Retail

Granite-Clover-Self-Storage-Londonderry-NH

NAI Norwood Group Brokers $28.8M Sale of Five-Property Self-Storage Portfolio in New Hampshire

by Amy Works March 3, 2016

AMHERST, NASHUA, LONDONDERRY, DERRY AND PEMBROKE, N.H. — NAI Norwood Group has arranged the sale of a five-property Granite Clover Self-Storage portfolio located in Amherst, Nashua, Londonderry, Derry and Pembroke. National Storage Affiliates Trust acquired the assets from multiple entities under the Granite Clover Self-Storage trademark for $28.8 million. The assets total 235,000 rentable square feet with 1,900 self-storage units. Joseph Mendola of NAI Norwood Group represented the seller in the transaction.

March 3, 2016

Mixed-Use Multifamily New York Northeast Restaurant Retail

Cushman & Wakefield Arranges $10M Sale of Mixed-Use Building in East Harlem

by Amy Works March 3, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 265 Pleasant Ave. in Manhattan’s East Harlem neighborhood. A private investor acquired the seven-story, 19,584-square-foot mixed-use building for $10 million in a 1031 exchange. The property features one commercial unit, which is occupied by Rao’s Restaurant, and 22 residential units. Thomas Gammino and Lev Kimyagarov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

March 3, 2016

Northeast Pennsylvania Retail

Marcus & Millichap Arranges $1M Ground Lease Sale in Pennsylvania

by Amy Works March 3, 2016

CANONSBURG, PA. — Marcus & Millichap has arranged the sale of a Dunkin’ Donuts ground lease at 105 Casavina Drive in Canonsburg. A private investor acquired the 2,653-square-foot net-leased property for $1 million. Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, a partnership, and secured and represented the buyer in the transaction.

March 3, 2016

Midwest Retail Wisconsin

Kohl’s to Close 18 Stores Nationwide in 2016

by Christina Cannon March 3, 2016

MENOMONEE FALLS, WIS. — Menomonee Falls-based Kohl’s Corp. (NYSE: KSS) is set to close 18 underperforming stores during 2016, according to the company’s fourth-quarter earnings report released Feb. 25. The closures, representing less than one percent of total sales, will generate annual savings of approximately $45 million and annual depreciation savings of approximately $10 million. Specific locations will be announced by the end of March. Kohl’s expects to incur approximately $150 million to $170 million in charges as a result of these planned closures and realignment at the company’s headquarters, which occurred in early February. “While the decision to close stores is a difficult one, we evaluated all of the elements that contribute to making a store successful, and we were thoughtful and strategic in our approach,” says Kevin Mansell, chairman, president and CEO of Kohl’s. “We are committed to leveraging our resources on more productive assets.” Alongside these closures, Kohl’s plans to pilot a new, smaller format Kohl’s store, with seven planned to open in various regions around the country this year. Kohl’s also plans to open two Off-Aisle pilot stores in Wisconsin, as well as 12 Fila outlet stores — marking Kohl’s first entry into the outlet space. …

March 3, 2016

Midwest Ohio Retail

Cooper Commercial Arranges $2.9M Sale of 101,621 SF Retail Center in Columbus

by Christina Cannon March 3, 2016

COLUMBUS — The Cooper Commercial Investment Group has arranged the $2.9 million sale of a 101,621-square-foot retail center in Columbus. Livingston Avenue Center is anchored by Big Lots and Save-a-Lot. Dan Cooper of Cooper Commercial represented the seller, a Columbus-based private investment group, in the transaction. The private investment buyer was based in California. The transaction featured an 8.2 percent capitalization rate and was sold at 99 percent of list price.

March 3, 2016

Georgia Retail Southeast

Edens Breaks Ground on $95M Moores Mill Development in Atlanta

by John Nelson March 3, 2016

ATLANTA — Edens, a Columbia, S.C.-based developer, owner and operator of shopping centers, has broken ground on Moores Mill, a 70,000-square-foot shopping center in Atlanta’s West Midtown District. The $95 million project will be anchored by Publix and feature a mix of retailers and restaurants, as well as apartment residences, according to the Atlanta Business Chronicle. Located on Moores Mill Road at Marietta Boulevard, Edens plans to deliver the property in June 2017. Edens held a groundbreaking ceremony on Wednesday, March 2 that was attended by Atlanta Mayor Kasim Reed, Edens executives, local government officials and economic development officers.

March 3, 2016

Delaware Market Reports Northeast Northeast Market Reports Retail

Retail Gains Steam throughout Delaware

by Jaime Lackey March 3, 2016

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 …

March 3, 2016

westbend-fort-worth-trademark-property-company

Hospitality Mixed-Use Multifamily Retail Texas

Trademark to Purchase Land for Expansion of Westbend Mixed-Use Development

by Haisten Willis March 2, 2016

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.

March 2, 2016

Retail Texas

MYCON General Contractors to Build Kroger Signature Store in Metro Dallas

by Haisten Willis March 2, 2016

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.

March 2, 2016

Retail Texas

USA Insulation Opens First Texas Location in Houston

by Haisten Willis March 2, 2016

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.

March 2, 2016

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