SPRINGFIELD, MASS. — Liquors 44 is opening its sixth location in western Massachusetts at 1755 Boston Road in Springfield. The company is a locally owned and operated liquor superstore founded in 1987. Matt Halprin of New England Retail Properties was the exclusive broker for the new 24,000-square-foot store on Boston Road.
CLIFTON, N.J. — Ideal Market Place has opened a new location at the Botany Plaza shopping center in Clifton. Ideal Market Place is a brand of the supermarket chain America’s Food Basket (AFB), which specializes in international foods. According to the AFB website, the company operates within all five boroughs of New York, and has expanded into New Jersey, Massachusetts, Connecticut and Rhode Island. AFB currently operates 43 locations, including the 24,500-square-foot Ideal Market Place in Clifton. Nassimi Realty, a privately held development and investment company, owns Botany Plaza.
JERSEY CITY, N.J. — Lutze Biergarten, a 23,000-square-foot outdoor beer garden, has opened along the Hudson River waterfront in Jersey City. The property is adjacent to Harborside, a mixed-use asset. Mack-Cali Realty Corp. owns both properties. Lutze features three seating areas and a selection of craft beers, cider, wine and sangria, as well as food from Jake’s Downtown and Bacon Me Crazy.
BRIDGEWATER, N.J. — Marcus & Millichap has negotiated the $4.2 million sale of Chimney Rock Plaza, a 14,700-square foot retail property located in Bridgewater. Ben Sgambati, Alan Cafiero and Brent Hyldahl of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, another private investor. Chimney Rock Plaza is located at 564-574 Union Ave. The property sits on 1.7 acres near Route 287 submarket.
ST. PETERS, MO. — Knoebel Construction Inc. has nearly completed shell construction of The Shoppes at Mid Rivers in St. Peters. The interior build-out is scheduled to begin in June. The 270,000-square-foot shopping center is the largest mall to be built in St. Charles County since 2008. The property includes 14 buildings on 28 acres. The $54 million project is slated to open this fall. Confirmed tenants include Academy Sports + Outdoor, Burlington, Ross Dress for Less, Marshalls, Home Goods, Ulta Beauty, Five Below and Famous Footwear. Aspen Dental will be located on one of the four outparcels. GBT Realty Corp. is developing the center.
MATTESON, ILL. — Namdar Realty Group has acquired Matteson Town Center in Matteson, approximately 35 miles south of Chicago. The purchase price was in excess of $1 million, but the exact price was not disclosed. Developed in 1982 and expanded in 1990, the 181,169-square-foot shopping center is located at 104 Town Center Road. OfficeMax and Chuck E. Cheese’s anchor the center. Other tenants include FootLocker, GameStop, Check ‘n Go, Cricket Wireless, Hibachi Grill & Buffet and Subway. At the time of sale, 91,143 square feet of the center was vacant. Joel J. Gorjian of Namdar completed the acquisition on the company’s behalf. Derrick Almassy of CBRE represented the undisclosed seller.
If it’s been several years since visiting Memphis, it’s time to come back and see the improvements. The city and suburbs have experienced large amounts of new construction and redevelopments, from the downtown Memphis Pyramid becoming the grandest Bass Pro Shops outside of their headquarters to the new Tanger Outlets in Southaven, Miss., and many more developments in between. The most active retail category continues to be restaurants, followed closely by grocers and service-oriented retailers. New restaurants have leased space across the market, varying from fast-casual options like Pimento’s Kitchen + Market to upscale options like Cheesecake Factory and Char, a steakhouse based in Jackson, Miss. In the grocery sector, Kroger, The Fresh Market and Whole Foods Market expanded their reach by adding new and redeveloped stores. Kroger, with its 125,000-square-foot Marketplace concept, is further solidifying market share and geographic footprint with Marketplace units in Hernando and Arlington and a 100,000-square-foot unit in Germantown. These locations were also joined by new-to-Memphis Sprouts Farmers Market. Trader Joe’s also announced plans to open a new store later this year. One of the most notable new Memphis-area retailers is IKEA, which opened its 271,000-square-foot store along Interstate 40 in late 2016. The store …
GALVESTON, TEXAS — Weingarten Realty Investors (NYSE: WRI) has sold Broadway Shopping Center, a 74,604-square-foot retail center located at 5908 Broadway Ave. in Galveston. At the time of sale, the property was 100 percent leased to tenants such as Big Lots, Family Dollar, Subway and Anytime Fitness. Ryan West of HFF represented the seller in the transaction. The name and representative of the buyer, a private investor, were not disclosed.
ESCONDIDO, CALIF. — Faris Lee Investments has arranged the $25 million sale of Gateway Center, an 89,625-square-foot shopping center located in Escondido. The property was 95 percent occupied at the time of sale by tenants including Michaels, Barnes & Noble, Fantastic Sam’s, Firehouse Subs, Dickies and H&R Block. Rick Chichester, Donald MacLellan, Patrick Toomey and Tom Chichester of Faris Lee represented the seller, a partnership led by GDA Real Estate Services. Gene Ventura and Jeff Conover, also of Faris Lee, represented the buyer, a private investor from San Diego County.
SAN DIEGO — Capstone Advisors has signed six leases for tenants at The Presidio, a recently renovated and repositioned retail center located in San Diego’s Linda Vista community. The new tenants include Rip Curl, Luv Bridal, Hopsy, Babe Kombucha, West Coast Veterinary Hospital and Sharetea. Located at 5261-5401 Linda Vista Road, The Presidio is located between Napa Street and the University of San Diego. Capstone completed extensive renovations on the property at the end of 2015. Capstone Advisors originally purchased the property in 2014. For the new lease transactions at The Presidio, Aaron Hill and Justin Wessel of Newmark Grubb Knight Frank represented Capstone Advisors. Luv Bridal and Sharetea represented themselves, Jones Lang Lasalle represented Rip Curl, Newmark Grubb Knight Frank represented Hopsy, Kidder Matthews represented Babe Kombucha and Strategic Real Estate Group represented West Coast Veterinary Hospital.
