Retail

Nine-Property Retail Portfolio in San Diego Sells for $183.2M

by Nellie Day July 8, 2015

SAN DIEGO — A joint venture between AGC SD Retail Holdings and Citivest Commercial Investments has purchased a nine-property retail portfolio in San Diego for $183.2 million. The portfolio contains a total of more than 520,000 square feet. The properties include retail space within Pacific Coast Plaza and Town Center North in Oceanside; Palm Promenade and Stonecrest Plaza in San Diego; East County Square and East County Village in El Cajon; and EastLake Terraces, Eastlake Village Center East and Southbay Marketplace in Chula Vista. The portfolio’s average occupancy rate was more than 92 percent at the time of sale, with 78 percent of that being credit, national or regional tenants. Notable tenants throughout the portfolio include Best Buy, Stater Brothers, Bed Bath & Beyond, GNC, Supercuts, Payless Shoes, Starbucks, Wells Fargo, Subway, USPS and Massage Envy. The portfolio will be managed by Voit Real Estate Services. Brokerage was handled by Flocke & Avoyer.

July 8, 2015

California Retail Western

Los Angeles County to Receive First-Ever Wellness Village

by Nellie Day July 8, 2015

LOS ANGELES — A 420,000-square-foot, first-of-its-kind wellness village will break ground next summer in the Los Angeles submarket of Palmdale. Dubbed the Oasis, this development will offer a continuum of care adjacent to Palmdale Regional Medical Center. The new project will sit on 17.5 acres that includes multiple districts promoting health and wellness. The Oasis will contain public amenities and public infrastructure improvements that will enhance the project’s look and feel. This will include a public pavilion, parking, circulation amenities, a park, pedestrian areas, signage, decor and landscaping. It will also include services like yoga, a farmer’s market and physical therapy sessions. The $200 million Oasis is being developed by Thomas Partners Properties, which is collaborating with nationally renowned leaders in healthcare to provide safe, reliable and branded healthcare services. It is being designed by HKS architects.

July 8, 2015

Nevada Retail Western

Cornerstone Capital Buys Crossroads Towne Center in North Las Vegas for $52M

by Nellie Day July 8, 2015

LAS VEGAS — Cornerstone Capital has purchased Crossroads Towne Center, a 148,791-square-foot shopping center in North Las Vegas, for $52 million. The center is located at 6436-6592 N. Decatur Blvd. Crossroads Towne Center is anchored by Super Walmart and Bed Bath & Beyond. Other notable tenants include Bank of America, Hallmark, Radio Shack, Payless, GNC, Starbucks and Baskin Robbins. The center was completed in 2007. It can be seen from the 215 Freeway. The seller, EagleCrossroads Center 2 LLC, was represented by Jeff Mitchell and Chris Emanuel of Virtus Commercial, and by DTZ’s Michael Hackett, Vic Russell and Ryan Schubert.

July 8, 2015

Nevada Retail Western

Dynamic Development Acquires Five-Acre Parcel on Las Vegas Boulevard

by Nellie Day July 8, 2015

LAS VEGAS — Dynamic Development has purchased a 5-acre parcel on Las Vegas Boulevard for $6.5 million. A 22,000-square-foot build-to-suit Total Wine & More will occupy the property, alongside an additional 30,000 square feet of retail space. Bill Dunbar and Houston Carr of Dunbar Commercial are in charge of leasing for the project.

July 8, 2015

Market Reports Northeast Northeast Market Reports Retail Rhode Island

Rhode Island Retail Continues to Show an Upswing in Leasing Momentum

by Jaime Lackey July 8, 2015

Rhode Island’s retail market continues to improve, although not to the point that new ground-up major projects are feasible. There is considerable activity with retailers expanding and absorbing the existing supply of retail space. In the past few years, a lot of the activity has focused on absorbing the mid-size boxes that went dark after the start of the recession, due to the closings of stores such as Circuit City, Linens ’N Things, and Borders. The leasing activity over the last several years seems to be the final stages of the absorption of these vacant boxes. As the supply of these existing anchor spaces continues to be reduced, the health of the retail market continues to improve with the result being a slight upward pressure on rents. The 500,000-square-foot Garden City Center in Cranston, which first opened in 1948, continues to upgrade its tenants, with The Wilder Company’s ongoing multi-year expansion and renovation of Rhode Island’s premier open-air mixed-use shopping center. New tenants opening over the last year include The Container Store, which has taken 25,000 square feet, as well as French natural skin care retailer L’Occitane and natural burger concept b. good. Additional new leases have been signed with …

July 8, 2015

Retail Southeast Virginia

KLNB Retail Brokers $55.5M Sale of Shopping Center in Northern Virginia

by John Nelson July 8, 2015

CENTREVILLE, VA. — The KLNB Retail Investment Sales Group has brokered the $55.5 million sale of Old Centreville Crossing, a 170,000-square-foot shopping center located at 13810-13860 Braddock Road in Centreville, a town in Northern Virginia. The shopping center was 98 percent leased at the time of sale to tenants such as H-Mart, Spa World, IHOP, Glory Days Bar & Grill and Woori American Bank. Andy Stape, Mat Adler and Vito Lupo of KLNB Retail represented the seller in the transaction. The buyer was JBG/Old Centreville LLC.

July 8, 2015

California Retail Western

Retail Portion of San Diego Condo Project Sells for $4.5M

by Nellie Day July 7, 2015

SAN DIEGO – The 10,981-square-foot retail portion of a condominium complex at 101 Market Street in San Diego has sold to PREF ATRIA LLC for $4.5 million. The three-unit space is on the ground floor of Atria, a 149-unit residential condo complex that was built in 2002. The commercial space is fully leased to Banfield Pet Hospital, Lion Coffee, Chase ATM, Carrington Real Estate and Simon’s Deli & Catering. Bill Shrader, David Maxwell and Joe Brady of Colliers International’s Urban Property Group represented both the buyer and the seller, 101 Market Partners LLC, in this transaction.

July 7, 2015

Retail Texas

Valvoline Franchisee Buys Foreclosed Property in Metro Dallas

by Haisten Willis July 7, 2015

SAGINAW, TEXAS — Frost Bank has sold a foreclosed retail property in Saginaw to TL2 Industries LLC, a franchisee of five Valvoline Instant Oil Change locations in the Metroplex. The property, located at 701 N. Saginaw Blvd., was formerly Zippy Lube. The 4,150-square-foot structure features a 1,600-square-foot basement oil changing pit, state inspection space and in-bay carwash. Built in 2004, the commercial building occupies about half of the one-acre tract, allowing room for expansion or ground-up development. The property is located two miles north of Loop 820 and fronts U.S. 287, a commercial corridor traveled by an estimated 31,000 vehicles per day. The land behind the property is built out with multifamily and single-family communities. Wayne Burgdorf of Coldwell Banker Commercial Alliance DFW was the deal’s sole broker.

July 7, 2015

Northeast Pennsylvania Retail

PREIT Sells 50 Percent Interest in Springfield Park in Pennsylvania for $20.2M

by Amy Works July 7, 2015

SPRINGFIELD, PA. — PREIT has sold its 50 percent interest in Springfield Park, an open-air center located in Springfield, for $20.2 million. The 287,000-square-foot retail center is anchored by Target and Bed, Bath & Beyond. The name of the buyer was not disclosed. The sale represents the company’s continued effort to recycle its capital toward creating a portfolio comprised of high-quality enclosed malls.

July 7, 2015

California Massachusetts Michigan Northeast Retail

Phillips Edison Grocery Center REIT II Buys Three Grocery-Anchored Retail Centers

by Amy Works July 7, 2015

EASTON, MASS., ANN ARBOR, MICH., AND MODESTO, CALIF. — Phillips Edison Grocery Center REIT II has acquired three grocery-anchored shopping centers in Massachusetts, Michigan and California. The REIT acquired Highlands Plaza, a 112,869-square-foot Hannaford-anchored shopping center in Easton. Additional tenants include TJ Maxx, Liberty Mutual and Supercuts. The company also acquired Crossroads Towne Center, a 102,275-square-foot Kroger-anchored center in Ann Arbor, and Central Valley Marketplace, an 81,897-square-foot PAQ Food 4 Less-anchored center in Modesto. The acquisition price and name of the seller were not released.

July 7, 2015

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