WESTMINSTER, COLO. — CW Real Estate Partners has arranged the sale of a retail property located at 10128 Wadsworth Parkway in Westminster, a northern suburb of Denver. Equitas Development LLC & CAP Cincy LLC acquired the asset from 10108 Wadsworth Parkway LLC for $3.3 million. 7-Eleven occupies the property on a net-lease basis. Chris Wiedenmayer of CW Real Estate Partners represented the seller in the transaction.
ALVIN, TEXAS — Murdoch’s Ranch & Home Supply, a provider of outdoor apparel and agricultural equipment, will open a 55,000-square-foot store at 2500 S. Bypass 35 in Alvin, about 30 miles south of Houston. Culbertson Contractors is constructing the store from the ground up after buying the 12.6-acre site. Alex Makris and Patrick Keegan of Partners Real Estate represented the seller, East Bay Partners Ltd., in the disposition of the land. Danny Elliott and Thomas Tyng of CBRE represented Culberson Contractors.
STRATFORD, CONN. — Regional brokerage firm Atlantic Capital Partners has negotiated the $24.6 million sale of North Town Center, a 115,000-square-foot shopping center located in the southern coastal Connecticut city of Stratford. Big Y Supermarket has anchored North Town Center, which was 93 percent leased at the time of sale, since 2008. Other tenants include X-Golf, Town Line Liquors and Town Fair Tire. Justin Smith, Chris Peterson, Sam Koonce and Matt Ericson of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction. Stephen Joseph of Atlantic Capital arranged long-term financing for the buyer.
LEESBURG, FLA. — A joint venture between The Sembler Co. and Forge Capital Partners, doing business as Forge Real Estate Partners V LP, has acquired Palm Plaza, a 133,419-square-foot shopping center located at 715 N. 14th St. in Leesburg, a city in Central Florida. Crosspoint sold the property for $17.8 million. Publix anchors Palm Plaza, which was 92 percent occupied at the time of sale. Other tenants at the center include Planet Fitness, Popeyes, Quest Diagnostics, Rent-A-Center, Firehouse Subs, Core Health, OneMain Financial, T-Mobile and The UPS Store. Brad Peterson, Whitaker Leonhardt and Tommy Isola of Colliers represented the seller in the transaction.
MIAMI — H&M has signed a 25,000-square-foot lease to occupy an anchor space at The Shops at Brickell City Centre (BCC) in Miami. Scheduled to open later this year, the global clothing retailer will occupy two levels at the property, which serves as the primary retail component of BCC, a 4.9 million-square-foot mixed-use development that first opened in 2016. Developed by Swire Properties, BCC also features two residential towers, two office buildings, food hall and the EAST Miami hotel. Other tenants at the development include a flagship Saks Fifth Avenue, Zara, Levi’s and Chanel Fragrance and Beauty Boutique.
LOS ANGELES — Newmark has arranged the sale of Fox Village Theatre at 945 Broxton Ave. and 10959 Weyburn Ave. in Los Angeles’ Westwood Village. Terms of the transaction were not released. Built in 1929, Fox Village Theatre had its original grand opening in 1931. Designed by Percy Park Lewis, Fox Village Theatre spans a combined building area of 24,099 square feet, including a 17,155-square-foot operating theatre and 6,944 square feet of retail space that includes a 3,088-square-foot Starbucks Coffee. The property also features a 170-foot tower. At the time of sale, the asset was 84 percent occupied. Steven Salas, Bill Bauman and Kyle Miller of Newmark represented the undisclosed sellers in the deal.
PITTSBURGH — PNC Bank plans to invest approximately $1 billion to open more than 100 new branches and renovate 1,200 existing locations by 2028. Expansion plans call for new locations in key cities such as Austin, Dallas, Denver, Houston, Miami and San Antonio, among others, to establish a coast-to-coast network. According to PNC Bank, the goal of the renovations is to create a better customer experience when conducting transactions or meeting with bankers to discuss financial goals. PNC Bank is a member of The PNC Financial Services Group Inc. (NYSE: PNC), which is headquartered in Pittsburgh. PNC bank currently has approximately 2,300 brick-and-mortar locations across the country, in addition to 60,000 PNC and partner ATMs. According to Forbes Advisor, PNC Bank is the sixth largest bank in the country, with $553 billion in total assets. “As one of the largest retail banks in the United States, our vast branch network, alongside our other core banking channels, plays a key role in how we serve and provide solutions to our customers across the country,” says Alex Overstrom, head of PNC Retail Banking. PNC Bank’s announcement comes on the heels of last week’s news that JPMorgan Chase has made a multi-billion dollar investment in its own …
— By Dave Cheatham, President, Velocity Retail Group and X Team Retail Advisors — Phoenix’s retail market has rebounded post-pandemic and is now considered a winning bet, along with industrial and multifamily. The market has benefitted from surging consumer demand, population expansion and a robust technology industry, largely fueled by accelerated growth in the chip manufacturing sector. Strong and positive economic performance has established a foundation on which retailers have built success across the Valley of the Sun. There are challenges, to be sure, which range from interest rate hikes and rising inflation to chaos in the capital markets and reduced investment transaction volume, in addition to increased construction costs. New construction has been limited, as evidenced by the fact that no Target, Lowe’s or Home Depot stores have been built in the Valley since the recession. That appears to be changing as plans for big box stores that had been idle for a decade are shifting to expansion mode once more. Second-generation space is in high demand due to the higher costs of building new, standalone stores. Market indicators are trending upward for the retail sector. Vacancies are at a record low, demand remains high and rents are continuing …
LAKE WORTH, FLA. — SRS Real Estate Partners has negotiated the $2.8 million sale of a single-tenant retail property located at 9955 Lake Worth Road in Lake Worth, a suburb of West Palm Beach. The South Florida store, which opened on a 0.6-acre parcel in August, has a 10-year corporate-guaranteed lease in place with MD Now, an urgent care provider with more than 60 locations. Patrick Nutt and William Wamble of SRS represented the seller, a locally based development firm, in the transaction. An unnamed private investor based in Florida purchased the store in a 1031 exchange. The 3,250-square-foot store is situated within Woods Walk Plaza, an 88,000-square-foot shopping center anchored by Publix.
WESTFIELD, N.J. — Marcus & Millichap has negotiated the $4.7 million sale of a single-tenant, 35,968-square-foot retail building in the Northern New Jersey community of Westfield. The Gap has occupied the two-story building at 207 E. Broad St. for nearly 30 years. Alan Cafiero, David Cafiero and Dean Matuszewicz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
