Retail

Mid-America Brokers Sale of 317,006 SF Crystal Point Shopping Center in Suburban Chicago

by Kristin Harlow November 15, 2023

CRYSTAL LAKE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Crystal Point, a 317,006-square-foot shopping center in the Chicago suburb of Crystal Lake. The sales price was undisclosed. The grocery-anchored property is 87 percent leased and features a vacant Bed Bath & Beyond space. Tenants include TJ Maxx, Best Buy, Ross Dress for Less, The Fresh Market, Ulta, Steinhafels Furniture and Cost Plus World Market. Ben Wineman, Rick Drogosz and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. PMAT Real Estate Investments was the buyer. The sale marks the 100th transaction for PMAT since its inception in 2003. The property was managed by Pine Tree.

November 15, 2023

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers Sale of 7,700 SF Retail Property in Phoenix

by Amy Works November 15, 2023

PHOENIX — Marcus & Millichap has arranged the sale of a retail property located at 320 W. Bell Road in Phoenix. A limited liability company sold the asset to another limited liability company and private investor for $3.6 million. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Jarecki, Mark Ruble and Chris Lind of Marcus & Millichap represented the buyer in the transaction. At the time of sale, the 7,700-square-foot property was fully occupied by Tropical Smoothie Café, Athletico Physical Therapy and The Buffalo Spot, which are all operating under triple-net leases. The leases have terms ranging from five to eight years, featuring annual rental increases and multiple renewal options for all tenants.

November 15, 2023

Acquisitions North Carolina Retail Southeast

Tanger Acquires 382,000 SF Asheville Outlets in North Carolina for $70M

by John Nelson November 14, 2023

ASHEVILLE, N.C. — Tanger, a publicly traded owner and operator of outlet malls, has purchased Asheville Outlets, a 382,000-square-foot retail development in Asheville. Tanger acquired the outlet mall from New England Development for $70 million in an all-cash, off-market transaction. The property represents Tanger’s 38th outlet mall and the second new addition to its holdings in fourth-quarter 2023, following the opening of Tanger Outlets Nashville last month. Asheville Outlets was 95 percent leased at the time of sale to tenants including Nike, Under Armour, RH, Bath & Body Works, Crate & Barrel and West Elm. The property includes two anchors: Sportsman’s Warehouse and a separately owned Dillard’s Clearance Center. New England Development purchased and redeveloped the former indoor regional mall into an outlet mall in 2015. Tanger will officially transition the center to become Tanger Outlets Asheville in early January 2024.

November 14, 2023

Acquisitions Retail South Carolina Southeast

SRS Arranges $6.3M Sale of Metro Charlotte Store Leased to Walgreens

by John Nelson November 14, 2023

ROCK HILL, S.C. — SRS Real Estate Partners has brokered the $6.3 million sale of a freestanding, 14,550-square-foot store in Rock Hill, a southern suburb of Charlotte. Built in 2013 on two acres, the single-tenant property was fully leased at the time of sale to Walgreens. Susan Harris of SRS represented the seller, an investor based in Washington, in the 1031 transaction. Andrew Margulies of Marcus & Millichap represented the buyer, a private investor based in North Carolina. Walgreens has 15 years remaining on its corporate-guaranteed lease, according to SRS.

November 14, 2023

Acquisitions California Retail Western

Graystone Negotiates $5M Sale of California Plaza Retail Center in Fresno

by Amy Works November 14, 2023

FRESNO, CALIF. — Graystone Capital Advisors has arranged the $5 million sale of California Plaza, a neighborhood retail center in Fresno. The property traded between two local California-based investors. Brent Zoller and Brenton Baskin of Graystone represented the seller and procured the buyer in the deal. Constructed in 1987, the California Plaza features 39,170 square feet of retail space. At the time of sale, the asset was 62 percent vacant. The retail center is set on a 194,182-square-foot parcel along Blackstone Avenue.

November 14, 2023

Acquisitions Arizona Net Lease Retail Western

Private Investor Buys 12,900 SF Retail Building Occupied by Dunn-Edwards Paints in Peoria, Arizona

by Amy Works November 14, 2023

PEORIA, ARIZ. — A private investor has acquired a net-leased property, located at 9156 W. Peoria Ave. in Peoria, from an undisclosed seller for $3.1 million. Dunn-Edwards Paints occupies the 12,900-square-foot building. The sale included a triple-net lease with corporate guarantee and eight percent rental increases every five years. The tenant has operated at the site for more than 20 years and recently extended its lease. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller.

November 14, 2023

Leasing Activity Midwest Minnesota Retail

Toys ‘R’ Us Set to Open Flagship Store at Mall of America in Suburban Minneapolis

by Kristin Harlow November 14, 2023

BLOOMINGTON, MINN. — WHP Global, the parent company of Toys ‘R’ Us, is set to open a flagship store at the Mall of America in Bloomington just before Thanksgiving. The store marks the first flagship store in partnership with Go! Retail Group. Additional flagship locations are opening next year. Currently, Toys ‘R’ Us maintains a global flagship store at American Dream, a shopping destination in New Jersey. Additionally, through a partnership with Macy’s, there are more than 452 Toys ‘R’ Us shop-in-shops located inside Macy’s stores nationwide. The new store at Mall of America spans more than 11,000 square feet and offers a wide assortment of toys and games. Beginning in 2024, the store will offer new features such as Geoffrey’s Café and ice cream parlor as well as interactive experiences and product demonstrations from popular toy vendors. Built in 1992 and totaling 5.6 million square feet, Mall of America is the largest shopping and entertainment complex in North America.

November 14, 2023

Development Midwest Minnesota Restaurant Retail

Kraus-Anderson Completes $2M Renovation for Modist Brewing in Minneapolis

by Kristin Harlow November 14, 2023

MINNEAPOLIS — Kraus-Anderson has completed a $2 million renovation of the 7,000-square-foot headquarters and taproom for Modist Brewing Co. in Minneapolis. The project included new event space, a quality control lab and employee workplaces. The Minneapolis studio of Perkins & Will designed a two-story event space, mezzanine and catwalk that can accommodate 120 people for corporate and private events. The design aesthetic is “punk rock chic” and includes bold colors, neon sculpture lights, dichroic glass that changes colors, glitter concrete epoxy flooring and mirrored ceilings.

November 14, 2023

Loans New Jersey Northeast Retail

G.S. Wilcox Arranges $16M Loan for Refinancing of Northern New Jersey Shopping Center

by Taylor Williams November 14, 2023

FLEMINGTON, N.J. — Locally based financial intermediary G.S. Wilcox Co. has arranged a $16 million loan for the refinancing of a 170,000-square-foot shopping center in the Northern New Jersey community of Flemington. Grocer ShopRite anchors the center, which was fully leased at the time of the loan closing. Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the loan, which carried a 10-year term, 30-year amortization schedule and flexible prepayment options, through an undisclosed life insurance company. The borrower was also not disclosed.

November 14, 2023

California Development Hospitality Restaurant Retail Top Stories Western

Hard Rock, Steinhaur to Co-Develop 31-Story Hard Rock Hotel Long Beach in Southern California

by John Nelson November 14, 2023

LONG BEACH, CALIF. — Global hotelier Hard Rock International has partnered with development firm Steinhauer Properties to develop Hard Rock Hotel Long Beach, a 31-story hotel in downtown Long Beach. The hotel will be situated adjacent to the Long Beach Convention & Entertainment Center along East Ocean Boulevard. Hard Rock Hotel Long Beach will include approximately 427 rooms and suites, including a Rock Star Suite. The hotel will also feature the tallest open rooftop bar on the Southern California coast, as well as an outdoor swimming pool with an amenities deck. The co-developers plan to break ground on the hotel in summer 2024 with plans to open the property in spring 2027. The new development is expected to create approximately 3,100 construction jobs and approximately 500 permanent positions once operations begin in 2027. The hotel represents the first new full-service hotel to be built in Long Beach in 30 years and the first new Hard Rock hotel in Southern California in almost a decade, according to Hard Rock. Amenities will also include Body Rock Fitness Studio, two onsite restaurant options and a Rock Shop that will sell Hard Rock merchandise and other items. The new property will also feature a …

November 14, 2023

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