Retail

Walmart Opens Second In-Store Fulfillment Center in Bentonville, Arkansas

by John Nelson June 7, 2023

BENTONVILLE, ARK. — Walmart has opened its second in-store fulfillment center, dubbed Market Fulfillment Center (MFC), at a store in its headquarters city of Bentonville. The Walmart store (Store 100) is located at 406 S. Walton Blvd. The retail giant’s MFC strategy calls for high-tech fulfillment centers to be built within existing Walmart stores and powered by Alphabot, a proprietary storage and retrieval system. “This new order fulfillment system is truly game changing,” says Ryan Simpson, store manager at Store 100. “Not only does it enhance the customer experience through quicker, more accurate online order fulfillment, it also provides us the runway to continue growing our business now and in the future.” Walmart’s proof of concept store for the MFC strategy was in Salem, N.H. Walmart plans to continue opening MFCs in select stores in the coming years.

June 7, 2023

Acquisitions Georgia Retail Southeast

Dowd Cos. Arranges $16.3M Sale of Horizon Village Shopping Center in Suwanee, Georgia

by John Nelson June 7, 2023

SUWANEE, GA. — The Dowd Cos., a boutique real estate investment sales firm based in West Palm Beach, Fla., has arranged the $16.3 million sale of Horizon Village Shopping Center in Suwanee. The 97,000-square-foot shopping center is located at 2855 Lawrenceville-Suwanee Road in metro Atlanta’s Gwinnett County. Movie Tavern and YouFit Health Clubs anchor the property, which was built in 1996, according to LoopNet Inc. John Dowd and Theresa Johnson of The Dowd Cos. represented the seller in the transaction. Both the buyer and seller requested anonymity.

June 7, 2023

Acquisitions Illinois Industrial Midwest Retail

JLL Brokers $11.5M Sale of Retail, Industrial Building in Skokie, Illinois

by Kristin Harlow June 7, 2023

SKOKIE, ILL. — JLL Capital Markets has brokered the $11.5 million sale of a 123,519-square-foot retail and industrial building in Skokie. Built in 1976 and renovated in 2013, the property is located at 3450 W. Touhy Ave. XSport Fitness is the anchor tenant at the fully occupied building. Other tenants include Skokie Cash & Carry and Howard Packaging. The property features three interior docks, four drive-in doors, an 84-space parking garage and a clear height of 30 feet. Michael Nieder of JLL represented the seller, CenterPoint Properties Trust. Skokie-based Bernard Capital Investment Partners was the buyer.

June 7, 2023

Leasing Activity Midwest Ohio Restaurant Retail

Two New Tenants Open at Greene Town Center in Beavercreek, Ohio

by Kristin Harlow June 7, 2023

BEAVERCREEK, OHIO — Two new tenants have opened at The Greene Town Center in Beavercreek, an eastern suburb of Dayton. Off Par Golf & Social and Taste of Belgium join the more than 100 stores and restaurants at The Greene. Off Par Golf & Social is an indoor golf simulator facility and event venue that totals 5,800 square feet. There are seven state-of-the-art simulators as well as a full-service bar that offers local restaurant food options. Taste of Belgium is a dining concept from a Cincinnati-based restaurant group that specializes in Belgium-inspired cuisine. The menu features traditional dishes such as waffles, frites and mussels. The 3,800-square-foot restaurant also offers a full-service bar. Developed in 2006 by Olshan Properties, The Greene totals 1.1 million square feet.

June 7, 2023

Illinois Leasing Activity Midwest Restaurant Retail

Etta Collective Signs 6,808 SF Retail Lease at Evanston Labs in Illinois

by Kristin Harlow June 7, 2023

EVANSTON, ILL. — Restaurant group Etta Collective has signed a 6,808-square-foot lease to occupy the entire ground-floor retail space at Evanston Labs in Evanston. Slated for completion in spring 2024, Evanston Labs will bring 177,575 square feet of Class A life sciences space to Chicago’s North Shore submarket. Etta plans to open its neighborhood eatery in summer 2024. The 10-story building is situated steps away from Northwestern University. Each floorplate is designed to accommodate both single- and multi-tenant users. There will also be a floor dedicated to lab-ready suites ranging in size from 5,000 to 9,000 square feet. Tenants will also have access to a penthouse amenity center with a boardroom, bar and lounge, outdoor terrace and health and wellness center. ESG Architects is the project architect, CRB is the lab planning group and Power Construction Co. is the general contractor. Dan Lyne and Brandon Green of CBRE are marketing the space for lease on behalf of ownership, Trammell Crow Co. David Burden of Colliers represented Etta.

June 7, 2023

Development Retail Texas

Vista Cos. Breaks Ground on 8,400 SF Retail Project in Sugar Land, Texas

by Taylor Williams June 7, 2023

SUGAR LAND, TEXAS — Houston-based developer Vista Cos. has broken ground on Vista Sugar Land III, an 8,400-square-foot retail project that will be located on the city’s southwestern outskirts. The center is 83 percent preleased. United Constructors is the general contractor for the project, which is slated for a fourth-quarter delivery. Stellar Bank provided construction financing.

June 7, 2023

Acquisitions Georgia Retail Southeast

JLL Brokers Sale of 301,711 SF Lakeland Plaza Shopping Center in Cumming, Georgia

by John Nelson June 6, 2023

CUMMING, GA. — JLL has brokered the sale of Lakeland Plaza, a 301,711-square-foot shopping center in Cumming, a northern suburb of Atlanta along Ga. Highway 400. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the undisclosed sellers in the transaction. Octave Holdings and Investments purchased the center for an undisclosed price. Built in 1990 and renovated in 2015, Lakeland Plaza’s tenant roster includes Sprouts Farmers Market, Belk, Bealls Outlet, LA Fitness, Joann Fabric and Crafts and Shoe Gallery. The center was 94 percent leased at the time of sale and featured a weighted average tenure of over 12 years.

June 6, 2023

Development District of Columbia Leasing Activity Mixed-Use Retail Southeast

Whole Foods to Open 47,000 SF Store at Parks at Walter Reed Development in D.C.

by John Nelson June 6, 2023

WASHINGTON, D.C. — Whole Foods Market plans to open a new 47,000-square-foot store as part of the Parks at Walter Reed development in northwest Washington, D.C. The store, which will open on June 28, will anchor the 3.1 million-square-foot redevelopment of the historic, 66-acre Walter Reed Army Medical Center. The new Whole Foods will be located at 7130 12th St. NW in The Hartley apartment building. The grocer signed the lease with the ownership group — Hines, Urban Atlantic and Triden Development — in 2019. Whole Foods currently operates more than 500 stores in the United States, Canada and the UK.

June 6, 2023

Acquisitions Illinois Midwest Restaurant Retail

SRS Real Estate Brokers $3M Sale of Wendy’s-Occupied Property in Chicago

by Kristin Harlow June 6, 2023

CHICAGO — SRS Real Estate Partners has brokered the sale of a single-tenant retail property occupied by Wendy’s in Chicago for $3 million. Built in 1983 and renovated in 2022, the 4,031-square-foot building is located at 2811 N. Narragansett Ave. Sean Lutz and Dan Elliott of SRS represented the seller, a California-based private investor. Bruce Lee and Hope Kim of New Star Realty represented the all-cash buyer, a California-based private investor. The sales price of $753 per square foot represented a cap rate of 5.27 percent.

June 6, 2023

Acquisitions Illinois Midwest Retail

Coldwell Banker Commercial Negotiates $2.2M Sale of Retail Strip Center in Normal, Illinois

by Kristin Harlow June 6, 2023

NORMAL, ILL. — Coldwell Banker Commercial Real Estate Group has negotiated the $2.2 million sale of College Oak Square Strip Mall in Normal, just north of Bloomington. The 29,000-square-foot property, built in 1986, is home to 19 tenants and is located at 1520 E. College Ave. Greg Yount of Coldwell Banker Commercial represented the seller, Broadmoor Park LLC. The buyer was undisclosed.

June 6, 2023

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