Retail

CBRE Brokers Sale of 376,462 SF Grocery-Anchored Retail Portfolio in Coastal New Jersey

by Taylor Williams October 30, 2024

OCEAN COUNTY, N.J. — CBRE has brokered the sale of a portfolio of three grocery-anchored retail centers located in Ocean County. ShopRite anchors the centers, which include Bay Plaza in Toms River, Jackson Plaza in Jackson Township and Lacey Mall in Lacey Township. Bay Plaza was built in 1994. Tenants at the 87,721-square-foot center include Citizens Bank, Little Gym and Manhattan Bagel. Tenants at Jackson Plaza, which was built in 2002 and comprises 114,753 square feet, include AT&T, Advance Auto Parts and McDonald’s. Other tenants at Lacey Mall, which totals 173,988 square feet, include T.J. Maxx, Mattress Firm, Firestone, Hand & Stone, UPS, Dollar Tree, Dunkin’, Popeyes and Verizon Wireless. The portfolio was roughly 94 percent leased at the time of sale. Chris Munley, Colin Behr, Ryan Sciullo, Casey Smith, RJ Mirabile and Michael Pascavis of CBRE represented the seller, Pasbjerg Development Co., which developed the properties, in the transaction.

October 30, 2024

Acquisitions Connecticut Northeast Retail

Phillips Edison Buys 101,105 SF Shopping Center in Bethel, Connecticut

by Taylor Williams October 30, 2024

BETHEL, CONN. — Phillips Edison & Co., a Cincinnati-based shopping center REIT, has purchased the 101,105-square-foot Bethel Center in Connecticut’s Fairfield County. Anchored by Big Y Supermarket, Bethel Center was 91 percent leased at the time of sale. Other tenants include Starbucks, Dollar Tree, Great Clips, Quest Diagnostics and Casa Tequila. Nat Heald, Jeffrey Dunne and David Gavin of CBRE represented the seller, a partnership between DRA Advisors and KPR Centers, in the transaction. The sales price was not disclosed.

October 30, 2024

Leasing Activity New Jersey Northeast Restaurant Retail

Tropical Supermarket Opens 15,800 SF Store in South Plainfield, New Jersey

by Taylor Williams October 30, 2024

SOUTH PLAINFIELD, N.J. — Ethnic grocer Tropical Supermarket has opened a 15,800-square-foot store at Clinton Corners, a retail center in South Plainfield, about 35 miles south of Manhattan. Vanessa Kelty of Levin Management Corp. represented the landlord in the lease negotiations. The tenant was self-represented. Kelty also recently arranged a 2,145-square-foot lease with Mexican restaurant Blue Habanero at Clinton Corners. Diomaris Rosado with Keller Williams Premier represented the tenant in that deal. Levin Properties owns Clinton Corners.

October 30, 2024

Acquisitions Nevada Retail Western

Hanley Arranges Sale of New 2,365 SF Retail Property in Las Vegas Leased to Starbucks

by Amy Works October 29, 2024

LAS VEGAS — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed, single-tenant retail property located at 9285 W. Russell Road in Las Vegas. Starbucks Coffee occupies the building, which totals 2,365 square feet and features a drive-thru, on a 10-year lease. Bill Asher and Jeff Lefko, in association with ParaSell Inc., represented the developer and seller in the transaction. Jason Otter of Logic Commercial Real Estate represented the buyer, a local private investor. The acquisition price was not released.

October 29, 2024

Acquisitions Florida Retail Southeast

Cushman & Wakefield Brokers Sale of Publix-Anchored Shopping Center in Port Richey, Florida

by John Nelson October 29, 2024

PORT RICHEY, FLA. — Cushman & Wakefield has brokered the sale of Regency Crossings, an 85,865-square-foot shopping center located in Port Richey, roughly 40 miles northwest of Tampa. Publix anchors the property, which was 90 percent leased at the time of sale. The center was originally built in 1985 and renovated in 2021. PMAT Cos. sold the property to Essential Growth Properties for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller in the transaction.

October 29, 2024

Delaware Leasing Activity New Jersey Northeast Retail

Sleep Number to Open Three New Stores in New Jersey, Delaware

by Taylor Williams October 29, 2024

MINNEAPOLIS — Sleep Number will open three new stores in New Jersey and Delaware. The stores will be located within The Shops at the Crossings in Burlington, N.J.; The Marketplace at Garden State Park in Cherry Hill, N.J.; and The Christiana Mall in Delaware. Brian Wherty and Rob Samtmann of Equity Retail Brokers, in collaboration with Bialow Real Estate, represented Minneapolis-based Sleep Number in the lease negotiations. The expected opening dates were not disclosed.

October 29, 2024

Emerging Trends Report Predicts Rebound in Transaction Volume in 2025 as Capital Markets Are ‘Poised for Recovery’

by John Nelson October 29, 2024

LAS VEGAS — At the September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve lowered the federal funds rate by 50 basis points, which is the first easing of monetary policy in four years. This move lowered the short-term interest rate to a target range of 4.75 to 5 percent. Elevated borrowing costs have stifled commercial real estate transaction volumes the past couple years as buyers and sellers found that values were a moving target. Now with a reduction in interest rates, many real estate professionals expect transaction volume to rebound at least moderately. “In 2025, we expect lower interest rates will reduce borrowing costs, aid in price discovery and ultimately encourage an uptick in [commercial real estate] transactions,” said Angela Cain, global CEO of the Urban Land Institute (ULI). Cain’s comments came in a prepared statement to summarize the findings of Emerging Trends in Real Estate 2025, an annual report jointly produced by PwC US and ULI. The report was published in conjunction with ULI’s Fall Meeting, which is taking place this week at Resort World Las Vegas. Cain said that the real estate professionals surveyed for the report relayed that sentiment is improving, though many remain cautious. …

October 29, 2024

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges $7M Sale of Shopping Center in Pensacola, Florida

by John Nelson October 28, 2024

PENSACOLA, FLA. — Cushman & Wakefield has arranged the $7 million sale of a shopping center located at 6235 N. Davis Highway in Pensacola. Hobby Lobby and Books-A-Million are tenants at the property, which was built in 1987 and comprises 103,485 square feet across two tenant spaces. Hobby Lobby and Books-A-Million occupy 70,100 and 33,385 square feet at the center, respectively. Sean Glickman and Chris Smith of Cushman & Wakefield represented the seller, Triple A Properties, in the transaction. The buyer, Destiny Worship Center, plans to convert the center into a church. Books-A-Million will either shutter its store altogether or reduce its footprint at the center, according to Cushman & Wakefield.

October 28, 2024

Development Florida Leasing Activity Retail Southeast

Nordstrom Rack to Open Two Florida Stores Totaling 51,000 SF

by John Nelson October 28, 2024

MELBOURNE AND SARASOTA, FLA. — Nordstrom Rack has announced plans to open two new stores in Florida. Located in Melbourne and Sarasota, the stores will comprise 24,000 and 27,000 square feet, respectively. The Melbourne store will be situated within The Avenue Viera and is scheduled to open next fall. Scheduled to open spring 2026, the Sarasota store will be situated within Sarasota Pavilion. InvenTrust Properties owns and manages Sarasota Pavilion, and WS Development owns and manages The Avenue Viera. Nordstrom Rack is a discount apparel retailer and subsidiary of Nordstrom Inc. The Seattle-based retailer operates more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack stores.

October 28, 2024

Development Retail Texas

H-E-B to Open 131,000 SF Grocery Store in Forney, Texas

by Taylor Williams October 28, 2024

FORNEY, TEXAS — Grocer H-E-B will open a 131,000-square-foot store in Forney, an eastern suburb of Dallas. The site is located at the junction of U.S. Highway 80 and Gateway Boulevard. Details on specific store features and offerings were not disclosed. Construction is underway, and the opening is scheduled for early 2026. The San Antonio-based grocer operates about 435 stores throughout Texas and Mexico.

October 28, 2024

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