FAIRMONT, MINN. — Cleeman Realty Group has brokered the $5.1 million sale of a 54,740-square-foot retail property net leased to Hy-Vee in Fairmont, a city in southern Minnesota. The property sits on five acres at 907 S. State St. Grocer Hy-Vee has operated at the location since 1991 and added a gas station and convenience store in 2011. Jeremy Scheer of Cleeman represented the undisclosed buyer. The seller was also undisclosed.
For decades, outlet malls have been a popular destination for shoppers of all ages. From the first multi-store outlet center that Vanity Fair opened in 1974, in Reading, Pennsylvania, and throughout the 1980s and 1990s, outlet malls grew rapidly. Outlet malls offer a wide variety of name-brand merchandise at discounted prices, and as a result, they are a great way to save money on popular brands of clothes, shoes, and accessories. Although outlet malls have been around for decades, the pandemic was a major hit to the retail landscape. Prior to 2020, outlet malls were seeing a surge in popularity, as consumers became more price-conscious and savvy on how to save money on their favorite brands. In June 2022, visits to outlet malls in the U.S. were down 6.7 percent from 2021 and down 14.3 percent from 2019, according to Placer.ai. This had outlet mall developers scrambling for a strategy and a path forward. Growth in California One of the most thriving outlet malls in the country is the Outlets at Tejon in Tejon Ranch, California, strategically located on Interstate 5 between Los Angeles and Bakersfield, just south of the Highway 99 interchange. This mall is home to over 50 …
FORT WORTH, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has arranged the $14.8 million sale of Westcliff Shopping Center, a 134,750-square-foot retail center in Fort Worth. Grocer Albertsons anchors the center, which was 86 percent leased at the time of sale. David Disney and Adam Crockett of DIG represented the seller, Florida-based REIT CTO Realty Growth (NYSE: CTO), in the transaction. The duo also procured the buyer, Partners Capital, the investment platform of Partners Real Estate, in conjunction with Partners’ internal agent Jess Dickie. Independent Financial provided acquisition financing. LanCarte Commercial leases the center.
ROWLETT, TEXAS — Locally based investment firm Standridge Cos. has sold Expo Center, a 28,119-square-foot shopping center located in Rowlett, roughly 20 miles northeast of Dallas. Situated on 3.4 acres, the property was fully leased at the time of sale to tenants such as Fresenius Medical Care, Golden Pot Chinese and Opa! Greek Taverna. Jared Aubrey and Michael Austry of CBRE represented Standridge Cos. in the transaction. The buyer was a local private investment group that requested anonymity.
SPANISH FORT, ALA. — Voodoo Brewing Co., an independent brewer based in Meadville, Pa., has signed a lease to join the tenant roster at Eastern Shore Centre, a 560,350-square-foot regional shopping center located at 30500 Highway 181 in Spanish Fort. Joseph AmecAngelo and Patti AmecAngelo of CBRE’s New Jersey office represented Voodoo Brewing in the lease deal. Shannon Tyndall of CBRE’s Birmingham office represented both the tenant and the undisclosed landlord. Situated about nine miles east of Mobile, Ala., Eastern Shore Centre’s tenant roster includes Belk, Dillards and Mountain High Outfitters. The new 5,035-square-foot brewery will be Voodoo’s first in Alabama. The company operates 12 breweries in six states that include both corporate and franchised locations. Voodoo Brewing plans to open more in the coming years in Pennsylvania, South Carolina, Texas and Nevada as part of its U.S. expansion plan announced in early 2022.
SICKLERVILLE, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Gloucester Town Center, a 102,660-square-foot shopping center located roughly 25 miles outside Philadelphia in Sicklerville, N.J. A 57,560-square-foot ACME Markets grocery store anchors the property, which was built in 2003. Other tenants include Dollar Tree, Supercuts, AT&T, Pizza Hut and Mavis Discount Tires. Brad Nathanson of IPA represented the seller, KPR Centers, in the transaction and procured an undisclosed, New York-based partnership as the buyer. Jeremy Nussbaum and Andrew Eisen of Walker & Dunlop arranged $8.1 million in acquisition financing for the deal through Citigroup.
INDIANAPOLIS — Government Investment Partners (GIP) has acquired three office and retail buildings located near Monument Circle in downtown Indianapolis for roughly $14 million. The adjacent properties are located at 2 N. Meridian St., 20 W. Washington St. and 24 W. Washington St. The primary tenant is the Indiana Department of Health, which recently signed a 10-year lease extension for the entire 161,400 square feet of office space across all three buildings for its headquarters. The ground-floor retail space is leased to Bank of America, T-Mobile and Taco Bell Cantina, which recently signed a 2,860-square-foot lease to occupy the former Sugarfire Smokhouse space. There is 12,000 square feet of available retail and restaurant space, including the former homes of Rock Bottom Brewery and Pearings Café. Alex Cantu, Alex Davenport and Rachel Patten of Colliers represented the sellers, Two North Meridian Co. and John Goodman. Goodman will have a continued role with the properties as a consultant to GIP. Founded in 2016, GIP is a real estate investment, development and management firm specializing in properties leased to federal, state and local government entities. The firm’s portfolio now totals more than 30 buildings in 18 states.
SOMERS, WIS. — Marcus & Millichap has arranged the $2.3 million sale of a 2,361-square-foot retail property occupied by Chipotle in Somers, a southern suburb of Milwaukee. Constructed this year, the net-leased building is located at 3671 Market Lane and features a 400-square-foot patio as well as a drive-thru. Nicholas Kanich of Marcus & Millichap represented the seller, a development group based in Wisconsin. The asset sold to a Minnesota-based buyer completing a 1031 exchange.
STOCKTON, CALIF. — Brixton Capital has purchased Pacific Town Center, a value-add retail property in Stockton. A Sacramento-based private seller sold the asset for an undisclosed price in an off-market transaction. Located at 718-769 W. Hammer Lane, Pacific Town Center features 143,217 square feet of retail space that was 42 percent leased at the time of sale. Existing tenants include Smart & Final, Aaron’s, Panda Express, Subway and other neighborhood-serving retailers and restaurants. Brixton plans to re-tenant a former Toys ‘R’ Us space and the recently vacated T.J.Maxx storefront. Hanley Investment Group represented the seller in the deal.
CHICAGO — Gibsons Restaurant Group (GRG) has signed a 15,000-square-foot, ground-floor retail lease at 919 W. Fulton St. in Chicago’s Fulton Market. Fulton Street Cos. is currently developing the 400,000-square-foot, 11-story office building. The lease marks the 13th location for GRG in the Chicago area. The tenant has yet to decide on the new restaurant concept. GRG operates Gibsons Bar & Steakhouse, Gibsons Italia, Hugo’s Frog Bar & Fish House, LUXBAR and Quartino Ristorante & Wine Bar. Alex Najem and Ross Babel negotiated the lease on behalf of Fulton Street on an internal basis. The property is slated for completion in the first quarter of 2025.
