EDMOND, OKLA. — ShowBiz Cinemas has announced plans to open a new family entertainment center in Edmond, Oklahoma. The development — Bowling, Movies and More — will feature 18 boutique bowling lanes, VIP event space, party rooms, 12 movie auditoriums with wall-to-wall curved screens, a café, full bar and modern arcade center. The Edmond development, scheduled to open by Christmas 2017, will mark the company’s first location outside Texas.
CYPRESS, TEXAS — EDGE Capital has brokered the sale of Rock Creek Plaza, a newly developed shopping center located at 14034 and 14044 Grant Road in Cypress. The unnamed buyer acquired the property for an undisclosed price. Pet Supermarket, Little Caesar’s and 9Round Fitness occupy the two-building, 20,988-square-foot center. Josh Jacobs and Burdette Huffman of EDGE Capital Markets represented the undisclosed seller, while Mark Kalil of Mark Kalil & Associates represented the buyer.
CLERMONT, FLA. — Grandbridge Real Estate Capital has secured the $5 million refinancing of Oakley Square Shopping Center, a 30,218-square-foot retail center located roughly 23 miles outside Orlando in Clermont. Tenants at the center include Vitamin Shoppe, AT&T and Firehouse Subs. Philip Carroll of Grandbridge secured the 20-year, self-amortizing, fixed-rate loan on behalf of the undisclosed borrower through an insurance company.
SHOREWOOD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Metro Market in Shorewood, about five miles north of Milwaukee. The sales price was not disclosed. The 90,320-square-foot store is located at 4075 N. Oakland Ave. Metro Market is a grocery chain owned by Kroger. Wes Koontz, Christian Tremblay, Ben Wineman and Dan Rosenfeld of Mid-America Real Estate represented the undisclosed seller. An institutional buyer purchased the property, which includes a parking garage.
NILES, OHIO — Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to Vitamin Shoppe in Niles, near the border of Pennsylvania, for $1.8 million. The Vitamin Shoppe has approximately six years remaining on its lease. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investor. A Minnesota-based fund was the buyer.
SCOTTSDALE, ARIZ. — Regency Centers L.P. has sold Pima Crossing, a 283,275-square-foot shopping center located in Scottsdale, for $46.2 million. An entity formed by Los Angeles-based Karlin Real Estate bought the property. PGA Superstore anchors the center, which is also home to Pier 1 Imports, Lifetime Fitness, Stein Mart, Scottsdale Beer Co. and Discount Patio. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller in the transaction.
BOCA RATON, FLA. — Following last week’s announcement of massive store closures by Macy’s and Sears, The Limited is following suit, announcing over the weekend the closure of all its remaining 250 brick-and-mortar stores. The women’s apparel retailer posted a brief message on its website on Saturday reading “We’re sad to say that all The Limited stores nationwide have officially closed their doors. But this isn’t goodbye. The styles you love are still available online — we’re just a quick click away 24 hours a day.” Sun Capital Partners Inc., a Boca Raton-based private equity firm and owner of The Limited, has not issued a press release on the closure, but released a statement to Reuters citing “an increasingly challenging environment for mall-based retail and women’s apparel” as the catalyst for its decision to shutter the remaining stores. The move is expected to eliminate about 4,000 jobs, including 800 full-time positions, according to Reuters. The Limited Inc. was founded in 1963 in Columbus, Ohio, by Leslie “Les” Wexner, who now serves as the chairman and CEO of L Brands Inc. (NYSE: LB). Known for being a stylish alternative to department stores, The Limited grew to 100 stores by 1976 and …
There are two trends that describe the current state of retail development in Southern Nevada: restaurants are expanding and some junior boxes are closing. Ecommerce competition and the consolidation of retailers nationally has caused junior box tenants to continue to struggle. It is odd to see a new development like the 1.6-million-square-foot Downtown Summerlin open on the affluent west side of the Valley in October 2014, only to see two junior boxes close since then. The Sports Authority shuttered its doors earlier this year, while Golfsmith just announced it would cease operations by the end of 2016. Other retailers in the development are doing very well, but it is an unfortunate sign of the times to see junior anchors close in good retail developments. When analyzing ecommerce vs. bricks and mortar, retailers are paying more attention to the facts listed in the table below. The example compares Amazon to Walmart — both great businesses but differing models. The reason is clear why it is difficult to compete when Amazon is able to produce 165 percent more per employee. This analysis does not include the difference in fixed assets, which only further exaggerates the advantage for Amazon when considering what a …
ETTERS, PA. — Vastgood Properties has acquired Newberry Commons, a 246,000-square-foot grocery-anchored retail center located at 10 Newberry Commons in Etters. Newberry Commons LLC sold the property for $17 million. Constructed in 1987, the center underwent an extensive $2 million renovation in 2014. Rite Aid Pharmacy occupies approximately 130,000 square feet of the property. At the time of sale, the property was 95 percent leased. Andy Stape and Vito Lupo of KLNB Retail represented the seller and procured the buyer.
NEW YORK CITY — RKF has brokered the sale of a 1,400-square-foot retail property located at 682 Broadway in Manhattan’s NoHo district. Premier Equities sold the property to Ascot Properties for $10 million. The property features ground-floor retail space, basement space and 50 feet of street frontage. GNC Holdings currently leases the space on a long-term basis. Brian Segall and Ariel Schuster of RKF represented the seller, while Matthew Marshall of Marshall Real Estate represented the buyer in the transaction.
