Retail

Kennedy Wilson Brokers $7M Sale of Retail Property in Santa Monica, California

by Amy Works June 12, 2024

SANTA MONICA, CALIF. — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties Ltd., has arranged the sale of a retail property at 2031-2037 Wilshire Blvd. in Santa Monica. Auerbach Realty Holdings sold the asset to Cypress Equity Investments for $7 million, or $2,222 per square foot. Situated on a 6,970-square-foot parcel, the shopping center offers 3,149 square feet of retail space. CEI owns the adjacent properties at 2025 Wilshire Blvd. and 1152 21st St., and this purchase will create a 25,457-square-foot assemblage. As part of the sale process, and in anticipation of the parcel’s imminent redevelopment, the Kennedy Wilson Brokerage team also assisted in the future relocation of Noma Sushi, a neighborhood restaurant that opened at the property in 1982. Ed Sachse and Christine Deschaine of Kennedy Wilson Brokerage represented the seller in the off-market transaction.

June 12, 2024

Kentucky Leasing Activity Retail Southeast

REI Co-op to Enter Kentucky Market With 31,000 SF Store in Louisville

by John Nelson June 12, 2024

LOUISVILLE, KY. — Seattle-based specialty outdoor retailer REI Co-op will open its first store in Kentucky this fall in Louisville. The new 31,100-square-foot store will be located at Paddock Shops, a 353,665-square-foot open-air shopping center owned by CBRE Investment Management and Fairbourne Properties. Situated in the city’s northeast corridor just off I-265 and I-71, the store will offer a wide assortment of outdoor gear and apparel and feature a full-service bike shop, buy online-pickup in store (BOPIS) options and curbside pickup service. The closest REI stores are in Cincinnati (95 miles away, opened 2012); Castleton, Ind. (130 miles away, opened 2012); Beavercreek, Ohio (150 miles away, opened 2024); Brentwood, Tenn. (196 miles, opened 1999); and Knoxville, Tenn. (243 miles away, opened 2014).

June 12, 2024

Kentucky Leasing Activity Retail Southeast

NAI Isaac Signs Ace Hardware to 14,000 SF Retail Lease in Somerset, Kentucky

by John Nelson June 12, 2024

SOMERSET, KY. — NAI Isaac has signed Ace Hardware to a 14,000-square-foot lease at Tradewinds Shopping Center, a retail property located at 370 S. Highway 27 in Somerset, about 75 miles south of Lexington, Ky. According to LoopNet Inc., the 144,000-square-foot shopping center was built in 1966 and is located on a 15-acre site. Paul Ray Smith Jr. and Zach Smith of NAI Isaac represented Ace Hardware in the lease negotiations. The landlord was not disclosed.

June 12, 2024

Acquisitions Development Retail Texas

Lowe’s Home Improvement to Open 94,000 SF Store in Magnolia, Texas

by Taylor Williams June 11, 2024

MAGNOLIA, TEXAS — Lowe’s Home Improvement will open a 94,000-square-foot store in the northwestern Houston suburb of Magnolia. The North Carolina-based retailer acquired 10 acres at the corner of FM 1488 and Spur 149 for the store, which will be part of a larger 60-acre retail development known as Magnolia Village. Gulf Coast Commercial is the master developer of Magnolia Village. Construction of the store is scheduled to begin later this year and to be complete in 2025. Parkside Capital sold the land to Lowe’s for an undisclosed price.

June 11, 2024

Acquisitions Georgia Restaurant Retail Southeast

Marcus & Millichap Brokers Sale of New Store in LaGrange, Georgia Leased to Starbucks

by John Nelson June 11, 2024

LAGRANGE, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built store located at 2100 Vernon St. in LaGrange, about 68 miles southwest of Atlanta via I-85. The 2,500-square-foot store is net-leased to Starbucks, which has 10 years of term remaining on the lease. A local investment firm purchased the store from an unnamed developer for an undisclosed price. “Despite the surplus of Starbucks inventory on the market and limited buyer pool, we were able to source a local 1031 cash buyer and trade close to list price,” says Don McMinn of the Taylor McMinn Retail Group, who represented the seller in the transaction. Delivered earlier this year, the Starbucks store is an outparcel to a Publix-anchored shopping center that also features a Chick-fil-A outparcel. The Taylor McMinn Retail Group arranged the sales of both the Publix and Chick-fil-A locations previously.

June 11, 2024

Acquisitions California Retail Western

Cavalier Investments Sells Citrus Strip Center Retail Property in Escondido, California for $6.2M

by Amy Works June 11, 2024

ESCONDIDO, CALIF. — Cavalier Investments, a Colorado-based investor, has completed the disposition of Citrus Strip Center, a retail property in Escondido, approximately 35 miles north of San Diego. Eiad and Vera H Family Trust acquired the asset for $6.2 million. Located at 2315-41 E. Valley Parkway, the 27,310-square-foot retail center features 16 suites and two kiosks that are occupied by restaurants, professional services, beauty and fitness retailers, and a laundromat. Nick Totah of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.

June 11, 2024

Acquisitions New Jersey Northeast Retail

Goldstein Group Negotiates Sale of 8,800 SF Retail Building in Denville, New Jersey

by Taylor Williams June 10, 2024

DENVILLE, N.J. — Locally based brokerage firm The Goldstein Group has negotiated the sale of an 8,800-square-foot retail building in the Northern New Jersey community of Denville. The owner, Orkin’s Premier Properties LLC, sold the building to Spark Properties LLC for an undisclosed price. Lew Finkelstein, C.J. Huter, Marc Palestina and Roy Paret of Goldstein Group represented both parties in the transaction.

June 10, 2024

Acquisitions California Retail Western

Marcus & Millichap Arranges Sale of 8,388 SF Escondido Commons Retail Property in California

by Amy Works June 10, 2024

ESCONDIDO, CALIF. — Marcus & Millichap has brokered the sale of Escondido Commons, a retail property in the San Diego suburb of Escondido. Garry Hanafin of The Hanafin Family Trust sold the asset to Bobby Hrdina of STNC Properties LLC for $1.6 million. Located at 145-49 S. Orange St. and 412-20 W. 2nd Ave., Escondido Commons offers 8,388 square feet of space in 12 retail suites spread across three adjacent buildings and two parking lots. At the time of closing, the asset was fully leased to nine tenants. Nick Totah of Marcus & Millichap represented the seller and procured the buyer in the deal.

June 10, 2024

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges Sale of 118,583 SF Shopping Center in Fort Myers, Florida

by John Nelson June 7, 2024

FORT MYERS, FLA. — Cushman & Wakefield has arranged the sale of Market Square, a 118,583-square-foot shopping center located in Fort Myers. An affiliate of Centro Corp., a Florida-based shopping center owner and operator, purchased the asset for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of Nuveen Real Estate, in the transaction. Built in 1993, Market Square was fully leased at the time of sale to tenants including DSW, Total Wine and More and American Signature Furniture. The center is shadow-anchored by Super Target.

June 7, 2024

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $3.1M Sale of McDonald’s Ground Lease in Clearwater, Florida

by John Nelson June 7, 2024

CLEARWATER, FLA. — SRS Real Estate Partners has brokered the $3.1 million ground-lease sale of a 5,447-square-foot McDonald’s restaurant in Clearwater. The restaurant was built in 2014 on a 1.4-acre site at 2871 Gulf to Bay Blvd., about 17 miles west of Tampa. Sean Lutz and Dan Elliot of SRS’ Chicago office represented the seller, a private investor based in Florida, in the transaction. The buyer, a New York-based private investor, purchased the land in a 1031 exchange at a closing cap rate of 3.87 percent, which is the lowest cap rate for a McDonald’s property sold on a national basis this year according to CoStar Group.

June 7, 2024

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