Monday, June 16, 2025
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Retail

InterFace-Houston-Retail
Market ReportsRetailTexasTexas Market Reports

InterFace Panel: Despite Robust Demand, Houston Retail Owners Face Challenges in Adapting to New Market Conditions

by Taylor Williams

By Taylor Williams HOUSTON — High occupancy rates paired with low volumes of new construction have been the prevailing narratives in many major U.S. retail markets over the past couple years, and Houston is no exception. And while that dynamic ensures healthy rent growth within stabilized properties, when paired with high construction costs and higher interest rates, the result can be growth that feels rather sluggish. According to second-quarter data from Colliers, the Houston retail market currently has a vacancy rate of 5.2 percent, a mark that has held steady for the past year. The market added about 1.1 million square feet of new product through the first six months of 2024 to go with roughly 732,000 square feet of positive absorption. The average asking rent stands at $20.38 per square foot, which represents a 3.8 percent increase relative to the second quarter of 2023. Rosy as these figures appear on the surface, they do not tell the full story of the market. Most owners cannot afford to simply sit back and let the deals come to them at rents they dictate. For although demand exceeds supply of quality space, the aforementioned macroeconomic factors are squeezing owners’ profit margins, meaning …

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AcquisitionsNorth CarolinaRetailSoutheast

Marcus & Millichap Brokers $5.5M Sale of Retail Center in Franklin, North Carolina

by John Nelson

FRANKLIN, N.C. — Marcus & Millichap has brokered the $5.4 million sale of a retail center in the western North Carolina city of Franklin. Located at 109 Commons Drive, the 32,000-square-foot property was 96 percent leased to 12 tenants at the time of sale to retailers including Dollar Tree, CATO and Sally Beauty Supply. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a Louisiana-based family office, in the sale. Benjamin Yelm assisted in closing the transaction as the firm’s broker of record in the state. The buyer was not disclosed. “This center has a regional trade area and serves as the Walmart for Highlands, N.C., a popular resort and second-home market for many major metros in the Southeast,” says Taylor. “The buyer was drawn to Walmart’s dominant presence and the limited future development potential due to the surrounding area’s topography.”

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AcquisitionsLeasing ActivityRetailSoutheastTennessee

RealSource Negotiates Sale-Leaseback of 34,000 SF Retail Property in Metro Memphis Leased to LA Fitness

by John Nelson

COLLIERVILLE, TENN. — RealSource Group has negotiated the sale-leaseback of a 34,000-square-foot single-tenant retail property located at 1088 W. Poplar Ave. in Collierville, roughly 30 miles southeast of Memphis. LA Fitness occupies the property, which was built in 2019. Ted Slaughter and Jonathan Schiffer of RealSource, in association with Scott Reid of ParaSell Inc., represented the seller, Fitness International (the parent company of LA Fitness), in the transaction. A private investor acquired the property for an undisclosed price. LA Fitness will continue to occupy the building, which is situated near the 1 million-square-foot FedEx World Tech Center and 900,000-square-foot Carrier facility, on a 15-year net lease. Chipotle Mexican Grill and Chick-fil-A occupy outparcels near the property.  

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AcquisitionsNew YorkNortheastRetail

Katz & Associates Negotiates $7.6M Sale of Two Retail Properties in Nanuet, New York

by Taylor Williams

NANUET, N.Y. — Regional brokerage firm Katz & Associates has arranged the $7.6 million sale of two retail properties in Nanuet, located near the New York-New Jersey border. Built in 1973, the properties comprise a 2,500-square-foot single-tenant building and a 30,000-square-foot multi-tenant building. Chase Bank occupies the single-tenant building, and the multi-tenant building is leased to Tile Shop, Carpet One and Hudson Valley Integrated Medicine. Donny Moskovic of Katz represented both the buyer and seller, both of which requested anonymity, in the transaction.

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AcquisitionsMassachusettsNortheastRetail

Atlantic Capital Partners Arranges Sale of 30,000 SF Retail Building in Reading, Massachusetts

by Taylor Williams

READING, MASS. — Locally based brokerage firm Atlantic Capital Partners has arranged the sale of a 30,000-square-foot retail building in Reading, a northern suburb of Boston. HomeGoods occupies the entirety of the freestanding building, which sold for $5.6 million. Justin Smith, Chris Peterson, Sam Koonce and Matt Austin of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

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Casas-Adobes-Plaza-Tucson-AZ
AcquisitionsArizonaRetailWestern

First Washington Realty Sells Casas Adobes Plaza Shopping Center in Tucson, Arizona for $51M

by Amy Works

TUCSON, ARIZ. — First Washington Realty has completed the disposition of Casas Adobes Plaza, a shopping center located 7001-7139 N. Oracle Road in Tucson, to an undisclosed buyer for $51 million. Situated on 9.5 acres, the 92,300-square-foot Casas Adobes Plaza was originally built in 1953 and remodeled in 2014. At the time of sale, the retail center was 97 percent occupied by a variety of tenants including Whole Foods Market, Starbucks Coffee, Pure Barre, Orangetheory Fitness and Chico’s. Patrick Dempsey and Geoff Tranchina of JLL Capital Markets Investment Advisory handled the transaction. Greg Brown and Jason Carlos of JLL Debt Advisory facilitated acquisition financing through a correspondent life insurance company for the buyer. Quin Madden of JLL assisted with the sale and financing.

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DevelopmentIowaMidwestRetail

Topgolf to Open First Iowa Location in West Des Moines in September

by Kristin Harlow

WEST DES MOINES, IOWA — Topgolf is scheduled to open its first venue in Iowa, Topgolf Des Moines, on Friday, Sept. 6. The location marks Topgolf’s 101st global outdoor venue and is situated at 7655 Mills Civic Parkway within The Parkways development in West Des Moines. Employing 300 people, Topgolf Des Moines features 72 outdoor climate-controlled hitting bays spanning two levels. Each bay has lounge-type furniture or high-top tables. The venue is equipped with Topgolf’s Toptracer technology, which traces each golf ball’s flight path, distance and other metrics. Guests also enjoy a full-service restaurant and bar helmed by executive chefs.

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IllinoisMidwestRetail

Lamar Johnson Collaborative Releases Renderings for Transformative Vision for Chicago’s Michigan Avenue

by Kristin Harlow

CHICAGO — Lamar Johnson Collaborative (LJC), a full-service architecture firm based in Chicago, has released renderings for a transformative vision for Michigan Avenue’s Magnificent Mile retail corridor in downtown Chicago. The Magnificent Mile Association commissioned the plan, known as MM2050, to explore innovative solutions for addressing vacancies spurred by the pandemic. LJC created a series of conceptual renderings, guided by four design pillars: people, place, technology and experience. The renderings showcase ideas for enhancing public spaces, improving pedestrian connectivity and encouraging sustainable, mixed-use development. The MM2050 renderings are currently on display at the Chicago Architecture Center (CAC) as part of a newly launched exhibition titled The New Magnificent: Visions to Renew and Reconnect the Mag Mile. The exhibit is part of the CAC’s Loop as Lab: Reshaping Downtowns initiative, which explores post-pandemic ideas for revitalizing Chicago’s central business district. The LJC designs are one of two concepts from architectural firms on display. LJC’s vision focuses on four points of improvement along the mile-long corridor:

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IllinoisMidwestRestaurantRetail

Mediterranean Fast-Casual Restaurant Roti Files for Chapter 11 Bankruptcy

by Kristin Harlow

CHICAGO — Roti, a Mediterranean fast-casual restaurant group based in Chicago, has filed for Chapter 11 bankruptcy protection. The company intends to use Chapter 11 to seek new investors or purchasers on an accelerated time frame while reorganizing its finances. Roti intends to keep its locations across Chicago, Minneapolis and the Washington, D.C. metro areas operating. “After careful consideration, filing for bankruptcy protection was the best way to address our challenges, including financial performance, higher costs, mixed location performance and tough market conditions,” says Justin Seamonds, CEO and prime minister of fun at Roti. Roti says it was disproportionately affected by the COVID pandemic as 50 percent of its restaurants are based in downtown districts. The company states that the current restaurant climate is mired in a consumer spending downturn.

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Leasing ActivityRetailTexas

Harbor Freight Tools Signs 20,810 SF Retail Lease in Pasadena, Texas

by Taylor Williams

PASADENA, TEXAS — Harbor Freight Tools has signed a 20,810-square-foot retail lease in Pasadena, an eastern suburb of Houston. The California-based hardware and home improvement retailer is backfilling a space formerly occupied by Goodwill. Jeff Scarborough of Scarborough Commercial Real Estate represented Harbor Freight in the lease negotiations. Bob Conwell represented the landlord, locally based developer NewQuest Properties, on an internal basis. The store is expected to open before the end of the year.

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