SAN ANTONIO — Partners Real Estate has brokered the sale of a 12,790-square-foot retail building in San Antonio. According to LoopNet Inc., the building at 2714 West Ave. was originally constructed in 1978. Landan Dory of Partners represented the seller, an entity doing business as HW West Ave LP, in the transaction. Roxana Tofan of Clear Integrity Group represented the undisclosed buyer.
PHOENIX — Matthews Real Estate Investment Services has arranged the sale of a retail property located at 4836 E. Chandler Blvd. in Phoenix. The asset traded for $9.5 million. The names of the buyer and seller were not released. Built in 2002 on 5.13 acres, the building features 45,000 square feet of flex space. LA Fitness has occupied the property for 18 years. The gym’s current lease term runs through 2025. Brandon Perez of Matthews represented the seller in the deal.
WAREHAM, MASS. — Regional brokerage firm Horvath & Tremblay has negotiated the $7.6 million sale of three retail pad sites in Wareham, located south of Boston at the base of Cape Cod. The sites are home to Starbucks, U.S. Air National Guard, Aspen Dental, Chipotle Mexican Grill, Crumbl Cookies and Wareham Animal Hospital. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the undisclosed seller in the transaction. The buyer was also not disclosed.
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Lee & Associates: Slowing Absorption, Rent Growth Put Brakes on New Development for Most Real Estate Types, Though Retail Sector Shines
Slower absorption and rent growth plagued industrial, office and multifamily asset classes across the United States in the third quarter, as outlined in Lee & Associates’ 2023 Q3 North America Market Report. Some regional exceptions were able to buck the overdevelopment trend, but retail was the only property type to avoid the quarter’s shift toward rising vacancy rates. High interest rates, slower rent growth and fear of overbuilding have contributed to lower construction starts in every sector. The full Lee & Associates report is available — including breakdowns of factors like detailed vacancy rates, inventory square footage, cap rates outlined city by city, market rents and more — here. The analysis below provides an overview of industrial, office, retail and multifamily real estate sectors alongside sector trends, economic background as well as geographic exceptions within each property type. Industrial Overview: Absorption Continues Slowing, Inventories to Spike Demand for industrial space remained positive in the United States in the third quarter, but growth this year has lost steam compared to strong net absorption totals of the last two years. U.S. net growth in the third quarter totaled 29.9 million square feet compared to 94 million square feet for the same period last year. …
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $22 million loan for the refinancing of a retail property located at 521 W. 21st St. in Manhattan’s Chelsea neighborhood. According to commercialcafé.com, the property was built in 1931 and totals 34,600 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.
WILMINGTON, DEL. — New Jersey-based investment firm First National Realty Partners has acquired Christina Crossing, a 119,446-square-foot shopping center in Wilmington. A 70,000-square-foot ShopRite grocery store anchors the property, which was originally constructed in the late 2000s. Christopher Munley, Jim Galbally, Chris Angelone, Colin Behr, James Graf, Zach Nitsche, Patrick Higgins and Blaise Fletcher of JLL represented the seller, a partnership between DRA Advisors and KPR Centers, in the transaction. The sales price was not disclosed.
BREVARD, N.C. — Northmarq’s Atlanta office has brokered the $4.3 million sale of Shoppes at Brevard Place, a retail property located in Brevard, roughly 30 miles southwest of Asheville. Built in 2020, the property totals 11,801 square feet. Tenants at the center, which was 76 percent occupied at the time of sale, include Starbucks Coffee, Jersey Mike’s, Salsarita’s, Mommy & Me and AT&T. Billy Benedict of Northmarq represented both the buyer and seller in the transaction.
ST. PETERSBURG, FLA. — Mel Sembler, founder of St. Petersburg-based retail real estate development firm The Sembler Co., has passed away at the age of 93, according to a statement from the company. Sembler founded his eponymous real estate company in 1962. To date, it has completed more than 350 developments totaling 29 million square feet. Additionally, the company manages and leases 10 million square feet of retail real estate and has offices in St. Petersburg, Atlanta and Puerto Rico. In a prepared statement, The Sembler Co. stated “his indelible mark will continue to guide us as we honor his legacy. He was the truest friend and leader to all.” Currently, The Sembler Co.’s portfolio includes Belmont Shopping Center in Ruskin, Fla., and North Macon Plaza in Macon, Ga. Sembler is also underway on the development of The Preserve Marketplace in Odessa, Fla., and West Villages Marketplace in Venice, Fla. In metro Atlanta, the company developed The Prado in 2008 and Town Brookhaven in 2010. The retail centers total 345,000 and 441,217 square feet, respectively. Sembler also previously served as U.S. Ambassador to Australia and Nauru from 1989 to 1993 and to Italy from 2001 to 2005. He also served …
HOUSTON — Locally based developer Levcor has completed renovations at Post Oak Plaza, a retail power center in Houston’s Uptown neighborhood. Capital improvements included updates to building and store facades, new lighting, upgraded landscaping and widened pathways. Additionally, three new tenants have signed leases at the center: scratch kitchen Local Foods (3,016 square feet), mattress retailer Saatva (4,000 square feet) and furniture provider Arhaus (22,201 square feet). Renovations were first announced in mid-2021.
SAN GABRIEL, CALIF. — Cushman & Wakefield has arranged the sale of Las Tunas Plaza, a neighborhood shopping center in San Gabriel, an eastern suburb of Los Angeles. The property traded for $10 million, or $572 per square foot. The names of the seller and buyer were not released. Situated on 1.3 acres at 805-841 W. Las Tunas Drive, Las Tunas Plaza offers 17,473 square feet of retail space. At the time of sale, the property was 90 percent leased to a variety of tenants, including 7-Eleven, Golden Deli and Bopomofo Café. Joseph Lising, Mitchell Neff and Maureen Gitto of Cushman & Wakefield’s Southern California Retail and Capital Markets team represented the seller in the deal.