OCEANSIDE, CALIF. — Faris Lee Investments has arranged the $5.9 million sale of a retail pad located in Oceanside, between Los Angeles and San Diego. A recently constructed Starbucks Coffee and Pacific Dental occupy the property, which is situated within Pacific Coast Plaza. Jeff Conover, Don MacLellan, Scott DeYoung and Chris DePierro of Faris Lee represented the seller, a California-based developer. Shaun Riley of Faris Lee represented the all-cash buyer in the 1031-exchange transaction.
LAGRANGE, GA. — Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group has brokered the $3.3 million sale of a newly constructed restaurant in LaGrange that is ground-leased to Chick-fil-A for 15 years. Located at 2110 Vernon St. on a 1.5-acre lot, the nearly 5,000-square-foot building is a relocation of a former Chick-fil-A and serves as an outparcel to a new Publix-anchored shopping center that Taylor McMinn Retail Group will be marketing. An unnamed, out-of-state private investor purchased the restaurant at list price within 30 days of listing with all-cash, according to McMinn, who represented the undisclosed seller in the transaction. “Pricing for quality net-lease retail continues to receive strong demand and command attractive pricing in spite of the rising interest rate environment,” says McMinn.
WASHINGTON, D.C. — The U.S. Census Bureau reports that overall retail sales in June rose 0.2 percent from May and 1.5 percent from June 2022. Barron’s and other media outlets are reporting that economists had previously forecasted that June sales would grow 0.6 percent from May. The Wall Street Journal reports that the retail sector’s three consecutive months of positive sales activity can be attributed, in part, to inflation easing. The Consumer Price Index, the U.S. Bureau of Labor Statistics’ leading indicator for inflation, rose at an annualized rate of 3 percent in June, the lowest figure since March 2021. The National Retail Federation (NRF), a Washington, D.C.-based advocacy organization for the retail industry, expects the momentum to carry into July as consumers shop for back-to-school items. “Back-to-class spending is one of the most important shopping occasions of the year, and NRF’s consumer research shows that back-to-school and college spending is expected to set new records,” says Matthew Shay, president and CEO of NRF. “Consumers are looking for the best value and deals, and retailers are well-stocked with essential items for families and students.” The NRF’s own calculation of retail sales excludes automobile dealers, gas stations and restaurants in order …
MINNEAPOLIS — Drive Shack Inc., an owner and operator of golf-related leisure and entertainment businesses, will open Puttery Minneapolis this Friday, July 21. Located in the city’s North Loop, the adults-only, 20,265-square-foot venue features several bar and lounge areas as well as three nine-hole putting courses. Each putting course has its own theme. At the Minneapolis location, the themes include: art museum, conservatory and library. Each course features décor reminiscent of its theme. Puttery currently operates in The Colony, Texas; Charlotte, N.C.; Washington, D.C.; Houston; Chicago; and Pittsburgh.
ALBUQUERQUE, N.M. — Westwood Financial has sold Sycamore Plaza, a 37,442-square-foot shopping center in Albuquerque, for an undisclosed price. Petsmart anchors the property, which was fully occupied at the time of sale. Other tenants include Sally Beauty, Einstein Bros. Bagels, Stretch Zone, GNC, Super Cuts and GameStop. CBRE National Retail Partners represented Westwood in the transaction.
GOODYEAR, ARIZ. — Eight tenants are joining Canyon Trails Towne Center, a 90-acre, mixed-use development in Goodyear, roughly 19 miles west of Phoenix, bringing the property to full occupancy. Chipotle Mexican Grill recently opened a restaurant at the center, and Michael’s and Five Below will occupy 18,300 and 10,434 square feet, respectively. Target and Ross Dress for Less have also signed leases at the property, and Starbucks Coffee, Freddy’s Steakburgers and Denny’s are currently underway on the construction of spaces scheduled to open this fall. The landlords, principals of Santa Cruz Seaside Co., are additionally negotiating leases with two retail big box stores to occupy 30,000 square feet of new, ground-up construction. Vestar manages the property.
JACKSONVILLE, FLA. — The NFL’s Jacksonville Jaguars have opened the Miller Electric Center, a $120 million practice facility in downtown Jacksonville. The 125,000-square-foot facility comprises an indoor practice field, offices, locker rooms, a draft room, shaded viewing area, concessions, team retail store and medical facilities. The Miller Electric Center is a public-private partnership between the Jaguars and the City of Jacksonville. The city also owns TIAA Bank Field, the Jaguars’ home stadium that is in the planning stages for a roughly $1 billion overhaul. The city and Jaguars owner Shad Khan would share the expense if they can reach an agreement on the stadium and accompanying extension of the team’s lease, according to The Florida Times-Union. The Jaguars organization plans to begin its training camp at the new practice facility Wednesday, July 26. The team hosted a ribbon-cutting ceremony for Miller Electric Center yesterday that featured Khan, along with newly inaugurated Jacksonville Mayor Donna Deegan, Jaguars president Mark Lamping and Jaguars head coach Doug Pederson, among others. Stadium of the Future In June, the Jaguars unveiled conceptual designs for its “Stadium of the Future,” a design project nearly three years in the making intended to spark a transformation of the city’s …
The U.S. economic picture is an opaque one for lenders and borrowers alike as inflationary pressures persist and the massive swings in interest rates are still working their way through the economy. At its May meeting, the Federal Open Markets Committee (FOMC) raised the federal funds rate for a 10th consecutive time to a target range of 5 to 5.25 percent. The fed funds rate is the interest rate that U.S. banks charge each other to lend funds overnight. This time a year ago, the short-term benchmark rate was at a range of 0.75 percent to 1 percent. Raising the feds fund rate is the primary way that the Federal Reserve combats inflation, which was at a 3 percent annual rate in June, according to the Bureau of Labor Statistics’ Consumer Price Index (CPI). The CPI is at its lowest level in more than two years, which is generally viewed as a positive sign for economic stability, though the June figure is 100 basis points more than the Fed’s target inflation goal of 2 percent. Jason Scott, managing director and head of conventional loan production at Regions Bank, estimates that it can take six to eight months for each interest …
MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $10.1 million sale of Shoppes of Ives Dairy, a 24,517-square-foot retail strip center located at 19801 N.W. 2nd Ave. in Miami Gardens. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller in the transaction. The buyer and seller are both private investment firms that have requested anonymity. Shoppes of Ives Dairy’s tenant roster includes Wells Fargo, Smoothie King, The UPS Store, Subway, T-Mobile, Foot Locker and local restaurants and service retailers.
ST. CHARLES, ILL. — Marcus & Millichap has brokered the $4.1 million sale of a 31,650-square-foot retail property in St. Charles, a far west suburb of Chicago. Located at 300 S. 2nd St., the building was formerly home to Blue Goose Market, which closed in March 2022. The buyer, a developer, plans to redevelop the asset into a national-branded grocery store. The property was originally built in 2008. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company, and the buyer.
