GARNER, N.C. — Chapel Hill, N.C.-based Prudent Growth Partners has purchased The Shops at Gardner Plaza, a retail center located at 537 Plaza Circle in Garner. An undisclosed seller sold the property for $5.5 million. Family Dollar, NY Bride and Groom and Carriage House Cleaners are tenants at the 57,000-square-foot shopping center. Additionally, the property is located nearby Amazon’s newly announced, $200 million distribution center.
ATLANTA — Five years ago, there were about 30 food halls across the entire country. By 2020, Cushman & Wakefield predicts there will be 300. “I agree we have a lot of food halls coming,” said Jamestown president Michael Phillips. “In some regards it signals the end of the food hall.” The comments from Phillips came Monday morning during a panel discussion at the annual conference of the International Economic Development Council (IEDC). The four-day conference, which ends Wednesday, has drawn 1,600 economic developers, city planners, marketing professionals, consultants and community leaders to the Hyatt Regency in Atlanta. It’s the largest number of conference attendees ever and the first time in a decade that Atlanta has served as the host city for the annual gathering. The panel Phillips participated in was titled “Intersection of Food and Economic Development.” His fellow panelists included Adam Schwegman, senior vice president of Brookfield Properties Retail, who is stationed in Atlanta; Thomas McNair, executive director of Cleveland-based Ohio City Inc.; and Haile Johnston, founder of The Common Market in Philadelphia. Catherine Timko, CEO of Wilmington, Del.-based economic development consulting firm The Riddle Co., served as panel moderator. Food traffic, the right demographics, and a community …
ARLINGTON, TEXAS — CBRE has negotiated the sale of Bardin Place, a 420,550-square-foot retail center located just south of Interstate 20 in Arlington. The center was 99.8 percent leased at the time of sale to tenants such as WinCo Foods, Hobby Lobby, Ross Dress for Less and Dollar Tree. Dallas-based Vista Property Co. purchased the asset from Brixmor Property Group for an undisclosed price. Chris Gerard, Chris Cozby and Blaine Dozier of CBRE represented the seller in the transaction.
ROBBINSVILLE, N.J. — Colliers has arranged the sale of The Shoppes at Foxmoor, a 125,295-square-foot retail center in Robbinsville. The sales price was undisclosed. The property is situated on 19 acres and is within walking distance of Town Center, a mixed-use development with over 900 residential units and 220,000 square feet of retail and office space. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the undisclosed seller. The buyer was also undisclosed.
CHATTANOOGA — Marcus & Millichap has arranged the sale of a retail property located at 3901 Hixson Pike Suite 181 in Chattanooga. Fletcher Bright Co. sold the property to 3901 LLC for $3.7 million. Walmart Neighborhood Market occupies the 41,117-square-foot building, which was constructed in 2015. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, while Louie Granteed of Tobin Properties Inc. represented the buyer in the deal.
MONROVIA, CALIF. — Warner Pacific Properties has completed leasing Monrovia Landing, a shopping center located at 729 E. Huntington Drive in Monrovia. ULTA Beauty opened a location at the property, and Kids Empire and Tapioca Expressed signed leases to open locations within the next four months. The transactions bring the 98,000-square-foot neighborhood retail center to full occupancy. Additional tenants include T.J. Maxx, HomeGoods, ALDI and O’Reilly Auto Parts. Kids Empire will open a 10,500-square-foot facility that provides a safe, high-quality place for children to play, explore and expend energy. The space is expected to open by the end of January 2019. Tapioca Express is a Taiwanese-American fast-food franchise chain specializing in bubble tea, coffee, a variety of fruit juices, yogurt, smoothies, slushes, small meals, sandwiches and light snacks. The South El Monte, Calif.-based chain is slated to open its 1,200-square-foot restaurant at Monrovia Landing in November. Warner Pacific Properties originally acquired Monrovia Landing in 2016. At the time of acquisition, the 98,000-square-foot property consisted of a vacated Alberstons grocery building and an O’Reilly Auto Parts store. Monrovia Landing is part of a larger retail development referred to as the Shamrock Center, which includes a 24 Hour Fitness, Yoshinoya and Taco …
NEW YORK CITY — Cushman & Wakefield has brokered the $13.5 million sale of a three-story retail building in Midtown, Manhattan. John Ciraulo, Craig Waggner, Doug Blankrot and Lou Magarelli of Cushman & Wakefield represented the seller, who was undisclosed, in the transaction. The buyer was also undisclosed. Located at 976 Avenue of the Americas, the property is fully leased to a tenant roster that includes 5 Boro Burger and Red Rocket Tattoo.
WASHINGTON, D.C. — Aria Development Group has purchased a land parcel located at the corner of Florida Avenue and North Capitol Street N.E. in Washington, D.C., for an undisclosed price. The buyer is planning to develop a mixed-use building, including residential space, on the 25,000-square-foot site. The purchase represents the culmination of three years of assemblage activity to connect tree-lined P Street N.E. with Florida Avenue and North Capitol Street. Additional details of the transaction were not released. This acquisition represents Aria’s eighth multifamily or mixed-use investment in Washington, D.C.
The Shopping Center Group Brokers $12.2M Sale of Grocery-Anchored Retail Center in Southwest Florida
FORT MYERS, FLA. — The Shopping Center Group has brokered the sale of Pelican Preserve, a grocery-anchored neighborhood center in Fort Myers. An affiliate of Baltimore-based Continental Real Estate purchased the property from an institutional seller for $12.2 million. Completed in 2007 and situated on 18.4 acres, Pelican Preserve features 69,500 square feet of retail space. At the time of sale, the property was 95.7 percent leased to a variety of tenants, including Winn-Dixie, H&R Block, Pizza Hut, Suncoast Credit Union and Great Expressions. Also included in the transaction is a city-approved plan for a second phase of the shopping center. Ready for immediate development, the plan includes two outparcels that can accommodate nearly 35,000 square feet of retail and restaurant space. Anthony Blanco and Lynn De Marco led The Shopping Center Group team that represented the seller in the deal.
SANTA MARIA, CALIF. — Goldman Sachs has completed the sale of Santa Maria Town Center, a regional mall located at 100 Town Center East in Santa Maria. A global insurance company acquired the property for an undisclosed price. Built in 1976 and situated on 6.11 acres, the mall features 331,804 square feet of retail space. Tenants include Edwards Theatres RPX Digital Cinema. The Sears and Macy’s at the site were not part of the sale. Philip Voorhees, Jimmy Slusher, George Good, James Tyrrell of CBRE’s National Retail Partners-West represented the seller in the deal.