Retail

Zapolski Acquires 129,851 SF Shopping Center in Asheville from Edens for $33M

by Camren Skelton March 5, 2018

ASHEVILLE, N.C. — Zapolski Real Estate has acquired Asheville Market, a 129,851-square-foot shopping center located at 4 S. Tunnel Road in Asheville, for $33 million. Alex Quarrier of Berkeley Capital Advisors arranged the transaction on behalf of the seller, Edens. David Vinson and Todd Crouse of NorthMarq Capital arranged acquisition financing through Citigroup Global Markets on behalf of Zapolski. The loan amount was not disclosed. Asheville Market was originally constructed in 1980 as a “Big K” Kmart, but Whole Foods Market replaced the store in 2014 as part of the center’s repositioning. Additional tenants include DSW, Guitar Center, HobbyTown, Chicken Salad Chick, Neo Burrito, Duncan & York and Green4Life.

March 5, 2018

Alabama Mixed-Use Retail Southeast

Dave & Buster’s to Open at $350M MidCity Development in Huntsville

by Camren Skelton March 5, 2018

HUNTSVILLE, ALA. — RCP Cos. has signed Dave & Buster’s to its MidCity project, a $350 million mixed-use development under construction in Huntsville. The 140-acre project is a redevelopment of the former Madison Square Mall. Dave & Buster’s joins tenants such as Topgolf, which opened in December; High Point Climbing and Fitness, currently under construction; and Adrenaline Zone, which is expected to break ground this summer. The 26,500-square-foot Dave & Buster’s is expected to open in July 2019 and will be the entertainment retailer’s second location in Alabama. At full build-out, MidCity will include 345,000 square feet of street-level retail and restaurant space, 200,000 square feet of office space, 500 hotel rooms and 900 residences. In addition, the development will include a 38-acre public park.

March 5, 2018

New York Northeast Retail

Union Investment Acquires 17,000 SF Retail Property in Manhattan

by Amy Works March 2, 2018

NEW YORK CITY — Union Investment has acquired a retail property located at 412 W. 14th St. in Manhattan’s Meatpacking District. Premier Equities sold the three-story property for an undisclosed price. The 17,000-square-foot property is Toyota’s new experiential retail concept, “Intersect by Lexus.” The location will give customers the opportunity to experience the Lexus brand in a high-end environment featuring a showroom, coffee shop, full-service restaurant and gallery space. The acquisition was made on behalf of Unilmmo: Global, an open-ended retail estate fund.

March 2, 2018

Michigan Midwest Restaurant Retail

Galley Group to Open Food Hall at Federal Reserve Building in Detroit

by Kristin Harlow March 2, 2018

DETROIT — Galley Group has unveiled plans to open a food hall in the Federal Reserve Building, owned by Bedrock and located in downtown Detroit. The 8,646-square-foot space will feature an open floor plan with four kitchen spaces and a centralized full bar. Completion is slated for this fall. Applications are now open for chefs to submit their restaurant ideas and vie for a kitchen space. Galley Group is also opening a location in Cleveland this year following its two food halls in Pittsburgh.

March 2, 2018

California Mixed-Use Multifamily Retail Western

JV Opens Mixed-Use Property with 286 Apartments, 70,000 SF Retail Space in Corona, California

by Nellie Day March 2, 2018

CORONA, CALIF. — A joint venture between Wermers Properties and Watermarke Properties has developed The Metro, a mixed-use property located in the center of the Main Street Corridor in Corona. The transit-oriented development features 286 residential units and more than 70,000 square feet of retail space. Currently signed retailers include Starbucks Coffee, Z-Pizza Tap Room, Poke Cat, Burgerim, America’s Best Eyeglass, Citibank, Organic Junkie, Paws at Main, Nail & Spa Today, D’Vine Mediterranean, Meraki Salon and Union Barber.

March 2, 2018

California Retail Western

Coda Equities Acquires Three-Building Retail Plaza in Los Angeles for $6.2M

by Nellie Day March 2, 2018

LOS ANGELES — Coda Equities has purchased Verdugo Plaza, a three-building asset located at 3322 Verdugo Road and 2614 Arthur St. in Northeast Los Angeles. A private trust sold the retail plaza for $6.2 million. The buyer was not disclosed. The asset consists of three freestanding buildings totaling 21,885 square feet. At the time of acquisition, the property was 53 percent occupied. Karol Le of CBRE represented the buyer and seller in the deal.

March 2, 2018

California Retail Western

CIM Group Signs AMC Dine-In Theater to 1.2 MSF Mall in Inland Empire

by Nellie Day March 2, 2018

MONTCLAIR, CALIF. — CIM Group has signed a lease with AMC Dine-in Theatre at Montclair Place, a 1.2 million-square-foot regional mall in the Inland Empire community of Montclair. The new theater will occupy 55,000 square feet of a new 134,000-square-foot, two-level building under construction at the site of the former Broadway department store. The theater will include 12 auditoriums and its signature MacGuffins adult beverage concept. In addition to AMC Theatres, the new building at Montclair Place will include 64,000 square feet of space for restaurant and entertainment concepts, and will provide a new grand entrance to the mall. The project is part of the multi-phased redevelopment and revitalization of the shopping center. A construction timeline for the project was not disclosed.

March 2, 2018

Alabama Retail Southeast

SRS Arranges $10.5M Sale of 97,189 SF Shopping Center in Montgomery

by Camren Skelton March 2, 2018

MONTGOMERY, ALA. — SRS Real Estate Partners has arranged the $10.5 million sale of Twin Oaks, a 97,189-square-foot shopping center located at 2717-2787 Eastern Blvd. in Montgomery. Kyle Stonis and Pierce Mayson of SRS arranged the transaction on behalf of the seller, RCG-Montgomery LLC. PDQ Acquisitions Corp. acquired the asset. At the time of sale, Twin Oaks was 97 percent leased to tenants such as T.J. Maxx, Party City, Dollar General, Hibbett Sports, Catherines, Leslie’s Pool Supplies and Jackson Hewitt.

March 2, 2018

Market Reports Retail Texas Texas Market Reports

Three Major Consumer-Driven Changes in Austin’s Retail Landscape

by Taylor Williams March 2, 2018

Among professionals in the major sectors of commercial real estate, retailers are often the first to spot, understand and respond to emerging trends in human behavior. Those trends have shifted dramatically the past few years, and retail real estate in Austin has certainly felt the ripple effects, from downtown to the suburbs and across the emerging “nodes” in between. For some time now, American consumers in general have been clearly indicating their preference for more “experiential” ways to shop or receive services. That said, smart developers know that the experience begins well before shoppers enter a retailer’s doors. And understanding how to best cater to emerging demands helps breed success, not only for tenants, but also for the project as a whole. The following three trends represent key ways in which consumer demand is driving change in Austin’s retail landscape and illustrate how the market is responding. Seamless Integration Consumers want retail options located within close proximity to where they work and live — all the better if the property housing these needs can be one and the same. Just as Austin has grown regionally, so has demand for retail space, giving rise to mixed-use projects throughout the city. In …

March 2, 2018

Oregon Retail Western

Capital Pacific Arranges Sales of Two Shopping Centers Near Portland for $44M

by Nellie Day March 1, 2018

WOOD VILLAGE AND MCMINNVILLE, ORE. — Capital Pacific has arranged the sales of two shopping centers in the Portland area: Wood Village Town Center in Wood Village, located 15 miles east of Portland, and McMinnville Plaza in McMinnville, 37 miles southwest of Portland. Wood Village Retail I LLC acquired the 139,831-square-foot Wood Village Town Center for $26.6 million. Wood Village GARP LLC sold the asset, which is home to Kohl’s. Fred Meyer and Lowe’s shadow-anchor the property. March Hare LLC, in conjunction with Mcmincenter LLC, purchased the 135,873-square-foot McMinnville Plaza for $17.4 million. REEF McMinnville Plaza LLC sold the property, which is home to tenants such as Ross Dress for Less, Petco, T.J. Maxx and JCPenney. Safeway shadow-anchors the center. Capital Pacific represented the buyers and sellers in both transactions.

March 1, 2018

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