location and a truly dominant asset,” says Don Wood, president and CEO of Federal Realty. Situated on Omaha’s west side on West Dodge Road, Village Pointe draws nearly 6 million annual visits and serves a trade area of over half a million people, with visits averaging one hour in duration. The center was 96 percent leased at the time of sale to national and premium lifestyle retailers — including Apple, lululemon, Sephora, Coach, Bentley, Nordstrom Rack, Madewell — many of which are exclusive to the market. Scheel’s, a large-scale sporting goods retailer, shadow-anchors Village Pointe. Other tenants include Cheddar’s Scratch Kitchen, North Italia, DSW, Best Buy, Old Navy, Warby Parker, Urban Outfitters and Marcus Village Pointe Cinema. Federal Realty has noted the value-add opportunity at Village Pointe via elevating the tenant mix and enhancing merchandising. Founded in 1962, Federal Realty Investment Trust is based in North …

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External River View
IllinoisMarket ReportsMidwestMidwest Market ReportsRetail

Chicago Retail Shines in Neighborhoods, Suburbs

by Abby Cox

While the health of the retail market along the Magnificent Mile continues to recover incrementally with a rebound in foot traffic following a prolonged downturn, Chicago’s neighborhoods and suburbs are bustling with leasing activity. In fact, limited retail supply in the suburbs and throughout most of the city’s neighborhoods is one of the biggest challenges facing the market, according to Michael Flinchbaugh, an associate director with Chicago-based Bradford Allen. He says the dynamic has pushed up rents, leading to more national retailers entering corridors that have historically been occupied by local stores. “Groups that are not as well capitalized are struggling to find affordable space for lease,” says Flinchbaugh. The Loop, on the other hand, is sitting at a vacancy rate around 30 percent, according to Flinchbaugh. He says the hope is that the number of office-to-residential conversions slated to occur in the next two to three years will bring retailers back to the submarket as it becomes more of a live-work community. The Loop is located south of the Chicago River, while the Magnificent Mile is situated on the city’s Near North Side. Long known for its high-end shops, hotels and restaurants, the one-mile section of Michigan Avenue referred …

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Loma-Dallas
DevelopmentMultifamilyTexas

Mintwood, MSquared Break Ground on 370-Unit Multifamily Project in Dallas

by Taylor Williams

DALLAS — A partnership between two developers, Dallas-based Mintwood Real Estate and New York City-based MSquared, has broken ground on Loma, a 370-unit multifamily project in the Oak Cliff area of Dallas. Approximately half (187) of the residences will be reserved as affordable housing for households earning between 50 and 80 percent of the area median income. Information on floor plans was not disclosed. Amenities will include a pool, rooftop sky lounge, sauna, coworking spaces, children’s play areas, fitness center and a dog park. WDG Architecture is designing the project, which is being developed in partnership with the Dallas Public Facility Corp. A tentative completion date was not announced.

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IndustrialLeasing ActivityTexas

W-Industries Signs 241,712 SF Industrial Lease in North Houston

by Taylor Williams

HOUSTON — W-Industries has signed a 241,712-square-foot industrial lease in North Houston. The provider of infrastructural engineering, automation and cybersecurity solutions will use the space within Champions Business Park to support its electrical manufacturing operations. Jason Dillee, Joseph Smith and Gregory Holmes of CBRE represented the undisclosed landlord in the lease negotiations. Wes Williams of Colliers represented W-Industries.

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CivicDevelopmentTexas

Texas State University to Undertake 85,000 SF Stadium Renovation, Expansion Project

by Taylor Williams

SAN MARCOS, TEXAS — Texas State University will undertake an 85,000-square-foot stadium renovation and expansion project. Bobcat Stadium, located on the university’s San Marcos campus, will receive a new upper-level hospitality and banquet space, as well as new exterior concourses. The project team, which includes Pfluger Architects and White Construction, will also upgrade the field house, including the addition of an 8,000-square-foot weight room and 3,000-square-foot training room. Completion is slated for next fall.

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DevelopmentHospitalityTexas

LV Collective to Open 59-Room Hotel Within Paseo in Downtown Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based multifamily and student housing developer LV Collective, formerly known as Lincoln Ventures, will open a 59-room hotel within its Paseo mixed-use tower in downtown Austin’s Rainey Street district. The hotel will be known as ROOST Rainey and will occupy the building’s 14th through 17th floors. ROOST Rainey, which is scheduled to open before the end of the year, will offer apartment-style rooms in studio, one-, two-, three- and four-bedroom formats. Guests will have access to Paseo’s amenities.

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AcquisitionsRestaurantRetailTexas

SVN | J. Beard Real Estate Brokers Sale of Vacant QSR Building in Tomball, Texas

by Taylor Williams

TOMBALL, TEXAS — SVN | J. Beard Real Estate has brokered the sale of a vacant quick-service restaurant (QSR) building in Tomball, located northeast of Houston. The building was formerly home to Krispy Kreme. Jackson Cain and Brigham Hedges of SVN | J. Beard represented the seller, Wave Crest Development, in the transaction. The buyer and future occupant, a Dairy Queen franchisee, was self-represented.

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50-Danbury-Road-Wilton-Connecticut
AcquisitionsConnecticutNortheastOffice

CBRE Negotiates $24.7M Sale of Office Building in Wilton, Connecticut

by Taylor Williams

WILTON, CONN. — CBRE has negotiated the $24.7 million sale of a 221,070-square-foot office building in the southern coastal Connecticut city of Wilton. The two-story building at 50 Danbury Road is home to tenants such as AIG, ASML and Hartford Health Care. Jeff Dunne, Steve Bardsley and Travis Langer of CBRE represented the seller, a partnership that includes an entity managed by Taconic Capital Partners, in the transaction. Shawn Rosenthal and Jason Gaccione, also with CBRE, arranged acquisition financing on behalf of the buyer, Melrose Pfeiffer Holding LLC.

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