LAKELAND, FLA. — Marcus & Millichap has brokered the $4.5 million sale of a single-tenant retail property located at 5010 Florida Ave. S in Lakeland. CVS/pharmacy occupies the building, which comprises 12,738 square feet. Ronnie Issenberg and Ricardo Esteves of Marcus & Millichap represented the buyer, a Florida-based private investor, in the transaction. The seller was not disclosed.
SAN DIEGO — Marcus & Millichap has arranged the sale of Fifth & Penn, a mixed-use property in San Diego. Tom Fine of TJF 5th Ave LLC sold the asset to Daniel Heimler of DAH Penn LLC for $1.6 million. Located at 441-43 Pennsylvania Ave., the 2,867-square-foot property offers ground-floor restaurant space and an apartment and creative office space on the second floor. The buyer plans to occupy the apartment, while the restaurant and office tenants will remain at the building. Ross Sanchez and Nick Totah of The Totah Group in Marcus & Millichap represented the seller and procured the buyer in the deal.
— By Anthony Sanchez, design director and principal, Nadel Architecture + Planning — Consumers are heading back to the shopping mall, which is great news for retail owners, operators and tenants that rely on in-person sales and experiences as part of their respective business models. According to Placer.ai, February and March of this year saw a steady rise in foot traffic at malls nationally. Indoor malls sit just 5 percent below their pre-pandemic foot traffic levels, while open-air shopping malls surpassed 2019 levels for the first time since the pandemic. The trend marks an incredible resiliency for the retail space, especially as financing and inflationary issues loom over the economy. But with all these shoppers coming back to the mall, the question is: will they recognize it? Anchors Entering a New Era With news of some larger retailers like Macy’s and the Dollar Store closing locations en masse, developers are chomping at the bit to reimagine those spaces. There is exciting potential to recreate them within malls in ways that enhance the overall shopping experience for consumers and attract new foot traffic – all to the benefit of the existing retailers at the shopping center. The result might be a …
By Kirk Cypel, chief development officer, CBG Commercial Real Estate Misconceptions about the Rio Grande Valley’s (RGV) retail market abound, particularly among those who are unfamiliar with South Texas. But those who are entrenched in shopping center ownership and development in the area are baffled and frustrated by retailers allowing these misconceptions to deter them from actively exploring the RGV. Questions like whether McAllen is an eight- or 10-hour drive from San Antonio, whether there’s an airport, if it’s safe — these are inquiries that simply make local retail owners and operators shake their heads. The same applies to brokers who inquire about securing endcap, freeway-visible spaces for under $10 per square foot. The Valley Reality The RGV is less than a four-hour drive from San Antonio and is served by three commercial airports. It resembles a metropolitan area akin to California’s Inland Empire, where several interconnected cities form a cohesive economic unit. Yet many are surprised to learn of the RGV’s considerable size, spanning 422,107 square miles — 60 percent larger than the Inland Empire and more comparable to San Diego County in size. The Council for South Texas Economic Progress reports that the population is over 1.4 million, …
GOOSE CREEK, S.C. — CBRE has secured a $30.9 million loan for the construction of The Marketplace at Carnes Crossroads, a Publix-anchored shopping center underway in Goose Creek, roughly 15 miles outside Charleston. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the financing on behalf of the borrower, Columbia Properties, through a regional bank. Worthen Development is a partner in the project. Upon completion, the center will comprise 82,622 square feet across three buildings and nine land parcels situated on 24.5 acres. Site work for the development has begun, with vertical construction scheduled to begin soon.
KIAWAH ISLAND, S.C. — Four new retailers have signed leases at Freshfields Village, an open-air shopping center located in Kiawah Island, approximately 30 miles southeast of Charleston. Charleston Shoe Co., Hanebrink Jewelers and Longevity Pilates have joined the lineup, and Showroom has reopened within a larger space at the center. Edens is the owner and landlord of Freshfields Village.
MOUNTAIN VIEW, CALIF. — Cityview and Greystar have completed the disposition of Elan Mountain View, a mixed-use property at 1030 Castro St. in the Bay Area city of Mountain View. Terms of the transaction were not released. Developed in 2018, Elan Mountain View offers 164 apartments and 11,000 square feet of fully occupied ground-floor retail space. The community features studio, one-, two- and three-bedroom floor plans with smart thermostats, keyless entry, quartz countertops, modern cabinetry, full-tile kitchen backsplashes, wood vinyl plank flooring, stainless steel appliances and full-size washers and dryers. Select units feature street-level walk-up entrances, as well as private patios and balconies. Community amenities include a fully equipped fitness center; two-level club room with billiards table and chef’s kitchen; hammock lounge; edible garden pathway; private business center; and a courtyard with lounge seating, an outdoor kitchen, fireplaces and a fruit garden. Additionally, the property offers 164 storage units to residents and secured access parking. Current onsite retailers include Rose International Market, Mr. Sun, Le’s Alterations, Tanya’s Hair Design and Oh! Honey Macaron.
NEW YORK CITY — J.P. Morgan Real Estate Income Trust (JPMREIT) has acquired a 95 percent interest in Shops at Grand Avenue, a 99,837-square-foot retail center in Queens. Acadia Realty Trust sold the interest for $48 million. Grocer Stop & Shop anchors the property, which was fully leased at the time of the acquisition. Other tenants include Party City, Five Below, Sally Beauty Supply, Starbucks and Burger King.
BURLINGTON, MASS. — Bob’s Discount Furniture has opened a 43,000-square-foot store and showroom at 3 Abbott Park in Burlington, a northwestern suburb of Boston. The space will house furniture with smart technology features, as well as with multipurpose functionalities and furniture that promotes wellness. Based in Manchester, Conn., Bob’s operates about 170 stores across 24 states.
By Taylor Williams If the whole mall redevelopment thing doesn’t work out, you can always become a marriage counselor. Perhaps some additional training and education would be needed for such a career transition to actually take place. But mall and shopping center owners who undertake high-risk redevelopments undoubtedly have firsthand appreciation of the importance of providing clear and courteous communication to the many different groups they deal with, from municipal leaders to longstanding tenants to onsite contract workers. That’s not to say that poor communication will necessarily kill a mall redevelopment. The inability to secure zoning overlay districts, civic partnerships for infrastructural improvements or feasibly priced construction loans in 2024 — these are variables over which mall owners have limited control and can actually sink these projects in their infancy. And those factors only come into play once the development team has done its due diligence and determined what uses and levels of density the project will feature. “After you’ve considered the macro-level needs of the market and the asset itself, you enter a phase that we call ‘the minefield map,’” says Steve Plenge, CEO of Pacific Retail Capital Partners. “Reciprocal easement agreements [that regulate design or tenancy issues] by …
