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AcquisitionsCaliforniaRetailWestern

Progressive Arranges $6M Sale of South Sierra Plaza Shopping Center in Fontana, California

by Jeff Shaw

FONTANA, CALIF. — Progressive Real Estate Partners has arranged the $6 million sale of South Sierra Plaza, a 17,250-square-foot strip retail center located in Fontana.  Comprising 12 units, the property was 93 percent leased at the time of sale to tenants including a dentist, nail salon, Armed Forces career center, staffing agency, Japanese restaurant and Peruvian restaurant.  Brad Umansky and Lance Mordachini of Progressive represented the seller, a private Los Angeles-based investor, in the transaction. Paul Galmarini and Albert Lopez, also of Progressive, handled leasing at the property prior to the sale.  Cameron Diab of D & Z Properties represented the buyer, another Los Angeles-based private investor.

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CaliforniaLeasing ActivityRetailWestern

Jimbo’s Signs 25,000 SF Retail Lease at The Row at Civita in San Diego

by Jeff Shaw

SAN DIEGO — Jimbo’s Naturally has signed a 25,000-square-foot lease at The Row at Civita, Sudberry Properties’ 20-acre mixed-use development in San Diego.  The grocery store will be an anchor at the property, which is situated within the 230-acre, master-planned community of Civita.  Construction on the building is scheduled to begin in early 2025, with the opening planned for the second half of 2026. This will mark the fifth Jimbo’s store within San Diego County.

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AcquisitionsFloridaRetailSoutheast

WS Development, PGIM Purchase 550,000 SF Retail Center in Viera, Florida

by John Nelson

VIERA, FLA. — WS Development and PGIM Real Estate have acquired The Avenue Viera, a 550,000-square-foot, open-air retail center located directly off I-95 in Viera. Situated within the 43,000-acre master-planned Viera community in Brevard County, the property houses more than 80 retail, restaurant and entertainment tenants, including AMC Theatres, Belk, Chili’s, Cost Plus World Market, Kohl’s, lululemon athletica, Moe’s Southwest Grill, Old Navy, Sephora and Urban Air Adventure Park. Massachusetts-based WS Development will assume management of the center and will share ownership with PGIM, which has owned Avenue Viera since 2006. The sales price was not disclosed. WS Development and PGIM plan to remerchandise the center, as well as host events and install public art.

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DevelopmentGeorgiaRestaurantRetailSoutheast

Stonecrest Resorts Completes Phase II of 143,000 SF Overhaul at Mall at Stonecrest in Metro Atlanta

by John Nelson

STONECREST, GA. — Stonecrest Resorts has completed the second phase of redevelopment at Priví, a 143,000-square-foot adaptive reuse of the former Sears department store at The Mall at Stonecrest, which is located roughly 15 miles east of Atlanta. Phase II comprised $4.2 million of renovations and the addition of tenants including Baldwin’s Literary Social Bookstore, Priví Art Gallery, The Exposure Hub, 101 TKO Radio, Priví Event Center, 3 Degrees Infrared Sauna Studio, Picasso’s Splat Room, The Lion’s Cage MMA & Fitness Gym and Garden Life Juice Bar. Stonecrest SeaQuest, an interactive aquarium destination, anchors Phase I of the development. Bay Mountain Capital has provided $8.3 million in financing for the next phase: the addition of a 40,000-square-foot food hall on the property’s second level. Concepts will include Atlanta Breakfast Club, The Original Hot Dog Factory, Dope Coffee, a craft bar, golf simulator suites, a daiquiri bar and a fine-dining restaurant. Construction is scheduled to begin this quarter, with openings beginning in spring of next year. Plans for the site also include a 10,000-square-foot history and cultural center.

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Leasing ActivityRetailTexas

LanCarte Commercial Arranges Four Retail Leases Totaling 19,745 SF in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Locally based brokerage firm LanCarte Commercial has arranged four retail leases totaling 19,745 square feet at Westcliff Shopping Center in Fort Worth. New tenants at the property include skateboarding and specialty apparel retailer Cowtown, Specialist Jewelry Clinic, Fort Worth Dance Academy and Organized Nest, a boutique professional services company. Ben Gehrke and Riley Dow of LanCarte represented the landlord, CTO Realty Growth Inc., in the lease negotiations.

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AcquisitionsNew JerseyNortheastOfficeRetail

Marcus & Millichap Brokers $12.8M Sale of Office, Retail Building in Red Bank, New Jersey

by Taylor Williams

RED BANK, N.J. — Marcus & Millichap has brokered the $12.8 million sale of a 28,110-square-foot office and retail building in the Northern New Jersey community of Red Bank. The three-story building was constructed in 2000 and consists of two levels of office space and ground-floor retail space that is anchored by Urban Outfitters. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.

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Leasing ActivityMichiganMidwestRetail

Preusser Jewelers Relocates to 1,897 SF Store in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Preusser Jewelers has opened an 1,897-square-foot store at 1200 E. Paris Ave. SE in Grand Rapids. Known for being Michigan’s oldest jeweler, the company moved to the new location after being in downtown Grand Rapids for 173 years. Bill Tyson of NAI Wisinski of West Michigan represented the tenant in the lease. The landlord was undisclosed. Additional tenants at the center include Bill and Paul’s Sporthaus and Groskopf’s.

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FeaturesHeartland Feature ArchiveRetail

APTC: Airport Concession Fees Aren’t Rent in Property Taxation

by Kristin Harlow

By Timothy Rye, Larkin Hoffman A recent Minnesota Supreme Court ruling requires tax assessors to exclude an airport’s concession fees from rent-based valuations for property tax purposes. The case offers a flight plan to lower taxes at many of the nation’s transportation hubs and underscores the importance for all taxpayers to exclude business value from taxable property value. Every major airfield collects fees from food-and-beverage providers, retailers, banks and other businesses that provide goods or services on airport property. Concessionaires, or those who pay the concession fees to the property owner, commonly pay these charges in addition to rent owed for the real estate where they operate. Many of these businesses are also responsible for property tax that passes through to tenants in a commercial lease. The cases leading up to the March 29 state Supreme Court decision involved two car rental companies that challenged their 2019 tax assessments, claiming the assessor’s office had overstated their property values by including concession fees in its income-based valuation. High-Flying Fees Both Enterprise Leasing Co. of Minnesota and Avis Budget Car Rental pay a concession fee equal to 10 percent of gross revenues in addition to real estate rent for their operations at …

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AcquisitionsCaliforniaNet LeaseRetailWestern

Hanley Arranges $2.4M Sale of Single-Tenant Retail Property in El Centro, California

by Jeff Shaw

EL CENTRO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.4 million sale of a single-tenant retail property located in El Centro, approximately midway between San Diego and Phoenix.  7-Eleven occupies the 2,940-square-foot building on a 15-year, triple-net ground lease.  Bill Asher and Jeff Lefko of Hanley represented the seller, Imperial Retail Investments LLC, in the transaction. A self-represented, California-based private investor purchased the property.

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