Retail

Mid-America Arranges Sale of 171,366 SF Shopping Center in Kohler, Wisconsin

by Kristin Harlow August 25, 2023

KOHLER, WIS. — Mid-America Real Estate Corp. has arranged the sale of Deertrace Kohler in Kohler, a northern suburb of Milwaukee. The sales price was undisclosed. Managed by Pine Tree, the 171,366-square-foot shopping center features tenants such as T.J. Maxx, HomeGoods, Sierra Trading Post, Dollar Tree, Spectrum, Bath & Body Works, U.S. Cellular, Mattress Firm and JoAnn. Rick Drogosz and Dan Rosenfeld of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. Chase Properties was the buyer.

August 25, 2023

Acquisitions Michigan Midwest Retail

SRS Brokers $7.8M Sale of CVS-Occupied Property in Ann Arbor

by Kristin Harlow August 25, 2023

ANN ARBOR, MICH. — SRS Real Estate Partners has brokered the sale of a 13,040-square-foot retail property occupied by CVS Pharmacy in Ann Arbor for $7.8 million. Originally constructed in 1930, the building is located at 209 S. State St. adjacent to the University of Michigan. John Redfield of SRS represented the seller, a northern California-based private investor. Michael Carter and Frank Rogers of SRS represented the buyer, a Michigan-based investment company completing a 1031 exchange. CVS has more than 14 years remaining on its triple net lease.

August 25, 2023

Features Nevada Retail Western Western Feature Archive

Owners Need Creativity, Adaptation and Capital to Keep Malls Alive in 2023

by John Nelson August 25, 2023

By Dan Spiegel of Coldwell Banker Commercial As we enter an age where online shopping dominates the retail landscape, a recurring discussion in commercial real estate is what part malls play in this new world, if any part at all. More and more malls are “dying out,” which creates a difficult challenge for property owners as conventional indoor malls are no longer a commodity due to constantly evolving shopping trends. My team and I work with retail property owners and buyers at Coldwell Banker Commercial to address these difficulties and help build a new future for successful mall properties. Thankfully, there are a few key strategies property owners can implement to save their shopping centers from becoming obsolete. One of these strategies includes renovating a mall to create new stores and experiences, repositioning the space as a social destination for recreation. Another involves transforming shopping centers into mixed-use spaces, adding apartments and multifamily units to increase foot traffic and provide people with access to shopping, housing and other essential services. Older Properties, New Market The Reno Public Market in Reno, Nev., is a great case study that demonstrates one of the ways in which property owners can adapt to current …

August 25, 2023

Acquisitions Company News Restaurant Retail Top Stories

Roark Capital Agrees to Acquire Subway Restaurant Chain

by Hayden Spiess August 24, 2023

MILFORD, CONN. — Private equity firm Roark Capital has entered into a definitive agreement with Subway to acquire the Milford-based restaurant chain. The price was not disclosed, but according to CNBC, Subway previously sought $10 billion, and The Wall Street Journal reported on Monday that Roark offered $9.6 billion. According to CNBC, other bidders reportedly included TDR Capital and Sycamore Partners. Founded more than 50 years ago by Peter Buck and Fred DeLuca, Subway boasts 36,592 restaurants globally, according to the company website. Market-research firm Technomic has reported that the chain garnered $9.8 billion in domestic sales across 20,810 stores last year. The DeLuca and Buck families have continued to own the company, with this acquisition marking the first departure from family ownership. Atlanta-based Roark currently has $37 billion in assets under management, with a focus on consumer and business service companies and a specialization in franchise and multi-location businesses in the retail and restaurant sectors. The firm backs Focus Brands Group, which owns Auntie Anne’s, Carvel, Cinnabon, Jamba, McAlister’s Deli, Moe’s Southwest Grill and Schlotzsky’s. “This transaction reflects Subway’s long-term growth potential, and the substantial value of our brand and our franchisees around the world,” says John Chidsey, who has served as chief executive officer …

August 24, 2023

Development Mixed-Use Restaurant South Carolina Southeast Student Housing

University of South Carolina, Greystar Open $240M Campus Village Student Housing Project in Columbia

by John Nelson August 24, 2023

COLUMBIA, S.C. — A public-private partnership between the University of South Carolina and Greystar has opened Campus Village, a $240 million residence hall development. Construction on the project, which includes four buildings offering 1,800 beds, began in May 2019. Each six-story building is connected by pedestrian promenades that run alongside green space, courtyards and a clock tower. Beds are offered in pod-style units alongside shared amenities including study and classroom spaces and community kitchens. Campus Village also features a 14,000-square-foot dining hall that seats 650 students; a sundry shop dubbed The Gamecock General Store; retail space leased to Jimmy John’s and Starbucks Coffee; and shuttle service to and from central campus. The development is home to several living-learning communities, including those for information, design and computing; engineering and computing; and entrepreneurship and innovation. The development team for Campus Village included Contract Construction, Juneau Construction and WDG.

August 24, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $14.8M Sale of University Commons Shopping Center in South Florida

by John Nelson August 24, 2023

TAMARAC, FLA. — Marcus & Millichap has brokered the $14.8 million sale of University Commons, an 80,224-square-foot shopping center located at 6702 N. University Drive in Tamarac, a city in South Florida’s Broward County. The buyer, a private investor based in New York, purchased the center from a private investment firm based in Miami. Both parties requested anonymity. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller in the transaction. Anchored by Quince Supermarket and shadow-anchored by CVS/pharmacy, University Commons houses Dunkin’, Quest Diagnostics and Tire Choice.

August 24, 2023

Acquisitions Illinois Midwest Retail

JLL Arranges $13.1M Sale of Mariano’s-Occupied Property in Northfield, Illinois

by Kristin Harlow August 24, 2023

NORTHFIELD, ILL. — JLL Capital Markets has arranged the $13.1 million sale of a 47,732-square-foot retail property occupied by Mariano’s in Northfield, a northern suburb of Chicago. Alex Sharrin, Michael Nieder, Mohsin Mirza, Charles Shehan and Caity Tirakian of JLL represented the seller, Stockbridge, and the buyer, Swanson Development Group. Mariano’s has operated at the property at 1822 Willow Road since 2013 with a triple-net lease with multiple renewal options. Mariano’s is a regional supermarket chain with 44 locations throughout Illinois. In 2015, Kroger acquired the chain via Mariano’s parent company Roundy’s.

August 24, 2023

Market Reports Midwest Market Reports Retail

Retail Sector Is on its Way to Becoming Darling of Commercial Real Estate Market

by Kristin Harlow August 24, 2023

By Jared Shapiro, Marcus & Millichap The commercial retail market is a consistently evolving landscape that plays a vital role in shaping our economy. With consecutive months of broad growth, health and convenience remain a priority for shoppers. With the combination of more households planning seasonal trips and underlying tenant demand remaining extraordinarily strong, the commercial retail sector has become the “darling of the industry.” As seen in the June meeting, the Federal Reserve took a rate hike hiatus for the first time since March 2022, which should lead to some stabilizing of the capital markets. Is the retail investment market poised for a growth and boom cycle? In short, the answer is yes. Currently, there is a lack of for-sale inventory on the market for multi-tenant shopping centers, which is creating a scenario where we are consistently seeing multiple qualified offers on deals that we are seeing in the market. As we are getting deeper into the summer months, the flow of 1031 exchange money will continue to grow. This will be a positive element for the single-tenant net-lease sector, as it has historically seen the most aggressive buyers of triple-net deals in 1031 exchanges. When viewed from …

August 24, 2023

Acquisitions Retail Texas

Ivy Cos., 35 South Capital Acquire 48,500 SF Shopping Center in Southwest Austin

by Taylor Williams August 23, 2023

AUSTIN, TEXAS — A partnership between locally based investment firm Ivy Cos. and Texas-based 35 South Capital has acquired Casis Village, a 48,500-square-foot shopping center located in Austin’s Tarrytown neighborhood. Built in 1952 and anchored by grocer Randalls, the center is also home to tenants such as Benchmark Bank, Starbucks, Tarrytown Pharmacy and Estilo Boutique. Dan Frey of Endeavor Real Estate Group represented the undisclosed seller in the transaction. The partnership was self-represented.

August 23, 2023

Acquisitions Florida Retail Southeast

IPA Brokers $18.1M Sale of Bay City Point Shopping Center in Panama City, Florida

by John Nelson August 23, 2023

PANAMA CITY, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.1 million sale of Bay City Point, a 121,413-square-foot shopping center located at 500 E. 23rd St. in Panama City. The center’s tenant roster includes Hobby Lobby, Burlington, Five Below, Skechers and Ulta Beauty. Zach Taylor of IPA represented the seller, Rome, Ga.-based Ledbetter Properties, in the transaction. The buyer was not disclosed. “Demand remains strong for well-located retail projects with strong credit,” said Taylor. “Interest rates remain a headwind, but property-level fundamentals are as strong as ever.”

August 23, 2023

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