Victory Brewing Co. to Open 14,000 SF Brewery, Taproom in Philadelphia

PHILADELPHIA — Victory Brewing Co. will open a 14,000-square-foot brewery and taproom in the Logan Square neighborhood of Philadelphia’s Center City. The facility will feature a production brewing system, kitchen, three bars, street-level outdoor seating and a rooftop patio. Victory’s first location in Downingtown opened in 1996, and the company operates two other locations in Parkesburg and Kennett Square. The Philadelphia brewery will function as a new flagship taproom as well as an …

October 16, 2019Development, Northeast, Pennsylvania, Retail

Wingstop Signs Two Retail Leases in Philadelphia, Ewing, New Jersey

PHILADELPHIA AND EWING, NEW JERSEY — Dallas-based fast casual restaurant Wingstop has signed retail leases in Philadelphia and Ewing, New Jersey. Wingstop will open a 1,650-square-foot store in Philadelphia’s Morrell Plaza, a 103,251-square-foot retail center with tenants including ShopRite and T-Mobile. The company will also open a 2,200-square-foot store in Ewing, New Jersey’s Capitol Plaza, a 354,993-square-foot shopping center with tenants including Marshalls, Dollar Tree and Planet …

October 16, 2019Leasing Activity, New Jersey, Northeast, Pennsylvania, Retail

JLL Brokers Sale of 40,612 SF Vintage Plaza Retail Center in Metro Austin

ROUND ROCK, TEXAS — JLL has brokered the sale of Vintage Plaza, a 40,612-square-foot retail center. The property is located within the 330-acre La Frontera master-planned development in Round Rock, a northern suburb of Austin. Built in 2003, the asset was approximately 93 percent leased at the time of sale to tenants such as Men’s Wearhouse, Bamboo Nails & Spa and Burn Boot Camp. Cathy Nabours, Walter Saad, Kyle Shaffer and Josh Villarreal of JLL represented the seller, Ironwood Real …

October 16, 2019Acquisitions, Retail, Texas

Konover South Acquires Land Near Charlotte Premium Outlets, Plans 32,000 SF Retail Center

CHARLOTTE, N.C. — Konover South LLC has acquired a six-acre parcel for $4.8 million with plans to develop a 32,000-square-foot retail center. Located near Charlotte Premium Outlets, Freeman Retail Crossing will include a national steak restaurant, banking, mobile services and healthcare tenants. Konover South plans to break ground in early 2020 and expects to deliver Freeman Retail Crossing in the second quarter of 2021. The land is located on Steele Creek Road near I-485 in southwestern …

October 15, 2019Acquisitions, Development, North Carolina, Retail, Southeast

Marcus & Millichap Arranges $14.3M Sale of Retail Property in Southwest Florida

CAPE CORAL, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Towers I and Towers II, a 72,453-square-foot retail property in Cape Coral. The asset, located at 2612-2708 Santa Barbara Blvd., was 89 percent leased at the time of sale to tenants including Five Guys Burgers & Fries, Firehouse Subs, Sylvan Learning of Cape Coral, Anytime Fitness, Sumaq Peruvian Cuisine Bar & Grill and Tony’s Jewelry. Jim Shiebler, James Garner and James Medefind of Marcus & …

October 15, 2019Acquisitions, Florida, Retail, Southeast

SRS Negotiates Sale of 119,525 SF Glendale Galleria in Arizona

GLENDALE, ARIZ. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Glendale Galleria, a neighborhood shopping center located at 5880 W. Peoria Ave. in Glendale. Brixmor Property Group sold the asset to a Florida-based private investor for an undisclosed price in a 1031 exchange. Built in 1989/1990 and renovated in 2018, the 119,525-square-foot property is situated on 12.7 acres. At the time of sale, the shopping center was 87 percent occupied by major …

October 15, 2019Acquisitions, Arizona, Retail, Western

Cedar Realty Trust Underway on 18,000 SF Retail Redevelopment Project Philadelphia

PHILADELPHIA — Cedar Realty Trust is underway on construction of Fishtown Crossing, a retail redevelopment project in the Olde Richmond neighborhood of Philadelphia. The project will convert a shopping center formerly known as Port Richmond Village into an 18,000-square-foot neighborhood center. The property currently houses more than 20 tenants, including grocer IGA, vitamin and supplement retailer GNC and footwear retailer Kicks USA, while tenants that have preleased space at the new center …

October 15, 2019Development, Northeast, Pennsylvania, Retail

Marcus & Millichap Brokers $3.9M Sale of Retail Center in Chicago

CHICAGO — Marcus & Millichap has brokered the sale of Park Shops, a grocery-anchored retail center in Chicago, for $3.9 million. The 47,069-square-foot property is located at 6400 W. 63rd St. Fair Share Super Market has operated at the location for 27 years and recently extended its lease for 10 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Chicago-based private investor purchased the

October 15, 2019Acquisitions, Illinois, Midwest, Retail

Retail Property Taxes Will Rise

As retailers rise and fall in the age of Amazon, property taxes remain one of retailers’ largest operating expenses. That makes it critical to monitor assessments of retail properties and be ready to contest unfairly high taxable valuations. Assessors — and property owners attempting to educate those assessors — must understand how the changes taking place in the retail sector affect property value. Assessors must adjust their models to reflect new market realities, and property owners …

October 15, 2019Features, Retail

SENTRE Acquires San Marcos Village Retail Center in North San Diego County for $19.2M

SAN MARCOS, CALIF. — San Diego-based SENTRE Inc. has purchased San Marcos Village, a neighborhood retail center located in San Marcos. A San Diego-based joint venture partnership sold the property for $19.2 million. At the time of sale, the grocery-anchored center was 92 percent leased to a variety of tenants, including Grocery Outlet, 99 Cents Only Store and AutoZone. Philip Voorhees, Reg Kobzi, Preston Fetrow and Eric Shain of CBRE National Retail Partners-West represented both …

October 14, 2019Acquisitions, California, Retail, Western