ARLINGTON, TEXAS — Dallas-based investment sales brokerage firm STRIVE has arranged the sale of College Crossing, a 13,910-square-foot retail strip center in Arlington. Hudson Lambert of STRIVE represented the seller and procured the buyer, both of which were locally based entities that requested anonymity, in the transaction. The center was fully leased at the time of sale to tenants such as Caress Dental, Soleil Cutz, Crown’s BBQ and Foxi Nails.
KENILWORTH, N.J. — Sporting equipment retailer Pure Hockey has signed a retail lease to open an 11,340-square-foot store in the Central New Jersey community of Kenilworth. The tenant, which operates about 60 stores nationwide, has backfilled and converted a space formerly occupied by a laundromat/dry cleaner. Marc Palestina and Chuck Lanyard of The Goldstein Group represented the landlord, an entity doing business as Kenilworth 2480 Route 22 LLC, in the lease negotiations. Dean Tselepis of Newmark represented the tenant.
WAUKESHA, WIS. — Marcus & Millichap has brokered the $14.9 million sale of a 112,010-square-foot shopping center in Waukesha, a western suburb of Milwaukee. Sendek’s Grocery Store anchors the property, which is also home to Walgreens, McDonald’s and Cost Cutters. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. The team also procured and represented the buyer, a Michigan-based limited liability company.
ROCKWALL, TEXAS — JLL has arranged the sale of Rockwall Market, a 211,971-square-foot shopping center located in the eastern Dallas suburb of Rockwall. Built in 1999, the property was fully leased at the time of sale to tenants such as Ross Dress for Less, Burkes Outlet, Michaels, Old Navy and Petco. Adam Howells, Ryan Shore and Megan Babovec of JLL represented the undisclosed seller in the transaction. Dunhill Partners acquired the property for an undisclosed price.
SACHSE, TEXAS — Locally based firm Foremark Development is nearing full completion of The Shops at Sachse, a 28,000-square-foot retail project located on the eastern outskirts of Dallas. The center’s two multi-tenant buildings totaling roughly 18,000 square feet are now complete, and construction of a 10,000-square-foot build-to-suit for The Learning Center is underway and slated for a mid-2024 delivery. Other tenants include Starbucks, Jake’s Burgers & Beer and Tropical Smoothie Café.
JACKSONVILLE, FLA. — PEBB Enterprises and Falcone Group have signed three new restaurant tenants to join Beachwalk, a mixed-use project currently underway in Jacksonville. Starbucks Coffee, Fancy Sushi and Playa Bowls will occupy 2,500, 1,500 and 1,200 square feet, respectively. The new leases bring the retail and restaurant space at the development, which totals 170,000 square feet, to 55 percent occupancy. Other tenants at the project include Fysh Bar & Grill, Noire Nail Bar, F45 Fitness, BurgerFi, Supercuts, Kilwins, Bagels R Us, Island Fin Poke, The Covery and Union 76 Daybreak Market. Upon completion, the development will also feature a 130-room hotel and 348-unit apartment community.
GILBERT, ARIZ. — Indicap, Colmena Group and Langley Properties have completed the purchase of 311 acres of land at the northwest corner of Power and Warner roads in Gilbert. The property traded for $107.5 million in an all-cash transaction. The buyers plan to develop The Ranch, a billion-dollar mixed-use project on the site. With the land acquisition complete, the project will move to the site planning and design phase, with a groundbreaking slated for third-quarter 2024. The project will include: Jason Hyams of Insight Land and Investments represented the buyer. Danny Perkinson and Scott Perkinson of Perk Prop Real Estate represented the seller, The Dale C. Morrison Trust, in the deal.
GLEN ALLEN, VA. — PGA Tour Superstore plans to open a 30,000-square-foot store at Colonnades West, a neighborhood shopping center located at the corner of Cox Road and West Broad Street in Glen Allen. Set to open in early 2024, the store will be the first PGA Tour Superstore in the greater Richmond market. The retailer is backfilling a former Office Max and will be positioned between Ross Dress for Less and Marshalls within the shopping center. Larry Agnew of S.L. Nusbaum Realty Co. represented the tenant in the lease negotiations. Harrison Hall and Peter Vick of Colliers represented the undisclosed landlord.
COLORADO SPRINGS, COLO. — NorthPeak Commercial Advisors has arranged the purchase of a retail space located at 4425 Buckingham Drive in Colorado Springs. The asset traded for $2.6 million, or $1,100 per square foot. The property features 2,347 square feet of retail space, which a Dunkin location currently occupies. Matt Lewallen and Kevin Calame of NorthPeak Commercial Advisors represented the buyer in the deal. Further details were not disclosed.
— By Gabe Kadosh, Vice President at Colliers in Los Angeles — Retail leasing activity in Los Angeles is robust. Demand is particularly strong in the home/furniture industries. The quick-service restaurant segment is another one that continues to grow, with a large uptick in demand for drive-thru accommodations. Now, for the good news — or bad news, depending on whether you’re a landlord or tenant. Los Angeles remains a tenant market. There is currently too much available retail space. Oftentimes, retail tenants can simply go across the street if they find a particular landlord’s rent — or lease terms — unfavorable. The current vacancy rate for retail in Greater Los Angeles stands at about 6 percent. Significant concessions and incentives are being offered in various regions of Los Angeles. Downtown Los Angeles is seeing the largest number of concessions. That’s because the office market has been shuttered so dramatically, thanks to the pandemic and the work-from-home trend that just won’t go away. This has caused some Downtown mixed-use office and retail landlords to offer base CAM or even no rent just to keep the doors open. In other cases, some retail tenants only pay a percentage of sales with no …