SAN JOSE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.8 million loan for the refinancing of Tully Commercial Center, a retail property in San Jose. Located at 1055-1095 Tully Road, Tully Commercial Center features 15 freestanding retail spaces. Current tenants include Little Caesars, Hawaiian BBQ, a hair and nail salon, and a dry cleaner. David Campbell of MMCC’s Palo Alto office secured the financing, which features a seven-year term and 25-year amortization.
SINGER ISLAND, FLA. — Pebb Capital has sold Ocean Walk, a 65,908-square-foot shopping center located at 2401 N. Ocean Ave. in Singer Island, for $19.2 million. The Boca Raton, Fla.-based investment firm purchased the center in 2017 for nearly $7.6 million, at which time the center was 53 percent leased. The property is now fully leased to tenants including Wings Beachwear, 7-Eleven, Mulligan’s Beach House and Johnny Longboats. Situated on 10.5 acres, Ocean Walk features 492 surface parking spaces, four retail structures and 873 feet of unobstructed oceanfront. Danny Finkle, Jorge Portela, Eric Williams and Kim Flores of JLL represented the seller in the transaction. The buyer was not disclosed.
RESTON, VA. — Comstock Holding Cos. Inc. has signed two new restaurants to join the second phase of Reston Station, a mixed-use development underway in Northern Virginia. The new tenants are Noku Sushi, a Virginia-based fast-casual sushi and ramen restaurant, and Tous les Jour, a bakery chain. Both tenants will occupy ground-level retail space at 1800 Reston Row Plaza, the first of two trophy office towers under development in Phase II. Both restaurants are slated to open in 2025. Michael Kang of Rappaport represented the tenants in both transactions. Other committed commercial tenants set to open at Reston Station include Vida Sport & Fitness, Ebbitt House and Puttshack.
By Taylor Williams Brick-and-mortar retail has quietly, yet emphatically resurrected itself from the e-commerce- and COVID-induced death knell, bolstered by multiple years of low supply growth that have put a premium on quality space and allowed landlords to zero in on what truly constitutes a winning concept. This notion is inherently subjective and difficult to quantify. But in Dallas-Fort Worth, retail owners and operators say that authenticity — as defined by uniqueness of the offerings and adherence to and reflection of local culture — is paramount to success. From the presentation and packaging of products and services to utilization of local architectural styles to creating a certain shopping or dining ambiance, the ability to capture the authenticity of the market is crucial. Consumers and landlords can afford to be choosy, and they won’t waste time at stores, restaurants or entertainment venues that feel cookie-cutter, phony or out-of-place. But retail landlords can ill-afford to do deals with tenants that simply look the part but lack the financial ability to pay rents, which are growing in urban locations where availability of space remains tight. Monetary due diligence remains critical, but as often as not, there is considerable overlap between the financial solvency …
HOUSTON — Locally based investment firm Wu Property Management has purchased Cypresswood Court Shopping Center, a 103,047-square-foot retail property located in the northern Houston suburb of Spring. Target, Best Buy and dd’s DISCOUNTS are the anchor tenants at the center, which was built on 11.3 acres in 1985, according to LoopNet Inc. Wu Property Management has appointed Sturbridge Commercial as the leasing agent.
CHICAGO — James Beard award-winning Chef Johnny Clark is set to open Anelya, a Ukrainian restaurant, in Chicago’s Avondale neighborhood in October. The restaurant’s name and inspiration are derived from Clark’s grandmother. Diners at Anelya will receive a Zakusky tower at their table that will carry various Ukrainian-style small plates like sliced and cured meats, pickled vegetables, fish and other hors d-oeuvres. Zakusky, or table offerings, is one of the most recognizable aspects of Ukrainian dining. Diners will select starters from the tower before heading on to other a la carte offerings. Chef Clark’s main menu will feature creative takes on staple dishes like Varenyky, which are similar to pierogis or ravioli, and Holubsi, which is stuffed cabbage. The wine program at Anelya will feature many styles and varietals imported from exclusively eastern Europe. The cocktail program will feature takes on traditional favorites named for Ukrainian folk heroes like Taras Shevchenko, like a shaken horseradish martini. There will be nonalcoholic drinks like a homemade kvass, which is a naturally fermented beverage resembling kombucha. Clark co-owns and operates the Michelin-starred Parachute with his wife, Chef Beverly Kim. Charlie Vinz, designer and architect of Parachute, also designed Anelya. The logo for Anelya …
INDIANAPOLIS — Marcus & Millichap has brokered the sale of a 12,268-square-foot retail property occupied by CVS in Indianapolis for $4.3 million. Constructed in 1996 and renovated in 2010, the net-leased building is located at 8935 E. 21st St. CVS’s current lease runs through 2036. Mitch Grant and Nicholas Kanich of Marcus & Millichap represented the buyer, a limited liability company completing a 1031 exchange.
RIVERVIEW, FLA. — CBRE has secured a $15.2 million loan for the refinancing of Shoppes of Southbay, a 99,542-square-foot retail center located in Riverview. Tenants at the property, which was fully leased at the time of financing, include Winn-Dixie, Tampa General Hospital, Buffalo Wild Wings, Panera Bread and Leslie’s Pool Supplies. Paul Ahmed and Mackenzie Lampman of CBRE arranged the loan through a life insurance company on behalf of the borrower, a partnership between Peter Wenzel of Wenzel Investment Group and Victor Ferraez. The partnership acquired the property, which was originally built in 2007, in 2013.
The demand for retail space throughout Central Florida has been extremely high as new concepts are moving into the marketplace due to the mass exoduses from New York City and California. With the major population shift, we are running into the issue of limited supply to lease. Vacancy rates are currently projected at 3.8 percent, which is approximately 100 basis points below the 10-year historical average. Vacancy rates are projected to meet the mid-4 percent range by the end of 2023 due to the expected completion of more than 700,000 square feet of retail space during the fourth quarter, according to research from CoStar Group. Some developers are backing out of ground-up development deals due to the heightened labor and construction costs that every firm is experiencing. However, there are still some notable developments occurring in certain trade areas such as Minneola, Lake Nona, Apopka (Kelly Park) and Davenport, which are just some of the areas with projects expected to deliver in the fourth quarter of this year. These new ground-up projects require lessees to pay a higher rent to make these deals pencil out. The current average asking rate in Orlando is $27.77 per square foot, well ahead of …
NORTH RICHLAND HILLS, TEXAS — Houston-based NewQuest Properties has secured a 27,941-square-foot retail lease at Rufe Snow Village in North Richland Hills, a northeastern suburb of Fort Worth. Austen Baldridge and Bob Conwell of NewQuest represented the tenant, an entity doing business as TX Thrift LLC, in the lease negotiations. Stone Beyer and Taylor Marks of Woodcrest Capital represented the undisclosed landlord.
