Retail

Northpond Partners Acquires Adaptive Reuse Development in Charlotte for $12.5M

by John Nelson June 9, 2023

CHARLOTTE, N.C. — Northpond Partners has acquired Chadbourn Mill, an adaptive reuse project underway at a 1930s-era textile mill located within Charlotte’s Mill District. Northpond purchased the property from Federal Capital Partners (FCP) for $12.5 million, with plans to develop retail and restaurant space. Renovations will include the addition of two 7,000-square-foot patios and the installation of garage doors on the 18,000 square feet of ground-floor retail space at the property’s main building. Plans also include the addition of a lawn adjacent to the secondary, 2,100-square-foot retail building. The corporate headquarters for software developer Ekos will continue to occupy the second floor of the main building. Southwick Architecture + Interiors will serve as architect, and White Point Partners remains a partner on the development. Construction is expected to be complete in 2024. Stream Realty Partners arranged the sale on behalf of FCP and White Point.

June 9, 2023

Leasing Activity Restaurant Retail Texas

Si Tapas to Open 4,275 SF Restaurant in Fort Worth

by Taylor Williams June 9, 2023

FORT WORTH, TEXAS — Si Tapas, a concept that offers classical and contemporary Spanish cuisine, will open a 4,275-square-foot restaurant at Crockett Row, a 282,334-square-foot development located in Fort Worth’s Cultural District. The opening is slated for the fall. Dallas-based Younger Partners owns Crockett Row after purchasing the property in August 2022.

June 9, 2023

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $8.9M Sale of Retail Center in Pickerington, Ohio

by Kristin Harlow June 9, 2023

PICKERINGTON, OHIO — Marcus & Millichap has arranged the $8.9 million sale of The Shoppes at Stonecreek in Pickerington, an eastern suburb of Columbus. The 44,874-square-foot retail center is located at 1500 Stonecreek Drive. Built in 2008, the property is fully leased to tenants such as LifeTime Fitness, Roosters, Petland and Vitality Bowls. Scott Wiles, Craig Fuller, Erin Patton and Zach Turner of Marcus & Millichap represented the buyer and seller, neither of which were disclosed.

June 9, 2023

Acquisitions Midwest Ohio Retail

Friedman Negotiates Sale of Minuteman Car Wash-Occupied Property in Toledo, Ohio

by Kristin Harlow June 9, 2023

TOLEDO, OHIO — Friedman Real Estate has negotiated the sale of a 2,410-square-foot retail property occupied by Minuteman Car Wash in Toledo for an undisclosed price. The car wash, located at 5020 Monroe St., was built in 1971 and renovated in 2022. Marc Hildenbrand and Jordan Friedman of Friedman represented the buyer and seller, neither of which were disclosed.

June 9, 2023

Acquisitions Company News Florida Restaurant Retail Southeast

SRS Real Estate Partners Acquires Tampa-Based Meridian Retail Group

by John Nelson June 8, 2023

DALLAS AND TAMPA, FLA. — SRS Real Estate Partners has expanded its Florida presence with the acquisition of full-service, Tampa-based firm Meridian Retail Group, which provides advisory services to retail, restaurant and entertainment clients. Meridian co-founders John Fahey and Tyler McRae will join SRS as senior vice presidents and market leaders, heading the Tampa office in conjunction with John Artope, executive vice president and managing principal of SRS. Fahey and McRae have 20 and 15 years of experience, respectively. Grant Burt, Caroline Connelly and Jacob Rasnick of Meridian will also join SRS, with a focus on tenant representation and leasing for retail clients.

June 8, 2023

Acquisitions Midwest Ohio Retail

Dowd Cos. Arranges Sale-Leaseback of Two Children of America Schools in Ohio for $6.9M

by Kristin Harlow June 8, 2023

COLUMBUS AND MAINEVILLE, OHIO — The Dowd Cos. has arranged the sale-leaseback of two Children of America schools in Ohio for $6.9 million. The properties at 8360 N. High St. in Columbus and 8261 Rivers Bend Drive in Mainesville total 21,949 square feet. Children of America is a childcare operator headquartered in Delray Beach, Fla. The company maintains more than 65 locations in 15 states with 13 new schools in development. John Dowd and Theresa Johnson of Dowd Cos. represented Children of America in the sale. The all-cash buyer completed a 1031 exchange. The transaction represented a cap rate of 7 percent.

June 8, 2023

Acquisitions Development Oklahoma Retail Texas

LSC Development Buys 161,190 SF Former Sears Building in Oklahoma City, Plans Redevelopment

by Taylor Williams June 8, 2023

OKLAHOMA CITY — LSC Development has acquired a 161,190-square-foot retail building formerly occupied by Sears in Oklahoma City with plans to redevelop the property into a mixed-use facility with retail self-storage uses. The site is adjacent to a Walmart Neighborhood Market and across the street from the 31-acre INTEGRIS Southwest Medical Center. Michael Brewster, Drew Quinn, Brad Peterson, El Warner and Charley Simpson of Colliers represented the undisclosed seller in the transaction.

June 8, 2023

Leasing Activity Retail Texas

Baker Katz Arranges Three Retail Leases for Pet Supplies Plus in Metro Houston

by Taylor Williams June 8, 2023

HOUSTON — Baker Katz has arranged three retail leases totaling 19,050 square feet for Pet Supplies Plus in metro Houston. The pet care brand will occupy 6,000 square feet in the northern suburb of Conroe beginning in the fourth quarter. Additionally, Pet Supplies Plus will open a 5,550-square-foot store in Cypress and a 7,500-square-foot space in north Katy in the second quarter of 2024. Brett Levinson of Main Street Commercial Partners represented the landlords in the Conroe and Katy deals. Brad Kilbride of Retail Leasing represented the landlord in the Cypress deal.

June 8, 2023

Features Retail

Buyer, Seller Disconnect Continues Amid Challenging Retail Lending Environment

by Katie Sloan June 8, 2023

When comparing this year’s retail investment sales market to last year’s, the main difference is the dramatic increase in the cost of capital. Naturally, this has led to a decrease in transaction activity and a disconnect between buyers and sellers. Over the past year, the Federal Reserve has raised the federal funds rate nine times for a total of 475 basis points to tame inflation. These actions have led to a sharp rise in commercial mortgage rates, which have a significant impact on pricing. The average mortgage rate on loans closed in the fourth quarter of 2022 across all commercial real estate asset classes was 5.3 percent, according to CBRE, up from 3.3 percent in the fourth quarter of 2021. Additionally, according to the Federal Deposit Insurance Corp. (FDIC), 2023 represents the largest year in bank failures in terms of total assets since 2008. In March, the FDIC took the reins at two regional banks, Silicon Valley Bank and Signature Bank, after massive bank runs. “Many would-be sellers are on the sidelines due to the downward pressure on pricing, leading to lower transaction velocity,” says Matt Hazelton, senior director with JLL Capital Markets in Minneapolis. “Property values have decreased about …

June 8, 2023

Acquisitions California Retail Western

Hanley Brokers $36.5M Sale of Bristol Place Shopping Center in Santa Ana, California

by Jeff Shaw June 7, 2023

SANTA ANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $36.5 million sale of Bristol Place, a 61,454-square-foot retail center located in Santa Ana. Built in 1968, the property was renovated in 2019 and was 89 percent occupied at the time of sale. Matt Burnett, Kevin Fryman and Ed Hanley of Hanley represented the seller, a joint venture between an affiliate of Cadence Capital Investments and Oakwood Real Estate Partners. Ron Duong of Marcus & Millichap represented the buyer, a California-based private investor.

June 7, 2023

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