SPRING, TEXAS — EDGE Capital Markets has negotiated the sale of Spring Park Village, a 76,409-square-foot retail center located at 19764 Interstate 45 in the Houston metro of Spring. The center was 100 percent leased at the time of sale to tenants such as Conn’s Home Plus, Sears Outlet, Starbucks, AT&T and Texas State Optical. Kevin Holland of EDGE represented the seller, MetroNational, in the transaction. Other terms of sale were not released.
INDIAN LAND, S.C. — HFF has arranged the $10.1 million sale of a retail development site in Indian Land, located 20 miles south of Charlotte, N.C. The 58.5-acre site will be the future home of The Promenade at Carolina Reserve, an open-air retail center. Travis Anderson, Richard Reid, Thomas Kolarczyk and Cory Fowler of HFF represented the seller, Lennar Corp. The Hutton Co. purchased the asset. The Promenade at Carolina Reserve will be home to Burlington, Ulta Beauty, Hobby Lobby, Petco, T.J. Maxx and Rack Room Shoes. The center will also include outparcels for future development.
ST. CLOUD, MINN. — Cohen Financial has arranged a $6.5 million loan for the acquisition of a 71,000-square-foot retail property in St. Cloud in central Minnesota. Cash Wise Foods anchors the property. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the fixed-rate loan with Goldman Sachs Commercial Mortgage Capital. Midland Atlantic Properties was the borrower.
DEERFIELD, ILL. — Walgreens Boots Alliance Inc. (NASDAQ: WBA), a global pharmacy-led enterprise comprising brands such as Walgreens and Duane Reade, plans to shutter 600 of its stores as part of its $4.38 billion purchase of rival Rite Aid Corp. During a conference call on Wednesday, Oct. 25, Walgreens spokesman Michael Polzin said the 600 shuttered stores will mostly be Rite Aid locations within close proximity to existing Walgreens stores as the company looks to optimize its retail store footprint. On Sept. 19, Walgreens announced it had secured regulatory clearance for its acquisition of 1,932 stores, three distribution centers and related inventory from Rite Aid. According to Walgreens’ earnings report released yesterday, the first few Rite Aid stores were acquired in the past week. Walgreens plans to transfer ownership of the remaining stores in phases as it aims to complete the store transfers by spring 2018. Walgreens has reviewed its combined U.S. store portfolio to determine the affected stores. The company expects to start closings between spring 2018 and mid-2019. As a result of the store closures, Walgreens expects to realize $300 million in annual savings through Aug. 31, 2020. The savings will be derived primarily from procurement, cost savings …
ATLANTA — There are still a lot of question marks in the frontier of e-commerce versus brick-and-mortar retail. But investing in strong anchor tenants and delivering to the needs of the end-user are key to maintaining and developing a successful center, according to panelists at International Council of Shopping Centers’ Southeast Conference & Deal Making event. The comments were made during the “Capital Markets, Retail Disruption, Rates, Maturities, Bankruptcies, Policy and Amazon” panel at the event, which was held Oct. 17-19 at the Cobb Galleria Centre in Atlanta. Caitlin Griffin, vice president of transactions at Brixmor Property Group, moderated the panel, which included Francine Glandt, senior vice president of REIT Banking Group at SunTrust Bank; Lauren Holden, senior vice president of Clarion Properties; Joel Murphy, CEO and co-founder of New Market Properties LLC; and Jake Nawrocki, CFA, president of Newport US RE. Although transaction volume is down 23.4 percent year-over-year, according to third-quarter research from JLL, retail demand and development pipelines remain steady. “The challenge for [buyers] is where to invest the capital that they are able to raise,” said Glandt. “The prices that they want to pay for what they want aren’t necessarily lining up with where the market is …
ASHEVILLE, N.C. — United Development Co. has unveiled plans to build The Peaks, a 33,517-square-foot retail center in Asheville. The property will sit on two acres at the corner of Highway 70 and South Tunnel Road, just west of Interstate 240, at the site of the former UA Beaucatcher Cinemas 7. The Peaks will offer 12 restaurant and retail spaces, including Chipotle Mexican Grill, Panera Bread and Rise Biscuits & Donuts. In addition, the property will feature a pedestrian-oriented design and outdoor dining with views of the Blue Ridge Mountains. Asheville-based PFA Architects designed the center and Atlantic Retail Properties is handling the leasing assignment. The Peaks is slated to open in June 2018.
PLANTATION, FLA. — Meridian Capital Group has arranged a $12.5 million acquisition loan for Plantation Pointe, a 17,052-square-foot shopping center in Plantation, a Broward County city roughly seven miles west of Fort Lauderdale. Noam Kaminetzky of Meridian Capital arranged the 11-year loan with a fixed interest rate of 3.87 percent through a national life insurance company. The borrower was not disclosed. Located at 7500 W. Sunrise Blvd., the property includes three one-story retail buildings. At the time of sale, Plantation Pointe’s tenant roster included Chipotle Mexican Grill, Pieology Pizzeria, Panda Express, The Habit Burger Grill, McAlister’s Deli, AT&T, Starbucks Coffee and Walgreens.
DALLAS — Vista Property Co. will redevelop Maplewood, a shopping center located at the corner of Maple Avenue and Inwood Road in Dallas. The development will be rebranded Maple Walk and feature open-air staircases, a glass-enclosed elevator and an open breezeway to the rear parking lot. The project will also allow ownership to create new patio and outdoor seating spaces. Construction is scheduled to begin in late November.
ARLINGTON, TEXAS — Venture Commercial Real Estate has acquired Sublett Corners Shopping Center, an 87,900-square-foot retail center located at the corner of South Cooper Street and Sublett Road in Arlington. Shadow-anchored by Albertsons, the center was 93 percent leased at the time of sale to tenants such as Stein Mart, Dollar Tree, Supercuts, KFC and Jack in the Box. Venture Commercial was represented internally by Bo Brownlee and Easley Waggoner Jr. Bill Jordan of Marcus & Millichap represented the seller, Rip Griffin Truck Service Center Inc.
HOUSTON — Austin-based TREK Investment Group has brokered the sale of Breen Plaza, a 20,000-square-foot retail center in northwest Houston. Built in 2007, the property was 100 percent leased to 11 different tenants at the time of sale. Ethan Offenbecher of TREK represented the undisclosed seller in the transaction. The buyer and sales price were also withheld.
