Retail

PGA Tour Superstore to Open 30,000 SF Store at Colonnades West Shopping Center in Metro Richmond

by John Nelson August 29, 2023

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.

August 29, 2023

Acquisitions Colorado Retail Western

NorthPeak Brokers $2.6M Acquisition of Retail Space in Colorado Springs

by Amy Works August 29, 2023

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.

August 29, 2023

California Market Reports Retail Western Western Market Reports

Los Angeles Retail Evolves as Tenants Reign Supreme

by Jeff Shaw August 29, 2023

— 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 …

August 29, 2023

Acquisitions Retail Southeast Virginia

Kimco Realty Purchases Stonebridge at Potomac Town Center in Metro D.C. for $172.5M

by John Nelson August 28, 2023

WOODBRIDGE, VA. — Kimco Realty has purchased Stonebridge at Potomac Town Center, a 504,000-square-foot shopping center located in the Washington, D.C., suburb of Woodbridge, Va., for $172.5 million. A 138,500-square-foot Wegmans anchors the property, which was 96 percent leased at the time of sale. Tenants at the center include REI, Ulta Beauty, Starbucks Coffee, Cava, Firebirds Wood Fired Grill, Alamo Drafthouse Cinema and Apple Store, as well as boutique fitness, service and medical retailers. Jericho, N.Y.-based Kimco Realty is looking at redevelopment opportunities at Stonebridge at Potomac Town Center, including three retail outparcels and adding mixed-use elements to the center. The seller was not disclosed.

August 28, 2023

Acquisitions Restaurant Retail Southeast Virginia

Colliers Brokers $5.4M Sale of Two Retail Outparcels in Metro Richmond

by John Nelson August 28, 2023

CHESTER, VA. — Colliers has brokered the $5.4 million sale of two retail outparcels at Bermuda Square, a shopping center located at 12531-12533 Richmond Highway in the Richmond suburb of Chester. The properties include a multi-tenant space leased to Aspen Dental and Sleep Number and a single-tenant property occupied by Chipotle Mexican Grill. Separate buyers acquired the properties for $4 million and $1.4 million, respectively. Michael Brewster and Brad Peterson of Colliers represented the undisclosed seller in the transactions, with assistance from Jay O’Donnell and Jeff Fritz of Colliers.

August 28, 2023

California Development Retail Western

Developer Completes Repositioning of 40,000 SF Retail Center in Los Angeles

by Amy Works August 28, 2023

LOS ANGELES — Developer Jeff Appel has completed the redevelopment of a 40,000-square-foot retail center located in Los Angeles. Matt Saker and Richard Rizika of Beta Agency will lead retail leasing efforts at the property, dubbed The Now.

August 28, 2023

Acquisitions Midwest Nebraska Retail

Marcus & Millichap Arranges $7M Sale of Shopping Center in Omaha

by Kristin Harlow August 28, 2023

OMAHA, NEB. — Marcus & Millichap has arranged the $7 million sale of Plaza Q36, an 81,592-square-foot shopping center in Omaha. The fully occupied property is located at 5101 S. 36th St. Alex Perez of Marcus & Millichap and his team represented the seller, a limited liability company. The undisclosed buyer purchased the center above asking price. Jon Ruzicka, Nebraska broker of record, assisted in closing the transaction.

August 28, 2023

Leasing Activity Midwest Missouri Retail

Gabe’s Opens 76,000 SF Store at Mark Twain Village in St. Charles, Missouri

by Kristin Harlow August 28, 2023

ST. CHARLES, MO. — Gabe’s has opened a 76,000-square-foot store at Mark Twain Village in the St. Louis suburb of St. Charles. First National Realty Partners (FNRP) owns the property. The lease marks the first Gabe’s location within FNRP’s portfolio and the first Gabe’s store in the state of Missouri. Gabe’s is an off-price retailer offering fashion and footwear, essentials, beauty, accessories and home merchandise. Gabe’s occupies the space formerly home to Gordman’s. The center is now 97 percent leased. Other tenants include Bass Pro Shops, Duluth Trading Co., Dungarees and Aldi.

August 28, 2023

Acquisitions Company News Net Lease New York Northeast Retail Top Stories

Retail REIT Merger: Kimco Realty to Acquire RPT Realty for $2B in All-Stock Transaction

by John Nelson August 28, 2023

JERICHO AND NEW YORK CITY, N.Y. — Kimco Realty (NYSE: KIM) has entered into a definitive merger agreement with RPT Realty (NYSE: RPT) under which Kimco will acquire RPT Realty in an all-stock transaction. Both REITs are based in New York — Kimco in Jericho and RPT in Manhattan — and own and operate open-air and grocery-anchored shopping centers, as well as mixed-use assets. Kimco valued the transaction at approximately $2 billion, including the assumption of debt and preferred stock. The merger will add 56 open-air shopping centers, including 43 wholly owned and 13 joint venture assets, to Kimco’s existing portfolio of 528 properties. The affected portfolio spans 13.3 million square feet of gross leasable area. GIC, a sovereign wealth fund based in Singapore, is RPT Realty’s largest joint venture partner and plans to continue its dual ownership with the combined company post-merger. Conor Flynn, CEO of Kimco, says that roughly 70 percent of RPT Realty’s portfolio aligns with Kimco’s strategic markets. This includes Mary Brickell Village, a mixed-use development in Miami that RPT Realty purchased last year for $216 million. Kimco plans to remerchandise and redevelop portions of the center, as well as add it to the company’s Signature Series …

August 28, 2023

Acquisitions California Retail Western

Marcus & Millichap Brokers $28.2M Sale of Shopping Center in Escondido, California

by Amy Works August 25, 2023

ESCONDIDO, CALIF. — Marcus & Millichap has arranged the sale of a shopping center located at the junction of California State Route 78 and Interstate 15 in Escondido. The asset traded for $28.5 million. Lowe’s Home Improvement Warehouse anchors the 179,514-square-foot center. The sale includes a separately parceled Panda Express with a drive-thru and fee simple ownership of a three-tenant retail building anchored by San Diego Gas and Electric. Ron Duong and Joe Berkson of Marcus & Millichap represented the seller, a private investor, while Duong, Berkson and Adams Attia of Marcus & Millichap represented the undisclosed buyer in the deal.

August 25, 2023

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