Retail

Synergy Investment Fund Acquires 147,668 SF Shopping Center in Easton, Maryland

by John Nelson January 4, 2024

EASTON, MD. — Synergy Investment Fund has acquired Tred Avon Square, a 147,668-square-foot retail center located in Easton, a city on east side of Chesapeake Bay near the Maryland-Delaware border. ACME, Big Lots, Easton Cinemas, Rent-A-Center, Sherwin-Williams, My Eye Dr., Osteria Alfredo, Ship and Print, Subway, Hong Kong Kitchen, Nails & Spa, Lendmark, Chincheck Sports Locker, T-Mobile, Admiral Cleaners, Rusty Hook Bait and Tackle, Spin Groove Records and Dunkin’ are tenants at the property. SVN | Miller Commercial Real Estate represented the buyer in the transaction. Ross Benincasa and Ryan Finnegan of SVN | Miller will oversee leasing at the center.

January 4, 2024

Acquisitions Retail Southeast Tennessee

SRS Brokers $7.2M Sale of Alcoa Commons Retail Center in Alcoa, Tennessee

by John Nelson January 4, 2024

ALCOA, TENN. — SRS Real Estate Partners has brokered the $7.2 million sale of Alcoa Commons, a newly built retail center in Alcoa, a city roughly 14.5 miles south of Knoxville, Tenn. Situated at 1010-1020 Alcoa Market St., the 13,890-square-foot property was fully leased at the time of sale to tenants including Orangetheory Fitness, Eyeglass World, The Joint Chiropractic and a freestanding outparcel building occupied by First Watch. Patrick Nutt and William Wamble of SRS represented the seller, a Tennessee-based developer, in the transaction. The private buyer, a Chicago-based company, purchased Alcoa Commons in a 1031 exchange.

January 4, 2024

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Arranges $9.1M Sale of Fogo de Chao-Occupied Property in Suburban Chicago

by Kristin Harlow January 4, 2024

OAK BROOK, ILL. — Marcus & Millichap has arranged the $9.1 million sale of an 11,857-square-foot restaurant property occupied by Fogo de Chao in the Chicago suburb of Oak Brook. Constructed in 2021 and located at 1204 W. 22nd St., the Brazilian steakhouse anchors the new Oak Brook Commons mixed-use development that is located on the former McDonald’s headquarters site. Oak Brook Commons currently features a 17-story apartment building, a medical office building and three freestanding restaurants. Future construction plans call for creative office space, condos and a hotel. Nicholas Kanich of Marcus & Millichap marketed the property on behalf of the seller, a Houston-based developer and property manager. Kanich also secured and represented the buyer, a Chicago-based developer and investor.

January 4, 2024

Georgia Leasing Activity Restaurant Retail Southeast

Poag Signs Six New Tenants to Join Avenue West Cobb Retail Development in Marietta, Georgia

by John Nelson January 3, 2024

MARIETTA, GA. — Poag Development Group, a Memphis-based company formerly known as Poag Shopping Centers, has signed six new tenants to join the roster at The Avenue West Cobb, an open-air retail development in Marietta that houses 80 shops, restaurants and businesses. The new tenants include two brands that recently opened: fitness boutique StretchLab and Walk-On’s Sports Bistreaux, a Cajun restaurant chain co-owned by former New Orleans Saints quarterback Drew Brees. The other four tenants — apparel retailer J. Crew Factory, dessert shop The Peach Cobbler Factory, medical primary care office Vera Whole Health and eyeglass retailer Warby Parker — are set to open the first half of the year. JLL is the property manager of The Avenue West Cobb, which locally based Cousins Properties opened in 2003.

January 3, 2024

Acquisitions Illinois Midwest Retail

Mid-America Arranges Sale of 47,873 SF Glenbrook Marketplace Shopping Center in Suburban Chicago

by Kristin Harlow January 3, 2024

GLENVIEW, ILL. — Mid-America Real Estate Corp. has arranged the sale of Glenbrook Marketplace, a shopping center totaling 47,873 square feet in the Chicago suburb of Glenview. The sales price was undisclosed. Tenants include Starbucks, Fifth Third Bank, Athletico, Club Pilates, X Golf, Studio Spin and Jimmy John’s. Walgreens shadow anchors the property. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Northpond Partners. Phillips Edison & Co. Inc. was the buyer.

January 3, 2024

Acquisitions Iowa Midwest Restaurant Retail

Quantum Negotiates $2.6M Sale of Starbucks-Occupied Property in Dubuque, Iowa

by Kristin Harlow January 2, 2024

DUBUQUE, IOWA — Quantum Real Estate Advisors Inc. has negotiated the $2.6 million sale of a newly completed property occupied by Starbucks in Dubuque, a city in eastern Iowa. The building, which is located across the street from a Hy-Vee grocery store, traded at a cap rate of 6.1 percent. Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller, a Midwest-based developer. Steve Moore of Quantum represented the buyer, a Midwest-based investor.

January 2, 2024

Development North Carolina Retail Southeast

Topgolf Breaks Ground on Two-Level Venue in Greensboro, North Carolina

by John Nelson January 2, 2024

GREENSBORO, N.C. — Topgolf has broken ground on a new, two-level venue in Greensboro. Situated along I-40 at Guilford College Road, the venue will comprise 72 outdoor climate-controlled hitting bays, with each bay featuring lounge furniture or high-top tables. Additionally, the new Topgolf will include a full-service restaurant, private event rooms and an outdoor area with yard games. The opening is scheduled for late 2024 and is expected to create 300 jobs. Dallas-based Topgolf operates more than 90 venues worldwide.

January 2, 2024

Acquisitions Georgia Retail Southeast

JLL Arranges $18.5M Sale of Reynolds Crossing Retail Center in Metro Atlanta

by John Nelson January 2, 2024

DULUTH, GA. — JLL Capital Markets has brokered the $18.5 million sale of Reynolds Crossing, a 45,809-square-foot retail center located in Duluth, roughly 30 miles northeast of Atlanta. Built in 2004 and 2005, the property was fully leased at the time of sale to tenants including Little Caesar’s, The UPS Store, MetroPCS, Chase Bank and Cricket Wireless. Kroger shadow-anchors Reynolds Crossing. Brad Buchanan and Jim Hamilton of JLL represented the seller, Leaders Real Estate Group, in the transaction. Justin Miller of Marcus & Millichap procured the undisclosed buyer. Jamie Safier of Marcus & Millichap secured financing on behalf of the buyer.

January 2, 2024

Florida Leasing Activity Retail Southeast

Dollar Tree Opens Three New Stores in South Florida

by John Nelson January 2, 2024

HIALEAH, MIAMI AND WEST PALM BEACH, FLA. — Dollar Tree has opened three new stores in South Florida. The retailer now occupies 13,500 and 14,000 square feet in Hialeah and Miami, respectively. Dollar Tree has also opened a 9,000-square-foot store in West Palm Beach. Additionally, the retailer is currently underway on the development of two stores in Sunny Isles Beach and Lauderhill, Fla. Steve Miller of The Rotella Group represented Dollar Tree in the lease negotiations.

January 2, 2024

Colorado Loans Retail Western

Essex Arranges $87.5M Refinancing for Five-Property Retail Portfolio Near Denver

by Amy Works January 2, 2024

DENVER — Essex Financial Group has secured an $87.5 million loan to refinance a five-property retail portfolio totaling 689,599 square feet across the greater Denver area. King Soopers, a subsidiary of Kroger, anchors each of the neighborhood centers. Essex worked on behalf of AmCap Inc., which has owned the properties since 1987. The grocery-anchored portfolio is currently 98 percent leased, with King Soopers accounting for more than half of the net rentable area. Other tenants in the portfolio include a mix of national and local retailers focused on daily needs, service uses and restaurants. Essex secured the fixed-rate, nonrecourse loan with an institutional investment manager that was funding on behalf of a separate life insurance company account. Paul Donahue, Cooper Williams, Matt Perigard and Andrea Mehlem of Essex’s Capital Markets team arranged the financing.

January 2, 2024

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