Recovery is continuing to occur in the Delaware retail market and forecasts show it will continue in the year to come. The retail sector has been strong in Class A locations, while secondary centers have experienced less demand. Land values on major corridors remain high and the limited supply is expected to further this trend. The area around Christiana Mall continues to be a strong draw for national retailers. Recent new retail activity includes the Christiana Fashion Center, which has been approved for buildings totaling in excess of 500,000 square feet. Current tenants include The Container Store, REI, Nordstrom Rack, DSW, Saks OFF Fifth, Ulta Cosmetics and Jared Jewelers. Allied Properties is developing the center. Also in the Christiana area, Kimco is planning to develop the Christiana Promenade which will encompass more than 400,000 square feet. Demolition of an existing structure is underway. The city of Wilmington will see a new $40 million redevelopment of a popular retail and office location on the 2000 block of Pennsylvania Avenue. Mayor Dennis Williams recently announced the project, which will redevelop the existing property into an attractive, high-quality mixed-use and pedestrian-oriented space that incorporates luxury residences above a first floor of quality retail …
FORT WORTH, TEXAS — Trademark Property Co. is under contract to purchase 3.5 acres adjacent to its 278,000-square-foot WestBend mixed-use development in Fort Worth’s University District. The parcel is located on University Drive, immediately south of WestBend along the Trinity River. Conceptual planning is underway to develop additional mixed-use space including ground-floor retail with either a hotel or multifamily and condo units above. A Hawthorne Suites hotel currently occupies the site.
ROCKWALL, TEXAS — MYCON General Contractors has begun construction on a standalone Kroger Signature concept store located on an 11.3-acre tract at the southeast corner of North Goliad Street and Quail Run Road in Rockwall. The 80,000-square-foot Kroger Signature store will offer fresh food options, healthy meal solutions and traditional grocery items, as well as a six-pump Kroger Fuel Center and Kroger Pharmacy, which will have three drive-thru lanes. Site plans include loading docks, a detention pond, surface parking and landscaping. Groundbreaking was held in January, and the store opening is slated for the first quarter of 2017.
HOUSTON — USA Insulation has opened its first Texas location at 6868 N. Loop E. in Houston. The 3,433-square-foot space expanded the total corporate franchise count to 16 locations across the United States. John Wenckens of Newcor Commercial Real Estate represented the tenant. USA Insulation installs residential home insulation using methods ranging from blown-in attic insulation to injection foam insulation that can be injected or pumped into exterior walls, crawl spaces and foundations. Kelly Landwermeyer with Holt Lunsford Commercial represented the landlord, CenterPoint Properties.
COUNCIL BLUFFS, IOWA — NorthMarq Capital has arranged the $3.4 million refinancing of Lake Manawa Centre in Council Bluffs. The property consists of two neighborhood strip retail buildings and a McDonald’s ground lease. Jason Kinnison of NorthMarq arranged the financing, which was structured with an 18-year term and 22-year amortization schedule, through a life insurance company.
HIGHLAND PARK, ILL. — Adelphia Properties has arranged a 6,900-square-foot retail lease in Highland Park, approximately 26 miles northwest of Chicago. Summer Classics Home Furniture, a premier luxury home gallery, will occupy space at Renaissance Place, which is located at 1850 2nd St. Simeon Spirrison of Adelphia Properties represented the tenant in the transaction. Steven Baer of Metro Commercial Real Estate represented the landlord, a private Seattle-based group.
PASSAIC, N.J. — Redwood Realty Advisors has arranged the sale of a mixed-use property located at 102 Main St. in Passaic. The asset sold for $2.3 million. The building features 25 apartments and five commercial spaces. Thomas McConnell, Kevin McCrann, Jeremy Wernick and Marco Capozzoli of Redwood Realty brokered the transaction. The names of the seller and buyer were not released.
MAHOPAC, N.Y. — Northeast Private Client Group has arranged the sale of a mixed-use property located at 890-908 S. Lake Blvd. in Mahopac. A Westchester, N.Y.-based investor acquired the asset from a Manhattan-based private investor for $1.8 million, or $109 per square foot and a capitalization rate of 9 percent. Comprised of two adjacent buildings, the 16,400-square-foot property features street-level retail space and second-floor office and residential space with off-street parking. Anthony Watkins of Northeast Private Client Group represented the seller and procured the buyer in the transaction, which closed in February.
KENNESAW, GA. — Preferred Apartment Communities Inc., through its wholly owned subsidiary New Market Properties LLC, has acquired Wade Green Village in Kennesaw, roughly 25 miles outside of Atlanta. The 75,000-square-foot shopping center is anchored by a 47,814-square-foot Publix grocery store. The transaction involved the contribution of Wade Green Village in exchange for Class A units of the company’s operating partnership.
DUBLIN, CALIF. — Ethan Allen has opened a new 7,200-square-foot location at 5170 Dublin Blvd. in Dublin, located in the Bay Area. The design center, which opened in January, joined Whole Foods Market, Nordstrom Rack, Home Goods, Starbucks Coffee and Sur La Table at Persimmon Place. Ethan Allen operates three other design centers in the San Francisco Bay Area, including Concord, San Mateo and Corte Madera, as well as two stores in the South Bay area. Tom Power of SRS Real Estate Partners represented Ethan Allen, while Doug Shaffer provided in-house representation for the landlord, Regency Centers, in the transaction.