RALEIGH, N.C. — SRS Real Estate Partners has brokered the ground-lease sale of a newly built, 2,775-square-foot retail property located at 615 Oberlin Road in Raleigh. Fifth Third Bank occupies the single-tenant property, which features a drive-thru ATM, on a 20-year lease. Matthew Mousavi and Patrick Luther of SRS’ Newport Beach, Calif., office represented the seller, a private developer, in the $6.9 million sale. A New York-based private investor purchased the asset at a 4.86 percent cap rate.
MELBOURNE, FLA. — Two restaurant concepts, Eggs Up Grill and Papa John’s Pizza, have signed leases to join the roster of Post Commons, a 202,050-square-foot shopping center located at 4100 N. Wickham Road in Melbourne. The new eateries will join existing tenants including Publix, Beall’s Outlet, Burlington and Pet Supermarket. Post Commons is situated on Florida’s Space Coast near Eastern Florida State College and the Maxwell C. King Center for the Performing Arts. Flavia Kanyago of CrossMarc Services arranged the leases on behalf of the landlord, a joint venture between CrossMarc and Baltimore-based MCB Real Estate. Eggs Up Grill and Papa John’s will open their respective 3,000-square-foot and 1,200-square-foot restaurants in the fourth quarter.
DALLAS — JLL has arranged the sale of Muse Shops at Midtown, a 112,162-square-foot shopping center in North Dallas. Built in 1999 and renovated in 2022, the four-building center was 58 percent leased at the time of sale to tenants such as Starbucks, Land Design, United Real Estate and Natuzzi Editions. Adam Howells, Erin Lazarus, Megan Babovec and Keenan Ryan of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
CHICAGO — JT Magen has completed construction of a two-story retail space for Cartier in Chicago. The luxury goods and jewelry company relocated to 15 Oak St. JT Magen served as construction manager for the retail build-out, overseeing all aspects of budgeting, procurement of materials, managing subcontractors and conducting the final handover of the completed project. The firm also spearheaded the structural design for the base building requirements and those of the storefront. JT Magen collaborated with the Cartier team as well as Atmosphere Design Group, Henderson Engineering and Turner Townsend. The new Cartier boutique features a white oak staircase and a custom internal elevator cab.
LAWRENCEVILLE, ILL. — The Boulder Group has arranged the $1.1 million sale of a 10,093-square-foot retail property net leased to CVS in Lawrenceville, a city in southeast Illinois. The building is located at 1421 State St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, an Illinois-based partnership. The buyer was a West Coast-based individual investor. CVS has occupied the property since 2005.
STERLING HEIGHTS, MICH. — Lionheart Capital has unveiled plans for the $1 billion mixed-use redevelopment of Lakeside Mall in the Detroit suburb of Sterling Heights. The redevelopment process will begin with the demolition of the enclosed regional mall following its closure on July 1. The new development will be anchored by a mixed-use town center and central park featuring shops, offices, coffee houses, restaurants, an area for community gatherings and events, and a two-story community center with recreational amenities including swimming pools, fitness facilities and libraries. The project is also set to include a hotel and residential space, details of which were not disclosed, as well as 30 acres of public space, parks and infrastructure. Plans include the addition of walking, biking and hiking trails that connect to local trail networks including the Iron Belle Trail, Freedom Trail and Dodge Park Trail. Groundbreaking on the town center is scheduled for late 2025. The development team includes master architect CallisonRTKL, landscape designer SWA and civil engineer Giffels Webster. A completion timeline was not disclosed. Lakeside Mall originally opened in 1976. The site spans 110 acres and the existing buildings total 1.5 million square feet. Miami-based Lionheart Capital is an investment firm …
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Lee & Associates Report: Industrial, Office Sectors Face Challenges as Retail, Multifamily Show Positive Trends
Economic headwinds such as elevated interest rates and persistent inflation led to mixed outcomes in the first quarter for industrial, office, retail and multifamily sectors, with market observers anticipating a contracting economy, as outlined by Lee & Associates’ 2024 Q1 North America Market Report. On the industrial front, market pressures — including interest rates and supply chain challenges — led to higher vacancy in the United States in the first quarter of the year. U.S. office space experienced its fifth consecutive year of contraction, as office worker attendance stagnated. Additional challenges, in the form of loans maturing in a high-rate environment, signal further challenges in the near future for the office landscape. Continued merchant demand, reduced closures and bankruptcies and limited supply converged to create a feeding frenzy for retail space, with vacancies at historic lows. And finally, geographically based factors drove multifamily markets, many of which (especially in the Midwest and Northeast) experienced a rebound in apartment demand fueled by rising consumer sentiment and moderating inflation, despite supply outpacing demand. Lee & Associates has made their full, first-quarter report available here (with breakdowns of cap rates by city, vacancy rates, market rents, inventory square footage and more). The summaries from each sector …
TAMPA, FLA. — Strategic Property Partners LLC has unveiled the next phase of Water Street Tampa, the company’s $3 billion mixed-use neighborhood underway in downtown Tampa. The next phase includes three separate buildings: a residential condominium building, a build-to-suit office complex and a hospitality/entertainment destination just north of Amalie Arena, home of the NHL’s Tampa Bay Lightning. The condo tower and office buildings will be situated on an extension of Water Street Tampa that is currently under construction on East Cumberland Avenue. The third property will feature a select-service hotel, parking garage and entertainment uses, including food-and-beverage options and a live music venue. Designed by Gensler Architects with Nichols Architects acting as architect of record, the condo tower will be the tallest building within Water Street Tampa, joining other multifamily properties Asher, Cora and Heron. Designed by Kohn Pedersen Fox, the office complex will feature ground-floor retail space and will join Thousand & One as the second office component. The road and utility infrastructure work for these additions has already begun and is expected to be completed by spring 2025. Last year, Jeff Vinik, owner of the Tampa Bay Lightning, sold his stake in Strategic Property Partners to his co-developer, …
SUMTER, S.C. — First National Realty Partners has acquired Sumter Square, a 66,765-square-foot shopping center in Sumter, about 45 miles east of Columbia, S.C. A 39,365-square-foot Piggly Wiggly grocery store anchors the center, which it has since 1992. The acquisition of Sumter Square marks First National Realty’s entry into South Carolina. David Robinov of Ackman-Ziff represented the undisclosed seller in the transaction. The sales price was also not disclosed.
CUMMING, GA. — FrostPoint Capital has purchased Coal Mountain Shops, an unanchored retail center located at 3560 Browns Bridge Road in Cumming, a northeast suburb of Atlanta. The 15,600-square-foot property will serve as the gateway to Coal Mountain Town Center, a 140-acre mixed-use development under construction by Toll Brothers and Forsyth County. Conor Sweeney of Foundry Commercial represented both the buyer and seller in the $4.4 million transaction. FrostPoint Capital plans to reposition and expand the property in the near future.