ATLANTA — Tim Keane, commissioner of planning and community with the City of Atlanta, didn’t mince words when it came to his thoughts on the government’s role with new retail development. “Everyone in this room should have higher expectations for their cities and towns,” says Keane, addressing the crowd during the ICSC Southeast Conference & Deal Making event held at the Cobb Galleria Centre in Atlanta in mid-October. The panel discussion, dubbed “Debunking the Retail Apocalypse,” centered on why retail isn’t a dying industry but one that is evolving on a daily basis. For as much discussion about how food and entertainment are helping change the dynamic for retail real estate, the panel agreed that a concerted effort between the public and private sectors is the only way the retail industry can truly adapt with the times. Keane, who previously worked with the City of Charleston, says it’s the local government’s responsibility to allow developers to build the projects that people want. “It’s crazy for developers to have to go through this gauntlet before they can build what everyone wants them to build,” said Keane, who was interrupted by an applause break. Lacy Beasley, president and chief operating officer of …
Retail
Marcus & Millichap Arranges $7.2M Sale of Rite Aid-Leased Property in Lancaster, California
by Nellie Day
LANCASTER, CALIF. — Marcus & Millichap has arranged the $7.2 million sale of a 15,482-square-foot store in Lancaster net-leased to Rite Aid. Lior Regenstreif of Marcus & Millichap arranged the transaction on behalf of the buyer, an undisclosed partnership. The name of the seller was not released.
NORTH RICHLAND HILLS, TEXAS — Mimco Inc. has acquired North Park Plaza, a 55,000-square-foot shopping center located at the intersection of Rufe Snow Drive and Mid Cities Boulevard in the Fort Worth metro of North Richland Hills. Anchored by Big Lots, the center currently houses 13 tenants and has three spaces available for lease. A private investor based in New York sold the asset for an undisclosed price. With this transaction, Mimco’s portfolio in Dallas-Fort Worth (DFW) now exceeds 1 million square feet.
SIOUX CITY, IOWA — Newmark Knight Frank (NKF) has brokered the sale of Southern Hills Mall in Sioux City for $55 million. The 571,465-square-foot enclosed regional mall is located directly off I-29. The property was constructed in 1980 and renovated in 2007. Anchor tenants include AMC Classic Southern Hills 12, Barnes & Noble, J.C. Penney, Scheels Sports, Sears and Younkers. Thomas Dobrowski and Jeffrey Miller of NKF brokered the transaction. Washington Prime Group purchased the property.
ATLANTA — Five new eateries have inked leases at The Hub, the retail portion of downtown Atlanta’s Peachtree Center. The new restaurants are part of a project from Banyan Street Capital to renovate and modernize the mixed-use destination’s retail center. Amy Fingerhut of CBRE arranged leases with the new tenants, which will open on a rolling schedule beginning later this year and into early 2018. The new tenants include Salata, a build-your-own salad chain that will open its third location in Atlanta; Bep Eatery, a first-to-market Vietnamese concept; Beni’s Cubano, a Cuban eatery from the Southern Proper Hospitality team behind Tin Lizzy’s Cantina; Taste of India, which will offer a mix of northern and southern Indian cuisine; and Southern Candy Co., which will expand from a pop-up location in The Hub into a permanent space. All five new restaurants will open on the Gallery Level of The Hub, located directly under the courtyard and at the center of the renovation project, joining restaurants including Aviva By Kameel, Panbury’s, Chick-fil-A and Yami Yami. Construction on The Hub is slated for completion in spring 2019.
CLARKSVILLE, TENN. — Nassimi Realty has acquired Two Rivers Center, a 245,000-square-foot retail property in Clarksville, roughly 50 miles northwest of Nashville. The sales price and seller were not disclosed. The property is located less than one mile from Clarkesville’s central business district and 10 miles southeast of Fort Campbell, a U.S. Army installation. At the time of sale, Two Rivers Center was home to tenants including Harbor Freight Tools, Bargain Hunt, Citi Trends and Hooters.
CLOVIS, CALIF. — Walker & Dunlop has secured $24 million in permanent financing for The Trading Post Shopping Center, a 127,764-square-foot retail center in Clovis. Jeff Hudson, Riley Manke and Andrew Westling of Walker & Dunlop secured the 10-year, fixed-rate loan on behalf of the borrower, Rich Development Enterprises LLC. At the time of sale, The Trading Post Shopping Center was more than 95 percent leased to tenants including Sprouts Farmer’s Market, Ross Dress for Less, Sketchers, Tuesday Morning, Dollar Tree, Pieology, Deli Delicious and Union Bank.
BURBANK, CALIF. — HFF has arranged the sale of Plaza del Sol, a 165,528-square-foot grocery-anchored center in Burbank. Gleb Lvovich and Bryan Ley of HFF represented the seller, Tourmaline Capital, in the transaction. The buyer and sales price were not disclosed. Constructed in 1984, Plaza del Sol served as a Costco store until a retrofit in 2005 and 2006 that transformed the project into a retail center with street-facing retail in the front and last-mile industrial space in the back. Vallarta Supermarkets anchors Plaza del Sol, which was leased to 23 tenants with food, fitness and distribution uses at the time of sale.
EMERSON, N.J. — The Hampshire Cos. has completed the disposition of a free-standing convenience store, located at 354 Kinderkamack Road in Emerson, for an undisclosed price. QuickChek, a New Jersey-based convenience store chain, leases the 4,700-square-foot property. Chris Bosworth of CBRE represented the seller in the deal. The name of the buyer was not released.
MOUNT OLIVE, N.J. — Marcus & Millichap has arranged the sale of ITC Crossing North, a retail property located in Mount Olive. A private investor sold the 47,750-square-foot property for $5.9 million. Michael Lombardi and Jason Petrick of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.