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Laguna-Village-Chandler-AZ
AcquisitionsArizonaRetailWestern

SRS Real Estate Partners Directs $14.7M Acquisition of Retail Center in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — SRS Real Estate Partners has brokered the purchase of Laguna Village, a neighborhood shopping center located at 5965 W. Ray Road in Chandler. Sean Thomas of SRS’ Phoenix office represented a private investor in the $14.7 million acquisition. Scottsdale, Ariz.-based BernsteinMurphy represented the seller, a private investment group, in the deal. Built in 1988, the 102,033-square-foot property was 90 percent occupied at the time of sale. Christ’s Church of the Valley is the anchor tenant of the property, which is situated on 17 acres.

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Starbucks-Paradise-CA
AcquisitionsCaliforniaRestaurantRetailWestern

Hanley Investment Group Brokers Sale of Two Starbucks Properties in Northern California for $5.5M

by Amy Works

RIPON AND PARADISE, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two newly constructed, single-tenant retail properties in two separate transactions in Northern California. In the first transaction, Bill Asher and Jeff Lefko of Hanley Investment Group represented a Glendale, Calif.-based private developer in the disposition of a 1,550-square-foot drive-thru property located at 338 E. Main St. in Ripon. A Northern California-based private investor acquired the property for $2.7 million, or $1,773 per square foot. Starbucks Coffee occupies the property, which was built in 2018. Steve Zakula of Pacific Union International in San Francisco represented the buyer in the deal. In the second transaction, a Los Angeles-based private investor sold a 2,482-square-foot drive-thru property, located at 6344 Skyway Road in Paradise, to a Sonoma, Calif.-based private investor for $2.7 million, or $1,091 per square foot. Starbucks Coffee occupies the property, which was constructed in 2018. Asher and Lefko of Hanley Investment Group represented the seller, while Harry Dematatis of CBRE represented the buyer in the transaction.

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Company NewsNorth CarolinaRetailSoutheastTop Stories

Lowe’s to Close All 99 Orchard Supply Hardware Stores

by Camren Skelton

MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has announced it will close all 99 of its Orchard Supply Hardware stores by Feb. 1. Founded in San Jose, Calif., in 1931 and acquired by Lowe’s in 2013, Orchard Supply Hardware operates locations in California, Oregon and Florida. Lowe’s is closing the stores to focus on its core home improvement business. “Our strategic reassessment is ongoing as we evaluate the productivity of our real estate portfolio and non-retail business investments,” said Marvin Ellison, president and CEO of Lowe’s, in an earnings statement. “While it was a necessary business decision to exit Orchard Supply Hardware, decisions that impact our people are never easy.” In addition to shuttering Orchard Supply stores, Lowe’s said it plans to “aggressively” tighten its store inventory, reducing lower-performing stock and increasing the depth of high-selling items. Mooresville-based Lowe’s increased sales 7.1 percent, year-over-year, in the second quarter of 2018. However, the company adjusted its full-year earnings and profits forecast to account for closing costs. The Orchard Supply closure is expected to cost the company between $390 million and $475 million. The company lowered the forecast for its full-year increase in sales from 5 percent to 4.5 percent. Store …

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AcquisitionsNortheastRetailRhode Island

Boulder Group Brokers $3.2M Sale of Net-Leased 7-Eleven in Providence

by David Cohen

PROVIDENCE, R.I. — The Boulder Group has brokered the $3.2 million sale of a net-leased 7-Eleven in Providence. The 2,958-square-foot property is located at 270 Broad St. Randy Blankstein and John Feeney of The Boulder Group represented the seller, an East Coast-based real estate fund, in the transaction. The buyer was an investment group based in Arizona. 7-Eleven is signed to the property through August of 2030.

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AcquisitionsMichiganMidwestRetail

RCG Acquires 224,479 SF Shopping Center in Grandville, Michigan

by Kristin Harlow

GRANDVILLE, MICH. — RCG Ventures has acquired Grandville Marketplace in Grandville, located about eight miles southeast of Grand Rapids. The purchase price was not disclosed. The 224,479-square-foot shopping center is located just off I-196. Hobby Lobby, Office Max, PetSmart, Cost Plus, Party City and Dollar Tree anchor the property. Amy Sands and Clinton Mitchell of HFF represented the seller, a public REIT.

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720-730-N-Main-St-Gunnison-CO
AcquisitionsColoradoRetailWestern

Quantum Real Estate Arranges $1.2M Sale of Retail Building in Gunnison, Colorado

by Amy Works

GUNNISON, COLO. — Quantum Real Estate Advisors has arranged the sale of a multi-tenant retail building located at 720-730 N. Main St. in Gunnison. A Crested Butte, Colo.-based individual investor acquired the property for $1.2 million. At the time of sale, the 8,848-square-foot property was fully occupied by a variety of tenants, including Domino’s and Verizon. Zack Hilgendorf of Quantum Real Estate represented the seller, a Phoenix-based individual investor, in the transaction.

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Zoës-Kitchen-Tallahassee-Florida
Company NewsRestaurantRetailTexas

CAVA Group to Acquire Plano-Based Zoës Kitchen for $300M

by Taylor Williams

PLANO, TEXAS — CAVA Group Inc., a privately held restaurant group specializing in Mediterranean cuisine, will acquire Zoës Kitchen for approximately $300 million. The Plano-based fast casual chain has about 260 restaurant locations throughout the country. Under the terms of the agreement, shareholders of Zoës Kitchen will receive $12.75 in cash for each share of common stock, a premium of approximately 33 percent over the closing share price on August 16, 2018 (the stock price opened at $13.30 per share on Tuesday, August 21). The transaction is expected to close during the fourth quarter.

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ArkansasLeasing ActivityRetailSoutheast

GBT Realty Signs Six New Tenants to 170,000 SF Shopping Center Near Little Rock

by Camren Skelton

BENTON, ARK. — GBT Realty Corp. has signed six new tenants to The Shoppes of Benton, a 170,000-square-foot shopping center in Benton, roughly 25 miles southwest of Little Rock. Fast-casual restaurant chains Red Robin and Freddy’s Frozen Custard & Steakburgers just opened at the center, and Flowers + Home, Avalon Nails, Mathnasium and Hotworx opened this summer. The new retailers are joining existing tenants including Hobby Lobby, T.J. Maxx/HomeGoods, PetSmart, Ulta Beauty, Tuesday Morning, Rack Room Shoe’s, Maurices’s and Texas Road House. With the new storefronts, The Shoppes of Benton is 97 percent leased.

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DevelopmentMichiganMidwestRetail

PREIT’s Redevelopment of Woodland Mall in Grand Rapids Gets Under Way

by Kristin Harlow

GRAND RAPIDS, MICH. — PREIT is underway on an extensive redevelopment of the 1.1 million-square-foot Woodland Mall in Grand Rapids. Construction has commenced on a 90,000-square-foot Von Maur department store. The space was formerly home to Sears. This will be the first Von Maur store in the region and is expected to open in October 2019. Other stores expected to open next year at Woodland Mall include Urban Outfitters and REI. Renovations will be made to Victoria’s Secret and Hollister stores. Black Rock Bar & Grill has signed a new lease to occupy 9,000 square feet at Woodland Mall. Diners at Black Rock cook their meat or seafood on hot volcanic granite at their tables. The mall will remain open throughout the renovation process, which is estimated to cost $100 million, according to local media reports.

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Market ReportsNew MexicoRetailWesternWestern Market Reports

New Mexico’s Retail Market Gives Steady Performance

by Taylor Williams

The New Mexico commercial real estate market continues to be a safe play for owners and developers in the Southwest. Albuquerque, which contains 50 percent of the state’s population, continues to drive the market with more than 80 percent of the commercial real estate transactions. A moderate supply-demand imbalance currently exists. This imbalance will allow vacant real estate to be matched up with occupier requirements relatively quickly, taking the vacancy rate lower or continuing to place upward pressure on the need for new construction. The New Mexico market, like many others, has experienced little to no development on the periphery of the city. Instead, owners and occupiers remain focused on the core areas of the market where density can be increased for a more efficient use of retail or office space. Albuquerque’s tech sector is also picking up momentum through the organic growth of existing companies and a large push from the University of New Mexico in partnership with the business community. New Mexico has one of the highest per capita concentrations of doctorate degrees in the U.S. The vacancy rate for retail space sits at 12.5 percent as of the first quarter of 2018. The outlook will be trending …

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