By Justin Elder, President, Elder-Jones, Inc., and President, Retail Contractors Association Whether a retailer is opening a new location, refreshing an operating store, converting an acquired property or rolling out a new prototype, construction comes with variables. Permits move at different speeds. Existing conditions do not always match record drawings. Electrical gear, HVAC equipment, storefront systems and owner-furnished fixtures may carry long lead times. Late design or merchandising changes can ripple through procurement, sequencing and store-opening plans. Those conditions may be unavoidable. Cost and schedule surprises often are not. The difference is disciplined preconstruction, clear decision rights, reliable project controls and a contractor who understands that the job site is also a retail environment. During a roundtable discussion at a recent RCA Annual Conference, experienced retail contractors shared lessons from decades of work. Their central message was straightforward: strong relationships matter, but the best partnerships turn trust into a repeatable operating process. Start with a technically complete preconstruction process The most effective time to solve a construction problem is before crews mobilize. Retailers should bring the contractor into the process early enough to test the drawings against field conditions, procurement realities, operating requirements and the proposed schedule. For remodels and …
Retail
RICHMOND, TEXAS — Edge Realty Partners has brokered the sale of Long Meadow Farms, a 38,880-square-foot shopping center in the southwestern Houston suburb of Richmond. Specific users were not named, but the center’s tenant roster is “service-oriented.” Micha van Marcke of Edge Realty Partners represented the seller in the transaction. The buyer and sales price were also not disclosed.
NORWALK, CONN. — The Prusik Group, a New York City-based retail developer, has sold a 156,568-square-foot shopping center in the southern coastal Connecticut city of Norwalk. Main Avenue Shopping Plaza was built on 16.3 acres in 1996. At the time of sale, the center was fully leased to tenants such as grocer Stop & Shop (anchor), Total Wine & More, Hobby Lobby and Burger King. J.B. Bruno, Kevin O’Hearn and Jose Cruz of JLL represented Prusik Group in the transaction. The buyer and sales price were not disclosed.
Ziff Real Estate Partners Sells Trader Joe’s-Anchored Shopping Center in Richmond for $41.3M
by John Nelson
RICHMOND, VA. — Mt. Pleasant, S.C.-based Ziff Real Estate Partners has sold Stony Point Village, a 112,238-square-foot shopping center located at 3000-3002 Stony Point Road in Richmond’s Bon Air neighborhood. Charlotte-based Asana Partners purchased the center for nearly $41.3 million. Trader Joe’s anchors Stony Point Village, which also houses Sephora, Virginia ABC and Planet Fitness. Ziff Real Estate Partners purchased the shopping center in 2019 when it was 47 percent occupied.
KENT, WASH. — Kimco Realty has purchased Canyon Ridge Plaza, a multi-tenant retail community in Kent, from an undisclosed seller for $19 million. Sean Tufts, Kevin Adatto, Joe Dugoni and Jack Hallberg of Northmarq handled the transaction. Located at 26015 104th Ave., Canyon Ridge Plaza features 86,909 square feet of 94 percent occupied retail space. Current tenants include Ross Dress for Less, Old Navy, Petco, Bath & Body Works and Verizon Wireless. Six tenants have executed new or extended long-term leases since January 2025, including a 10-year renewal from Ross. Shadow tenants includes Target, Burlington and TJ Maxx.
Pacific Coast Commercial Brokers Sale of 30,600 SF Multi-Tenant Strip Center in Vista, California
by Amy Works
VISTA, CALIF. — Pacific Coast Commercial has negotiated the sale of a multi-tenant strip center located at 1717 E. Vista Way in Vista. LB ONE LLC sold the asset to CDH Holdings V LLC for $3.5 million. The 30,600-square-foot property is occupied by a mix of local office and retail businesses. Martin Alfaro of Pacific Coast Commercial represented the seller and buyer in the deal. Ticor Escrow and Title handled escrow and title services for the transaction.
CHICAGO — Chicago-based shopping center owner Pine Tree has acquired sponsor interest in a 10-property portfolio recently appraised at $644 million and totaling 3.5 million square feet. The interest was acquired from SITE Centers (NYSE: SITC) in partnership with a large international investor. The transaction brings Pine Tree’s total acquisition activity over the past 12 months to more than $1 billion and grows the company’s assets under management to more than $4 billion. Spanning nine states, the primarily grocery-anchored portfolio is comprised of tenants such as Target, Sam’s Club, Publix, Aldi, Sprouts Farmers Market, Food Lion, The Fresh Market, Lowe’s, Dick’s Sporting Goods, Best Buy, Marshalls, HomeGoods and Ross Dress for Less. The properties include: Ahwatukee Foothills Towne Center in Phoenix; Ashley Crossing in Charleston, S.C.; Brookside Marketplace in Chicago; Commonwealth Center in Richmond, Va.; Connecticut Commons in Hartford, Conn.; Independence Commons in Kansas City, Mo.; Poyner Place in Raleigh, N.C.; Route 22 Retail Center in New York City; Towne Center Prado in Atlanta; and University Centre in Wilmington, N.C.
KATY, TEXAS — Marcus & Millichap has brokered the $7.5 million sale of an 8,753-square-foot restaurant building in the western Houston suburb of Katy. The sales price equates to $874.84 per square foot. The building at 222 W. Grand Parkway was constructed on a 1.5-acre site in 2017 and is net-leased to Brazilian restaurant chain Fogo de Chao. Alvin Mansour and David Kern of Marcus & Millichap represented the seller, a developer, in the all-cash transaction. The buyer was a California-based 1031 exchange investor. Both parties requested anonymity.
HOUSTON — Baker Katz has negotiated five leases totaling 9,548 square feet for Einstein Bros. Bagels in the greater Houston area. The spaces are located in the city’s Garden Oaks district and in the suburbs of Tomball, Spring, Baytown and Manvel. Lunden McGill and John Frazier of Baker Katz represented Einstein Bros. in all lease negotiations. Landlord brokers included Lindsey Lee and Rami Khoury of Blue Ox Group (Houston); Kristen Barker of Edge Properties (Tomball); Austen Baldridge and Diandra Breen of NewQuest (Spring); Anna Grace Mako of Fidelis (Baytown); and Kyle Knight of Weitzman (Manvel).
DOVER, N.H. — A partnership between Boston-based developer Cathartes and the City of Dover, located near the Maine-New Hampshire border, has completed a multifamily project and public park in the city’s waterfront district., The Truette is a 220-unit apartment complex that features studio, one-, two- and three-bedroom units, as well as 2,200-square-foot townhomes. Amenities include a rooftop terrace, coworking spaces, fitness areas and pet-friendly facilities, as well as an onsite restaurant. The 3.5-acre Nebi Park features art installations and a 2,300-square-foot pavilion and green space for public events
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