MICHIGAN AND INDIANA — NAI Wisinski of West Michigan has brokered the sale of four shopping centers anchored by Kroger in Michigan and Indiana for $28.5 million. The properties in Michigan include Owosso East Shopping Center in Owosso and Sturgis Plaza in Sturgis. The Indiana properties include Plymouth Plaza in Plymouth and Auburn Plaza in Auburn. Cameron Timmer and Russ Bono of NAI Wisinski brokered the sale with assistance from NAI Farbman. Neither the buyer nor the seller was disclosed.
GLENDALE, SOUTH LOS ANGELES AND SANTA FE SPRINGS, CALIF. — Ross Dress for Less will open three stores in downtown Glendale, South Los Angeles and Santa Fe Springs on Oct. 13. The 27,000-square-foot Glendale store is located in the Glendale Marketplace at the corner of North Brand Boulevard and East Broadway; the 30,000-square-foot South Los Angeles location is in the Vermont-Slauson shopping center at the corner of South Vermont Avenue and West Slauson Avenue; and the 23,000-square-foot Santa Fe Springs store is located in Gateway Plaza at the corner of Telegraph Road and Carmenita Road. With these new openings, Ross will operate 300 stores in California for a total of 1,459 locations. Together, Ross Dress for Less and dd’s Discounts currently operate nearly 1,700 off-price apparel and home fashion stores is 38 states, the District of Columbia and Guam. In late August, Ross Stores, the parent company of Ross Dress for Less, signed a lease for 1 million square feet of industrial space at 4100 Express Ave. in Shafter, Calif., within Wonderful Industrial Park, which is owned by Wonderful Real Estate Development. Additionally, the company owns a 1.7 million-square-foot distribution center located near the newly leased facility in Shafter.
CENTRALIA, ILL. — Albanese Cormier Holdings has acquired Fairview Park Plaza in Centralia in southern Illinois. The purchase price was not disclosed. The 274,215-square-foot retail center is located at 1001-1161 W. Broadway St. Anchor tenants include AMC Theaters, Big Lots, Goody’s and Schnucks. Chris LaBounty of May Real Estate represented the seller, Phillips Edison & Co. Albanese Cormier is based in Beaumont, Texas.
LIVINGSTON, N.J. — Marcus & Millichap has brokered the $5.9 million sale of a 7,840-square foot retail property in Livingston. The property, which is located at 1 W. Mount Pleasant Ave., is currently fully occupied by Starbucks, Verizon Wireless and Haven Savings Bank. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVit of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
NEW YORK — New York-based Ready Capital Structured Finance has arranged four loans totaling $29 million for properties located in Florida and North Carolina. The first loan, totaling $8.8 million, was for the acquisition, renovation and stabilization of an 86-unit multifamily property in Largo, Fla. The 36-month, floating-rate loan features interest-only payments and one 24-month extension option. The undisclosed borrower will initially acquire 61 units at the community, and will acquire the rest of the units over the next three years. The second loan was for the acquisition, renovation and lease-up of a 38,000-square-foot retail center in Belleair Bluffs, Fla., roughly 26 miles west of Tampa. The $7.1 million loan, 60-month loan features both a fixed interest rate and a floating rate. The name of the borrower was not disclosed. The third loan was a $6.5 million, floating-rate loan with a 24-month term that was used to fund the acquisition, renovation and lease-up of a 60,000-square-foot industrial/flex property in Hollywood, Fla. The name of the borrower was not released. The final loan was used to fund the acquisition, renovation and lease-up of a 41,000-square-foot shopping center in Charlotte. The $6.7 million, non-recourse loan featured a 48-month term with interest-only payments …
KANSAS CITY, MO. —Ross Dress for Less, Petco and Ulta are scheduled to open in the coming months at Twin Creeks Center in Kansas City. The retailer additions are part of a $15 million renovation to the 409,060-square-foot retail center, which is currently anchored by Target and Kohl’s. The expansion will add 200,000 square feet to the property, which is situated on 16 acres. Ulta opened its 10,000-square-foot store earlier this month. Ross is slated to open its 24,946-square-foot store in October, followed by Petco in February 2019. United Development Co. and Falcon Realty Advisors are the property owners. Tom O’Leary and Wes Buckley of Lane4 Property Group are the leasing brokers for the property.
BELLEVUE, NEB. — Quantum Real Estate Advisors Inc. has brokered the $3.9 million sale of Thunderbird Plaza in Bellevue, about eight miles south of Omaha. Built in 2014, the 9,062-square-foot retail center is fully leased to tenants such as Taco Bell, Jersey Mike’s Subs, Generation V, Top Q Nails & Spa, Cricket Wireless and Pinnacle Bank. Zack Hilgendorf of Quantum represented the seller, a Salt Lake City-based private development group. A Midwest-based buyer purchased the asset.
SURPRISE, ARIZ. — Colliers International has arranged the sale of Greenway Crossings, a lifestyle retail center located at 16572-16630 W. Greenway Road in Surprise. Cedar Rapids, Iowa-based Transamerica Life Insurance Co. (Aegon USA Realty Advisors) sold the property to Phoenix-based Rose Garden III PL for an undisclosed price. Mindy Korth, Kirk Kuller and John Jackson of Colliers represented the seller, while Jim Edwards of Scottsdale-based Rein and Grossoehme Commercial Real Estate represented the buyer in the transaction. Built in 2006, the property features 66,516 square feet of retail space. The sale included three retail buildings and three undeveloped retail parcels. At the time of sale, the property was 85 percent leased.
As most that pay attention to commercial real estate know, the retail real estate market is constantly evolving. That said, with change comes opportunity, and we are both recognizing and capitalizing on that opportunity in the Kansas City market. As has been the case for the last few years, we continue to see a significant amount of “right-sizing” from big box and junior box retailers. Although e-commerce remains a prevalent means of purchasing for consumers, retail closures are not as abundant as many have predicted. Rather, many retailers are tweaking their square footage needs in search of the perfect footprint to optimize in-store sales in conjunction with e-commerce. While e-commerce continues to gain market share, it still accounts for less than 10 percent of retail sales nationwide, as of last year. The need for brick-and-mortar stores remains imperative to the success of most retailers. In the Kansas City metro area, retail vacancy rates remain low at 5.6 percent as of the second quarter. While that is a slight increase over 5.5 percent in the first quarter, it is a significant improvement over last year’s second-quarter figure of 6.3 percent. A few major 2018 transactions contributing to the positive net absorption …
SACRAMENTO, CALIF. — DealPoint Merrill has arranged the sale of Elverta Crossing I, a shopping center located adjacent to Antelope Greens Golf Course in Sacramento’s Antelope submarket. Situated on 9.8 acres, the property features 109,098 square feet of retail space. David Frank of DealPoint negotiated the transaction, while Sterling McGregor, also of DealPoint, handled the due diligence for the sale. The acquisition was completed by DealPoint’s Jason Limbert. The buyer and seller were not disclosed.
