Sunday, June 15, 2025
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AcquisitionsMichiganMidwestRetail

Bedrock Acquires 729,079 SF Millender Center in Detroit

by Kristin Harlow

DETROIT — Bedrock has acquired the Millender Center, including the attached garage and retail atrium, in Detroit for an undisclosed price. Completed in 1985, the 729,079-square-foot property includes 1,738 parking spaces and eight dining and retail tenants. Current Millender Center tenants will continue to occupy the eight-story building. Bedrock says the acquisition provides synergies to its Courtyard Detroit Downtown hotel property as well as mixed-use amenities in the area. An affiliate of General Motors Co. was the seller, according to Crain’s Detroit Business. The property is situated across from GM’s Renaissance Center. Bedrock, the real estate arm of Quicken Loans founder Dan Gilbert, has invested more than $7.5 billion to developing and restoring over 140 properties totaling 21 million square feet since 2011.

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LoansNew YorkNortheastOfficeRetail

ERG Commercial Arranges $16.5M Loan for Refinancing of Manhattan Office, Retail Buildings

by Taylor Williams

NEW YORK CITY — ERG Commercial Real Estate has arranged a $16.5 million loan for the refinancing of two office and retail buildings in Manhattan’s SoHo neighborhood. The adjacent buildings at 65-67 Greene St. total 21,321 square feet and were fully leased at the time of sale to tenants such as outdoor apparel and equipment retailer Norrona and PatBo clothing store. Ryan Lewis of ERG Commercial originated the debt. The borrower and direct lender were not disclosed.

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AcquisitionsMidwestRetailWisconsin

Mid-America Brokers Sale of 65,000 SF Retail Center in Brookfield, Wisconsin

by Kristin Harlow

BROOKFIELD, WIS. — Mid-America Real Estate has brokered the sale of the Galleria West shopping center in the Milwaukee suburb of Brookfield for an undisclosed price. Located at 18900 W. Bluemound Road, the property totals 65,000 square feet. Tenants include Allen Edmonds, Allure Intimate Apparel, Picardy Shoe Parlour, Bullwinkle’s and Kopp’s Frozen Custard. Dan Rosenfeld of Mid-America represented the buyer, Last Mile Investments, a North American Properties portfolio company based in Cincinnati. Rosenfeld also represented the seller, Galleria West Associates, which has owned and operated the center since the early 1980s. Last Mile Investments plans to begin capital improvements shortly, including a new 20-foot monument sign to enhance visibility for tenants, façade improvements to refresh the exterior and enhanced patio opportunities to accommodate future restaurants and retailers. Andrew Prater of Mid-America will handle leasing.

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71737-29-Palms-Hwy-Twentynine-Palms-CA
AcquisitionsCaliforniaNet LeaseRetailWestern

Marcus & Millichap Brokers Sale of Dollar Tree-Occupied Property in Twentynine Palms, California

by Amy Works

TWENTYNINE PALMS, CALIF. — Marcus & Millichap has arranged the sale of Dollar Tree, a net-leased retail property in Twentynine Palms, just north of Joshua Tree National Park in Southern California. An individual/personal trust sold the asset to an undisclosed buyer for $2.1 million. The 15,506-square-foot Dollar Tree is located at 71737 29 Palms Highway. Dollar Tree has committed to four and a half years on the lease, having recently exercised its five-year option period. There are two additional five-year extension options. The asset occupies a 1.5-acre lot within a 90,000-square-foot retail plaza featuring Stater Bros., Burger King and Total Fitness Gym. Michael Grandstaff and Christopher Hurd of Marcus & Millichap represented the seller, while Karl Markarian of JohnHart Corp. represented the buyer in the deal.

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Hillside-Village
FeaturesRetail

Retail Market Conditions Favor Household Names

by Taylor Williams

By Taylor Williams Everybody loves a good underdog success story, but sometimes the Goliaths of the world just have too much going for them to get beat by the Davids.  All retail owners worth their salt recognize the unique draws that boutique, original concepts bring to their shopping centers. But landlords’ fiduciary responsibilities often dictate that they bring in heavier proportions of national credit tenants that can afford top-dollar rents — all other factors being held equal. And in a market defined by (relatively) high costs of capital, low vacancy, healthy demand for space and rising operating expenses, established brands have the edge.  “The market definitely favors national credit tenants that are well-financed and have hundreds if not thousands of locations,” says Will Majors, senior vice president in CBRE’s Austin market. “At minimum, it favors franchised locations with national corporate offices that support the franchisees.” According to data from CBRE, the direct availability rate for retail space in Dallas (not the metroplex as a whole) stood at 4.8 percent at the end of the first quarter, essentially unchanged from a year ago. In Austin, the availability rate currently clocks in at 3.4 percent, just 10 basis points higher on a …

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The-Switchyard
ArizonaDevelopmentMixed-UseMultifamilyOfficeRestaurantRetailTop StoriesWestern

Creation to Break Ground on $120M The Switchyard Mixed-Use Development in Suburban Phoenix

by Katie Sloan

QUEEN CREEK, ARIZ. — Development firm Creation is set to break ground on The Switchyard, a $120 million mixed-use development located at the northeast corner of Ellsworth and Ocotillo roads in the Phoenix suburb of Queen Creek.  Plans for the 10-acre project include the development of 54,000 square feet of restaurant, retail, residential and office space. The retail portion of the development will include a 3,800-square-foot Postino wine café and an 11,900-square-food restaurant called The Porch, which will include an expansive outdoor patio.  Creation plans to break ground on the multi-phase project later this year. Phase I is scheduled for completion in early 2026. The development team includes Dallas-based architect GFF Design and general contractor LGE Design Build.  Creation is a real estate development firm with dual headquarters in Phoenix and Dallas. The company has a $4.5 billion pipeline of ground-up development currently underway across six states.  — Katie Sloan

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Leasing ActivityRetailTexas

Elite Pickleball Club to Open 40,000 SF Indoor Facility in Southeast Houston

by Taylor Williams

HOUSTON — Elite Pickleball Club will open a 40,000-square-foot indoor facility at Bay Pointe Shopping Center in southeast Houston. According to LoopNet Inc., the property was built on nine acres in 1993 and totals 103,385 square feet. Lesley Rice, Andy Parrish and Audrey Schulz of Partners Real Estate represented the landlord in the lease negotiations on an internal basis. Huntley Grichor of Red Key Houston represented the tenant, which is backfilling part of a former grocery store space.

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Company NewsRetailSoutheastVirginia

Dollar Tree Explores Future of Family Dollar Business Segment, Including Possible Sale

by John Nelson

CHESAPEAKE, VA. — Dollar Tree Inc. (NASDAQ: DLTR) has announced a formal review of its Family Dollar business segment, including the possibility of selling, spinning off or other disposition methods of the brand. In March, Dollar Tree announced the closure of 1,000 stores nationally, approximately 970 of which were underperforming Family Dollar Stores. Additionally, Dollar Tree has recently acquired up to 170 former 99 Cents Only stores. “Dollar Tree has been on a multi-year journey to help the company fully achieve its potential,” says Rick Dreiling, chairman and CEO of Dollar Tree Inc. “Our goal is to position both the Dollar Tree and Family Dollar banners to progress further and faster, and to determine whether the exclusive attention of a dedicated team will benefit both, while creating value for Dollar Tree shareholders and other stakeholders.” Family Dollar’s same-store net sales increased 0.1 percent year-over-year in fiscal first-quarter 2024, which ended May 4. (The data does not include the previously mentioned stores that Dollar Tree closed during the first quarter.) By comparison, Dollar Tree’s same-store net sales increased 1.7 percent in the same time period. Dollar Tree has retained J.P. Morgan Securities LLC as its financial advisor and Davis Polk & Wardwell …

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DevelopmentFloridaLeasing ActivityMixed-UseRetailSoutheast

Target to Open 150,000 SF Store at Lake Nona West in Orlando

by John Nelson

ORLANDO, FLA. — Target plans to open a 150,000-square-foot store at Lake Nona West, marking the first anchor tenant at the 405,000-square-foot open-air shopping center project in Orlando’s Lake Nona district. Tavistock Development is Lake Nona West’s developer and landlord. Situated on 54 acres near the Brightline Station and Orlando International Airport, the development is scheduled for completion in fall 2025. Tavistock is currently in advanced discussions with a variety of tenants, aiming to feature a mix of national brands alongside local shops, restaurants and service operators.

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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Arranges $8.9M Sale of Retail Strip Center in Auburn Hills, Michigan

by Kristin Harlow

AUBURN HILLS, MICH. — Marcus & Millichap has arranged the $8.9 million sale of Shops at the Crossing, a 48,364-square-foot retail strip center in Auburn Hills. Built in 2002 and located at 4131 Baldwin Road, the property features a mix of local, regional and national tenants. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a private company based in Michigan. The team also procured the buyer, a West Coast-based private fund. The brokerage firm’s Steve Chaben assisted in closing the transaction as the Michigan broker of record.

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