The Charlotte MSA continues to experience a high level of retail activity as we go into the last quarter of 2015. With a regional inventory of 62 million square feet of retail space, the MSA has seen more than 8 million square feet of new development proposed. Vacancy rates are holding steady in the 8 to 9 percent range, and average rents have remained stable. Grocers Setting the Pace Retail development activity in the Charlotte area remains driven by grocery store expansion. Publix has opened units in Ballantyne, Matthews, Southeast Charlotte and, most recently, South End, with several new stores approved and in various stages of development. Some of the Publix activity has resulted from conversions of units it acquired from Bi-Lo, while the Ballantyne, Fort Mill and South End stores were new construction projects. Publix will open five more stores in the market in the coming year, bringing its MSA store count to 16. This will include Publix’s first stores in the Cabarrus County and Gaston County markets. Perennial market leader Harris Teeter remains the dominant traditional grocer in Charlotte with a 20 percent market share, which places it, Walmart and Food Lion in close proximity. Harris Teeter, which …
AUSTIN, TEXAS — BBD Commercial, an Austin-based real estate development firm, has taken over management, marketing and leasing of Oak Hill Plaza, located at 7101 Highway 71 in Austin. In addition to running the day-to-day operations, the company has a major facelift planned for the 115,512-square-foot property. Auto Zone, Wells Fargo Bank and Jim’s Restaurant anchor the plaza. The shopping center has 36,000 square feet of available retail and restaurant space consisting of suites ranging from 1,220 to more than 15,000 square feet, including a 3,500-square-foot end cap space slotted for a restaurant. BBD’s renovation plans include a remodeled façade and repainted exterior, a marquee restaurant end cap with patio, a resurfaced and re-striped parking lot, new lighting and landscaping, a new roof and a re-constructed monument sign. Bill Ott and Tim Jarvis are leading BBD’s renovation and leasing efforts. Construction will start in May and will be completed within six months. Engen Contracting and Noack-Little architects are working with BBD on the project.
EL PASO, TEXAS — El Paso-based developer River Oaks Properties plans to build a pedestrian-friendly outdoor retail center in west El Paso. West Towne Marketplace will be an open-air retail and entertainment destination located on the northeast corner of Interstate 10 and Paseo del Norte. The center will feature tree-lined streets and native plants. It will be built to include gathering spaces designed to encourage relaxation. The anticipated completion date for the center is October 2017. West Towne Marketplace spans 63 acres and will include more than 500,000 square feet of retail, restaurants and entertainment. It will feature a grocery anchor, sporting goods and clothing retailers, along with a movie theater, specialty retail stores and restaurants. Phoenix-based Butler Design Group is designing West Towne Marketplace. Richard Amstater of RJL Real Estate Consultants is handling the leasing of the project.
CHICAGO — Barnett Capital has sold a 90,490-square-foot retail property to 3115 Properties for $5.7 million. The building is located at 3115-23 N. Broadway in Chicago. Located in the Lakeview neighborhood, the five-story building features tenants such as Intelligentsia Coffee & Tea, The Apartment People and Contacts & Specs. The property also contains a five-story parking garage. Keely Polczynski of CBRE represented Barnett Capital, and Danny Spitz of Baum Realty represented 3115 Properties LLC.
SPARKS, NEV. — Shopoff Realty Investments has acquired Iron Horse Shopping Center, a 186,000-square-foot retail center located in the Reno suburb of Sparks, for an undisclosed sum. Shopoff has committed more than $1 million for improvements to the property. The retail center was 33 percent occupied at the time of sale by tenants including Dollar General, Subway, Payless Shoes, Sizzler, Jack in the Box and El Pollo Loco. The center is anchored by a Save-Mart, which was not included in the purchase.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a mixed-use property located at 273 Lenox Ave. in Central Harlem. The four-story building sold for $3 million, or $811 per square foot. The approximately 3,699-square-foot property features two residential units and two commercial spaces. Jesse Deutch, Victor Sozio, Josh Berkowitz, Matthew Gillis and Josh Kwilecki of Ariel Property Advisors represented the seller, a private investor, while POG Real Estate Inc. procured the buyer, a private investor, in the deal.
DECATUR, GA. — Thor Equities, owner of The Gallery at South DeKalb in Decatur, plans to open a new 12-screen Satellite Cinemas movie theater at the mall in April. The 42,000-square-foot theater will join The Gallery’s more than 100 retailers and community services, including Macy’s, Fallas, Footlocker, DTLR, U.S. Post Office, Georgia Department of Drivers Services and GameStop. Urban Retail Properties manages the 800,000-square-foot mall. The theater, which will replace the former Screenworks theater, will feature in-auditorium dining, concessions, stadium seating and a 3D projection system.
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.
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.
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.