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AcquisitionsCaliforniaRetailWestern

RealSource Brokers $14M Sale of Pilot Flying J Travel Center in Jurupa Valley, California

by Amy Works

JURUPA VALLEY, CALIF. — RealSource Group has arranged the sale of a single-tenant retail property located off State Route 60 in the Inland Empire city of Jurupa Valley. Greens Group sold the asset to an Irvine-based private investor for $14 million. Pilot Flying J Travel Center occupies the property under an absolute triple-net ground lease that relieves the buyer of any landlord responsibilities. Pilot Flying J has more than 14 years remaining on the initial lease term with four five-year renewal options and 10 percent rent increases every five years. Austin Blodgett and Jonathan Schiffer of RealSource Group represented the seller and buyer in the deal.

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AcquisitionsNevadaRetailWestern

Compass Commercial Negotiates $6.4M Purchase of Retail Building in Sparks, Nevada

by Amy Works

SPARKS, NEV. — Compass Commercial Real Estate Services has brokered the sale of a retail property located at 155 Ingenuity Ave. in the Reno suburb of Sparks. Cameron and Leona Curtiss acquired the asset for $6.4 million. Situated on 2.7 acres, the property features 16,196 square feet of retail space. Pat Kesgard and Kristie Schmitt of Compass Commercial represented the buyer in the transaction.

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DevelopmentLeasing ActivityMixed-UseRestaurantRetailSouth CarolinaSoutheast

Branch, Crosland Southeast Add Retailers to One Nexton Development in Metro Charleston

by John Nelson

SUMMERVILLE, S.C. — Branch Properties and Crosland Southeast have added new retailers to join the tenant roster at One Nexton, a mixed-use development underway in the Charleston suburb of Summerville. The property is a component of Nexton, a master-planned community owned by a subsidiary of North America Sekisui House LLC (NASH) and managed by Brookfield Properties. Situated on 23.7 acres at the northeast corner of Brighton Park Boulevard and Nexton Parkway, the first phase of One Nexton features a Publix grocery store, 32,000 square feet of retail space, two corner outparcels, green space and 351 Class A apartments. Phase I’s retail space is fully preleased to tenants including Catrina’s Cantina, Jersey Mike’s Subs, Swamp Fox Agency, The Packie Wine and Spirits, Roper St. Francis, Dulce Churros, Ice Cream and Cocktails, Heartland Dental, Woodhaven Pizza, Ruby’s Bagels, Noire Nails, Basecamp Fitness, Naan Appetit and Fifth Third Bank.  The design team includes master architect Shook Kelley, multifamily architect SGA Narmour Wright Design and retail architect Hiscutt & Associates Inc. Jeff Yurfest of TSCG is handling One Nexton’s outparcel and retail leasing activity, and Greystar is managing the project’s multifamily component. At full build-out, One Nexton will feature 150,000 square feet of retail and …

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AcquisitionsGeorgiaRetailSoutheast

Marcus & Millichap Brokers $2.7M Sale of Retail Center in Tifton, Georgia

by John Nelson

TIFTON, GA. — Marcus & Millichap has brokered the $2.7 million sale of a 16,324-square-foot retail center located at 1898 W. U.S. Highway 82 in Tifton, a city situated along I-75 in South Georgia. Zach Taylor and Philip Levy of Marcus & Millichap represented the seller and procured the private buyer. Both parties requested anonymity. The property’s tenant roster includes Little Caesar’s, Sally Beauty and Cricket Wireless. Walmart Supercenter, Rent-A-Center and Lowe’s Home Improvement shadow-anchor the property.

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District of ColumbiaRetailSoutheast

NRF Projects US Retail Sales to Exceed $5.2T in 2024

by John Nelson

WASHINGTON, D.C. — The National Retail Federation (NRF) has projected that U.S. retail sales will reach between $5.2 trillion and $5.3 trillion this year, which would mark an annual increase of 2.5 to 3.5 percent. The projection was announced today during the organization’s “State of Retail and the Consumer” webinar. The calculation excludes transactions at automobile dealers, gas stations and restaurants, focusing on core retail. Non-store and online sales are included in the figure and expected to account for roughly $1.5 trillion of spending. “The resiliency of consumers continues to power the American economy, and we are confident there will be moderate but steady growth through the end of the year,” says Matthew Shay, president and CEO of the NRF. Sales reached $5.1 trillion in 2023, marking an annual growth of 3.6 percent from 2022.

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AcquisitionsHealthcareRetailTexas

Marcus & Millichap Arranges Sale of 5,912 SF Medical, Retail Center in North Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of a 5,912-square-foot medical and retail center in North Fort Worth. The building, which was constructed in 2022, is home to tenants such as Heyday Family Dental, Core Wellness Studio and Texas Family Vision Center. Gus Lagos and Alex Wolansky of Marcus & Millichap represented the seller in the transaction. Marty McAdams of McAdams & Associates represented the buyer.

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CaliforniaLoansRetailWestern

CBRE Arranges $43M Refinancing for El Paseo Shopping Center in South Gate, California

by Amy Works

SOUTH GATE, CALIF. — CBRE has secured a $43 million refinancing for El Paseo Shopping Center in South Gate, a suburb of Los Angeles. Located at 8634 Garfield Ave., the property features 300,000 square feet of retail space. Current tenants include Regal Edwards Theatres, Curacao, Planet Fitness, Starbucks Coffee, Union Bank, GNC, Panda Express, T-Mobile and Hooters. Bob Ybarra, Shaun Moothart, Bruce Francis, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE secured the five-year, full-term interest-only, nonrecourse loan for the undisclosed borrower.

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AcquisitionsColoradoRetailWestern

M&J Wilkow, MetLife Purchase Chapel Hills East Retail Property in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — M&J Wilkow Ltd. and MetLife Investment Management, on behalf of its clients, have acquired Chapel Hills East, a core retail asset in Colorado Springs. Terms of the transaction were not released. Developed in 1995/1996, Chapel Hills East features 225,000 square feet of retail space. The property is currently 100 percent occupied by a variety of tenants, including Whole Foods Market, Nordstrom Rack, Best Buy, DSW, Old Navy, Barnes & Noble and Office Depot. Chapel Hills East is the fifth joint venture co-owned by M&J Wilkow and MetLife Investment Management.

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DevelopmentKansasMidwestRetail

Mattel Adventure Park Kansas City Set to Open in 2026

by Kristin Harlow

BONNER SPRINGS, KAN. — Mattel Inc. (NASDAQ: MAT), through a licensing partnership with Epic Resort Destinations, has unveiled plans for a second Mattel Adventure Park location. The entertainment resort destination will be located in Bonner Springs, Kan., and is set to open in 2026. Construction is expected to begin later this year. Mattel Adventure Park Kansas City will offer the attractions of Mattel Adventure Park Glendale, Ariz., including Hot Wheels roller coasters. Thomas & Friends: World of Sodor will include five family-friendly experiential attractions and rides, including a dedicated indoor play space. The Kansas City park will also be home to the larger-than-life Barbie Beach House. The attraction also includes a Barbie-themed flying theater and The Barbie Rooftop restaurant and bar. There will also be a laser tag arena and a mini golf experience.

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AcquisitionsMidwestOhioRetail

Kroger Agrees to Sell its Specialty Pharmacy Business to CarelonRx

by Kristin Harlow

CINCINNATI — The Kroger Co. (NYSE: KR) has entered into a definitive agreement for the sale of its specialty pharmacy business to CarelonRx, a subsidiary of Elevance Health. The Cincinnati-based retailer’s serves patients with chronic illness that requires complex care. Clinicians and therapy programs allow patients and prescribers to benefit from education and resources, counseling, side effect management, financial assistance, personalized care and administrative expertise. The specialty pharmacy business supports patients facing diseases including rheumatoid arthritis, growth hormone deficiencies, multiple sclerosis and bleeding disorders. Kroger Specialty Pharmacy is separate from other Kroger Family of Pharmacies, including in-store retail pharmacies and The Little Clinics. Therefore, in-store retail pharmacies and The Little Clinics are not included in this transaction. The deal is subject to customary closing conditions and is expected to close in the second half of 2024. RBC Capital Markets LLC is serving as financial advisor, and Weil, Gotshal & Manges LLP and Arnold & Porter Kaye Scholer LLP are serving as legal advisors to Kroger.

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