Retail

Vastgood Properties Acquires 246,000 SF Retail Center Near Harrisburg for $17M

by Amy Works January 9, 2017

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.

January 9, 2017

New York Northeast Retail

RKF Arranges $10M Sale of Retail Property in Manhattan

by Amy Works January 9, 2017

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.

January 9, 2017

Retail Southeast Tennessee

CBL & Associates Properties to Redevelop Four Macy’s Locations in its Portfolio

by John Nelson January 9, 2017

CHATTANOOGA, TENN. — CBL & Associates Properties Inc. plans to redevelop four Macy’s anchor locations in its portfolio that will close at the end of March. The Macy’s stores were announced to be closing by Macy’s last week. The four locations include Jefferson Mall in Louisville, Ky.; Layton Hills Mall in Layton, Utah; Parkdale Mall in Beaumont, Texas; and Eastland Mall in Bloomington, Ill. CBL will replace the Macy’s at Layton Hills Mall with a new anchor retailer, which will open its new store by the end of the year. Macy’s Inc. currently owns the other three locations and will sell them to CBL for a total of $5 million. In addition to these four locations, Macy’s will close its store at River Ridge Mall in Lynchburg, Va., in which CBL holds a minority interest. The majority owner of the mall will handle the acquisition and redevelopment of this store.

January 9, 2017

Mixed-Use Retail Southeast Virginia

Howard Hughes Corp. Acquires Macy’s Store at Landmark Mall in Alexandria

by John Nelson January 9, 2017

ALEXANDRIA, VA. — The Howard Hughes Corp. has purchased a Macy’s store and parking field at Landmark Mall in Alexandria for an undisclosed price. The Macy’s at Landmark Mall is one of 68 stores announced to be closing by Macy’s last week. The company plans to transform the enclosed mall and the Macy’s parcel into an open-air, mixed-use community with retail, residential and entertainment components. The new Landmark will feature multiple plazas and green spaces, outdoor seating, an updated transit center, seasonal entertainment, public art, numerous full-service and fast-casual dining options and an upscale movie theater. The Howard Hughes Corp. is planning to close the interior portion of Landmark Mall at the end of January. A definitive timeline for the redevelopment has not been finalized.

January 9, 2017

Retail South Carolina Southeast

Nassimi Realty Acquires 580,000 SF Mall in Columbia

by John Nelson January 9, 2017

COLUMBIA, S.C. — Nassimi Reatly has purchased Dutch Square Center, a 580,000-square-foot enclosed retail mall in Columbia. The three-building property is attached to a 14-screen movie theater and features a single-level Burlington Coat Factory/Office Depot building and a three-story department store that features a Planet Fitness, Ashley Stewart, West Marine, Foot Locker, Rainbow and Catherine’s. Dutch Square’s outparcels include Wells Fargo Bank, Hardee’s and G.B. Shoes. The seller and sales price were undisclosed.

January 9, 2017

Arizona Retail Western

Cypress Equities Purchases Flagstaff Mall in Arizona

by Nellie Day January 9, 2017

FLAGSTAFF, ARIZ. — Cypress Equities has acquired Flagstaff Mall, a 388,000-square-foot enclosed regional mall located in Flagstaff for an undisclosed price. JCPenney, Dillard’s and Sears anchor the mall, which is also home to tenants including Bath & Body Works, GameStop, GNC, Victoria’s Secret and Foot Locker. The center was originally developed in 1979, and underwent renovations in 2007. Cypress is currently looking to sell or lease up three undeveloped outparcel pads totaling 18,000 square feet. The company is also considering the redevelopment of inline retail space.

January 9, 2017

California Retail Western

CBRE Facilitates $11M Sale of Scripps Mesa Retail Center in San Diego

by Nellie Day January 9, 2017

SAN DIEGO — CBRE has arranged the sale of Scripps Mesa Retail Center, located at 9801-9841 Mira Mesa Blvd. in the Scripps Ranch submarket of San Diego. Shah Family Trust acquired the 25,721-square-foot property from Hendricks Commercial Properties for $11 million. The property recently underwent a $1.7 million renovation. At the time of sale, 18 tenants fully occupied the retail center. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller and buyer in the deal.

January 9, 2017

California Retail Western

Trion Properties Repositions, Sells Retail Property in Valencia for $9.8M

by Nellie Day January 9, 2017

VALENCIA, CALIF. — Trion Properties has repositioned and sold Valencia Town Center Plaza, a retail strip center located at 24510 Town Center Drive in Valencia. A private real estate investor acquired the property for $9.8 million. Trion Properties originally acquired the 26,168-square-foot property in 2013. Joshua Levy and Matthew Dobson of Arbor Realty Capital Advisors represented the seller and buyer in the deal.

January 9, 2017

California Retail Western

Brixton Capital Acquires 55,000 SF Retail Property in San Diego

by Nellie Day January 9, 2017

SAN DIEGO — Brixton Capital has purchased a retail property, located at 14340 Penasquitos Drive in San Diego. Florida-based HH Property Holdings sold the 55,000-square-foot property for an undisclosed price. The buyer plans to renovate and reposition the former Albertson’s grocery store building, which was most recently occupied by Haggen. Brixton has already entered into a $12 million long-term lease with Floor & Décor for the entire property. Mike Moser of Retail Insite represented the buyer, while HFF represented the seller in the transaction.

January 9, 2017

Georgia Market Reports Retail Southeast Southeast Market Reports

Retailers Try to Keep Up With Atlanta’s Dynamic Consumer Population

by John Nelson January 9, 2017

To understand the state of retail in Atlanta in 2005, you first looked at where and what developers were building, then to where retailers were locating and lastly to how consumers were shopping. Simply put, if a developer built it and a retailer occupied it, the consumer was sure to shop there, but that’s no longer the case. To understand the state of retail in Atlanta today, you need to start with the Atlanta consumer. Go Big or Go Home From 2000 to 2010, the Atlanta Regional Commission reports metro Atlanta added over 1 million residents with an additional 2.5 million people projected to be added between 2015 and 2040. Further, according to a study by the University of Georgia, half the state’s population growth is concentrated in just three Atlanta metro counties — Fulton, Gwinnett and Forsyth. A big driver for the growth is jobs, especially those in high-paying sectors like information, professional services, science and technology. EMSI reports that two of the counties making up Atlanta’s metropolitan area, Forsyth and Coweta, are in the top eight of large counties for skilled job growth. Additionally, Forbes claims Atlanta is now growing its business service sector faster than New York, …

January 9, 2017

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