LAS VEGAS — AW Family Trust has purchased the 21,639-square-foot Silverado Auto Plaza building in Las Vegas for $8.9 million. The plaza is located at 1280, 1310 and 1340 E. Silverado Ranch Blvd. Virtus Commercial’s Chris Emanuel and John Blommer represented the seller.
When talking about the retail sector, the economy has to be part of the conversation. Trends in retail concepts follow consumer behavior. In 2010, when the recovery began, wealthy consumers were the first to return to the marketplace. Not surprisingly, luxury retail concepts followed these wealthy shoppers. To appeal to consumers who were experiencing a slower recovery and to address the concerns of consumers who were still budget-conscious coming out of the downturn, discount retailers and off-price concepts also flooded the market at the same time. These two ends of the spectrum have dominated the retail landscape, leading to challenges for the middle-priced retailers. Despite the acceleration of the economic recovery, these retailers will continue to face challenges as many consumers have maintained a fiscally conservative, or even frugal, mindset. E-Commerce Has Clout The prediction that the advent of the Internet would spell the death of the brick-and-mortar store has not come to fruition. However, e-commerce’s impact on retail is certainly undeniable. Although 75 percent of retail sales still take place in stores, consumers are becoming more educated about products and prices as a result of the Internet. Consumer surveys show that 75 percent of millennials use the Internet to …
NEW YORK CITY — Cushman & Wakefield has arranged the sale the sale of retail property located at 163-30 Cross Bay Blvd. in the Howard Bay neighborhood of Queens. The property sold for $12.6 million. Originally built in 2009, the property underwent a substantial renovation in 2014. The 9,767-square-foot property is currently triple-net leased to Duane Reade through October 2028. Duane Reade subsequently subleased the space to Key Foods. Bob Knakal, Jonathan Hageman and Brian Sarath of Cushman & Wakefield handled the transaction.
CROSS ROADS, TEXAS — SHOP Cos. Investment Sales has arranged the sale of Crossroads Crossing, a 14,680-square-foot shopping center located in Cross Roads. Crossroads Crossing is situated at the northwest quadrant of US Highway 380 and FM 720. At the time of closing the property was 100 percent leased to tenants including Domino’s, State Farm Insurance, January’s Salon, Cornerstone Dental and Villa Grande Mexican Restaurant. Tommy Tucker with SHOP Cos. represented the seller, a Carrollton-based private partnership, and procured the buyer, a Dallas-based limited liability company.
LANCASTER, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 229,142-square-foot shopping center in Lancaster. River Valley Plaza sold for $15.8 million. The seller was a Columbus-based owner, and the buyer was a Canadian investment group. The property is located at 1300 River Valley Blvd. and is 97 percent occupied with 82 tenants. Target, Hobby Lobby and T.J. Maxx anchor River Valley Plaza and collectively occupy 80 percent of the center’s gross leasable area. Target has been a tenant since 1994, and Hobby Lobby recently extended its lease into 2025. T. J. Maxx just signed on for an additional five years. Subway has occupied space in the shopping center since 1990. Erin Patton, Craig Fuller and Scott Wiles represented the seller and procured the buyer.
CHICAGO — The Boulder Group has completed the sale of a single-tenant, net-leased retail property in Chicago for $9.5 million. The property, leased to LA Fitness, is located at 6107 N. Broadway St. The seller, Crossroads Development, renovated the two-story, 22,000-square-foot building in 2014. The 1031 exchange buyer in the transaction is a high-net-worth individual based on the West Coast. The property will retain its current management group and includes on-site parking. According to CoStar Group, the 5.6 percent cap rate represents the lowest cap rate ever recorded for the sale of a single-tenant LA Fitness property. The lease for LA Fitness expires in June 2029 and features 10 percent rental escalations every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.
PHOENIX — Colliers International has arranged the $9.7 million sale of Mountain Park Plaza, an 87,672-square-foot shopping center located in Phoenix. Mindy Korth and Kirk Kuller of Colliers represented the seller, Issaquah, Wash.-based Western America Commercial, in the transaction. The buyer was Fairfield, N.J.-based Lamar Cos. Tenants at the 95-percent-occupied center include anchor Fry’s Food and Drug, Nationwide Vision and Sally Beauty Supply. Three pads occupied by a Fry’s Food Stores fueling station, Taco Bell and Kidz Connextion Dental Center were not included in the sale.
PARAMUS, N.J. — NorthMarq Capital has arranged $49.4 million of floating-rate financing for a 244,000-square-foot, four-property retail portfolio on Route 17 in Paramus. The borrower, Advanced Realty, will use the loan proceeds for acquisition of the assets and a funding facility for re-tenanting and redevelopment costs. Three of the buildings are located at 289-317 Route 17 South. The properties are occupied by PGA Tour Superstore and P.C. Richard & Son. Located at 60 Route 17 North, the fourth property is a 75,000-square-foot power center occupied by DSW Designer Shoe Warehouse and PetSmart. Gregory Nalbandian of NorthMarq secured the loan through Natixis Real Estate Capital for the borrower.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use property located at 86-90 Bushwick Ave., aka 811 Grand St., in Brooklyn’s East Williamsburg neighborhood. The property sold for $9 million, or $445 per square foot. The four-story building features 12 rent-regulated residential units and four retail units. The apartment units are a mix of one-, two- and three-bedroom layouts. Eskor Edem of Eastern Consolidated represented the seller, a longtime owner, while Jonathan Schwartz, also of Eastern Consolidated, represented the buyer, a local investor, in the transaction.
ARLINGTON, TEXAS — Americanstar Mattress LLC has entered the north Texas market, inking a 25,230-square-foot lease for showroom and distribution space in the Great Southwest Industrial District. The California-based company has leased as-is space at 1185 W. Corporate Drive in Arlington. Will Dillard of Dallas-based Bradford Commercial Real Estate Services represented the tenant, who also has a distribution center in Houston. Americanstar’s first location in the region is accessible to I-30 and TX 360. The rear-load structure has a 24-foot clear height and four loading docks. Bill Bexley of JSC Realty Investment Services Inc. represented Avenue J Partnership Ltd., landlord of the fully leased, 50,265-square-foot industrial building.
