PLANO, TEXAS — Vitorino Group, a Dallas-based real estate investments firm, has closed the sale of a 1.2-acre gas station ground leased to Murphy Oil USA in the Dallas suburb of Plano. Vitorino Group represented the seller, a Texas-based private investor, and procured the buyer, a Colorado-based private investor.
HOUSTON — Marcus & Millichap has arranged the sale of Royal Providence Plaza, a 37,248-square-foot retail property located at 9103-9111 FM 1960 West in Houston. Derek Hargrove, Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, an undisclosed private investor, and procured the buyer, an unspecified partnership.
There was a big shake-up in the big box world with long-time sporting goods staples Sports Chalet and Sports Authority shuttering stores across the county. Macy’s in Mission Valley is also closing, while Nordstrom is shutting down in downtown. Interestingly, Hobby Lobby and the large pet stores seem to be buffered by the big box epidemic. In Chula Vista, two long-time vacant big boxes were finally chopped up into four spaces to accommodate the mid-sized box users. The good news is that big, “boring” boxes are being replaced by big “experiences.” Experiences, whether in a larger property or within a specific business, continue to be important for retailers and restaurants. Landlords across the county are making large investments to create experiences that will attract consumers. At the top end of the spectrum we have seen Westfield finally pulling the trigger on a massive remodel of the UTC mall, which will include more than 100 new stores and restaurants. Rouse purchased the Carlsbad mall from Westfield and has seemed to follow a similar business plan with its revamp, adding an exciting lineup of restaurants along the outside of the property. Liberty Station in Point Loma is coming into its prime with, …
BOERNE, TEXAS — Weitzman, a Dallas-based property management firm, has begun pre-leasing Johns Crossing, a 30,000-square-foot retail development in Boerne, a northwestern suburb of San Antonio. Situated at the corner of IH-10 and Johns Road, the property will feature approximately 14,500 square feet of multitenant space, with the remainder slated for freestanding concepts on pads along the I-10 corridor.
FORT WORTH, TEXAS — Compass Self Storage, a division of Ohio-based development and construction firm Amsdell Co., has acquired a self-storage facility located at 4209 Alliance Gateway Road in Fort Worth. The center features more than 49,000 square feet of rentable space, climate-controlled units and covered RV/boat storage spaces. The acquisition gives Amsdell Co. 77 self-storage centers nationwide.
SPRINGFIELD, ORE. — JLL has arranged the sale of Shoppes at Gateway, an 821,564-square-foot shopping center in Springfield, for an undisclosed price. Target, Walmart Neighborhood Market, Cabela’s, Kohl’s, Cinemark and Sears anchor the center, which is also home to tenants including Marshalls, Ross Dress for Less, Petco, Ulta Beauty, Hobby Lobby and Ashley Furniture. David Monahan and Geoff Tranchina of JLL represented the seller, Rouse Properties LLC, in the disposition of the property to an affiliate of Balboa Retail Partners.
ANAHEIM, CALIF. — A grand opening celebration will be held this March 23, 2017, for Anaheim GardenWalk in Orange County. New restaurants now open in the retail center include House of Blues Anaheim, Rumba Room Live, Grasslands Meat Market, Artists Republic Gallery, Billy Beez, Go VR Gaming and Mission Escape Games. Anaheim GardenWalk is a 460,000-square-foot outdoor dining, shopping and entertainment center situated in the Anaheim Resort District near Disneyland, the Anaheim Convention Center, Angel Stadium and Honda Center.
BOSTON — Boston-based Fantini & Gorga has arranged $13 million to refinance three properties — located at 20 Winthrop Square, 85 Franklin St. and 77 Franklin St. — in Boston’s financial district. Wayne Clough and Despina Hixon of Fantini & Gorga arranged financing with one of the firm’s correspondent insurance companies. The three buildings are conjoined and collectively include 98,350 square feet of office and retail space. A.W. Perry has owned and managed the properties for several decades.
The Raleigh and overall Triangle retail markets ended 2016 in a very healthy position. The Triangle vacancy rate is currently at 6.09 percent, nearing 10-year lows dating back pre-recession and includes retail absorption nearing 900,000 square feet over the past four quarters. The region’s diverse economic engine driven by technology, university systems, heathcare and Raleigh as a state capital, combined with a relatively low cost of living and temperate climate, continue to push population growth and related retail expansion. With fierce grocery competition, a natural evolution of inward growth and urbanization and several large mixed-use development projects, the Triangle retail market is thriving. However, e-commerce, rightsizing and store closures continue to challenge the broader U.S. retail market and the Triangle has not been spared. Grocery Competition With several homegrown grocery brands, North Carolina and the Triangle region have historically been one of the most competitive areas for grocers in the United States. Regional players like Harris Teeter (now owned by Kroger), Lowes Foods, Food Lion, The Fresh Market, Ingles and Earth Fare (all based in North Carolina) have competed for years with out-of-state supermarkets Kroger, Whole Foods Market, Trader Joe’s and even Walmart. This year brought a new level of …
CORPUS CHRISTI, TEXAS — Marcus & Millichap has brokered the sale of Clear Sky Retail Center, a 9,717-square-foot property located at 1805 S. Padre Island Drive in Corpus Christi. Built in 2003, the center is situated on nearly one acre and was 100 percent occupied at the time of sale to tenants such as GameStop, Ace Cash Express and Sally Beauty Supply. Philip Levy of Marcus & Millichap represented the seller, an unspecified developer, and procured the buyer, a private investor.