Retail

JLL Brokers $39.1M Sale of Publix-Anchored Shopping Center in Jupiter, Florida

by John Nelson July 14, 2023

JUPITER, FLA. — JLL Capital Markets has brokered the $39.1 million sale of Bluffs Square Shoppes, a 123,917-square-foot shopping center located in Jupiter. Constructed in 1986, the property is anchored by Publix. Other tenants at the center, which was 98 percent leased at the time of sale, include Walgreens, Uncle Eddie’s, Anthony’s Women Apparel, Goodwill, The UPS Store, Toojay’s Deli and Cafe Solé. Danny Finkle, Jorge Portela, Eric Williams and Kim Flores of JLL represented the seller, Sterling Organization, in the transaction. BPS Partners acquired the property.

July 14, 2023

Development Illinois Midwest Restaurant Retail

Cicero to Complete 4,000 SF Renovation for New Restaurant at Chicago’s Windermere House

by Kristin Harlow July 14, 2023

CHICAGO — Cicero Construction Group is completing a 4,000-square-foot renovation at Chicago’s historic Windermere House. The space will serve as the future home of Dawn, a southern brunch restaurant slated to open in September. The renovation will completely transform the space, which was formerly home to Piccolo Mondo restaurant. Plans call for a new commercial-grade kitchen with a revamped layout. The dining room will undergo a gut renovation to accommodate seating for 61 guests, and the bar area will be expanded. Cicero will also demolish the former interior; install new drywall, finishes, masonry and woodwork; upgrade the mechanical, electrical and plumbing systems; and replace the flooring and lighting. The restaurateur behind Dawn is Racquel Fields, who runs the Caribbean-inspired 14 Parish a few blocks away.

July 14, 2023

Acquisitions California Retail Western

Wood Investments Acquires 25,500 SF Retail Property in San Clemente, California

by Jeff Shaw July 14, 2023

SAN CLEMENTE, CALIF. — Wood Investments Cos. has acquired a 25,000-square-foot, single-tenant retail property in San Clemente for $7 million. The 99 Store occupies the property, which is situated within Pico Plaza shopping center. “The 99 Store has been a good tenant and partner of ours in other centers, and this was another opportunity to partner with them again,” says Patrick Wood, chief executive officer and president of Wood Investments. The seller was not disclosed.

July 14, 2023

Acquisitions California Retail Western

Progressive Brokers $7.2M Sale of Single-Tenant Retail Asset in Corona, California

by Jeff Shaw July 14, 2023

CORONA, CALIF. — Progressive Real Estate Partners has brokered the $7.2 million sale of a single-tenant retail property located in the Inland Empire city of Corona. Merit Auto Spa, a full-service car wash center, occupies the building, which is an outparcel to Corona Hills Marketplace. A California-based private investor purchased both the property and business. Victor Buendia of Progressive represented the undisclosed seller in the transaction.

July 14, 2023

California Market Reports Retail Western Western Market Reports

San Diego’s Retail Market Brings Positivity

by Jeff Shaw July 14, 2023

— By Reg Kobzi, Senior Vice President, CBRE — Despite economic headwinds and uncertainty, there remains a positive sentiment within the San Diego retail market due to the historically low vacancies that continue to persist quarter over quarter. Inflation across consumer categories erodes spending power and challenges the retail landscape, as well as the greater economy. Landlords proactively track consumer spending and tenant resilience to mitigate risk. Inflation has proven stubbornly high, but it is predicted to decline over the coming months as the economy cools. CBRE believes the rate hiking cycle is nearing an end, and the Feds should start to cut rates by the end of the year. Despite the economic challenges, San Diego is healthy as its unemployment rate has remained relatively steady and seen significantly less expansion than at the state and national levels. June is the 35th consecutive month that unemployment in San Diego was below the state norm and the 12th straight month below the U.S. average. San Diego retail vacancy stabilized at the beginning of 2023, mirroring the rate from the last quarter of 2022 of 4.9 percent. Since vacancy rates are indicators of the market’s overall health, this stabilization is a valuable …

July 14, 2023

Development Leasing Activity Louisiana Restaurant Retail Southeast

Dorsey Development Adds Four Tenants to Tarpon Heights Shopping Center in Cut Off, Louisiana

by John Nelson July 13, 2023

CUT OFF, LA. — Dorsey Development Cos. has signed four new tenants to join the roster at Tarpon Heights Shopping Center, a 57,698-square-foot retail property in Cut Off. The center took a direct hit from Hurricane Ida in 2021, after which Dorsey has replaced the roof, rebuilt the façade and cleaned up debris at the site. Joining Tarpon Heights are Dollar General, which will return to its previous 11,398-square-foot space, as well as Bayou Ju Jitsu, El Viejon and Lafourche Parish Library. Bayou Ju Jitsu is a local martial arts studio, and El Viejon is a Mexican restaurant that is replacing the former El Paso restaurant.

July 13, 2023

Acquisitions Net Lease New Mexico Retail Western

Hanley Brokers Sale of 3,331 SF Retail Property in Albuquerque

by Jeff Shaw July 13, 2023

ALBUQUERQUE, N.M. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 3,331-square-foot, single-tenant retail property in Albuquerque. Raising Cane’s Chicken Fingers occupies the building on a 15-year, triple-net lease. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley represented the seller and developer, TradeCor LLC, in the transaction, in association with ParaSell Inc. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners represented the buyer, an undisclosed private investor.

July 13, 2023

Acquisitions Florida Retail Southeast

Ian Black Real Estate Brokers $8.2M Sale of Retail Center in Sarasota, Florida

by John Nelson July 12, 2023

SARASOTA, FLA. — Ian Black Real Estate has brokered the $8.2 million sale of Crowder Plaza, a 25,000-square-foot retail center located at 2507 Lakewood Ranch Blvd. in Sarasota. Shadow-anchored by Ace Hardware, the center was fully leased at the time of sale to tenants including Big Top Brewery, Goodwill, The Granary, Blossom Nails, The Boutique Out East, Premier Tackle and Domino’s Pizza. George Brusco of Ian Black Real Estate represented the seller, an entity doing business as Crowder Enterprises LLC, in the transaction. Marny Lewis of Berkshire Hathaway HomeServices, Florida Realty represented the buyer, an entity doing business as Crowder Village LLC. Brusco has managed the leasing for Crowder Plaza since 2014.

July 12, 2023

Leasing Activity Maryland Mixed-Use Retail Southeast

Chasen Cos. Adds Puttshack to The Whitney Mixed-Use Building in Baltimore’s Harbor East District

by John Nelson July 12, 2023

BALTIMORE — Chasen Cos. has signed interactive mini-golf retail concept Puttshack to join the tenant roster at The Whitney, a five-story mixed-use building in Baltimore’s Harbor East neighborhood. The historic property was originally the home of the Meyer Seed Co. Set to open in late 2024, the Baltimore Puttshack will be the brand’s first location in Maryland. The almost 25,000 square-foot space will feature three nine-hole mini-golf courses, as well as private event space, two full-service bars and an outdoor patio space with seating for almost 50 patrons. Since opening its first location in 2018, Chicago-based Puttshack now has nine locations in the United States: Atlanta, Boston, Chicago, Miami, Denver, Houston, Pittsburgh, Scottsdale and St. Louis, as well as four in the United Kingdom. Puttshack plans to open Dallas and Nashville venues by the end of the year.

July 12, 2023

Acquisitions Northeast Pennsylvania Retail

James Balliet Property Group Negotiates Sale of 225,000 SF Shopping Center in Quakertown, Pennsylvania

by Taylor Williams July 12, 2023

QUAKERTOWN, PA. — The James Balliet Property Group, a division of brokerage firm Keller Williams Real Estate, has negotiated the sale of Richland Plaza, a 225,000-square-foot shopping center located in the Lehigh Valley city of Quakertown. Velocity Venture Partners acquired the property for $16.7 million and plans to implement a redevelopment, specific details of which were not disclosed. Tenants at the center, which is situated on 20 acres, include Wells Fargo, Ollie’s Bargain Outlet and Pearle Vision Center. James Balliet represented the seller, APS Associates, in the transaction.

July 12, 2023

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