HOUSTON — Baker Katz has secured a 19,218-square-foot lease on behalf of Northern Tool + Equipment in Houston. Northern Tool + Equipment will be located in a two-tenant building directly across Hwy 69 from Parkdale Mall at 6250 Eastex Freeway, and is slated to open in August. Jason Baker of Baker Katz, along with Clay Mote of Venture Commercial Real Estate, represented Northern Tool + Equipment in the lease. Chris Pitts of Streetwise represented the landlord, National Retail Properties.
ST. PETERS, MO. — GBT Realty Corp. has unveiled plans to develop a $54 million retail center, the largest project of its kind in the St. Louis metro area since 2008. The Shoppes at Mid Rivers, which will be located on 28 acres in St. Peters, a northwestern suburb of St. Louis, is slated to open in late 2017. Current plans for the 300,000-square foot regional center include three anchor tenants, five to seven junior anchors, small shop space and four, one-acre outparcels. Demolition of existing buildings will start immediately upon acquisition of the site later this year.
GLENVIEW, ILL. — The Boulder Group has arranged the sale of a building net leased to Bank of America for $6.9 million. The property is located at 1400 Waukegan Road in Glenview, approximately 20 miles northwest of Chicago. Other retailers in the immediate area include Walgreens, Trader Joe’s, Jewel-Osco, Ace Hardware, Staples and Starbucks. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate development company, in the transaction. The buyer was a local 1031 exchange investor. The Bank of America ground lease has over 13 years remaining and expires in December 2029. The ground lease features 10 percent rental escalations every five years throughout the primary term and renewal option periods.
WESTMINSTER, CALIF. — Marcus & Millichap has arranged the sale of Little Saigon Shopping Center, an 85,133-square-foot leasehold community shopping center located in Westminster’s Little Saigon community. A local partnership sold the asset for $18 million, or $211 per square foot, with a cap rate of 6.26 percent. Wells Fargo anchors the center. Ron Duong of Marcus & Millichap’s Newport Beach, Calif., office represented the seller.
CARSON, CALIF. — Vintage Real Estate has signed F21 RED, Forever 21’s latest store concept, at SouthBay Pavilion located at 20700 Avalon Blvd. in Carson. Slated to open in spring 2017, the new concept offers a larger selection of the retailer’s most popular lines, including Forever 21, Forever 21 Men, Forever 21 Plus and Forever 21 Kids, at lower prices. Currently 98 percent leased, IKEA, JCPenney, Sears and Target anchor SouthBay. Additional tenants include Olive Garden, Pieology, Buffalo Wild Wings, Cinemark, Sephora, Old Navy, rue21, Wing Stop and Payless Super Store. Edge Realty Partners represented Forever 21 in the deal.
LONG BEACH, CALIF. — Marcus & Millichap has arranged the sale of a retail property located at 425 W. Anaheim St. in Long Beach. A private investor acquired the 7,296-square-foot property for $4 million. Situated on a 27,277-square-foot lot, the property was built in 2006. James Yang of Marcus & Millichap secured and represented the buyer in the deal.
MERIDIAN, MISS. — CBL & Associates Properties Inc. has sold Bonita Lakes Mall and Bonita Lakes Crossing in Meridian for $27.9 million. RockStep Capital, a Houston-based shopping center investor, purchased both properties from the Chattanooga, Tenn.-based retail owner and developer. Bonita Lakes Mall’s tenant roster includes Ashley Furniture HomeStore, Belk, Bath & Body Works, Dillard’s, Foot Locker, JC Penney, Victoria’s Secret, Sears and Ollie’s Bargain Outlet. The 147,518-square-foot Bonita Lakes Crossing is leased to tenants such as Ashley Furniture HomeStore, Jo-Ann Fabric & Crafts and OfficeMax. CBL & Associates owns and manages 145 properties, including 91 regional malls and open-air centers.
Houston will be among the nation’s leaders in retail property deliveries in 2016 as nearly 3 million square feet of space is scheduled for completion this year. The new construction will increase retail property supply by 1 percent, the fifth-largest rate of growth for retail space for major markets in the nation. Historically, Houston has had several growth spurts — and some economic recessions — related to the energy industry. The Houston metro area, known as a world capital in the oil and gas industry, has some obstacles to overcome as the upstream oil sector is losing a significant number of jobs. Yet other area employers have gained momentum, keeping job growth positive. Since the Great Recession, Houston’s annual job growth of 2.9 percent has outpaced the national rate of expansion by approximately 130 basis points. However, energy-related layoffs have caused the market to trail national employment growth by the same spread in the last year. Similar to 2015, between 15,000 to 20,000 jobs are forecast to be created this year, maintaining the metro’s positive job outlook. Growth in other sectors of the Houston area’s economy, like health care and downstream oil-and-gas operations, is positively influencing the market and keeping …
ADDISON, TEXAS — Soar United, an obstacle course adventure park, has leased 53,120 square feet at 4207 Simonton Drive in Addison. Soar United will open this summer. JT Samford, then of Younger Partners, represented the tenant. Samford is now at ML Realty. George Billingsley of Billingsley Cos. represented the landlord. The retailer selected the location based on its visibility and proximity to major highways.
BATAVIA, ILL. — Cushman & Wakefield has arranged the $15 million sale of Fabyan Randall Plaza, a 91,415-square-foot shopping center located in the Chicago suburb of Batavia. The center is anchored by Trader Joe’s and Walgreens, and is home to tenants including Smashburger, Sports Clips, Edward Jones and Papa John’s. Evan Halkias, Michael Marks and Nick Kanich of Cushman & Wakefield’s Retail Investment Advisory Group represented the seller, InvenTrust Properties. The buyer was Dallas-based Netco Investments Inc.
