Retail

Amazon-Whole Foods Merger ‘Reinforces Importance of Brick-and-Mortar Presence,’ Says Marcus & Millichap

by Jeff Shaw July 18, 2017

The recent announcement that online retail giant Amazon plans to acquire upscale grocery chain Whole Foods for $13.7 billion sent ripples through the commercial real estate industry when it was announced in June. The move signals a lot of trends and changes within the retail sector, according to a newly released report by real estate brokerage firm Marcus & Millichap. “The purchase highlights the importance of omnichannel platforms, which incorporate a blend of brick-and-mortar establishments with an online footprint to drive traffic and sales,” states the report. “In addition, grocery stores are typically retail center anchors, underscoring the importance of strip and neighborhood centers in the retail landscape.” The 11 largest grocery chains in the country all plan to expand this year, with many doing so aggressively. Discount grocer Aldi, which already has more than 1,600 locations, expects to open 900 new stores by 2022. This expansion within the grocery sector is snapping up a lot of available real estate. Combined with a low rate of new retail construction over the past seven years since the Great Recession, retail vacancy has reached a 16-year low of 5.4 percent. The flip side is that existing space is extremely constrained, and increased …

July 18, 2017

Loans Northeast Retail Rhode Island

Colliers Arranges $31M Refinancing for Parking Asset in Warwick, Rhode Island

by Amy Works July 17, 2017

WARWICK, R.I. — Colliers International has arranged $31 million in refinancing for a parking asset and adjacent retail site located at 1960 Post Road at T.F. Green Airport in Warwick. The borrower was New England Parking LLC. Patrick Boyle and Kevin Phelan of Colliers secured the financing through Blue Hills Bank for the borrower. The 1,536-space parking asset, known as Garage C, offers long-term parking for T.F. Green travelers, and Bertucci’s occupies the 6,000-square-foot retail building.

July 17, 2017

New York Northeast Office Retail

Savanna Acquires 144,500 SF Office, Retail Building in Manhattan

by Amy Works July 17, 2017

NEW YORK CITY — Savanna has purchased a 12-story, 144,500-square-foot office and retail building located at 31 W. 27th St. in Manhattan’s NoMad District for an undisclosed price. Originally constructed in 1910, the building features 11,578-square-foot open floorplates, 12-foot to 16-foot barrel-arched ceilings and abundant natural light. Savanna plans to implement a comprehensive capital improvement plan at the property. The scope of the plan includes renovations of the lobby, building systems, façade, roofs and sidewalk vault, as well as the reposition and renovation of the retail storefront. Will Silverman, Paul Gillen and Daniel Parker of Hodges Ward Elliott represented the undisclosed seller in the transaction. Aareal Capital Corp., a subsidiary of Germany-based Aareal Bank AG, provided acquisition financing. Lawrence Britvan, Matt Jacobs and Michael Straw, also of Hodges Ward Elliott, arranged the financing for Savanna.

July 17, 2017

New Jersey Northeast Retail

Eastern Consolidated Arranges $8.9M Acquisition of Retail Property in Cherry Hill, New Jersey

by Amy Works July 17, 2017

CHERRY HILL, N.J. — Eastern Consolidated has brokered the acquisition of a free-standing retail property located at 504 Kings Highway North in Cherry Hill. A private investor acquired the property from Phoenix Realty Group for $8.9 million. Walgreens occupies the property under a long-term triple-net lease. Evan Street and Matthew Leist of Eastern Consolidated represented the buyer, while Horvath & Tremblay represented the seller in the transaction.

July 17, 2017

New York Northeast Retail

CBRE|Syracuse Facilitates Sale of Retail Property for Redevelopment in Fayetteville, New York

by Amy Works July 17, 2017

FAYETTEVILLE, N.Y. — CBRE|Syracuse has arranged the sale of a retail property located at 6901 E. Genesee St. in Fayetteville. A Miami-based private buyer acquired the two-building asset, which totals 7,285 square feet, from Lyndon Corners Plaza. The buyer plans to raze one building and renovate the remaining 3,000-square-foot building for use as a Verizon Wireless distributor location. Ed Kiesa and Marty Dowd of CBRE|Syracuse represented the seller, while Michael Hotarek of Eastern Retail Properties represented the buyer in the transaction.

July 17, 2017

Retail Southeast Virginia

Peterson Cos. Opens First Publix in Virginia

by Camren Skelton July 17, 2017

GLEN ALLEN, VA. — The Peterson Cos. has opened the first Publix in Virginia at Nuckols Place, a shopping center located at Nuckols Road and Twin Hickory Drive in Glen Allen, about 13 miles north of Richmond. Connie Jordan Nielsen and Alicia Farrell of Cushman & Wakefield | Thalhimer represented Peterson Cos. in the lease negotiations. In addition to Publix, Chipotle, Hair Cuttery, Lee Nails and PetValu joined the shopping center. Zaxby’s, Sedona Taphouse, MOD Pizza, GNC and Dynamic Dental will open their shops at Nuckols Place in the fall.

July 17, 2017

Illinois Midwest Retail

Chicago Harley-Davidson Signs 10,000 SF Retail Lease at Addison & Clark

by Kristin Harlow July 17, 2017

CHICAGO — Chicago Harley-Davidson has signed a 10,000-square-foot retail lease at Addison & Clark, a mixed-use project under development in Chicago’s Lakeview neighborhood. The retail and residential complex is located directly across from Wrigley Field. One of three Chicago-area Harley-Davidson stores owned by Grand Rapids, Mich.-based Fox Motors, Chicago Harley-Davidson will occupy 10,000 square feet of retail space at the development. The showroom will primarily be a retail outlet offering new and used sales, light maintenance services, Harley-Davidson parts and accessories and MotorClothes.

July 17, 2017

Midwest Minnesota Retail

Marcus & Millichap Brokers $2.5M Sale of Retail Property in Champlin, Minnesota

by Kristin Harlow July 17, 2017

CHAMPLIN, MINN. — Marcus & Millichap has brokered the sale of South Pond Center in Champlin, a northern suburb of Minneapolis, for $2.5 million. The 26,020-square-foot retail property is located at 11350 Aquila Drive North. Tenants include Hudy’s Café, Totally Tan, Trailhead Cycling and Champlin Nails. Sean Doyle, Matthew Hazelton, Adam “AJ” Prins and Cory Villaume of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Claire J. Roberts and Marc C. Paylor of Marcus & Millichap secured and represented the buyer, also a limited liability company.

July 17, 2017

Retail Texas

DIG Sells Two Shopping Centers Totaling 58,578 SF in North Texas for $24M

by Taylor Williams July 14, 2017

DALLAS AND DENTON, TEXAS — Disney Investment Group (DIG) has sold two shopping centers totaling 58,578 square feet in North Texas for a combined $24 million. The company sold Sprouts Village, a 46,380-square-foot, grocery-anchored center in Denton to The Inland Real Estate Group of Cos. Inc. DIG also sold Midway Plaza, a 12,198-square-foot shopping center in Dallas shadow-anchored by Walmart and Sam’s Club, to a private investor.

July 14, 2017

Retail Texas

Mimco Acquires 100,000 SF Shopping Center in San Antonio

by Taylor Williams July 14, 2017

SAN ANTONIO — El Paso-based investment firm Mimco Inc. has acquired 5530 Walzem Road, a 100,000-square-foot shopping center in San Antonio. The center is home to tenants such as Melrose Clothing, Freedom Fitness, Octapharma and Taco Bell. With this acquisition, Mimco’s San Antonio portfolio now consists of more than 1 million square feet of shopping centers.

July 14, 2017

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