Retail

Continental Realty Corp. Signs Leases with Five Retail Tenants at Oakland Plaza in Troy, Michigan

by Kristin Harlow September 8, 2023

TROY, MICH. — Continental Realty Corp. (CRC) has signed leases totaling nearly 35,000 square feet with five retail tenants at Oakland Plaza in Troy. The 172,000-square-foot shopping center is now 97 percent occupied. CRC acquired the asset in 2021 when it was 68 percent leased. The most recent leases are with Kid’s Empire (14,579 square feet), Rally House (9,000 square feet), Meat Up BBQ (4,646 square feet), Paris Banh Mi (3,600 square feet) and Mochinut (2,571 square feet). Daniel Stern, Eric Unatin, Jared Gell and Eric Birnholtz of Mid-America Real Estate represented the landlord in all five leases.

September 8, 2023

Idaho Market Reports Retail Western Western Market Reports

Many Retailers See Boise as the Next Expansion Hotspot

by Jeff Shaw September 8, 2023

— By Andrea Nilson, Executive Director of Retail and Capital Markets, Cushman & Wakefield — National attention has been focused on the business growth, expansion and innovation in the Mountain West region in recent years — and Boise continues to be the region’s bright spot. Recognized as one of the best places to live and work due to its educated population and outdoor lifestyle, the area remains at to top of retailers’ site selection lists. Boise has also become a city of choice for restaurants, which has pushed the market to a new level of maturity and refinement. A strong blend of national chains, as well as regional and local restauranteurs, are anchoring several of the large, high-density apartment developments downtown, making this core truly unique and vibrant. The retail market remains on an upward trajectory based on key indicators. Low levels of speculative construction and strong demand will likely contribute to lower vacancy and higher rents for the remainder of 2023. Demand has outpaced supply by 30 percent over the previous 15 months. Boise was ranked No. 3 in annual population growth nationwide at 2.2 percent. It is projected to increase further, while its economy expanded at a rate of 3.4 …

September 8, 2023

Leasing Activity Retail Southeast Virginia

Whole Foods Market to Open 49,499 SF Store in Springfield, Virginia

by John Nelson September 7, 2023

SPRINGFIELD, VA. — Whole Foods Market plans to open a 49,499-square-foot store within Springfield Plaza, a 260,879-square-foot shopping center located at 6426 Springfield Plaza in Springfield. The new store, a relocation of an existing Springfield store at 8402 Old Keene Mill Road, will open in early October. The new store nearly doubles the footprint of the original Whole Foods, which has been operating for more than 25 years. Other tenants at Springfield Plaza include Trader Joe’s, CVS/pharmacy, Big Blue Swim, Party Depot, David’s Bridal, Starbucks, Chipotle, Panda Express, Verizon Wireless, Inova, Phenix Salon Suites and Wells Fargo.

September 7, 2023

Development Northeast Pennsylvania Restaurant Retail

Meyer Completes 5,860 SF Food-and-Beverage Expansion Project in Fort Washington, Pennsylvania

by Taylor Williams September 7, 2023

FORT WASHINGTON, PENNSYLVANIA — Locally based design firm Meyer has completed a 5,860-square-foot expansion of the bar and lounge area at the Manufacturers’ Golf & Country Club in Fort Washington, located on the northern outskirts of Philadelphia. The two-story bar and lounge now features enhanced dining and outdoor patio space overlooking the golf course. The renovation also included a new grill area, fire pits, pavers and outdoor lighting, and the interior now houses a new wine room with lockers, as well as new lighting, finishes and millwork surrounding newly installed fireplaces.

September 7, 2023

Acquisitions California Retail Western

Black Lion Acquires Whole Foods-Anchored Retail Complex in Thousand Oaks, California for $8M

by Amy Works September 7, 2023

THOUSAND OAKS, CALIF. — Black Lion has purchased a shopping center located at 692 N. Moorpark Road in Thousand Oaks, for $8 million. The name of the seller was not released. Whole Foods Market anchors the 23,958-square-foot retail center, which will undergo rebranding. At the time of acquisition, the 11-storefront property was 55 percent occupied. The buyer plans to implement upgrades to the asset including a façade renovation, new roof and parking lot. Dan Tyner of JLL represented the buyer and seller in the transaction.

September 7, 2023

Acquisitions Midwest Retail Wisconsin

Club Car Wash Purchases Two Acres in Sheboygan, Wisconsin

by Kristin Harlow September 7, 2023

SHEBOYGAN, WIS. — Club Car Wash has purchased two acres at 4433 Vanguard Drive in Sheboygan, about 57 miles north of Milwaukee. The purchase price was undisclosed. Joe Kleiman and Adam Dreier of Mid-America Real Estate represented the buyer. The seller was an entity doing business as 4433 Vanguard Outlots LLC.

September 7, 2023

Market Reports Midwest Midwest Market Reports Minnesota Retail

Strong Regional Economy Propels Minneapolis Retail Market

by Kristin Harlow September 7, 2023

By Tricia Pitchford and Amy Senn, Mid-America Real Estate A strong regional economy continues to propel the retail real estate market in Minneapolis heading into the fall. Unemployment remains lower than the national average, though up from last year’s remarkable sub-2 percent. New jobs are being created at a nice clip. At the same time, retail real estate space is tight, with limited new construction. Well-located spaces are being re-tenanted quickly. The same is generally true for B and C locations. Rents are flat to increasing. Higher construction costs continue to hamper tenant expansion. Although the macroeconomy is slowing, consumers are proving resilient, with a large appetite (pun intended) for quick-service restaurants and personal services, in particular. Where’s the most action? Suburban trade areas are seeing most of the activity across the metro area. Maple Grove, Woodbury, Edina and Roseville are among the strongest submarkets. A couple of urban trade areas, namely the North Loop warehouse district and Northeast Minneapolis, stand out for their growing appeal as arts, entertainment and dining districts. (Yes, we have hipsters in the Twin Cities.) Generally infill and redevelopment opportunities are more time-consuming and costly to execute than ground-up development, but that’s not stopping the …

September 7, 2023

Acquisitions Connecticut Northeast Retail

FNRP Acquires 78,500 SF Shopping Center in Windsor, Connecticut

by Taylor Williams September 6, 2023

WINDSOR, CONN. — First National Realty Partners (FNRP) has acquired Windsor Court, a 78,500-square-foot shopping center located roughly 10 miles outside Hartford. A 64,195-square-foot Stop & Shop grocery store anchors the property. Other tenants include AT&T, Windsor Court Wine, Great Clips and Edible Arrangements. Paul Penman and Johnathan Martin of Newmark represented the undisclosed seller in the transaction.

September 6, 2023

Acquisitions Illinois Midwest Office Retail

SVN Chicago Commercial Brokers $2.2M Sale of Office, Retail Building in Winfield, Illinois

by Kristin Harlow September 6, 2023

WINFIELD, ILL. — SVN Chicago Commercial has brokered the $2.2 million sale of an office and retail building in Winfield, a western suburb of Chicago. The ground floor of the building is fully leased to a variety of retail and restaurant tenants. The second floor is vacant office space that was previously occupied by one tenant. SVN represented the seller. The buyer retained SVN to lease the remaining spaces with intentions of converting them into medical office suites. Buyer and seller information was not provided.

September 6, 2023

Leasing Activity Midwest Restaurant Retail Wisconsin

Tap-In Golf Bar Leases 6,776 SF at Silvernail Plaza in Waukesha, Wisconsin

by Kristin Harlow September 6, 2023

WAUKESHA, WIS. — Tap-In Golf Bar has leased 6,776 square feet of retail space at Silvernail Plaza in the Milwaukee suburb of Waukesha. The property is located at 2100 Silvernail Road. Emily Smits and Scott Satula of Mid-America Real Estate represented the landlord, Waukesha Retail LLC.

September 6, 2023

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