Retail

How the Omaha Retail Market Is Adapting to Big Box Store Closures

by Kristin Harlow April 19, 2018

The pace of evolution in the retail sector is accelerating in a manner that few would have anticipated even five years ago. E-commerce has proven to be a very powerful disruptor, affecting both retailers and property owners alike. For some who have had the foresight and financial resources to adapt to this change, the disruption has brought opportunities for growth and increased market share. Clearly, not all have been able to adapt — some due to lack of execution and others seemingly caught in circumstances beyond their control. Despite the turbulence within the retail category, overall U.S. retail sales grew a very respectable 4.2 percent during 2017, according to the U.S. Department of Commerce. The growth is attributed to continuing gains in employment and a marked improvement in economic growth during the second half of the year. On the local level, the Omaha retail market exhibited moderate improvement during 2017, following a year of weak performance in 2016. The market absorbed just over 364,000 square feet during the year (see chart), slightly under the average annual rate of 378,000 square feet for the past five years. The overall vacancy rate decreased from 11.2 percent to 10.5 percent during the year as …

April 19, 2018

Acquisitions New York Northeast Retail

Speedway Agrees to Acquire 78 Express Mart Locations in New York

by David Cohen April 18, 2018

SYRACUSE, ROCHESTER, BUFFALO, N.Y. — Speedway LLC has signed an agreement to purchase 78 Express Mart store locations held by Petr-All Petroleum Consulting Corp. The stores are located primarily in the Syracuse, Rochester and Buffalo markets. Following the acquisition, the stores will be rebranded as Speedway locations. The transaction is expected to close by the end of the third quarter. Speedway, headquartered in Enon, Ohio, is the nation’s second largest company-owned and operated convenience store chain with approximately 2,740 stores located in 21 states. Speedway is a subsidiary of Marathon Petroleum Corp.

April 18, 2018

Acquisitions Retail Southeast Tennessee

Time Equities Acquires Shopping Center in Eastern Tennessee for $13.9M

by Camren Skelton April 18, 2018

SEVIERVILLE, TENN. — Time Equities Inc. (TEI) has acquired Governor’s Crossing, a 140,568-square-foot shopping center in Sevierville, for $13.9 million. The center is located 24 miles southeast of downtown Knoxville. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group arranged the transaction on behalf of the seller, RCG Ventures Sevierville SPE LLC. Ami Ziff and Adam Levitt represented Time Equities internally in the deal. Governor’s Crossing is home to tenants such as Books-A-Million, Jo-Ann Fabrics, Vanity Fair Outlet, Shoe Carnival, Catherine’s, Workout Anytime and CATO.

April 18, 2018

Market Reports New York Northeast Northeast Market Reports Retail

Manhattan Retail: 2018’s Challenges and Opportunities

by David Cohen April 18, 2018

Real estate experts continue to keep a close eye on the Manhattan retail market in 2018. Having wrapped up 2017 with challenges and opportunities for landlords and tenants alike, it appears the biggest strides toward adjusting to new conditions are behind us, though further rent adjustments are never out of the mix. At year-end 2017, average asking rents across Manhattan’s 16 main retail corridors declined by 18.4 percent, compared to those from year-end 2016, while availabilities ticked up slightly. Leasing velocity was strong in 2017 with 2.6 million square feet of transactions closing during the year, posting a year-over-year increase of 8.2 percent. Food and beverage tenants dominated the market in terms of deal volume, inking 172 leases (the most in Manhattan) at year-end 2017, which encompassed nearly 556,000 square feet. The apparel industry also posted strong numbers in 2017, leasing 459,200 square feet of space across 91 deals. 2017 data shows that SoHo was the most active neighborhood in terms of square footage leased (approximately 227,000 square feet) and the number of closed deals (43). The neighborhood outpaced the runner up, Midtown West, by more than 60,000 square feet. After suffering from consistently high vacancy rates, SoHo is …

April 18, 2018

Development Property Type Retail Texas

VillaSport to Open 121,000 SF Athletic Facility in Metro Houston

by John Nelson April 17, 2018

KATY, TEXAS — VillaSport Athletic Club & Spa, an operator of upscale fitness clubs, will open a 121,000-square-foot athletic facility within Stableside at Falcon Landing, a 270,000-square-foot retail development in Katy. The facility will feature NBA-size basketball courts, yoga and Pilates studios, indoor and outdoor pools and a 12,000-square-foot kids club. Development of the center, which marks Phase II of Stableside at Falcon Landing, is expected to be complete by late summer 2019. Austin Alvis and Brad Elmore of NewQuest Properties, the master developer of Stableside at Falcon Landing, represented the landlord internally in the lease negotiations. Jason Baker and Lunden McGill of Baker Katz represented VillaSport, which currently operates five fitness facilities throughout the country.

April 17, 2018

Acquisitions Industrial New Jersey Northeast Retail

Sheldon Gross Realty Arranges Sale of 41,500 SF Warehouse, Retail Facility in East Brunswick

by David Cohen April 16, 2018

EAST BRUNSWICK, N.J. — Sheldon Gross Realty has arranged the sale of a 41,500-square-foot warehouse and retail facility in East Brunswick. New Jersey based HSJE Realty purchased the property, which is located at 2 Claire Road, for an undisclosed amount. Jonathan Glick and Glenn Jaffe of Sheldon Gross Realty represented the undisclosed seller in the transaction. Corporate America Realty & Advisors represented HSJE Realty. The facility, which is located approximately halfway between New York City and Philadelphia, currently has three tenants, each of which uses a portion of the building for warehousing and retail.

April 16, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $1.5M Sale of Retail Property in New Jersey

by David Cohen April 16, 2018

ORANGE, N.J. — Marcus & Millichap has brokered the sale of a 13,500-square-foot retail property in Orange, about 18 miles west of Manhattan, for $1.5 million. The property, which is located at 206 Main St., is currently occupied by Kicks USA on a net-lease basis. David Cafiero, Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the buyer and seller in the transaction, both private investors. Kicks USA has 41 stores in the United States.

April 16, 2018

Acquisitions North Carolina Retail Southeast

Cushman & Wakefield Arranges $11.3M Sale of Shopping Center in Metro Raleigh

by Camren Skelton April 16, 2018

MORRISVILLE, N.C. — Cushman & Wakefield has arranged the $11.3 million sale of Alexander Village, a 77,994-square-foot shopping center in Morrisville, roughly 13 miles west of Raleigh. Sam Young and David Hoppe of Cushman & Wakefield arranged the transaction on behalf of the seller, a private owner. A Dallas-based private investor acquired the asset. Food Lion anchors the center.

April 16, 2018

Development Louisiana Retail Southeast

Drive Shack to Open 62,000 SF Golf, Entertainment Venue in New Orleans

by Camren Skelton April 16, 2018

NEW ORLEANS — Golf entertainment concept Drive Shack has unveiled plans to open a 62,000-square-foot venue at the site of the former Times-Picayune building at 3800 Howard Ave. in New Orleans. Drive Shack will demolish the facility to make way for the new three-story entertainment complex, which will feature 90 indoor driving range bays, a restaurant, corporate and group event space, additional lounge areas and parking. The $29 million project is expected to be up and running by 2019, according to local media reports. Ryan Pécot and Saban Sellers of Stirling Properties represented Drive Shack in the lease negotiations. The New Orleans facility is one of five planned locations in the United States. Drive Shack opened its flagship location in Orlando earlier this month. Other planned locations include West Palm Beach, Fla.; Raleigh, N.C.; Marietta, Ga.; and Richmond, Va.

April 16, 2018

Development Retail Texas

Weingarten Begins Work on 25-Acre Retail Project in San Antonio

by Taylor Williams April 16, 2018

SAN ANTONIO — Weingarten Realty, a Houston-based REIT, has begun work on the 25-acre retail portion of Stevens Ranch, a 2,400-acre master-planned community in San Antonio. The site will consist of a 20,000-square-foot retail shell, which broke ground in February, as well as five one-acre pad sites and one 18.3-acre pad site. Deliver is slated for the fall. Tenants that have preleased space at the property include Supercuts, Quarry Nails and Smilepoint Dental Group. Fulcrum Construction is serving as general contractor for the project, which is being designed by Lune Middleman Architects.

April 16, 2018

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