Retail

JLL Arranges $47.1M Refinancing for Crosslands Power Retail Center in Metro Orlando

by John Nelson April 12, 2024

KISSIMMEE, FLA. — JLL Capital Markets has arranged a $47.1 million loan for the refinancing of The Crosslands, a 529,212-square-foot power retail center located at 1100 W. Osceola Parkway in Kissimmee, roughly 20 miles outside Orlando. The borrower is a joint venture between Hampshire Cos., Federated Hermes and O’Connor Capital Partners. Jon Mikula, Michael Klein, Brian Gaswirth, Michael Kavaler and Val McWilliams of JLL secured the three-year loan through TD Bank on behalf of the borrower. The Fresh Market, Burlington, Academy Sports + Outdoors, Hobby Lobby, Marshalls/HomeGoods and Ross Dress for Less anchor the property, which was developed between 2014 and 2016 and fully leased at the time of financing.

April 12, 2024

Development Leasing Activity Retail Utah Western

Target to Open 135,000 SF Location at Provo Towne Centre in Utah

by Amy Works April 12, 2024

PROVO, UTAH — Target has signed a deal to occupy 135,000 square feet of retail space at Provo Towne Centre in Provo. Brixton Capital is currently remodeling the shopping center. The Target will include CVS/pharmacy, Starbucks Coffee, Ulta Beauty, Target Optical and an adult beverage department. Greely, Colo.-based Roche Construction Mountain West is the general contractor for Target, while Big D Construction Mountain West is the general contractor for Provo Towne Centre.

April 12, 2024

Arizona Civic Development Retail Western

International Dark Sky Discovery Center Breaks Ground on $25M Observatory in Fountain Hills, Arizona

by Amy Works April 12, 2024

FOUNTAIN HILLS, ARIZ. — International Dark Sky Discovery Center (IDSDC) has broken ground on its new observatory in Fountain Hills, approximately 30 miles northeast of Phoenix. SWABACK Architects + Planners designed the $25 million project, which McCarthy Building Cos. is constructing. The 23,000-square-foot facility will encompass a 27.5-inch PlaneWave telescope housed within a 20.5-foot domed observatory, and a 65-seat planetarium. The center will also offer a 150-capacity multipurpose auditorium and a “Night Sky Experience” exhibit space equipped with interactive educational and historical components. IDSDC will offer activities, educational opportunities and events for all ages, primarily serving the K-12 communities in Arizona. With the first research-grade telescope in the greater Phoenix area, the IDSDC will allow Valley residents to view parts of the sky that have become hidden due to growing light pollution.

April 12, 2024

Loans Midwest Ohio Retail

Largo Capital Arranges $7.9M Loan for Refinancing of Shopping Center in Pickerington, Ohio

by Kristin Harlow April 12, 2024

PICKERINGTON, OHIO — Largo Capital Inc. has arranged a $7.9 million loan for the refinancing of a 90,040-square-foot shopping center in Pickerington, a southeast suburb of Columbus. The fully leased property is home to tenants such as Big Lots and Planet Fitness. Kevin Ross of Largo arranged the nonrecourse, fixed-rate loan. The lender and borrower were undisclosed.

April 12, 2024

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $3M Sale of Retail Center in Madison, Ohio

by Kristin Harlow April 12, 2024

MADISON, OHIO — Marcus & Millichap has brokered the $3 million sale of a 72,048-square-foot retail center in Madison, a city in northeast Ohio. Anchored by Tractor Supply Co. and Bealls, the property is located at 6581 N. Ridge Road. Additional tenants include Goodwill, Snap Fitness, Eagle Financial Services and TNT Tanning. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the Florida-based seller, which was the original developer of the property. The team also procured the buyer, an Ohio-based private investor. The buyer received acquisition financing from a life insurance company at a 70 percent loan-to-value ratio.

April 12, 2024

Acquisitions North Carolina Retail Southeast

Legacy Realty Brokers Sale of 63,507 SF Shopping Center in Mount Airy, North Carolina

by John Nelson April 11, 2024

MOUNT AIRY, N.C. — Legacy Realty Group Advisors has brokered the sale of Independence Square, a 63,507-square-foot shopping center located in Mount Airy, a city on the North Carolina-Virginia border. The center was 97 percent leased at the time of sale to tenants such as Ollie’s Bargain Outlet, Dollar General and USPS. Jacob Baruch of Legacy Realty Group represented the seller in the transaction, and Kevin Henry of Pine Forest Oak Island Realty represented the buyer. Both parties requested anonymity, and the sales price was also not disclosed.

April 11, 2024

Colorado Development Healthcare Mixed-Use Office Retail Western

TM Crowley, NLGCM Plan 23-Acre The Highlands at Thornton Mixed-Use Project in Colorado

by Amy Works April 11, 2024

THORNTON, COLO. — Indianapolis-based TM Crowley & Associates has partnered with Atlanta-based NLG Capital Management (NLGCM), a division of The Net Lease Group, to develop The Highlands at Thornton, a mixed-use property at the northeast intersection of Quebec Street and 136th Avenue in Thornton. Situated on 23 acres, the project will offer more than 101,925 square feet of retail, commercial and medical office space. CVS Caremark will anchor the development. Lisa Vela and Jay Landt of Colliers will handle leasing efforts for the project.

April 11, 2024

Acquisitions Midwest Missouri Office Retail

AXSYS Capital Sells Office, Retail Property in Des Peres, Missouri, for $3.4M

by Kristin Harlow April 11, 2024

DES PERES, MO. — AXSYS Capital has sold a 17,190-square-foot office and retail property in Des Peres, a western suburb of St. Louis, for $3.4 million. Built in 1986, the two-story building is located at 11780 Manchester Road. John Shuff of Pace Properties and Ted Green of Avison Young represented the buyer, CommunityAmerica Credit Union (CACU). Mark Dorsey of Avison Young, along with Luke Grant and Jason Riegelsberger of Skyline Missouri Realty, represented the seller, Des Peres Plaza Partners LLC on behalf of AXSYS Capital. The seller had purchased the asset in late 2016 for $2.1 million with a cap rate of approximately 8 percent financed by Carrollton Bank. CACU is evaluating plans to redevelop the property for a new CACU location, according to the seller.

April 11, 2024

Market Reports Midwest Midwest Market Reports Ohio Retail

National, Regional Retailers Discover Columbus Market Is Thriving

by Kristin Harlow April 11, 2024

By Spencer Jordan, Steiner + Associates The retail environment in Columbus, Ohio, is not just among the most unique and diverse in the Midwest, but in the nation. Columbus currently enjoys the fourth highest concentration of retail headquarters of any American city. Familiar names like Bath & Body Works, Victoria’s Secret, Express, Big Lots! and Chipotle all call Columbus home, and brands like Lululemon have significant logistics and distribution infrastructure in the city. But why is Columbus such a popular retail hub? What is the state of Columbus retail today? What sectors and neighborhoods are performing, and what are the trends to monitor when it comes to the future of retail in the Columbus market? Why Columbus? Among the many factors driving Columbus’s sustained retail success, the most important piece of the puzzle is the big picture: the city is thriving — and not just economically. Columbus placed eighth nationally in WalletHub’s recent rankings of all 50 state capitals, coming in ahead of popular high-profile markets like Denver, Nashville and Boston. The rankings are based on affordability, economic well being, quality of health and education, and quality of life. Columbus is one of the strongest Midwest markets in GDP per …

April 11, 2024

Acquisitions Florida Georgia Retail Southeast

Jamestown Acquires Two Shopping Centers in Metro Atlanta, South Florida

by John Nelson April 10, 2024

SANDY SPRINGS, GA. AND TAMARAC, FLA. — Atlanta-based Jamestown has purchased two grocery-anchored shopping centers in metro Atlanta and South Florida totaling approximately 284,000 square feet. The acquired properties include Fountain Oaks, a 160,000-square-foot, Kroger-anchored center in Sandy Springs, and Tamarac Town Square, a 124,000-square-foot, Publix-anchored center in Tamarac. The properties were 92 percent and 84 percent leased at the time of sale, respectively. JLL represented Edens in the sale of Fountain Oaks and Regency Centers in the sale of Tamarac Town Square. The sales prices were not disclosed. The acquisitions expand Jamestown’s grocery-anchored shopping center portfolio to nine properties totaling approximately 1.4 million square feet, all of which are in Georgia and Florida. The company plans to introduce property-wide Wi-Fi, electric vehicle charging stations, murals and outdoor open space at both centers. Jamestown has owned and operated more than 4.6 million square feet of grocery-anchored shopping centers in over 15 markets since 1990.

April 10, 2024

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