Retail

Millennials Drive Shift to Experiential Shopping in Indianapolis Retail Market

by Danielle Everson March 18, 2015

The retail market as a whole is shifting to make shopping more experiential amid a recovering economy and the influence of millennials and their shopping demands and interests. Despite the buzz about the popularity of online shopping, less than 10 percent of all retail sales take place via the Internet. According to the International Council of Shopping Centers (ICSC), online retail sales in 2013 were nearly $263 billion, accounting for a mere 6 percent of total retail sales. In-store sales accounted for the remaining $4.3 trillion, according to the U.S. Commerce Department. It’s clear that while some consumers find online shopping convenient, the majority still prefer the shopping center experience. In particular, millennials, who are 74 million strong with a buying power of $174 billion, demand that experience. Last fall, Indianapolis-based Simon Property Group forecast that 89 percent of millennials would shop at a mall over the holidays. Surprisingly, millennials use technology to conduct research about products, but they generally prefer to visit stores to make purchases. Millennials will read product reviews online but they want to touch the merchandise, feel it, experience it and then tweet about it to friends. So, while the entire shopping process revolves around technology, …

March 18, 2015

Retail Washington Western

Donahue Schriber Nabs Two Shopping Centers in Washington for $67M

by Nellie Day March 18, 2015

TACOMA, WASH., AND SAN JOSE, CALIF. — Donahue Schriber Realty Group has picked up two retail assets in Washington for a total of $67 million. The buy includes Lakeland Town Center, a 125,142-square-foot neighborhood shopping center in Auburn, a suburb just northeast of Tacoma, and Westgate North, a 128,630-square-foot shopping center in Tacoma. Lakeland Town Center is occupied by notable tenants like Haggen Northwest Fresh, Starbucks, McDonald’s, Subway and Verizon. It is situated along Lake Tapps Parkway. Westgate North is anchored by Safeway and Ace Hardware. Additional tenants like Chase Bank, Round Table Pizza, KeyBank and Anytime Fitness round out the roster. These acquisitions follow on the heels of two additional retail purchases in California. Donahue also recently acquired Village Oaks Shopping Center, a 320,000-square-foot center in San Jose that is anchored by Target and Safeway, and Gilman District, a 91,300-square-foot center in Berkeley that is anchored by Whole Foods Market.

March 18, 2015

Arizona Retail Western

Sabre Springs Plaza in San Diego Sells for $4.5M

by Nellie Day March 18, 2015

SAN DIEGO – Sabre Springs Plaza, a 15,038-square-foot retail center in San Diego, has sold to Capstone Advisors for $4.5 million. The center is located at the intersection of Poway Road and Springbrook Drive. The core-plus asset is anchored by 7-Eleven. Capstone plans to make capital improvements to the landscaping and parking lot, among other things. The unnamed seller was represented by Pat Toomey and Kyle Mathews of Colliers International. Financing was provided by Silvergate Bank.

March 18, 2015

Multifamily New York Northeast Retail

Eastern Consolidated Arranges $107M Sale of Multi-Property Portfolio

by Amy Works March 17, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a multiple-property portfolio, known as the Lee Estate Portfolio, for $107 million. Spanning Brooklyn, Manhattan and Ulster County, N.Y., the portfolio consists of 17 retail and residential properties in Williamsburg, Brooklyn, which were acquired by L3 Capital LLC and ASB Real Estate Investments; a grocery store on Linden Boulevard in East New York; a three-story residential building in East Williamsburg; a co-op apartment on the Upper East Side; and a 108-acre site in Ulster County. Adelaide Polsinelli and Benjamin Tapper of Eastern Consolidated represented the seller, Lee Estate, and procured the buyers in the multi-faceted transactions. Additionally, Chris Matousek of Eastern Consolidated served as analyst for the transaction, and Roy Martin of Hodgson Russ Attorneys was the attorney for seller.

March 17, 2015

Georgia Retail Southeast

Wheeler REIT Acquires Metro Atlanta Shopping Center for $12.4M

by John Nelson March 17, 2015

LILBURN, GA. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has purchased Beaver Ruin Village, a 74,038-square-foot shopping center located at the intersection of Beaver Ruin Road and U.S. Route 29 in Lilburn, a suburb of Atlanta. The Virginia Beach-based REIT purchased the center for $12.4 million, or approximately $166.81 per square foot, using a combination of cash and bank debt. The shopping center was 94.9 percent leased to tenants such as Chase Bank, State Farm Insurance, T-Mobile, Firehouse Subs and Sally Beauty Supplies. The property also features three outparcels leased to McDonald’s, Popeyes and Captain D’s.

March 17, 2015

Alabama Retail Southeast

MRP Signs Ross, Ulta Beauty to Leases at Cullman Shopping Center in Alabama

by John Nelson March 17, 2015

CULLMAN, ALA. — Birmingham-based Merchants Retail Partners (MRP) has signed Ross Dress for Less and Ulta Beauty to join the tenant roster at Cullman Shopping Center, a 325,000-square-foot center in Cullman. MRP has also signed The U.S. Department of Labor Career Center to occupy a renovated 8,000-square-foot outparcel building. The 22,000-square-foot Ross Dress for Less and 10,000-square-foot Ulta will join Publix, PetSmart, Dick’s Sporting Goods, Belk and Books-A-Million at the expanded Cullman Shopping Center. Publix, Dick’s and Ulta are slated to open in late 2015; Ross and PetSmart are slated to open in early 2016; and the career center is slated to open in early summer 2015.

March 17, 2015

Market Reports Retail Western Market Reports

Grocery Tenants Drive SLC’s Retail Market

by Nellie Day March 17, 2015

The retail market in Utah continues to build steam and has expanded over the past 12 months. With these gains, tenants are in abundance and new construction is on the rise. Vacancy continued to improve through 2014, as the overall vacancy rate declined by 0.7 percentage points on a year-over-year basis to end at 6.2 percent. This represents the lowest vacancy rate of the past decade. With supply constrained and demand improving, average asking lease rates jumped by 9 percent on a year-over-year basis, to $18.98 per square foot. New construction continued across the valley, with 548,577 square feet of space added to the market. The local housing market drives retail development in Utah. About 18,573 building permits have been issued throughout the state in the past two years, including multifamily projects. This construction pushed many retailers into expansion mode, looking to take up shop in locations that cut off the competition. This is particularly true in one segment of the market that now stands supreme in the Utah retail ecosystem: grocery. Grocers have expanded at a breakneck rate. Sprout’s Farmers Market opened new stores in Holladay and South Jordan. A Smith’s Marketplace opened its doors in West Jordan at …

March 17, 2015

Colorado Loans Retail Western

Lambertson Lakes Shopping Center in Thornton Receives $2.1M

by Nellie Day March 16, 2015

THORNTON, COLO. – Lambertson Lakes Shopping Center, a 13,465-square-foot retail center in the Denver submarket of Thornton, has received $2.1 million in financing. Phase I of the center is located at 871-887 Thornton Parkway. The property is shadow anchored by a 55,000-square-foot Safeway grocery store that was not part of the transaction. The permanent, 10-year, CMBS loan allowed the borrower to obtain a 30-year amortization on a non-recourse basis. The refinance was arranged by Steve Bye and Brian Fisher of NorthMarq Capital’s Denver office.

March 16, 2015

New York Northeast Office Retail

RKF Arranges $18.75M Sale of SoHo Property

by Amy Works March 16, 2015

NEW YORK CITY — RKF has arranged the sale of a retail and office property located at 497 Broome St. in New York City’s SoHo district. John Dee Corp. sold the 5,700-square-foot property to an undisclosed buyer for $18.75 million. The former home of The Original Teddy Bear factory, the property features 1,200 square feet of ground-floor retail space and 4,500 square feet of office space. Brian Segall and Chris Masi of RKF represented both parties in the 1031 exchange transaction.

March 16, 2015

Northeast Pennsylvania Retail

CBRE Brokers Sale of 159,327 SF Retail Center in Pennsylvania

by Amy Works March 16, 2015

POTTSTOWN, PA. — CBRE has brokered the sale of Pottstown Plaza, a shopping center located in Pottstown. The Cotswold Group purchased the 159,327-square-foot center from Hudson Advisors for an undisclosed price. Current tenants include Tractor Supply, Applebee’s and Fulton Bank. Kevin McClernon and Peter Stevens of CBRE represented both the buyer and the seller in the transaction.

March 16, 2015

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