LAS VEGAS – Flip N Tag has leased 41,500 square feet at The Mall at Grand Canyon in Las Vegas. The family fun center will be located at 4245 S. Grand Canyon Drive. The 120-month lease is valued at $3.3 million. The landlord, E-Grand Ventures LLC, was represented by Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank.
INDIANAPOLIS — Baceline Investments LLC has acquired Madison & Edgewood Shoppes, a 48,716-square-foot retail center in Indianapolis, for $2.5 million. The property is located at 5855 Madison Ave. Baceline Investments acquired the property from Florida-based HPH FUND I D4 LLC, an affiliate of HPH Capital Management LLC. The property was 68 percent occupied at the time of sale. Tenants include Great Clips, Edward Jones, Hallmark and Edgewood Family Dental. The retail center’s anchor tenant, Kroger, is not part of the acquisition.
SPRINGFIELD, MO. — Chambers Real Estate Services LLC has arranged the sale of a 112,000-square-foot shopping center in Springfield. A local investor purchased the property for an undisclosed price. Brentwood Center is located at 2620-2752 S. Glenstone Ave. and is across the street from Battlefield Mall, the area’s sole regional mall. Chambers Real Estate Services represented the seller, a fourth generation family who originally developed the property.
TAMARAC, FLA. — Wal-Mart Stores Inc. has opened a new 41,500-square-foot Walmart Neighborhood Market in Tamarac. The store, which will be open 24/7, is located at 6931 N.W. 88th Ave. The new store is expected to create roughly 95 full- and part-time jobs and features a drive-thru pharmacy and a pickup counter for items ordered online. Wal-Mart Stores had more than $473 billion in sales in fiscal year 2014 in its 11,202 stores and online. The company employs more than 2 million associates worldwide.
MAULDIN, S.C. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has entered into a contract to acquire Butler Square, an 82,400-square-foot shopping center located in Mauldin, part of the Greenville metropolitan area. The company will purchase the fully leased retail center for $9.4 million, or roughly $114 per square foot, using a combination of cash and bank-provided debt. Built in 1987 and renovated in 2011, Butler Square’s tenant roster includes Bi-Lo, Dollar Tree, Cato Fashions and Sally Beauty Supplies.
ORLANDO, FLA. — Sean Glickman of Coldwell Banker Commercial NRT and founder of the Glickman Retail Group has brokered the $9.3 million sale of Colonial Town Center in Orlando. The shopping center was 90 percent leased at the time of sale to tenants such as HH Gregg, Mattress One and Interamerican Medical Centers. The asset is shadow-anchored by a Walmart Neighborhood Market and Sam’s Club. Glickman Retail Group represented the undisclosed seller in the transaction. The buyer was an international company.
The Phoenix retail market ended 2014 on a promising note, with vacancy rates dipping below 10 percent for the first time since the Great Recession ended. It also experienced net absorption of more than 2 million square feet of retail space. Expectations for 2015 are positive, and continued improvement is anticipated, albeit slower than we might have hoped. While many segments of the market have improved, lackluster job growth and housing sales have slowed the recovery. However, both areas show signs of improvement for the coming year. Forecasts estimate Phoenix will add about 70,000 jobs in 2015, bringing the total number close to the pre-recession total. The demand for single-family housing should improve with the continuance of low interest rates, job growth and investor interest. The market is finally showing signs it is on the upward path to recovery. Leasing activity for Class A space remains strong, while rental rates are on the rise. We have seen marked improvement in some areas like Scottsdale where rates for Class A space in centers like The Marketplace at Lincoln & Scottsdale and Hilton Village are approaching or surpassing $40 per square foot, and where vacancy rates are below 6 percent. In contrast, …
LAGUNA HILLS, CALIF. – A Chevron gas station and convenience store in Laguna Hills has sold to a Southern California-based buyer for $4.5 million. The property is located at 23991 El Toro Road. It was built in 1973 and renovated in 2012. The buyer is also the current operator. The investor was represented by C-Store Realty. The seller, also a private investor, was represented by Donald MacLellan and Tom Chichester of Faris Lee Investments.
BURLESON, TEXAS — Texas Land Group LLC has purchased two-thirds of an acre at Burleson Commons shopping center for a proposed Golden Chick Restaurant. The popular fast food chain, which specializes in fried chicken, has grown to more than 120 stores. The property is located at Highway 174 and FM 731 in Burleson, approximately 16 miles south of Fort Worth. The sellers were Cullinan Properties Ltd. and Burleson Commons LP. Golden Chick will join a future Kroger Marketplace, which is under construction and slated to open later this year, along with Qdoba Mexican Grill, Smashburger, Panda Express, and Roscoe’s BBQ. Neighboring tenants at the intersection include Target, Home Depot, H-E-B and Premier Cinema. Mark Reeder and Tyler Isbell with SRS Real Estate Partners represented Cullinan Properties in the transaction. Cody Lee with Wilco Realtors LLC represented Texas Land Group.
CLINTON, ILL. — Matanky Realty Group has arranged the sale of Clinton Plaza, a shopping center in Clinton. A private investor purchased the property for an undisclosed sales price. The CVS-anchored plaza is composed of four retail units totaling 17,776 square feet and two outlots totaling 101,929 square feet. The property is located on Illinois Route 54, a half mile from US-51 S and across the street from Clinton High School and Richland Community College Extension Center. Terri Cox of Matanky Realty Group represented the seller, a private Chicago-based real estate corporation.