Retail

CBRE|Richmond Brokers $12M Sale of Walgreens in Virginia Beach

by John Nelson September 28, 2015

VIRGINIA BEACH, VA. — CBRE|Richmond has arranged the $12 million sale of a Walgreens Pharmacy at 645 First Colonial Road in Virginia Beach. Sequoia Frankford Springs purchased the newly constructed property from Old Brandon First Colonial Associates LLC. Built in June 2015, the 14,200-square-foot, freestanding store is located at the intersection of Laskin and First Colonial roads. Craige Pelouze of CBRE|Richmond represented the seller, Old Brandon First Colonial Associates LLC, in the transaction.

September 28, 2015

Georgia Retail Southeast

Marcus & Millichap Brokers $4.2M Sale of CVS-Anchored Strip Center in Georgia

by John Nelson September 28, 2015

DALLAS, GA. — Marcus & Millichap has brokered the $4.2 million sale of a 17,930-square-foot strip retail center located at the intersection of Seven Hills Boulevard and Cedarcrest Road in Dallas. CVS Health occupies roughly 70 percent of the center and has a 15-year corporate-guaranteed double-net lease for the store. Zach Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the seller and procured the buyer, an all-cash 1031 investor, in the transaction. Taylor and McMinn are principals of Marcus & Millichap’s Taylor McMinn Team.

September 28, 2015

Georgia Retail Southeast

Conn’s Opens First Store in Georgia with New Augusta Location

by John Nelson September 28, 2015

AUGUSTA, GA. — Furniture and specialty home goods retailer Conn’s Inc. has opened its first Georgia store at 270 Bobby Jones Expressway in Augusta. The 50,000-square-foot store has created roughly 30 local jobs. The new location is part of Conn’s national growth strategy to open nearly 20 stores during a 12-month period (February 2015 to February 2016). Conn’s, which has stores in 12 states, will open its 100th location next month. “Augusta is a great community and we are proud that it is the home of our first Georgia store,” said David Trahan, president of Conn’s retail division.

September 28, 2015

Mixed-Use Retail Texas

Construction Begins on Gateway to Falconhead Mixed-Use Project in Austin Suburbs

by Haisten Willis September 25, 2015

BEE CAVE, TEXAS — Work has begun on a 126,000-square-foot, mixed-used project in the Austin suburb of Bee Cave. The first phase of the project will consist of 46,000 square feet of retail space. Construction on the first phase is expected to last 10 months. Immediately following, a second phase will begin consisting of an 80,000-square-foot office condo concept available to buy or lease. Pathfinder PFP Retail LLC is developing the project, while Austin-based brokerage firm St. Croix Capital Advisors is handling the marketing and leasing. Jay Macliver with Construction Strategies Management Group, a sister company to the brokerage house, is overseeing construction of the development. Two retailers have signed on board; Pioneer Bank will have a 3,000-square-foot branch, pending regulatory approval. Also Serasana, a day spa, will occupy 3,500 square feet. Southstar Bank is the lender for Gateway to Falconhead, IE2 is the construction firm, Land Strategies is the land planner, Gary Shaw is the architect and Garrett Ihnen is the engineer.

September 25, 2015

Mixed-Use Retail Texas

New Retailer Signs on at Mixed-Use Development in Dallas

by Haisten Willis September 25, 2015

DALLAS — Café Victoria will join a 75-acre mixed-use development in downtown Dallas as its first coffee shop. Owned and operated by Victory Park resident Luciana Gómez, Café Victoria will serve coffee and pastries. The shop is scheduled to open in January 2016 and will be located on Victory Park Lane next to Buda Juice. Victory Park features more than 165,000 square feet of retail, restaurant and entertainment space, including Buda Juice, Chad Rookstool Salon, Classic Pilates, Cook Hall, Hard Rock Café, The Hangar, Havana Social Club, House of Blues, Jimmy John’s, Kenichi, Medina Oven & Bar and Metro Tickets.

September 25, 2015

Retail Texas

Moviehouse & Eatery Announces First Location In Houston

by Haisten Willis September 25, 2015

HOUSTON — Moviehouse & Eatery, a dine-in cinema company, plans to open its first location in the Houston market. M&E Texas Moviehouse LP has contracted to purchase a 5.9-acre tract in the Cypress Creek Lakes master planned development near the intersection of Fry and Tuckerton roads. Plans are underway for a 10-screen Moviehouse & Eatery, which features reserved seating in recliners and wall-to-wall screens. Construction is expected to start in early 2016 for a spring 2017 opening. The Austin-based dine-in theater company also operates three theaters in the Dallas-Fort Worth area, with more Texas locations in works.

September 25, 2015

New Jersey Northeast Retail

Delco Development Sells Willingboro Town Center South in New Jersey

by Amy Works September 25, 2015

WILLINGBORO, N.J. — Delco Development LLC has completed the sale of Willingboro Town Center South, a retail shopping center located at 4364 US 130 in Willingboro. Circle F Capital purchased the 29,246-square-foot property free and clear of existing debt for $7.8 million. Situated on four acres, the center is 93.7 percent leased to a variety of tenants including Ruby Tuesday, Rita’s, Bagel Café, Credit Union of New Jersey, Verizon, GNC, Subway, Hardee’s, Panda Garden, Hair Cuttery, Nail Splash and The Laundry Experience. Chris Munley and Jose Cruz of HFF represented the seller in the transaction.

September 25, 2015

Florida Retail Southeast

HFF Arranges $14.4M Sale of Two Tampa-Area Shopping Centers

by John Nelson September 25, 2015

TAMPA, FLA. — HFF has arranged the $7.7 million sale of Northwest Plaza, a 46,904-square-foot shopping center located in Tampa’s Citrus Park area; and the $6.7 million sale of Suncoast Crossing, a 29,289-square-foot shopping center located in the Tampa suburb of Odessa. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Redstone Investments, in the transaction. Cole Credit Property Trust IV Inc. (CCPT IV) acquired Northwest Plaza and APTT Investments LLC acquired Suncoast Crossing in two separate transactions. VEREIT Inc. worked on behalf of CCPT IV in the purchase of Northwest Plaza. Both centers were fully occupied at the time of sale.

September 25, 2015

California Retail Western

Grocery Outlet Bargain Market to Open 14 Locations in Los Angeles

by Nellie Day September 25, 2015

LOS ANGELES — Grocery Outlet Bargain Market plans to open 14 stores throughout the Los Angeles area beginning in December and continuing through 2016. According to the company, shoppers have saved more than $1 billion on products purchased at Grocery Outlet as compared to traditional grocery stores this year alone. The company’s buyers negotiate directly with manufacturers to buy overstock and surplus products at discounts.

September 25, 2015

Illinois Midwest Restaurant Retail

Boulder Group Brokers $1.9M Sale of Hooters in Illinois

by Christina Cannon September 25, 2015

ROCKFORD, ILL. — The Boulder Group has brokered the sale of a single-tenant net lease Hooters located at 6904 Argus Drive in Rockford, which is approximately 90 miles northwest of Chicago. The property is 4,700 square feet and sold for $1.9 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller who are undisclosed. There are over five years remaining on the corporately guaranteed Hooters lease. The lease features no landlord responsibilities and 10 percent rental escalations every five years. The Boulder Group is a boutique investment real estate service firm specializing in single-tenant net lease properties.

September 25, 2015

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