Retail

Dunbar Real Estate Acquires 134,886 SF Business Park in Tempe, Arizona

by Amy Works June 29, 2018

TEMPE, ARIZ. — El Segundo, Calif.-based Dunbar Real Estate Investment Management purchased Mill Avenue Business Park, located at 40 E. Baseline Road, 5030 S. Mill Ave. and 5005-5025 S. Ash Ave. in Tempe. San Juan Capistrano, Calif.-based Birtcher Anderson Realty sold the property for $14.2 million. Bob Buckley, Steve Lindley and Tracy Cartledge of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller. Built in 1983, Mill Avenue Business Park features 134,886 square feet of office, industrial and retail space. The property recently underwent a $1.3 million renovation. At the time of sale, the asset was 87.7 percent occupied.

June 29, 2018

Acquisitions Colorado Retail Western

Newmark Knight Frank Brokers $5.1M Sale of Shopping Center in Metro Denver

by Amy Works June 29, 2018

LONE TREE, COLO. — Newmark Knight Frank has arranged the sale of Meadows Shopping Center, located at 8870 E. Maximus Drive in Lone Tree, approximately 20 miles south of Denver. Meadows Partners LLC sold the property to Meadows Shopping Center LLC for $5.1 million. The shopping center features 19,755 square feet of retail space. Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the seller in the deal.

June 29, 2018

Acquisitions California Retail Western

Marcus & Millichap Negotiates Sale of 52,388 SF Retail Property in Redlands

by Amy Works June 29, 2018

REDLANDS, CALIF. — Marcus & Millichap has arranged the sale of Park West Plaza, a retail property located at 415 and 461 Tennessee St. in Redlands. An undisclosed partnership sold the property for $6.2 million. Built in 1978 and situated on 3.8 acres, the retail asset features four buildings offering a total of 52,388 square feet. Chuck Shillington of Marcus & Millichap’s Ontario office represented the seller in the deal. The name of the buyer was not released.

June 29, 2018

Acquisitions Indiana Midwest Retail

Cooper Group Arranges $5M Sale of 12,408 SF Retail Property in Warsaw, Indiana

by Kristin Harlow June 29, 2018

WARSAW, IND. — The Cooper Commercial Investment Group has arranged the $5 million sale of Lake City Plaza in Warsaw, about 40 miles west of Fort Wayne. The 12,408-square-foot retail property is fully leased. Tenants include Starbucks, Verizon Wireless, Moe’s Southwest Grill and McAlister’s, all of which are on 10-year leases. The new property is located directly in front of a Meijer superstore. Dan Cooper of Cooper Group represented the seller, an Indiana-based private investor. An Ohio-based group purchased the asset.

June 29, 2018

Acquisitions Maryland Retail Southeast

Velocis, Katz Buy 230,925 SF Grocery-Anchored Retail Center Near D.C.

by Camren Skelton June 28, 2018

BRANDYWINE, MD. — Velocis, in partnership with Katz Properties, has acquired Brandywine Crossing, a 230,925-square-foot retail center located at 15922 Crain Highway in Brandywine, roughly 20 miles southeast of Washington, D.C. The name of the seller and sales price were not disclosed. Safeway anchors the open-air center, which is also home to tenants such as Marshalls, Target and Costco. Katz will manage the property. The transaction marks Velocis’ fifth acquisition in the Washington, D.C., metro area since 2011.

June 28, 2018

Acquisitions Florida Restaurant Retail Southeast

HFF Brokers Sale of 109,890 SF Retail Center Along Orlando’s Restaurant Row

by Camren Skelton June 28, 2018

ORLANDO, FLA. — HFF has brokered the sale of Dellagio Town Center, a 109,890-square-foot retail center located along Orlando’s Restaurant Row. Brad Peterson, Whitaker Leonhardt and Michael Brewster of HFF arranged the transaction on behalf of the undisclosed seller. Concorde Group Holdings LLC acquired the property for an undisclosed price. Constructed in 2009, Dellagio Town Center was 95.8 percent leased at the time of sale to tenants including Fleming’s Prime Steakhouse, BRAVO! Cucina Italiana, Dragonfly Sushi, Big Fin Seafood Kitchen and Urbain40.

June 28, 2018

Development Illinois Midwest Restaurant Retail

Craft Brewery to Anchor New Mixed-Use Development in Chicago

by Kristin Harlow June 28, 2018

CHICAGO — Craft brewery 5 Rabbit Cerveceria has signed a 12,000-square-foot lease to be the first retail tenant at Mural Park in Chicago’s Pilsen neighborhood. The Latin American-inspired brewery will anchor the property and occupy 5,000 square feet on the ground floor and 7,000 square feet in the basement for its brewing operation. The brewery is slated to open in early 2019. Jose Gonzalez and Joaquin Manriquez of JLL represented the landlord, Condor Partners, in the lease transaction. Mural Park is an office and retail redevelopment of two 100,000-square-foot loft buildings. The development is the starting point for El Paseo, a four-mile trails project that will connect Pilsen, Little Village and University Village.

June 28, 2018

Development Midwest Missouri Retail

Ross to Open at Belton Gateway Shopping Center in Missouri

by Kristin Harlow June 28, 2018

BELTON, MO. — Ross Dress for Less is opening a new store at Belton Gateway in Belton, approximately 21 miles south of Kansas City, on July 21. The store will span 22,000 square feet at the shopping center, which is located near I-49. With this new opening, Ross will operate 25 stores in Missouri and a total of 1,435 locations.

June 28, 2018

Acquisitions California Retail Western

Progressive Real Estate Brokers Two Retail Parcel Sales Totaling $3.8M in San Bernardino

by Amy Works June 28, 2018

SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sales of two retail parcels at University Town Center in San Bernardino for a combined total of $3.8 million. Mike Lin and Maggie Gonzalez of Progressive represented the seller, a Norwalk, Calif.-based private investor, in both transactions. In the first deal, a Temecula, Calif.-based private investor acquired a single-tenant pad building, located at 4304 University Parkway, for $1.8 million. Jiffy Lube is the original lessee of the 2,173-square-foot building that was built in 2007. In the second deal, a Walnut, Calif.-based private investor purchased a multi-tenant building, located at 4414 University Parkway, for $2 million. Subway, Little Caesars and Liquid Tea Bar fully occupy the property.

June 28, 2018

Iowa Market Reports Midwest Midwest Market Reports Retail

Outlets of Des Moines Fills a Retail Void in the Metro Area

by Kristin Harlow June 28, 2018

Outlets of Des Moines brings some of the best brand names in retail to the Des Moines metropolitan area, one of the strongest economies in the country. Retailers include such favorites as American Eagle, Asics, Bath & Body Works, Brooks Brothers, Converse, Express Factory Outlet, francesca’s, Le Creuset, Levi’s, LOFT Outlet, Lucky Brand Jeans, Michael Kors, Nike Factory Store, Skechers, Tommy Hilfiger, Vera Bradley and Under Armour. Since Outlets of Des Moines opened in October 2017, hundreds of thousands of local and regional residents have visited the Des Moines region’s newest shopping destination. Located at an established area for entertainment and shopping, the site is easily accessible to the residential trade area of nearly 1 million. With no major outlet center located within 80 miles, the 300,000-square-foot property fills a void in this populous market. New England Development’s newest shopping destination, Outlets of Des Moines has an unparalleled location in this major metropolitan market. Some features include: • Six miles from downtown Des Moines, the capital of Iowa and the most populous city in the state • At the intersection of I-80 and US-65 in Altoona, an established destination for entertainment and shopping • Located at the same exit as …

June 28, 2018

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