REBusinessOnline

Tabani Group Acquires 118,967 SF McKinney Marketplace in Metro Dallas

MCKINNEY, TEXAS — Locally based investment firm Tabani Group Inc. has acquired McKinney Marketplace, a 118,967-square-foot shopping center located on the northeastern outskirts of Dallas. Built on 15.8 acres in 2000, McKinney Marketplace was 96 percent leased at the time of sale to tenants such as Kohl’s, Dollar Tree, Cato and Wendy’s. Chris Gerard, Adam Howells, Barry Brown, Ryan Shore, Greyson Fewin and Pauli Kerr of JLL represented the undisclosed institutional seller in the …

Marcus & Millichap Arranges $3.4M Sale of Kroger-Occupied Property in Ohio

MOUNT GILEAD, OHIO — Marcus & Millichap has arranged the $3.4 million sale of a 51,443-square-foot property occupied by Kroger in Mount Gilead, about 40 miles northeast of Columbus. The asset is located at 555 W. Marion St. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the buyer, a publicly traded REIT. Seller information was

UBS Predicts 80,000 US Retail Stores to Shut Down by 2026

ZURICH, SWITZERLAND — According to UBS, a global finance and research firm based in Zurich, 80,000 retail stores in the United States are predicted to close their doors by 2026. This report assumes e-commerce sales will rise to represent 27 percent of total retail sales. The current share of e-commerce is 18 percent for all retail sales.There were 115,000 shopping centers at the end of 2020, which includes strip centers, outlet malls, shopping malls and other lifestyle retail centers. …

Abbhi Capital Purchases One-Acre Development Parcel at Miami Worldcenter for $20M

MIAMI — Abbhi Capital, a Coral Gables, Fla.-based investment firm, has purchased a one-acre parcel within Miami Worldcenter for $20 million. The seller was Miami Worldcenter Associates, the developer behind Miami Worldcenter doing business as MWC Block A LLC. The $4 billion, 27-acre mixed-use development is now underway in downtown Miami across 10 city blocks. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction.The assemblage …

Stan Johnson Brokers $11.1M Sale of Burlington-Anchored Shopping Center in Metro Richmond

CHESTERFIELD, VA. — Stan Johnson Co. has brokered the sale of Hancock Village Phase II, a 61,500-square-foot shopping center located at 14601 Hancock Village St. in Chesterfield. The multi-tenant retail center, anchored by Burlington, was fully leased at the time of sale. The buyers were private investors based in Lexington, Ky., that were represented by Jason Taylor of Equity Management Group Inc. The buyers purchased the property for $11.1 million to complete a 1031 exchange. Margaret …

NAI Robert Lynn Negotiates 87,235 SF Retail Lease in Corsicana, Texas

CORSICANA, TEXAS — NAI Robert Lynn has negotiated an 87,235-square-foot retail lease at 3301 Corsicana Crossing Blvd. in Corsicana, about 60 miles south of Dallas. Matt Elliott and Tom Heraty of NAI Robert Lynn represented the undisclosed landlord in the lease negotiations. John Jinks of Formation Real Estate LLC represented the tenant, Fun Town

BV Capital, Archway Acquire 79,684 SF Property Leased to Floor & Décor in Houston

HOUSTON — A fund backed by BV Capital and Archway Properties has acquired a 79,684-square-foot showroom and warehouse in Houston that is triple-net leased to home improvement merchandiser Floor & Décor. The property is located within Park Air 59, Archway’s mixed-use development near George Bush Intercontinental Airport that was completed in late 2019. The fund will continue to target single-tenant, triple-net-leased assets in

IPA Negotiates $15.8M Sale of Retail Space in Boston’s Jamaica Plain Neighborhood

BOSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $15.8 million sale of a 25,349-square-foot retail space within Vita, a luxury condo building in Boston’s Jamaica Plain neighborhood. The sales price equates to $626.72 per square foot. James Koury of IPA represented the seller, J.P. Property One LLC, in the transaction and procured the undisclosed buyer. The retail space is fully leased to Beth Israel Hospital, Pure Dental, Third Cliff …

Black Lion Investment Divests of Cheyenne Plaza in Las Vegas for $6.5M

LAS VEGAS — An affiliate of Black Lion Investment Group has completed the disposition of Cheyenne Plaza, located at the intersection of Cheyenne Avenue and Jones Boulevard in Las Vegas.The $6.5 million sale of the remaining 18,615 square feet of retail space was the culmination of Black Lion’s renovation and full lease-up of the property. The name of the buyer was not released.Current tenants include Cricket Wireless, Dotty’s sports bar, Aria Nails, La Michoacana Plus ice cream, 7 …

Diverse Mix of Retailers, Restaurants Remain Active in Northern New Jersey

By Danielle Brunelli, president, R.J. Brunelli & Co.  On both the landlord and tenant sides, 2020 was a tough year for the Northern New Jersey retail market. But as some of the industry’s most optimistic voices predicted, the hard times are passing, and actually passing fairly quickly. In 2020, we saw leasing activity decline by almost 30 percent year over year. This languishing activity resulted in a 3.1 percent drop in the market rent on a per-square-foot basis. Over the past couple …

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