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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Negotiates $4.1M Sale of Chicago Retail Property

by Kristin Harlow

CHICAGO — Marcus & Millichap has negotiated the $4.1 million sale of a five-suite retail property located at 600 S. Dearborn St. in Chicago. The asset totals 12,132 square feet of ground-floor space within the historic Transportation Building. The retail space is fully leased to a mix of five tenants, including 7-Eleven and Sofi Restaurant. Mark Krantz and Derrick Dougherty of Marcus & Millichap procured the buyer, a Washington, D.C.-based private investor. The agents worked with Steve Filippo of Marcus & Millichap Capital Corp.

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AcquisitionsMidwestOhioRetail

Cooper Group Arranges $1.6M Sale of Shopping Center in Austintown, Ohio

by Kristin Harlow

AUSTINTOWN, OHIO — The Cooper Commercial Investment Group has arranged the $1.6 million sale of Falcon Commons in Austintown, a southeast suburb of Cleveland. The five-unit retail center features tenured tenants Subway and Little Caesar’s. Dan Cooper of Cooper Group represented the seller, a private investment group out of Central Ohio. The Kentucky-based buyer purchased the asset at a cap rate of 7.3 percent and over 95 percent of the list price. Falcon Commons was 80 percent leased at the time of sale.

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Leasing ActivityMassachusettsNortheastRetail

Zara Opens 44,000 SF Store at CambridgeSide Mixed-Use Development Near Boston

by Taylor Williams

CAMBRIDGE, MASS. — Fashion retailer Zara has opened a 44,000-square-foot store in CambridgeSide, an approximately 1 million-square-foot, mixed-use development located across the Charles River from Boston in Cambridge. The two-level store includes an online order pickup silo and an assisted self-checkout area. New England Development owns CambridgeSide, which originally opened as a regional mall in 1990 and recently launched a food hall.

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AcquisitionsDevelopmentKansasMidwestMixed-UseRetailTop Stories

IRG, Provider to Redevelop 60-Acre Towne West Square Mall in Wichita, Kansas

by John Nelson

WICHITA, KAN. — Industrial Realty Group LLC (IRG) and Provider Real Estate Partners LLC (PREP) have acquired Towne West Square Mall, a 650,000-square-foot shopping mall in southwest Wichita. The partnership plans to redevelop the 60-acre property into a multi-tenant campus called Wichita Business Park. “The City of Wichita is thrilled to have new ownership of this property and is excited about the redevelopment plan proposed by IRG and PREP,” says Wichita Mayor Lily Wu. After nearly 44 years in operation, Towne West Square Mall closed its doors officially over the July 4 weekend. The last three businesses to remain operating at the mall include Dillard’s and JC Penney, which were the mall’s original department store anchors, and locally owned and operated Boulevard Theatres, according to local media outlets. IRG and PREP plan on redeveloping the property through a conversion of the former mall and department store space. The team will expand the former mall’s retail and commercial uses to offer modern office, light industrial, advanced manufacturing, research-and-development and flex spaces. In May, Wichita’s Planning Commission and City Council approved a zoning overlay that will help facilitate the redevelopment of Towne West Square Mall. “We are confident in Wichita Business Park’s …

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AcquisitionsGeorgiaRetailSoutheast

Matthews Real Estate Negotiates Sale of Kroger-Anchored Shopping Center in Canton, Georgia

by John Nelson

CANTON, GA. — Matthews Real Estate Investment Services has negotiated the sale of Woodmont Village, an 85,639-square-foot shopping center located in Canton, approximately 40 miles north of Atlanta. Kroger anchors the center, which was 75 percent leased at the time of sale. Other tenants at the property include The UPS Store, Anytime Fitness, Pizza Hut, Ace Hardware, Advance Auto Parts, Fabricare Cleaners and Las Palmas Mexican restaurant. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews brokered the transaction. The buyer, Aubuchon Realty Co., purchased Woodmont Village for an undisclosed price. The seller was also not released.

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125-157-Twin-Oaks-Valley-Rd-San-Marcos-CA
AcquisitionsCaliforniaRetailWestern

Brixton Capital Purchases Four-Building Retail Center in San Marcos, California

by Amy Works

SAN MARCOS, CALIF. — Brixton Capital has acquired Civic Center Plaza, located at 125-157 Twin Oaks Valley Road in San Marcos, from the City of San Marcos for an undisclosed price. Developed in 2007 in conjunction with the city, the four-building retail center offers 60,000 square feet of retail space. At the time of sale, the property was 97 percent occupied. Current tenants include LA Fitness, FedEx, Subway, Robek’s, PizzaNova and Ryan Bros Coffee. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the city, while Brixton was self-represented in the transaction.

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2445-Fifth-Ave-San-Diego-CA
AcquisitionsCaliforniaOfficeRetailWestern

Marcus & Millichap Brokers Sale of 42,363 SF Mixed-Use Property in San Diego

by Amy Works

SAN DIEGO — Marcus & Millichap has arranged the sale of The Laurel at Balboa, a mixed-use property located at 2445 Fifth Ave. in San Diego. Grady Development and Fifth & Laurel Associates sold the asset to Golden Balboa LLC for $16.4 million. Situated in San Diego’s Bankers Hill neighborhood, the 42,363-square-foot property features ground-floor retail space anchored by CUCINA Urbana, operated by Urban Kitchen Group, and three levels of office space. Built in 1989, the asset includes 82 secured underground parking spaces and and was approximately 92 percent leased at the time of sale. Ross Sanchez and Nick Totah of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.

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5730-E-Otero-Ave-Centennial-CO
AcquisitionsColoradoRetailWestern

Pinnacle Real Estate Advisors Negotiates Sale of 11,004 SF Retail Center in Centennial, Colorado

by Amy Works

CENTENNIAL, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a value-add retail center located at 5730 E. Otero Ave. in Centennial. M&M Holdings sold the strip center to KGN Investments for $1.8 million. At the time of sale, the eight-unit, 11,004-square-foot property was 50 percent vacant, with several tenants operating under modified gross leases and an atypical layout that included a non-traditional office component. In conjunction with the sale, the Pinnacle team secured a new lease with Scalp Therapy for a 1,424-square-foot space. Kyle Moyer, Cody Stambaugh and Elizabeth Morgan of Pinnacle Real Estate Advisors represented the seller and buyer in the deal.

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DevelopmentIowaMidwestRetail

Crunch Fitness Opens 60,000 SF Facility in Des Moines

by Kristin Harlow

DES MOINES, IOWA — Fitness Ventures LLC, the second largest Crunch Fitness franchisee, has opened its 60th Crunch Fitness with a new 60,000-square-foot facility in Des Moines. Located at 1200 E. Army Post Road, the new club is the company’s second Crunch location in Iowa. Built as a 3.0 Crunch model, the Des Moines location represents a $5 million investment. The club features cardio and strength equipment, a group fitness studio, dry saunas, performance turf, HydroMassage, tanning and the HIITZone. Fitness Ventures has partnered with Meaningful Partners, a private equity firm that invested in the company in 2024. The partnership has helped accelerate growth through a mix of new club development, mergers and acquisitions. Fitness Ventures is on pace to reach 75 clubs by the end of the year. The company plans to open 20 new locations annually.

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Market ReportsNorth CarolinaRestaurantRetailSoutheastSoutheast Market Reports

Charlotte Reigns Supreme as the ‘Queen of Retail’ in the Carolinas

by John Nelson

Charlotte: “The Queen City” named after Queen Charlotte, wife of George III, has been on a tear post-COVID with new and expanding retail concepts. Vacancy rates have hovered under 4 percent the last few years, with little signs of changing , according to research from Institutional Property Advisors (IPA). Much of that vacancy has occurred in less desirable markets, or in junior and big-box bankruptcies (JOANN, Big Lots, Party City, etc.) that are being snatched up as quickly as they become vacant. Tenants are desperate and clamoring for new locations to keep up with the strong residential growth (24,000+ new residents in the city limits in 2024 and 46,000 in the CSA), making charlotte the 14th largest city in the country, and 19th-largest CSA in terms of overall population. This factor combined with unemployment hovering in the low 4 percent range, plus household income growth has called for desperate measures to ID new space or weakness in the market. We as local experts have seen a slight uptick, over the past 12 months, in some “shadow inventory.” This occurring when an existing retailer or restaurant might be struggling with sales, or in partial default, and the landlord has the opportunity …

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